Regulators have moved to probe the Destiny-2000 Ltd scam
spotted by Bangladesh Bank, following a series of news
reports on the issue over the last few days.
spotted by Bangladesh Bank, following a series of news
reports on the issue over the last few days.
The Department of Cooperatives (DoC), which is the
principal regulator of cooperative societies, has formed a
high-powered committee to investigate the matter.
principal regulator of cooperative societies, has formed a
high-powered committee to investigate the matter.
It has also asked its officers to complete auditing of Destiny-
2000 Ltd by April 30, a month ahead of the scheduled time.
2000 Ltd by April 30, a month ahead of the scheduled time.
The National Board of Revenue (NBR) and the Anti-
Corruption Commission (ACC) have also moved to probe
possible tax dodging and money laundering by the multi-
level marketing (MLM) company.
Corruption Commission (ACC) have also moved to probe
possible tax dodging and money laundering by the multi-
level marketing (MLM) company.
“The Department of Co-operatives has formed a five-member
high-powered team led by an additional registrar to probe
the irregularities by Destiny,” Iqbal Hossain, additional
registrar of DoC, told The Daily Star yesterday.
high-powered team led by an additional registrar to probe
the irregularities by Destiny,” Iqbal Hossain, additional
registrar of DoC, told The Daily Star yesterday.
“Officers have also been asked to complete auditing of
Destiny's accounts by April 30,” he added.
Destiny's accounts by April 30,” he added.
Recently, various newspapers published reports on the
irregularities of Destiny-2000 following a Bangladesh Bank
inquiry that found proof of illegal banking by Destiny
Multipurpose Co-operative Society, a sister concern of
Destiny.
irregularities of Destiny-2000 following a Bangladesh Bank
inquiry that found proof of illegal banking by Destiny
Multipurpose Co-operative Society, a sister concern of
Destiny.
Illegal 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 recently.
country's financial sector, said the BB probe report, which
was sent to the finance ministry recently.
“I have asked one of the commissioners to form an
investigation team to probe any possible money laundering
by Destiny,” ACC Chairman Ghulam Rahman told
The Daily Star yesterday.
investigation team to probe any possible money laundering
by Destiny,” ACC Chairman Ghulam Rahman told
The Daily Star yesterday.
“If it is not formed today [yesterday], it will be done tomorrow
[today],” he added.
[today],” he added.
The NBR, on the other hand, will scrutinise the tax files of
Destiny and its profit distribution among members to see if
the company has evaded tax.
Destiny and its profit distribution among members to see if
the company has evaded tax.
The NBR has asked its field offices to send tax files of
Destiny and its sisters concerns to Dhaka soon,
Md Alauddin, member of audit, intelligence and
investigation of the NBR, told this correspondent.
Destiny and its sisters concerns to Dhaka soon,
Md Alauddin, member of audit, intelligence and
investigation of the NBR, told this correspondent.
"We will initially study the company files that we already
have. Later, we will collect documents of the company's
sister concerns to track any wrongdoing," he said.
have. Later, we will collect documents of the company's
sister concerns to track any wrongdoing," he said.
Registered under the DoC, Destiny-2000 Ltd began
operation in 2000.
operation in 2000.
Currently, the NBR has tax and audit reports of 12 entities of
Destiny Group, which, according to its website, has 42
sister concerns.
Destiny Group, which, according to its website, has 42
sister concerns.
Alauddin said Destiny has raised hundreds of crores of taka
from people through its cooperative window, which enjoys
tax exemption.
from people through its cooperative window, which enjoys
tax exemption.
The tax regulator will also scan the accounts of the
Cooperative to see if it has properly distributed profits to its
members or not.
Cooperative to see if it has properly distributed profits to its
members or not.
The central bank investigation has found that the company
is involved in banking activities -- from deposit collection to
lending -- illegally. It has around 70 lakh members and set
a target to take the number to 1 crore by this year. The
probe also found a link between the current liquidity crisis
in the banking sector and the booming MLM business.
is involved in banking activities -- from deposit collection to
lending -- illegally. It has around 70 lakh members and set
a target to take the number to 1 crore by this year. The
probe also found a link between the current liquidity crisis
in the banking sector and the booming MLM business.
As on December 31, 2011, the organisation collected nearly
Tk 2,000 crore in deposits and share capital from people.
Tk 2,000 crore in deposits and share capital from people.
Of the deposit, the bulk amount is lent to its sister
organisations and only a small portion to its members.
organisations and only a small portion to its members.
The BB report said Destiny did not try to borrow from the
banks or capital markets to meet its demand for capital.
banks or capital markets to meet its demand for capital.
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