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Executive Synopsis This report is based on Destiny-2000 Ltd. This report is definitely an evaluation of Destiny group while using introduction of Multi Level Marketing (MLM) in Bangladesh. How they started their voyage in Bangladesh and how they get accomplishment to their organization.
Destiny attained a high level of success in a very short period of the time. They started their business in this country in 2150 and using a very few quantity of customers. At this point they have a large pool buyer which is a great achievement as a new business in country like Bangladesh.
This kind of analysis will try to explore the fundamental problem, causes and ramifications of the MULTI LEVEL MARKETING issue in Bangladesh in light of the case study in the Destiny group. Table of contents Dramón No . Subject 1 . Intro 2 . Books Review several. Multi Level Marketing 5. Pyramid a few. Hypothesis 6th. Case Study several. Conclusion almost 8. Bibliography Advantages Destiny-2000 Limited. is the largest Direct Offering Company, and this is the speediest growing and biggest Multi level marketing Company in Bangladesh. It is also one of the Top ten (ten) largest Direct Providing Company among the world.
Ending June 2012, regarding 4. 5 million Self-employed Distributors have previously enrolled in towards the system, and started operating as persistent sales associated with the company, as its inception upon December 14th, 2000. Together with the goal of making self-employment possibilities for millions of educated-unemployed, semi employed Fresh hood, young ones, and college out, College or university out Registrants of Bangladesh, the business started it is journey over a very difficult road from January sixth, 2001 of the company’s initial sales wedding ceremony.
Since the Sales , promoting plan from the company and the concept of the business enterprise system, was very fresh to the ordinary people of Bangladesh, the company began facing many challenges, obstacles, difficulties through the various groups. The actual concept was likewise highly misitreperted by many persons? Even confusing by some of the government agencies? Because of bad Multilevel marketing business practice by some non-ethical multi-level promoting companies initially. While an investigation is underway, the so-called fraudulent process of the multi level marketing (MLM) Organization Destiny 2150 Limited provides stirred the whole nation recently.
The case has had the terribly understood practice of MLM to the fore and features posed significant questions regarding how a feasible scam of the extent could possibly be sustained pertaining to so long. Insufficient understanding upon part of the investors, lack of interpersonal awareness, data corruption, a weak regulatory structure and even weaker implementation are mostly to be blamed for this derrota. Many more scams like this could possibly be imminent, if perhaps immediate actions are not taken. With millions of investment dollars and the destiny of 1000s of investors at risk, the effects of the problem dig profound into Bangladeshi society.
Books Review Featuring its corporate workplace situated for NTC (Nasir Trade Centre) Tower, near Banglamotor area in Dhaka Bangladesh, the business expanded their very own 7 (seven) divisional offices along with 119 department offices around the world. For these products distribution, the business setup 12-15 Divisional Route of Division (DCDs) and also 1000 “Regional Distribution Centers (RDCs) along with few hundreds of “Institutional Regional Syndication Centers (IRDCs)also has been installation all across the region.
However , within the dynamic command of it is Managing Representative, Mr. Mohammad Rafiqul Amin and his team, the corporation could overcome most of these obstacles, to make a remarkable improvement in the business down the road within the following decade. During those intervals, the company has made significant contribution to the economic system of Bangladesh in many ways: simply by paying fees more than BDT 400, 00, 00, 000 (4 Billion Taka) comparable to US dollars $47 mil, to the government ‘taxes finance to support the Budget within last 4-5 years. Also produced a uge number of new taxpayers through the system, which can be as good as ten thousand individuals along With 2850 employees concluded June 35, 2012. The brand new Sales , Marketing system of Destiny-2000 Ltd, known as “Destiny’s Hybrid Promoting System (DHMS), a unique multi-level marketing idea, which is open chance to all and any Bangladeshi citizen, that is having audio physical and mental wellness, also old over 18 years , having minimal education impression of “High School education” or expertise up to “high School Certificate” level, may apply for a completely independent Distributorship of Destiny-2000 Ltd.
