Investors and members of the most controversial Multi Level Marketing [MLM] company Destiny 2000 Limited, which already is under the radar of various intelligence agencies in Bangladesh including Special Branch of Bangladesh Police as well as the anti Corruption Commission and Bangladesh Bank, are seeing high risk of losing their investments as the company's future has become totally dark. A large number of directors of this fraudulent MLM Company has already resigned sensing dire consequences, as major segment of the money collected by this company has already been smuggled out of Bangladesh through various channels. Mastermind of Destiny 2000 Limited as well as other sister concerns of this fraudulent MLM enterprise, Mohammad Rafiqul Amin and members of his family are Canadian citizen, who has built substantial properties in a number of countries, including Australia, Malaysia, Canada etc. Though it was suggested by an intelligence agency to stop all the directors as well as the mastermind of Destiny 2000 Limited and its sister concerns from leaving abroad, chairman of dubious Destiny Tree Plantation Limited, Lt. Gen. Harun Ar Rashid [Retired] is using numerous channels in influencing the government from not imposing any travel ban either of Mohammad Rafiqul Amin or any of the directors of this fraudulent MLM enterprise. Seeking anonymity a highly placed source in an intelligence agency told Weekly Blitz that the ex chief of Bangladesh Army, Gen Harun has already assigned few lobbyists with high political connections in "doing everything" in salvaging the fraudulent MLM company from being collapsed. It may me further added here that, masterminds of the Destiny 2000 Limited and its sister concerns have set 2012 at the year of disappearing for this company by looting thousands of crores of Taka from the innocent people and small investors.
Meanwhile sensing possible fate of this fraudulent MLM enterprise, dozens of its members and clients have already started putting pressure on authorities in refunding money with promised profit, while frequency of lodging of criminal cases are also gradually increasing. It is anticipated that by the end of July 2012 more than ten thousand criminal cases will be lodged against the mastermind and directors of Destiny 2000 Limited, Destiny Tree Plantation Limited, Destiny Multipurpose Cooperative Society Limited and other sister concerns for mass cheating of the people in the name of various fake projects. Though Destiny 2000 Limited and its sister concerns claim that they already have acquired huge properties in various parts of Bangladesh, it is learnt from dependable sources inside Destiny 2000 Limited that, none of such purchased properties are in the names of any of the companies of this fraudulent MLM enterprise. All such properties are purchased either in the personal name of Mohammad Rafiqul Amin or the members of the board of directors of Destiny 2000 Limited and other sister concerns.
Masterminds and fraudsters in Destiny 2000 Limited and its sister concerns are also caught in making fake plaintiff in getting few of the criminal cases lodged against them withdrawn, while one such forgery has already been caught red-handed in a court in Dhaka.
Regulators have moved to probe the Destiny-2000 Ltd scam spotted by Bangladesh Bank, following a series of news reports on the issue over the last few days.
The Department of Cooperatives [DoC], which is the principal regulator of cooperative societies, has formed a high-powered committee to investigate the matter.
It has also asked its officers to complete auditing of Destiny-2000 Ltd by April 30, a month ahead of the scheduled time.
The National Board of Revenue [NBR] and the Anti-Corruption Commission [ACC] have also moved to probe possible tax dodging and money laundering by the multi-level marketing [MLM] company.
"The Department of Co-operatives has formed a five-member high-powered team led by an additional registrar to probe the irregularities by Destiny," Iqbal Hossain, additional registrar of DoC told reporters.
"Officers have also been asked to complete auditing of Destiny's accounts by April 30," he added.
Recently, various newspapers published reports on the irregularities of Destiny-2000 following a Bangladesh Bank inquiry that found proof of illegal banking by Destiny Multipurpose Co-operative Society, a sister concern of Destiny.
Illegal banking by the company is creating disorder in the country's financial sector, said the Bangladesh Bank probe report, which was sent to the finance ministry recently.
"I have asked one of the commissioners to form an investigation team to probe any possible money laundering by Destiny," ACC Chairman Ghulam Rahman told reporters.
The NBR has asked its field offices to send tax files of Destiny and its sisters concerns to Dhaka soon, Md Alauddin, member of audit, intelligence and investigation of the NBR, told reporters.
