Destiny money in personal accounts
Three major concerns of Destiny Group have withdrawn about Tk 5,000 crore in client money that was deposited in various banks over the last decade.
According to a Bangladesh Bank report, Tk 4,995.82 crore was deposited in 281 accounts of the three concerns — Destiny 2000 Ltd, Destiny Tree Plantation Ltd and Destiny Multipurpose Cooperative Society Ltd (DMCSL).
Of the amount, Tk 4,975.32 crore was transferred to personal accounts of its directors and several associated firms, said the BB report prepared for the Anti-Corruption Commission.
For example, Tk 78 crore was transferred from DMCSL to the account of one Prochhaya (Pvt) Ltd.
Because of such dubious transfers, the total amount of the money collected by Destiny from the people is yet to be determined, the report added.
All these transactions took place between 2001 and 2012.
Of late, various newspapers have published reports on numerous irregularities of Destiny-2000 following a Bangladesh Bank inquiry that found evidence of illegal banking by DMCSL.
Unlawful banking by the company is creating disorder in the country’s financial sector, said the BB probe report, which was sent to the finance ministry early this year.
The ACC is investigating the alleged fraud by the so-called multilevel marketing company and the central bank is helping the commission in the probe, a top official of the BB told The Daily Star yesterday.
According to the latest BB report, the directors and associate companies of Destiny Group’s 37 concerns have 443 bank accounts. Another 252 accounts were found closed.
Recently, the central bank froze most of the bank accounts of the group’s sister concerns and their directors.
Meanwhile the home ministry last month sent a report on MLM companies to the central bank and other ministries concerned. It recommended enacting a separate law to protect the deposit of the people from being gobbled up.
A set of guidelines should also be prepared on the involvement of government officials — civil and military — and teachers and officials of the judiciary with the MLM companies, the report said.
The general people put their trust in those organisations when they see respected and top-level government officials involved with those.
The report also makes several recommendations on monitoring and controlling MLM business.
The recommendations include formation of a high-level committee to review the draft of the direct sales act 2011, which is aimed at regulating MLM business.