By just purchasing any product(s) of the provider’s listed menu with a reported value with the items initially or one time, he or she can qualify for the distributorship as well. The purchasing can be done access through online computer system internet, through getting gain access to through the industry’s sale , purchase system, maintain by online enhance ERP program, from everywhere. After obtain confirmed by means of online and get a receipt simply no through text, the acquired product could be pickup coming from any of the industry’s sales retailers, or straight from any of its sales retailers, such as RDC, IRDC or from any show bedrooms of the company, across the country.
First time, by using guide of any previously enlisted consumer’s/distributor’s ID or his or her purchase client name known as CID (customer ID), the new customer can start order. An Independent Distributor is basically a great enlisted buyer of the firm. He or she is as well became a self-employed sales representative of the company’s sales , marketing crew. This distributor/enlisted consumer can easily decide down the line, whether he or she wants to continue the revenue , advertising, or to build his or her organization career like a sales representative of the company, or perhaps not.
But for achieve more recognition and to acquire more sales bonuses the same distributor should enroll in the training, workshops and function regularly, done by DSTC (Destiny Revenue Training Center) or by the sales TEAM? Or perhaps he / she can also decide, to get remaining just as one of the user consumer of the products and use the product(s) profit as well. In addition , he or she can even now invest several small amount of cash (as low as BDT 25, 1000 or even more) one time for the company’s other development jobs through the different sister corporations to make a few profit within a long run, for certain period of time i actually.
Similar company, we. e. DESEL also presently working on renewable Electricity development of various potential (150 KW to multitude of KW) sourcing from the Solar energy to capable to provide electrical energy support to the ordinary central class people in rural areas. To get a real difference in the culture as a whole, the organization has been adding to a lot in CSR (Corporate Social Responsibilities). Its contribution to deal with against the sufferings of the humankind is amazing. Always that stood with all the people who had been devastated with all the natural calamities.
In this interconnection the company created and set up 2(two) units of 6(six) storied structure, known as devastation shelters, and distributed 18 (sixteen) apartments of the a couple of (two) pet shelters among the of sixteen (sixteen) tragedy affected desolate family. Mission and Eye-sight Mission Among the missions in the company should be to produce even more food feed by aiding farmers and supporting the agriculture sector, by coming together as joint cultivation for the in season paddy, and co-sharing the harvested terme conseillé among the celebrations.
For that illustration, “Destiny Agro Industries Limited (DAIL)” currently subsidized more than BDT 20, 00, 00, 000 (two hundred , 000, 000 taka) to alot of enrolled farmers around the world, who had took part with the company’s co writing rice item program, in last a few (three) years. Another BIG mission in the of the organization is to create over forty five organic fertilizer industry area wise, to generate quality organic fertilizer in the source of meals wastage, gardening wastage, pet dung etc . and to mix-up with the many advance technology of environment-friendly bacteria of ECONAT yeast extract.
For your program, pertaining to Last 3 (three) years, the company provides contributed and supported 6th (six) existing sick organic fertilizer industrial sectors, by providing these people unconditional seed money and made claims of progress purchasing the entire production, through the sister business known as “Destiny Environment Financial savings Energy Ltd (DESEL)”. The said organization helps to these 6 (six) industries to produce over twelve (ten) thousand tons of organic organic fertilizer, named “Destiny Organic Fertilizer (DOF)” and supplied those to the poor maqui berry farmers as subsidize, to support grain co-sharing production projects with DAIL.
Eyesight Their eyesight is to stand as a leading Direct Offering company in Bangladesh and contribute significantly to the nationwide economy. The group of the businesses also plans many other interpersonal development courses for the next 10 years to support “2021 DIGITAL Bangladesh, 50 years party program. What is MLM? Multi? level or perhaps network marketing (MLM) is one of the most intricate of business models. Classic MLM surfaced as an innovative tool to market consumer goods to a large market without going through traditional retail outlets. Instead, NETWORK MARKETING based businesses sell their products through a huge network of self? applied distributors. The us based multinational Amway is perhaps the best well-known example. MULTILEVEL MARKETING works in the following way: Company By will sponsor Vender A to sell usana products. For each device that Vender A sells, he gets a percentage. To motivate the growth from the distribution network, however , Company X tells Vender A that they can earn far more money in the event he recruits other suppliers to sell products. So Negociar A employees Vender B and five other friends to sell goods.
