A government investigation found evidence of illegal and suspicious transactions of around Tk 31billion by Destiny 2000 Ltd, a multi-level marketing company, the Commerce Minister told Parliament on Sunday.
Replying to a written question by Sadhana Halder MP, Ghulam Muhammed Quader said the inter-ministerial committee found primary proofs of nine irregularities.
These include monetary transactions among 22 directors and owners Destiny companies themselves, operation of illegal banking at high interest rates, transfer of shares among the group undertakings and embezzlement of money through investment in losing firms.
The probe report was submitted to the minister on Feb 13.
Quader said Destiny marketed goods at exorbitant prices ‘through creating monopoly’ of some products.
“They also did irregularities in spending the fund they got from their members,” he added.
Answering another question, he said: “The government has initiated measures to stop any MLM fraud.”
He said the Cabinet on Sep 17 endorsed in principle the draft of ‘Multi-Level Marketing Control Act-2012’ incorporating provisions for a maximum of five-year jail term and fine for cheating and doing business without licence.
The draft will be tabled in Parliament following scrutiny by the law ministry, he added.bdnews24.com