The Anti-Corruption Commission [ACC] has begun investigation into alleged money laundering by the Destiny Multipurpose Cooperative Society Limited [DMCSL], a subsidiary of the Destiny 2000 Group.
"Our job is to find out the DMCSL's involvement in money laundering, if any," ACC chairman Ghulam Rahman told reporters. The ACC would examine all documents linked to financial transactions of the organisation. The commission formed a two-member probe panel, comprising deputy director Muzhar Ali Sardar and assistant director Tawfiqul Islam. They were directed by the commission chief to submit a report within 15 working days, which end of April 27, 2012. On the basis of the report, Anti Corruption Commission will take further steps on Destiny 2000 Limited and its sister concerns.
The allegation against the DMCSL, made by the Bangladesh Bank [BB], is mobilisation of huge deposits from people by offering a high rate of interest. The central bank described such activities as "unauthorised banking" which calls for legal action by the government. In the face of a series of media reports, different agencies of the government formed joint and individual probe committees to get to the bottom of the truth.
The Central Intelligence Cell [CIC] of the National Board of Revenue [NBR] has written to all banks and financial institutions seeking transaction reports of the DMCSL and other entities of Destiny 2000 Ltd. The NBR will also examine all tax files [income tax return] of the board of directors of the organisation.
The Department of Cooperatives [DoC], which is attached to the ministry of local government, rural development & cooperatives, has formed a committee to carry out a separate investigation into matters of the DMCSL. The DoC gives registration to cooperative societies.
Recently the government appointed members of the joint-committee investigating alleged irregularities in the DMCSL. Members of the probe committee are Enamul Huq Majumder, BB deputy director, Md. Farukuzzaman, senior assistant secretary of the home ministry and Manjur Hassan Bhuiyan, deputy secretary in the ministry of commerce. The six-member committee is headed by Ahmedur Rahim, registrar of Joint Stock Companies and Firms [JSCF]. According to the terms of reference, the probe panel will go into the allegation of unauthorised mobilisation of deposits by the DMCSL and, if required, will scrutiny all documents of the organisation.
In its primary investigation, the central bank has identified deposits, worth TK. 1,400 crore, mobilised by the DMCSL to be very risky and suggested immediate government intervention to protect the interest of around 7 million shareholders.
The central bank authorities underscored the need for further scrutiny of financial documents of the DMCSL to initiate legal action against the organisation. It also stressed probe into investments in other entities of the Destiny Group as well.
A BB official suggested that the aggressive nature of deposit collection by Destiny and other organisations should be stopped through government intervention for ensuring protection of people's money and adequate flow of deposits to the banking sector. "If such unauthorised banking by various organisations continues for a longer period, it will destroy the financial sector's discipline," he added.
On Mar 6 last year, then commerce minister Muhammad Faruk Khan had said there are 62 registered MLM companies operating in Bangladesh. He had told parliament that only Destiny has 4.5 million clients and that other MLM companies have fewer clients. Another prominent MLM company is Unipay-2 U.
Case against Destiny masterminds in Laxmipur:
The district court Wednesday summoned Chairman and Managing Director of Destiny-2000 Limited, Mohammad Rafiqul Amin and its Vice Chairman Md Gofranul Haque. Judge Md Awlad Hossain Bhuiyan passed the order and asked them to appear before the court in person on June 13, 2012. Earlier in the day, Murad Hossain Patwary, a Profit Sharing Distributor [PSD] of Destiny, filed a fraudulent case of TK 2.51 crore with the court against them. Taking the case into cognizance the court summoned them. Murad Hossain said, "Destiny authorities have not paid me, Dr Hafiz, Shariful Islam, Munsur Islam and other PSD holders."
"Our job is to find out the DMCSL's involvement in money laundering, if any," ACC chairman Ghulam Rahman told reporters. The ACC would examine all documents linked to financial transactions of the organisation. The commission formed a two-member probe panel, comprising deputy director Muzhar Ali Sardar and assistant director Tawfiqul Islam. They were directed by the commission chief to submit a report within 15 working days, which end of April 27, 2012. On the basis of the report, Anti Corruption Commission will take further steps on Destiny 2000 Limited and its sister concerns.
The allegation against the DMCSL, made by the Bangladesh Bank [BB], is mobilisation of huge deposits from people by offering a high rate of interest. The central bank described such activities as "unauthorised banking" which calls for legal action by the government. In the face of a series of media reports, different agencies of the government formed joint and individual probe committees to get to the bottom of the truth.
The Central Intelligence Cell [CIC] of the National Board of Revenue [NBR] has written to all banks and financial institutions seeking transaction reports of the DMCSL and other entities of Destiny 2000 Ltd. The NBR will also examine all tax files [income tax return] of the board of directors of the organisation.
The Department of Cooperatives [DoC], which is attached to the ministry of local government, rural development & cooperatives, has formed a committee to carry out a separate investigation into matters of the DMCSL. The DoC gives registration to cooperative societies.
Recently the government appointed members of the joint-committee investigating alleged irregularities in the DMCSL. Members of the probe committee are Enamul Huq Majumder, BB deputy director, Md. Farukuzzaman, senior assistant secretary of the home ministry and Manjur Hassan Bhuiyan, deputy secretary in the ministry of commerce. The six-member committee is headed by Ahmedur Rahim, registrar of Joint Stock Companies and Firms [JSCF]. According to the terms of reference, the probe panel will go into the allegation of unauthorised mobilisation of deposits by the DMCSL and, if required, will scrutiny all documents of the organisation.
In its primary investigation, the central bank has identified deposits, worth TK. 1,400 crore, mobilised by the DMCSL to be very risky and suggested immediate government intervention to protect the interest of around 7 million shareholders.
The central bank authorities underscored the need for further scrutiny of financial documents of the DMCSL to initiate legal action against the organisation. It also stressed probe into investments in other entities of the Destiny Group as well.
A BB official suggested that the aggressive nature of deposit collection by Destiny and other organisations should be stopped through government intervention for ensuring protection of people's money and adequate flow of deposits to the banking sector. "If such unauthorised banking by various organisations continues for a longer period, it will destroy the financial sector's discipline," he added.
On Mar 6 last year, then commerce minister Muhammad Faruk Khan had said there are 62 registered MLM companies operating in Bangladesh. He had told parliament that only Destiny has 4.5 million clients and that other MLM companies have fewer clients. Another prominent MLM company is Unipay-2 U.
Case against Destiny masterminds in Laxmipur:
The district court Wednesday summoned Chairman and Managing Director of Destiny-2000 Limited, Mohammad Rafiqul Amin and its Vice Chairman Md Gofranul Haque. Judge Md Awlad Hossain Bhuiyan passed the order and asked them to appear before the court in person on June 13, 2012. Earlier in the day, Murad Hossain Patwary, a Profit Sharing Distributor [PSD] of Destiny, filed a fraudulent case of TK 2.51 crore with the court against them. Taking the case into cognizance the court summoned them. Murad Hossain said, "Destiny authorities have not paid me, Dr Hafiz, Shariful Islam, Munsur Islam and other PSD holders."
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