Now, instead of spend as much time making sales directly to customers, Vender A becomes Supplier A and supplies goods to Negociar B while others, earning a commission to get everything sold. After attaining some experience, Vender M might recruit and sell to Vender C and five other close friends. If he does, Supplier A will earn commissions from what both B and C sell. So long as the rewards are based on selling products to buyers, MLM is a legitimate business structure, particularly if Company X buys back unsold goods from its vendors.
The challenge occurs when the product gets shed and the commissions become primarily based solely about recruiting new members. Then MULTILEVEL MARKETING becomes the system known as a pyramid scheme. Just what Pyramid system? As its term indicates, the pyramid scheme is methodized like a pyramid. It starts with one person or perhaps company? the initial recruiter? who is on top, with the apex of the pyramid. Your husband or business recruits entrepreneur A, who may be required to “invest” say $22.99, which is paid to the organization. In order to make his or her money back, the modern recruit need to recruit investor B and other investors, every single of whom will also need to invest $22.99.
Investor A earns a commission on each of your investment this individual brings in, and, as long as the pyramid is escalating, he will help to make his money back and a handsome income. Figure one particular Source: http://en. wikipedia. org/wiki/Pyramid_scheme The problem is the pyramid scheme cannot embark on forever because there are a finite number of people who are able to join the scheme. As Figure you illustrates, if perhaps each part of the pyramid entails 6 investors, by 13th level there are forget about potential traders? even if each of the people in the world join!
People are deceived into believing that by giving money they will make more money, but they can simply do so through money by others. No wealth is made and no product/service is sold. Therefore , all pyramid schemes at some point collapse and fail. Organization at Glance Brand of the Organization: DESTINY-2000 LIMITED. Nature of Business: Multi-level marketing (Direct Product sales. ) Day of Subscription: 14th 12 , 2000, with joint inventory company beneath the Ministry of industries , Commerce. Volume of Registration: C-42075(1434)/2000. Trade License No .: 1227, Dhaka Metropolis Corporation, Area-36, Date of issue 03/01/2001.
Tax Identification Number (TIN): 1412009196, Tax area -04, Dhaka (South). VAT Sign up No .: 9021057474. Organizational Account: Dhaka Holding chamber Commerce and Industries (DCCI). Registration No- 10756, dt. 11/11/2001 Head Office: National Search Bhaban (8th Floor), 70/1 Inner Spherical (VIP) Street, Kakrail, Dhaka, Bangladesh. Telephone: +880-2-9359131, +880-2-9362905, +880-2-9362906. Fax: +880-2-8322439. Direct Fax to Managing Movie director: +880-2-9362909. Email: [email, protected] [email, protected] com Registered Office: 38 Inner Rounded (VIP) Road, Kakrail, Dhaka, Bangladesh.
Phone: +880-2-8362010, +880-2-8361912, +880-2-8361913 Corparate Office: 32 Inner Round (VIP) Highway, Kakrail, Dhaka, Bangladesh. Telephone: +880-2-8362010, +880-2-8361912, +880-2-8361913 Brand of the Banking companies: 1 . Arab Bangladesh Bank Ltd., Principal Branch, Dhaka. Account Amount: 4005-627941-000 installment payments on your BRAC Lender Ltd., Gulshan Branch, Dhaka. Account Amount: 1501100130606001 three or more. Dhaka Financial institution Ltd., F/ Exchange Department, Dhaka. Bank account Number: 203100000003382 4. Dutch”Bangla Bank Ltd., Shantinagar Part, Dhaka. Bank account Number: 108-110-7567 5. Far eastern Bank Ltd., Shantinagar
Branch, Dhaka. Bank account Number: 1141220000220 6. HSBC Ltd., Motijheel Branch, Dhaka. Account Amount: 001-134949-011 six. Islami Bank (BD. )Ltd., Local Workplace, Dhaka. Accounts Number: 9072 8. Islami Bank (BD. ) Limited., VIP. Street Branch, Dhaka. Account Amount: 01004490 9. Jamuna Traditional bank Ltd., Shantinagar Branch, Dhaka. Account Quantity: 210003085 15. Jamuna Bank Ltd., F/ Exchange Department, Dhaka. Accounts Number: 210001773 11. A single Bank Limited., Principal Branch, Dhaka. Account Number: 15181001 12. Primary Bank Limited., Motijheel Part, Dhaka. Accounts Number: 10411070046574 13.
