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Government investigating MLM Company scams
Government investigating MLM Company scams :: Weekly Blitz
by News Desk
November 1, 2011
Bangladesh government has already instructed various intelligence agencies in the country to gather comprehensive information on the alleged fraudulent activities as well as financial irregularities of the Multi Level Marketing Companies. Bangladesh Bank, at the directives of the Governor has also started investigation into the case of Destiny Multi Purpose Cooperative Society Limited, which claims to be registered as "Financial Institution" and is operating since 2005. There are specific allegations against Destiny Multi Purpose Cooperative Society for openly operating as a bank, without any permission of license issued by the Bangladesh government.
Meanwhile, following series of reports published in Weekly Blitz, the dubious management of Destiny 2000 Limited has finally placed the picture of their "Overseas Director" named Noel G. Carey. It is not clear if such appointment was done through due process. Destiny 2000 Limited continues to pay monthly honorarium to Noel G. Carey and this foreign national is actively involved in money laundering of Destiny 2000 Limited. We already have received evidences of Destiny 2000 Limited's sending money to Noel G. Carey every month through illegal channel.
We also have receive evidences on how the promoters of Destiny 2000 Limited are continuing to illegally transfer millions of dollars to various countries in the world, using private channels via China.
Economic experts believe that after the massive scam in the share market, which visibly has ruined lives of at least 3 million people in Bangladesh, the next catastrophe that is set to take place in the country is from the fraudulent Multi Level Marketing [MLM] Companies. Meanwhile, one of the major MLM Companies in Bangladesh, Unipay2u has already disappeared robbing few hundred millions of Taka from the innocent people by alluring them with high profit promises. Another large cooperative society named JUBOK, which also started illegal banking, was recently shut down by the government and legal proceedings are now undergoing against the promoters of JUBOK for their illegal activities.
Defying government rules and existing laws set by the ministry of Finance, Ministry of Commerce as well as Bangladesh Bank [Central Bank], a Multi Level Marketing Company in the country named Destiny 2000 Limited is continuing to illegally operate banking services through one of its enterprises named Destiny Multi Purpose Cooperative Society [DMPCS].
Cheating millions with fake tree plantation story:
Destiny 2000 Limited's cheating style possibly will even cross all previous fairytales in the world, when the company is selling non-existing trees to the innocent people by offering them high profit. Destiny 2000 Limited has already collected an amount equivalent to US$ 7 billion [nearly 50 thousand crore Taka] from the public by selling fictitious shares of their so-called plantation projects in Bangladesh. According to information, Destiny 2000 Limited sold "Tree Package" to their clients at the rate of TK. 5,000 with promise of giving TK. 30,000 after five years. Major collection of money by offering such alluring profit amount of Tree Plantation started in 2007. So, the first phase of refunding the money will start from 2012. It is learnt that, through their 3.5 million agents in Bangladesh, Destiny 2000 Limited sold more than 1.1 million packages to the customers at the rate of TK. 5,000 each thus collecting nearly 50 thousand crore of Taka. All such transactions were conducted through Destiny Tree Plantation Limited. At their website, Destiny 2000 Limited claims to be planted 9.4 million trees on 6,293 acres of land and claims to be planting 60 million trees by 2012. It may be mentioned here that for planting 60 million trees, Destiny Tree Plantation Limited or Destiny 2000 Limited need more than 70,000 acres of land. The claim of planting 9.4 million trees on 6,293 is doubtful enough and the company fails to give details on the location of such plantation etc. It is learnt that Destiny 2000 Limited is targeting to sell 60 million trees to local people by offering them the above mentioned huge profit package, which is nothing but a alluring trap to befool people and visibly rob-off their money.
Illegal banking activities:
Destiny Multipurpose Cooperative Society Limited is continuing banking activities defying rules set by the Bangladesh Bank and the government. At the website, Destiny Multipurpose Cooperative Society Limited claims itself as a "financial institution". It says: "Destiny Multipurpose Cooperative Society Limited - a co-operative society of " Destiny Business Persons " i.e. Distributors of Destiny-2000 Ltd. , was registered on 23 April 2005 as a financial Institution to provide new financial assistances of total tk. 100.00 crore every year from 2011 to the Distributors of Destiny-2000 Ltd to expand direct selling business and attain respectable earning capabilities."
