Monday, December 11, 2023

Five-year jail term, fine for MLM fraudulence

Cabinet okays draft law The Cabinet on Monday endorsed in principle the draft of the Multi-Level Marketing Control Bill 2012, stipulating provisions for a maximum of five years’ imprisonment and Tk 50 lakh fine for running such businesses without licence. This was the government’s response to the mushrooming of MLM companies and more and

Govt moves to lay down rules

MLM Swindle Govt moves to lay down rules Draft bill goes to cabinet today The government will enact a law to clamp down on multi-level marketing (MLM) companies, such as the Destiny Group, which are blamed for swindling people out of their money with their controversial marketing system. The law will ban the so-called pyramid schemes ... Read more

MLM plundering money of commoners: ACC chief

Chairman of Anticorruption Commission (ACC) Golam Rahman on Wednesday termed the Multi Level Marketing (MLM) companies as plunderers.“Plundering of money is going on across the country in the name of MLM business. They are involved in money laundering. The activities are being carried out to make commoners pauper

Marketers of greed reign supreme

Star finds many multilevel companies not making headlines, silently swindling fortune-seekers before vanishing abruptly Shady multilevel marketing (MLM) companies are cheating people across the country by offering them double return on deposits in less than a year, high monthly returns and huge profits from product sales. These companies rent top-class office rooms and create eye-catching ... Read more