Southern East Lender Ltd., Bangshal Branch, Dhaka. Account Quantity: 711100009854 14. Standard Bank Limited., Topkhana Street Branch., Dhaka. Account Amount: 33008278 15. The Most recognized Bank Limited., Kakrail Branch, Dhaka. Account Number: 12411100002281 16. The Trust Financial institution Ltd., DilkushaCorpt. Branch., Dhaka. Account Number: 33000711 17. Bangladesh Com. Bank Ltd., Mouchak Part, Dhaka. Accounts Number: A SEXUALLY TRANSMITTED DISEASE. -22 18. Islami Traditional bank (BD. ) Ltd., Paltan Branch, Dhaka. Account Amount: 01005471 19. One Financial institution Ltd., Sylhet Branch, Sylhet. Account Number: 21450006 twenty. South East Bank Limited. Chouhatta Part, Sylhet. Accounts Number: 711100009854 21. Southern region East Financial institution Ltd., Eskaton Road Part., Dhaka. Account Number: 711100001027 Total Number of Distributorship (DIN) Upto Assertion # 549 as of Out dated 29 March 2012: 43, 07, 722 + (Individual) Total Business Center (BC) Up to Upto Statement # 549 by Dated up to 29 March 2012: 71, 00, 569+ (distributorship) Total Number of Branch: 101+ Total Number of Staffs: 950+ Total Number of Shareholders: forty-nine Total Number of Directors: doze Financial Illustrates Five years at a glance Sibling Concern businesses of Lives 1 .
Success Group, one of the leading direct selling multinational selection of companies became the official bring in of the SAFF Championship-bound national football crew. Bangladesh Soccer Federation (BFF) introduced Lives Group since the beneficiaries of the countrywide football staff at the BFF House in Friday, The fall of 18, 2011. Bangladesh will require part in the SAFF Championship to be organised from 12 , 2-11 in the Indian capital of New Delhi. BFF. PresidentKaziSalahuddin and Rafiqul Amin, leader of Lives Group written the deal on behalf of their individual organizations.
In accordance with the deal, Future Group offered an amount of Tk 2 million for the preparations from the Saff Shining. KaziSalahuddin made welcome Destiny Group in the basketball arena. “We welcome Lives Group in the football arena and desire that their presence would have been a lasting 1. We have noticed number of big conglomerates close to us and Destiny Group I hope are here to stay, “saidSalahuddin. Rafqul Amin responded efficiently. “Destiny Group as a part of all their corporate interpersonal responsibility arrived forward to bring in the nationwide football group. We look forward to a eco friendly relationship.
At this time we are concentrating on Saff Championships, stated Amin. Badal Roy, the chairman in the National Team Management Panel, BFF vice president Shawkat Ali Khan Jahangir, SaifurRahmanChowdhury, the typical manager and Md. EmranHossain Sr. Pr Officer of Destiny Group was also present on the occasion. 2 . Destiny Group, a leading organization conglomerates in the private sector in Bangladesh has signed a corporate contract with one of the largest telecom operator Grameenphone (GP) to get complete communication features under it is business solutions package.
The signing ceremony took place on Monday (August 01, 2011) at Lakeshore Hotel and Apartments, GulshanDhaka. Mohammad Rafiqul Amin, Chief, Destiny Group and A. S. M. Shakil. Mind of Organization Sale, Grameenphone signed the agreement on behalf of their individual organizations. Under the agreement, Future Group will relish customized phone tariff and value added solutions of grameenphone, which might keep the users of the business one step ahead of other folks in obtaining telecommunication providers. Lt Style M.