According to information, Destiny Multipurpose Cooperative Society Limited invests approximately TK. 300 crore every year at the monthly interest of 4-5 percent. This "financial institution" of Destiny 2000 Limited operates similarly as any other financial institution in Bangladesh, though Destiny Multipurpose Cooperative Society Limited has no registration or license from the Bangladesh Bank to continue activities as a financial institution or bank. Such operation of financial institution without any permission or license issued by the Bangladesh Bank is a punishable crime under the existing laws.
When contacted, a highly placed sourced inside Bangladesh Bank told Weekly Blitz that the governor has already instructed immediate investigation into the activities of Destiny Multipurpose Cooperative Society Limited, which operates as financial institution.
The source said, the current government Dr. Atiar Rahman is very strict about any such illegal operations of financial institution in the country, and the Bangladesh Bank will issue necessary circulars in the media warning people to refrain from trusting or dealing with any such illegal establishments.
The Bangladesh Bank source further said, all bank accounts of Destiny 2000 Limited and its sister concerns are under monitoring already and especially the central bank is checking the illegal activities of Destiny Multipurpose Cooperative Society Limited, which openly claims to be a financial institution.
Another source in the Ministry of Finance told Weekly Blitz that, neither Destiny 2000 Limited nor its sister concern Destiny Multipurpose Cooperative Society Limited, has any license to operate as a financial institution.
"This is gross violation of the rules set by the government and the Bangladesh Bank", the source said.
The source also informed that it has received a number of allegations from various people on unlawful banking activities by Destiny Multipurpose Cooperative Society Limited as well as its involvement in money laundering.
"We heard that the owners of Destiny 2000 Limited are smuggling out hundreds of crores of Taka to various countries, including Australia, Malaysia and Dubai in various projects. This is a serious allegation and we are investigating the matter", the source in Finance Ministry said.
Fake Airline Company:
Destiny 2000 Limited on its website claims to own an airline company named Best Air, is claimed to be incorporated in 2010. Though the company has nothing except an office at Dhaka's Badda area has reportedly sold shares worth a few hundred crore Taka amongst the members of Destiny 2000 Limited. There is no existence of any aircraft of this company. For selling of any shares, any company requires to be registered with the Security Exchange Commission as well as the share markets in the country. But in case of Destiny 2000 Limited and its sister concerns, no such permission is ever obtained from the authorities concerned for selling of shares to the public.
Many fake enterprises of Destiny:
At the website of Destiny 2000 Limited, names of a number of fake institutions and companies are put on display. For example, though Destiny claims to be owning Destiny Life Insurance Company Limited, in reality there is no such license issued in favor of this company by the authorities concerned. The MLM Company is not only operating an illegal financial institution, but also is operating an illegal life insurance company, which again is a punishable offense.
Very interestingly, at the website of Destiny 2000 Limited, the page titled 'Annual Report 2009' is simply blank for reason unknown. At the same time, there is no mention about Annual Report 2010.
From the gross irregularities inside Destiny 2000 Limited, it is well understood that the company is paying no value to the existing laws of the country. Illegal activities of Destiny 2000 Limited and its enterprises are continuing in full-swing. The government is yet to take any action against this fraudulent MLM company, thus pushing the fate of the millions of small investors, who also invested money in projects of Destiny 2000 Limited into total dark.
When contacted, a source inside the Ministry of Home Affairs told Weekly Blitz that, the home minister Advocate Sahara Khatun has already instructed the law enforcing and intelligence agencies in Bangladesh to immediately investigate the activities of Destiny 2000 Limited. It also said, detail background of each of the share holders of Destiny 2000 Limited are being collected by the intelligence agencies. It may be mentioned here that, Multi Level Marketing [MLM] Company are internationally considered as fraudulent enterprises or scams. According to experts analyzing activities of the MLM companies in the world, in almost 100% cases, within the span of 12-15 years, all of the MLM Companies simply disappear by robbing-off money from the innocent people.
