Tuesday, April 24, 2012

The Destiny 2000 Limited fraud

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?