Harun-Ar-Rashid, BP (Retd), President, Future Group, ‘s Hajj Mohammad Hossain, Chairman, Destiny-2000 Ltd, Mohammad GofranulHaque, Vice Charman, Destiny Group, Saleh Z. Rahman, Representative IT, Luxury touring Col H. M. Ayub (Retd) PS to Presedent, Major Muhammad A. Hakim (Retd), Project Director, DTI, Md. ShafiqulHaqShafiq, Advisor, Job Consultant , Company Affairs, M MostaqueMorshed, General Manager- Procurement, SM MahbuburRahman, General Manager, Customer Service, Abu Sharif Mahmood Khan, Project Coordinator, Faisal Amin, GM (IT), MdArifurRahman, Manager, Business Product sales, Grameenphone, MahbubUllah, were also present at the signing ceremony.. Success Group Introducing a New Web page. 4. In the event the allegations will be correct, Destiny group seems to have combined the common sense of MULTI LEVEL MARKETING, an investment company, and a pyramid system. Rather than offer a product, the group sold stakes in various profit? making endeavors, for example a tree farmville farm, an facilities project, and an upscale residential building. Destiny clients were guaranteed that if they invested a certain amount of cash, they would become paid back twice their money in a certain period of time.
More importantly, if perhaps they recruited other people to raise additional expenditure funds intended for the company, chances are they would gain additional commissions. The unit was significantly “successful, and it is approximated that regarding 5 , 000, 000 distributors signed up with the company from all over the country. a few. De facto, Destiny Multipurpose Cooperative Contemporary society Limited, a sister concern of Destiny 2000, has controlled as a financial institution or lender, though not any such agreement has been approved by Bangladesh Bank (BB).
Though the group had before applied for the establishment of Destiny Financial institution Limited, the applying did not reach any level of active consideration. Undeterred, the group started selling stocks and shares of the bank to its members. The group had also offered shares of other not? existing jobs, including Destiny Life Insurance Firm Limited, Best Air, Destiny Shopping Center Limited, Destiny Medical College and Hospitals Limited, Destiny Tea Limited, and Destiny? Geely Automobiles Limited (a low existing car assembling grow claimed to get established beneath joint venture with Chinese organization Geely Automobile Research Institute). Furthermore, many of their genuine products had been unsustainably too expensive and some functions like woods and true? estate tasks were lately declared by government being illegal intended for MLM corporations to specialize in. As featured in a the latest report, one of the many projects under which Lives collected thousands from Bangladeshi people was their , Tree Plantation Project’ in the Chittagong Hill Track place. The company promised investors 10% annual earnings, but rewarding this obligation would need Destiny to pay a great US$ 50 million yearly. The record finds additional abnormalities as well.
According to experts, less than 300 woods can be planted on one desagradable of land, but the organization is thought to have sold more than two mil trees. This could require title of at least a great unlikely 6th, 666 miles of terrain in the Chittagong Hill Paths. Hypothesis Not necessarily clear how come Destiny could grow to five , 000, 000 members without the governmental treatment. As reported, the organization had already collected about BDT two billion through the public since March 2k. One speculation is that the group’s well connected leadership stored regulators away.
Another is the fact as the business was technically considered a non? financial institution, it chop down through the regulating cracks. One third is that it undertook a prosperous public relations advertising campaign. Destiny started out a vernacular daily newspaper and a satellite centered television funnel. Both of these happen to be money losing endeavors ” it is estimated that Future is losing at least BDT 10 million a month from its paper venture and BDT 30 million a month for its TELEVISION SET channel? non-etheless, these mass media outlets have offered the organization a mouthpiece to defend their reputation.
Recommendation There are regarding 62 so? called MULTILEVEL MARKETING companies in the country and it seems that most of them happen to be Pyramid Techniques in cover of genuine MLM businesses. 9 It has recently been reported that in least two other companies have got defrauded open public by great: Unipay? 2 and Jubok. 10 Nonetheless, because there is no government monitoring of the actions of the NETWORK MARKETING companies in Bangladesh, no-one really knows how much money any MLM company is collecting from the people and how much they are either investing or simply just spending not in good projects.
It is therefore important to make it mandatory for MULTI LEVEL MARKETING companies in Bangladesh to create their gross annual report with specific information on how much cash they collected from people and underneath which project, how and where this kind of investment was used, along with profitability, spending and asset details. The federal government is already going towards increased regulation. The commerce ministry has recently delivered a page to the Securities and Exchange Commission and also other stakeholder agencies, asking for their opinion with an MLM take action?
