No trace of Tk 3,800cr | The Daily Star
12:00 AM, October 09, 2012 / LAST MODIFIED: 12:00 AM, October 09, 2012

Destiny Scam Probe

No trace of Tk 3,800cr

Probe body suggests takeover of all assets of the company

A probe committee yesterday suggested the government take over control of the assets of controversial multilevel marketing company Destiny Group, said a member of the investigation body.
The Registrar of Joint Stock Companies and Firms (RJSCF), who led the probe, submitted the report to the commerce ministry. The probe, however, did not find accounts of Tk 3,800 crore.
It found evidence of money laundering by the Group, which agreed with the central bank findings submitted six months ago, said a member of the probe body.
The RJSCF took eight months to complete the investigation.
The six-member probe body had previously submitted three reports on Destiny Group and its 34 entities, but the ministry sent those back on the grounds of gross incompleteness.
According to a probe body member, this was the final report.
Neither the commerce ministry nor the commerce secretary could be contacted for comments last night.
The ministry formed the probe body on February 13 to examine whether the company and its subsidiaries function as per the memorandum of articles.
The RJSCF was appointed to conduct the probe since it gave registration to Destiny 2000, an MLM wing and the very first concern of Destiny Group, in 2000. Its responsibility was to see whether a registered company did anything against the memorandum of articles submitted during the registration.
Also, the committee was meant to unearth the irregularities, including illegal financial transactions of Destiny-2000 and its sister concerns.
Yesterday's report came six months after a Bangladesh Bank report that detected transfer of huge public funds into the personal accounts of Destiny directors and its management committee members.
In March, the central bank report found that Destiny Multipurpose Cooperative Society, a sister concern of Destiny Group, as of December 31, 2012 had collected nearly Tk 2,000 crore in deposits and share capital from people.
The central bank investigation found that the company was involved in banking activities -- from deposit collection to lending -- illegally.
Apart from the Bangladesh Bank, the Anti-Corruption Commission has already submitted its report on Destiny.
The Destiny Group has around 70 lakh members and it set a target to take the number to one crore by this year.

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