Thursday, October 9, 2025

Destiny plea against BB report rejected

Commerce ministry for separate commission to probe MLM fraud
The High Court yesterday rejected a writ petition filed by Destiny Multipurpose Cooperative Society Ltd challenging the Bangladesh Bank report that raised allegations against the company of illegal banking.
The court termed the petition premature as the central bank has not taken any action against Destiny.
Meanwhile yesterday, the commerce ministry recommended forming a separate commission to investigate the fraudulence of the multi-level marketing company Destiny and its subsidiaries.
Md Rafiqul Amin, chairman of the cooperative, on April 8 filed the writ petition seeking an HC stay order on the central bank report.
He also demanded a rule upon the government and the bank to explain the legality of the report.
The petition said the report was faulty and illegal since the BB had not followed due procedures while inspecting his company.
The HC bench of Justice Farid Ahmed and Justice Sheikh Hassan Arif concluded hearing on the petition on April 11 and passed the rejection order yesterday.
Petitioner’s counsel Mizan Sayeed told The Daily Star that his client might appeal to the Supreme Court against the HC order.
Yesterday, Commerce Secretary Ghulam Hussain submitted a set of recommendations to Finance Minister AMA Muhith at the latter’s secretariat office.
“I have recommended the finance ministry form a commission to investigate the activities of Destiny. The commission will take action against the fraudulence of Destiny,” Hussain told The Daily Star after the meeting.
He said a fulltime commission like the one investigating the activities of Jubo Karmasangsthan Society (Jubok), which was banned a few years ago, could be formed to look into the matter of Destiny.
The BB report was revealed last month. It said Destiny Multipurpose Cooperative Society, a concern of Destiny-2000 Group Ltd, had seen a astronomical rise in its capital, shareholder, profit and investment since 2009.
The company’s paid-up capital has increased to nearly Tk 300 crore in 2009-10 from Tk 5.53 crore a year ago. The figure jumped to nearly Tk 1,200 crore in 2010-11.
Loans and investments grew to Tk 569 crore in 2010-11 from less than Tk 23 crore in 2008-09; they rose over 213 percent between 2009-10 and 2010-11.
Destiny posted a staggering 354 percent increase in its net profit in 2010-11 from that of a year ago. These figures, however, are not certified by any chartered accountant and can easily misguide people, says the Bangladesh Bank report.
As of June 30, 2011, the firm showed Tk 656 crore in assets whereas it actually spent the amount for research and development. Had it shown the amount as expenses for research and development, the balance sheet would have been negative, said the central bank.
The Bangladesh Bank probed the activities of Destiny Multipurpose Cooperative Society on instructions from the finance ministry.
Following the report which was sent to the ministry of finance last month various newspapers ran reports on numerous irregularities of the company.

-With The Daily Star input

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