Direct Sales Legislation? 2011? within a bid to improve accountability in the MLM business. The ministry has assured that the MLM (Control) Act 2011 will soon become enacted. A draft law on the web marketing strategy has already been created with provisions of jail, fines and cancellation of licenses in case the MLM companies are found involved in 21 types of businesses. In line with the draft proposal, the government will type a department, which will be generally known as , Direct selling Directorate’ and a secretary will be designated to regulate the businesses.
Case Study Simply no report however against Lives: ACC Dhaka, Jul 26 (bdnews24. com)” Chairman from the Anti-Corruption Percentage (ACC) has said the commission rate is however get any report resistant to the Destiny Group. “Nothing took place like this (submission of research report against the Destiny group), ” GhulamRahman told bdnews24. com. “No report in the issue was tabled to get consideration over the last commission getting together with, ” this individual said after a daily released a report titled , Lives Directors embezzled Tk 23 billion’ upon Thursday.
The report go through a final investigation report, with credible proof, was submitted to the commission on Friday saying the top-brass with the Destiny Group including the Controlling Director and Chairman intend to transferred about Tk 23 billion in the investors to their own unprofitable institutions and private accounts. Within the report distribution process, this individual said, “The investigation expert submits the report of an under-investigation case to the ACC Chairman first and later the report can be forwarded for the DG “No report gets official acknowledgement before it truly is discussed in a ommission getting together with, ” this individual added. This individual also would not admit of talking to any media men on the issue. When asked about the analysis progress up against the group, this individual said, “I have nothing to say as we have not considered any decision (on this). ” “The report regarding the Destiny Group is but to be posted to the commission rate, until Thursday night. The journalists will be educated as soon as the submission is made, inch ACC Public spookesperson Pranab Kumar Bhattacharya told reporters for a press briefing at its headquarters about Thursday morning.
Bangladeshi NETWORK MARKETING Company Future Group secrets investors by News Workplace June eleven, 2012 Most controversial deceitful Multilevel Marketing [MLM] Company, Future Group as well as its sister issues such as Lives 2000 Limited, Destiny Tree Plantation Limited, Destiny Convenient Cooperative Culture Limited and so forth have already ripped off more than 7 million small shareholders in Bangladesh and most of such accumulated money has recently disappeared through the bank accounts with this MLM fraud-racket.
According to a latest letter sent by Bangladesh Traditional bank [BB] to country’s Anti Corruption Commission rate [ACC], it was revealed that in past few years, nevertheless Destiny Group and its sibling concerns including Destiny 2k Limited, Success Tree Planting Limited, Destiny Multipurpose Supportive Society Limited etc collected around sixty thousand crore Taka from more than 7 million small investors in Bangladesh, only during 2011-2012, the masterminds from the MLM fraud-ring has withdrawn over TK. thousand crore from different bank accounts of Destiny Group and its sister concerns such as Destiny 2150 Limited, Destiny Tree Plantation Limited, Success Multipurpose Supportive Society Limited etc and shifted this kind of fund to personal bank account of Destiny’s top mastermind Mohammad Rafiqul Amin and members of his team such as Luxury touring. Gen [Retired] Harun Ur Rashid, Mohammad Hussain, GofranulHoque, Sayeed Ur Rahman, Maryland. MesbahuddinSwapan, Sheikh TayeburRahman, Syed SajjadHossain, Irfan Ahmed
Sunlit, JamshedAraChowdhury, FarhaDiba, FaridAkhter while others. It was already reported in Weekly Blitz in a number of investigative reports that Mohammad Rafiqul Amin wonderful gang offers smuggled away most of the money they received from the 7 million plus users and consumers of Future Group as well as its sister problems such as Lives 2000 Limited, Destiny Shrub Plantation Limited, Destiny Convenient Cooperative Society Limited and so forth by giving these people numerous bogus hopes.
It may be mentioned right here that the case of substantial fraud and smuggling of millions of dollars by simply Mohammad Rafiqul Amin great gang arrived to focal point and attention from the authorities worried when Regular Blitz began exposing numerous irregularities and financial crimes within Lives Group and its particular sister concerns such as Destiny 2000 Limited, Destiny Tree Plantation Limited, Destiny Multi-purpose Cooperative World Limited etc since Drive 2011.