"We will initially study the company files that we already have. Later, we will collect documents of the company's sister concerns to track any wrongdoing," he said.
Registered under the DoC, Destiny-2000 Limited began operation in 2000.
Currently, the NBR has tax and audit reports of 12 entities of Destiny Group, which, according to its website, has 42 sister concerns.
Alauddin said Destiny has raised hundreds of crores of taka from people through its cooperative window, which enjoys tax exemption.
The tax regulator will also scan the accounts of the Cooperative to see if it has properly distributed profits to its members or not.
The central bank investigation has found that the company is involved in banking activities - from deposit collection to lending - illegally. It has around 7 million members and set a target to take the number to 10 million by this year. The probe also found a link between the current liquidity crisis in the banking sector and the booming MLM business.
Meanwhile sensing possible fate of this fraudulent MLM enterprise, dozens of its members and clients have already started putting pressure on authorities in refunding money with promised profit, while frequency of lodging of criminal cases are also gradually increasing. It is anticipated that by the end of July 2012 more than ten thousand criminal cases will be lodged against the mastermind and directors of Destiny 2000 Limited, Destiny Tree Plantation Limited, Destiny Multipurpose Cooperative Society Limited and other sister concerns for mass cheating of the people in the name of various fake projects. Though Destiny 2000 Limited and its sister concerns claim that they already have acquired huge properties in various parts of Bangladesh, it is learnt from dependable sources inside Destiny 2000 Limited that, none of such purchased properties are in the names of any of the companies of this fraudulent MLM enterprise. All such properties are purchased either in the personal name of Mohammad Rafiqul Amin or the members of the board of directors of Destiny 2000 Limited and other sister concerns.
Masterminds and fraudsters in Destiny 2000 Limited and its sister concerns are also caught in making fake plaintiff in getting few of the criminal cases lodged against them withdrawn, while one such forgery has already been caught red-handed in a court in Dhaka.
Regulators have moved to probe the Destiny-2000 Ltd scam spotted by Bangladesh Bank, following a series of news reports on the issue over the last few days.
The Department of Cooperatives [DoC], which is the principal regulator of cooperative societies, has formed a high-powered committee to investigate the matter.
It has also asked its officers to complete auditing of Destiny-2000 Ltd by April 30, a month ahead of the scheduled time.
The National Board of Revenue [NBR] and the Anti-Corruption Commission [ACC] have also moved to probe possible tax dodging and money laundering by the multi-level marketing [MLM] company.
"The Department of Co-operatives has formed a five-member high-powered team led by an additional registrar to probe the irregularities by Destiny," Iqbal Hossain, additional registrar of DoC told reporters.
"Officers have also been asked to complete auditing of Destiny's accounts by April 30," he added.
Recently, various newspapers published reports on the irregularities of Destiny-2000 following a Bangladesh Bank inquiry that found proof of illegal banking by Destiny Multipurpose Co-operative Society, a sister concern of Destiny.
Illegal banking by the company is creating disorder in the country's financial sector, said the Bangladesh Bank probe report, which was sent to the finance ministry recently.
"I have asked one of the commissioners to form an investigation team to probe any possible money laundering by Destiny," ACC Chairman Ghulam Rahman told reporters.
The NBR has asked its field offices to send tax files of Destiny and its sisters concerns to Dhaka soon, Md Alauddin, member of audit, intelligence and investigation of the NBR, told reporters.
"We will initially study the company files that we already have. Later, we will collect documents of the company's sister concerns to track any wrongdoing," he said.
Registered under the DoC, Destiny-2000 Limited began operation in 2000.
Currently, the NBR has tax and audit reports of 12 entities of Destiny Group, which, according to its website, has 42 sister concerns.
Alauddin said Destiny has raised hundreds of crores of taka from people through its cooperative window, which enjoys tax exemption.
The tax regulator will also scan the accounts of the Cooperative to see if it has properly distributed profits to its members or not.
The central bank investigation has found that the company is involved in banking activities - from deposit collection to lending - illegally. It has around 7 million members and set a target to take the number to 10 million by this year. The probe also found a link between the current liquidity crisis in the banking sector and the booming MLM business.
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