What ever is taking place in the country is either destiny or fait
accompli. We are destined to be cheated by all kinds of ways and means
while the government stands by and looks on until it is too late. The
painful saga of the Dhaka Stock Exchange (DSE) continues and appear
multi-level marketing firms on the scene. It looks as though here too
people are bound to suffer just as millions did due to the scam of the
stock market. To be fair, it looks as though there is more to Destiny
than the stock exchange market. The entire process that led to the start
of the operations is not only murky but also full of suspicion. From
whatever one could decipher from newspaper reports, it is only the tip
of the iceberg.
It is interesting to note that most questionable operations involving
big money do not rule out involvement of the establishment. Only time
shall tell whether the 'mistakes" made in this instant were wilful or
otherwise. Like in previous instances here too a high powered committee
would be set up or has already been set up to probe into the
irregularities. In time to come, a report would be submitted; only some
features of which will be published under pressures from the media,
followed by talk-shows in some private TV channels, thereafter all will
be forgotten. Nobody would ever come to know as to who did what to who?
One might say that these are mere speculations and conjectures but tell
us if things have been any different over the years. People should be
told right now as to what would happen to their investments should the
operations of Destiny come to a close or aborted.
Destiny was first unveiled in some details by a leading Bangla
national daily. Apparently Destiny had been operating outside the scope
of approval.
Destiny was first registered by the Department of Cooperatives as
Destiny 2000 Ltd as a multi-level marketing [MLM] company. Since
governmental authorities were well aware of, yet for some reasons they
decided to keep quiet. As reported the outfit has already collected
about Taka. Two billion [200 crore] from the public as of March 31,
2000. Besides since then a number of letters have crossed between
concerned ministries and department, informing of possible
irregularities committed by Destiny; yet no one agency made a move to
either verify or take punitive measures. In 2004, Bangladesh Bank [BB]
issued a letter to the ministry of finance, indicating Destiny's acts
being fraudulent. It was followed by yet another ministry -- the
ministry of home - and the Development of Cooperatives [DOC] to take
necessary actions against Destiny. Nothing has happened so far.
Furthermore, it is reported that no independent audit of its operations
has been undertaken until now.
The illegal operation of MLM companies in Bangladesh is nothing new. In
recent times, two other companies have defrauded public by billions -
Unipay-2 and Jubok.
Not only money laundering but also cheating and indulging in
fraudulent acts have become commonplace in Bangladesh. The three
wheelers are cheating by charging astronomical fares. The retailers in
the kitchen markets are asking prices for essentials as they please. The
business 'syndicate' is sucking our blood day and night. The toll
collectors have made the whole country their operating fields. The truth
is there are many other "thieves" who are emptying our pockets in
multiple ways. Like extra judicial killings, charges and fees are
imposed at random outside the purview of budgetary provisions. While the
MLM companies are fleecing us in a criminal way, the government is
doing it in the garb of increasing internal revenue collection.
Who are the sufferers; people belonging to the middle class and the fixed income groups?