Government investigating MLM Company scams :: Weekly Blitz
by News Desk
November 1, 2011
Bangladesh government has already instructed various intelligence agencies in the country to gather comprehensive information on the alleged fraudulent activities as well as financial irregularities of the Multi Level Marketing Companies. Bangladesh Bank, at the directives of the Governor has also started investigation into the case of Destiny Multi Purpose Cooperative Society Limited, which claims to be registered as "Financial Institution" and is operating since 2005. There are specific allegations against Destiny Multi Purpose Cooperative Society for openly operating as a bank, without any permission of license issued by the Bangladesh government.
Meanwhile, following series of reports published in Weekly Blitz, the dubious management of Destiny 2000 Limited has finally placed the picture of their "Overseas Director" named Noel G. Carey. It is not clear if such appointment was done through due process. Destiny 2000 Limited continues to pay monthly honorarium to Noel G. Carey and this foreign national is actively involved in money laundering of Destiny 2000 Limited. We already have received evidences of Destiny 2000 Limited's sending money to Noel G. Carey every month through illegal channel.
We also have receive evidences on how the promoters of Destiny 2000 Limited are continuing to illegally transfer millions of dollars to various countries in the world, using private channels via China.
Economic experts believe that after the massive scam in the share market, which visibly has ruined lives of at least 3 million people in Bangladesh, the next catastrophe that is set to take place in the country is from the fraudulent Multi Level Marketing [MLM] Companies. Meanwhile, one of the major MLM Companies in Bangladesh, Unipay2u has already disappeared robbing few hundred millions of Taka from the innocent people by alluring them with high profit promises. Another large cooperative society named JUBOK, which also started illegal banking, was recently shut down by the government and legal proceedings are now undergoing against the promoters of JUBOK for their illegal activities.
Defying government rules and existing laws set by the ministry of Finance, Ministry of Commerce as well as Bangladesh Bank [Central Bank], a Multi Level Marketing Company in the country named Destiny 2000 Limited is continuing to illegally operate banking services through one of its enterprises named Destiny Multi Purpose Cooperative Society [DMPCS].
Cheating millions with fake tree plantation story:
Destiny 2000 Limited's cheating style possibly will even cross all previous fairytales in the world, when the company is selling non-existing trees to the innocent people by offering them high profit. Destiny 2000 Limited has already collected an amount equivalent to US$ 7 billion [nearly 50 thousand crore Taka] from the public by selling fictitious shares of their so-called plantation projects in Bangladesh. According to information, Destiny 2000 Limited sold "Tree Package" to their clients at the rate of TK. 5,000 with promise of giving TK. 30,000 after five years. Major collection of money by offering such alluring profit amount of Tree Plantation started in 2007. So, the first phase of refunding the money will start from 2012. It is learnt that, through their 3.5 million agents in Bangladesh, Destiny 2000 Limited sold more than 1.1 million packages to the customers at the rate of TK. 5,000 each thus collecting nearly 50 thousand crore of Taka. All such transactions were conducted through Destiny Tree Plantation Limited. At their website, Destiny 2000 Limited claims to be planted 9.4 million trees on 6,293 acres of land and claims to be planting 60 million trees by 2012. It may be mentioned here that for planting 60 million trees, Destiny Tree Plantation Limited or Destiny 2000 Limited need more than 70,000 acres of land. The claim of planting 9.4 million trees on 6,293 is doubtful enough and the company fails to give details on the location of such plantation etc. It is learnt that Destiny 2000 Limited is targeting to sell 60 million trees to local people by offering them the above mentioned huge profit package, which is nothing but a alluring trap to befool people and visibly rob-off their money.
Illegal banking activities:
Destiny Multipurpose Cooperative Society Limited is continuing banking activities defying rules set by the Bangladesh Bank and the government. At the website, Destiny Multipurpose Cooperative Society Limited claims itself as a "financial institution". It says: "Destiny Multipurpose Cooperative Society Limited - a co-operative society of " Destiny Business Persons " i.e. Distributors of Destiny-2000 Ltd. , was registered on 23 April 2005 as a financial Institution to provide new financial assistances of total tk. 100.00 crore every year from 2011 to the Distributors of Destiny-2000 Ltd to expand direct selling business and attain respectable earning capabilities."