At first Destiny Group and its sister concerns such as Destiny 2k Limited, Destiny Tree Plantation Limited, Lives Multipurpose Cooperative Society Limited etc attempted to suffocate the voice of Weekly Flash by sending hooligans at the office of the newspaper as well as by giving numerous forms of threats. In one stage, Mohammad Rafiqul Amin fantastic gang also conspired to murder the editor and the staffs of Weekly Blitzlys and with such siguiente motive in mind, they delivered one of their particular employees called Musaddeq to my workplace of the paper to learn the detailed moves of the publisher.
While visitinbg the paper office, this kind of man hided his identification and when his real personality was already followed by Every week Blitz, this kind of man entered hiding fearing legal implications. Mohammad Rafiqul Amin wonderful gang likewise tried to use some of the nefarious criminals and cadres belonging to the ruling party to threaten the editor and other members from the editorial table.
As the Weekly Flash did not prevent from exposing the criminal activities and financial criminal offenses of Mohammad Rafiqul Amin and the whole gang of Destiny Group and its sibling concerns including Destiny 2150 Limited, Future Tree Planting Limited, Destiny Multipurpose Cooperative Society Limited etc, the Bangladesh Bank finally used the case and started looking into the activities of Destiny Multi-purpose Cooperative Society Limited, which has been operating likewise as a standard bank without any legitimate permission from your authorities concerned.
The mastermind of Destiny Group as well as sister worries such as Lives 2000 Limited, Destiny Forest Plantation Limited, Destiny Multi-purpose Cooperative Society Limited and so forth, Mohammad Rafiqul Amin great gang were so eager that, they will even did not pay any kind of damn for the government or authorities concerned and openly publicized their very own sister matter, Destiny Multipurpose Cooperative World Limited while “financial institution” in their internet site.
By continuing illegal organization activities in Bangladesh along with cheating huge numbers of people, the mastermind of Future Group and its sister concerns such as Destiny 2000 Limited, Destiny Tree Plantation Limited, Destiny Multi-purpose Cooperative Contemporary society Limited and many others, Mohammad RafiqulAmin and his whole gang smuggled millions of dollars in a variety of countries within the previous couple of years. They also greatly bribed critical important and influential statistics in the governments in participating with this kind of MLM scam racket in continuing all their numerous types of illegal activities in Bangladesh.
It is discovered from dependable sources inside Destiny Group and its sibling concerns just like Destiny 2150 Limited, Success Tree Plantation Limited, Future Multipurpose Cooperative Society Limited etc the mastermind of the fraud racket Mohammad Rafiqul Amin, along with other members of his team such as Luxury touring. Gen [Retired] Harun Ur Rashid, Mohammad Hussain, GofranulHoque, Sayeed Your Rahman, Md. MesbahuddinSwapan, Sheikh TayeburRahman, Syed SajjadHossain, Irfan Ahmed Sunny, JamshedAraChowdhury, FarhaDiba, FaridAkhteretc take preparations of fleeing Bangladesh at any time.
Additionally it is learnt that, from the month of Summer, Destiny Group and its sister concerns just like Destiny 2k Limited, Destiny Tree Planting Limited, Destiny Multipurpose Cooperative Society Limited etc possess stopped spending salaries for their employees whilst payment of profit towards the customers and members are stopped exhibiting the fake excuse of their bank accounts being freezed. However in reality, in the last few years, Mohammad Rafiqul Amin, along with other users of his gang just like Lt. Gen [Retired] Harun Ur Rashid, Mohammad Hussain, GofranulHoque, Sayeed Ur Rahman, Md.
MesbahuddinSwapan, Sheikh TayeburRahman, Syed SajjadHossain, Irfan Ahmed Sunny, JamshedAraChowdhury, FarhaDiba, FaridAkhteretc have smuggled out significant segment from the total funds from different accounts of the Destiny Group and its sister concerns just like Destiny 2k Limited, Success Tree Plantation Limited, Destiny Multipurpose Cooperative Society Limited etc . All the directors of Destiny Group and its sister concerns just like Destiny 2k Limited, Destiny Tree Planting Limited, Success Multipurpose Cooperative Society Limited etc, including Mohammad Rafiqul Amin, together with other members of his bunch such as Lt.