According to information, Destiny Multipurpose Cooperative Society Limited invests approximately TK. 300 crore every year at the monthly interest of 4-5 percent. This "financial institution" of Destiny 2000 Limited operates similarly as any other financial institution in Bangladesh, though Destiny Multipurpose Cooperative Society Limited has no registration or license from the Bangladesh Bank to continue activities as a financial institution or bank. Such operation of financial institution without any permission or license issued by the Bangladesh Bank is a punishable crime under the existing laws.
When contacted, a highly placed sourced inside Bangladesh Bank told Weekly Blitz that the governor has already instructed immediate investigation into the activities of Destiny Multipurpose Cooperative Society Limited, which operates as financial institution.
The source said, the current government Dr. Atiar Rahman is very strict about any such illegal operations of financial institution in the country, and the Bangladesh Bank will issue necessary circulars in the media warning people to refrain from trusting or dealing with any such illegal establishments.
The Bangladesh Bank source further said, all bank accounts of Destiny 2000 Limited and its sister concerns are under monitoring already and especially the central bank is checking the illegal activities of Destiny Multipurpose Cooperative Society Limited, which openly claims to be a financial institution.
Another source in the Ministry of Finance told Weekly Blitz that, neither Destiny 2000 Limited nor its sister concern Destiny Multipurpose Cooperative Society Limited, has any license to operate as a financial institution.
"This is gross violation of the rules set by the government and the Bangladesh Bank", the source said.
The source also informed that it has received a number of allegations from various people on unlawful banking activities by Destiny Multipurpose Cooperative Society Limited as well as its involvement in money laundering.
"We heard that the owners of Destiny 2000 Limited are smuggling out hundreds of crores of Taka to various countries, including Australia, Malaysia and Dubai in various projects. This is a serious allegation and we are investigating the matter", the source in Finance Ministry said.
Fake Airline Company:
Destiny 2000 Limited on its website claims to own an airline company named Best Air, is claimed to be incorporated in 2010. Though the company has nothing except an office at Dhaka's Badda area has reportedly sold shares worth a few hundred crore Taka amongst the members of Destiny 2000 Limited. There is no existence of any aircraft of this company. For selling of any shares, any company requires to be registered with the Security Exchange Commission as well as the share markets in the country. But in case of Destiny 2000 Limited and its sister concerns, no such permission is ever obtained from the authorities concerned for selling of shares to the public.
Many fake enterprises of Destiny:
At the website of Destiny 2000 Limited, names of a number of fake institutions and companies are put on display. For example, though Destiny claims to be owning Destiny Life Insurance Company Limited, in reality there is no such license issued in favor of this company by the authorities concerned. The MLM Company is not only operating an illegal financial institution, but also is operating an illegal life insurance company, which again is a punishable offense.
Very interestingly, at the website of Destiny 2000 Limited, the page titled 'Annual Report 2009' is simply blank for reason unknown. At the same time, there is no mention about Annual Report 2010.
From the gross irregularities inside Destiny 2000 Limited, it is well understood that the company is paying no value to the existing laws of the country. Illegal activities of Destiny 2000 Limited and its enterprises are continuing in full-swing. The government is yet to take any action against this fraudulent MLM company, thus pushing the fate of the millions of small investors, who also invested money in projects of Destiny 2000 Limited into total dark.
When contacted, a source inside the Ministry of Home Affairs told Weekly Blitz that, the home minister Advocate Sahara Khatun has already instructed the law enforcing and intelligence agencies in Bangladesh to immediately investigate the activities of Destiny 2000 Limited. It also said, detail background of each of the share holders of Destiny 2000 Limited are being collected by the intelligence agencies. It may be mentioned here that, Multi Level Marketing [MLM] Company are internationally considered as fraudulent enterprises or scams. According to experts analyzing activities of the MLM companies in the world, in almost 100% cases, within the span of 12-15 years, all of the MLM Companies simply disappear by robbing-off money from the innocent people.