Gen [Retired] Harun Your Rashid, Mohammad Hussain, GofranulHoque, Sayeed Ur Rahman, Md. MesbahuddinSwapan, Sheikh TayeburRahman, Syed SajjadHossain, Irfan Ahmed Sunlit, JamshedAraChowdhury, FarhaDiba, FaridAkhteretc will be owning luxurious houses and apartments in Dhaka metropolis as well as numerous acres of land, that were purchased by using the money of the members and clients of those fraudulent MULTI LEVEL MARKETING Companies. Furthermore, directors of Destiny Group are living extremely luxurious your life with a lot of posh vehicles as well as purchases of various countries.
Each of the directors of Future Group at this point owns hundreds of crores of Taka, though just before 7-8 years, these were nearly paupers. These administrators became fabulously rich by looting public money and by giving fake hopes to harmless small buyers. While Success Group and its sister concerns such as Success 2000 Limited, Destiny Woods Plantation Limited, Destiny Multi-purpose Cooperative Culture Limited and so on are struggling, many of the apparent trainers and Diamond/Gold Business owners of this scam racket have previously gone in hiding.
Hosaf Tower at Dhaka’s Malibagh area, which has been considered to be the epicenter in the , Executives’ and providers of Success Group are now a days crowded by worried little investors, whom already are sure that Destiny Group has already scammed them with phony hopes. Most of the cheated investors of Future Group already are suggested by legal experts to hotel criminal and civil situations against Mohammad Rafiqul Amin, along with other members of his gang such as Lt.
Style [Retired] Harun Ur Rashid, Mohammad Hussain, GofranulHoque, Sayeed Ur Rahman, Md. MesbahuddinSwapan, Sheikh TayeburRahman, Syed SajjadHossain, Irfan Ahmed Sunny, JamshedAraChowdhury, FarhaDiba, FaridAkhteretc for assigning such mass fraud. Bottom line Only time shall notify whether the , mistakes” made in the Success case had been willful or otherwise. As for future, we can only hope that proper rules are developed as assured, and more significantly, followed.
Furthermore, the whole contemporary society should operate unison to create public awareness and cautiousness on the concern. Otherwise the results will be gigantic and an incredible number of investors will continue to be cheated away of billions of Taka every year. Bibliography you http://en. wikipedia. org/wiki/Pyramid_scheme a couple of Jon Meters. Taylor. Once Should an MLM or Network Marketing Plan Be Considered a great Illegal Pyramid Scheme? Buyer Awareness Commence. 2000. Accessed at: http://www. pyramidschemealert. org/PSAMain/regulators/PPSdefined. df three or more http://destiny? 2150. com/index. php? option=com_content, task=view, id=5, Itemid=6 4 Future 2000 Limited clients cheated. News Office. Weekly Blitz. March 30, 2012. Reached at: http://www. weeklyblitz. net/2216/destiny? 2000? limited? clients? cheated 5 Against the law Aspects of MLM (Multi? Level Marketing) Organization in Bangladesh, Accessed at: http://www. scribd. com/postmanbd/d/64799739? MLM? Scam? Fraudulence? Illegal? Destiny? Bangladesh six Cheating Thru’ Mlm, Destiny under reader. Staff Reporter. The Daily Star. 04 3, 2012.
Accessed for: http://www. thedailystar. net/newDesign/news? information. php? nid=228790 7 DoulotAkter Mala. NBR freezes Destiny’s accounts. May well 24 2012. Accessed in: http://www. thefinancialexpress? bd. com/more. php? news_id=130558=2012? 05? twenty-four 8 Success 2000 Limited clients ripped off. Weekly Blitz. 9 Against the law Aspects of MULTILEVEL MARKETING 10 ShamsherChowdhury. Whose Future is it in any case? The Economical Express. April 7 2012. Accessed in: http://www. thefinancialexpress? bd. com/more. php? news_id=125897=2012? 04? ’07 11 Unlawful Aspects of MLM
