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 widely used by MLM companies.
The pyramid scheme is a system of sales that is not concerned with the end users of the
MLM
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 websites to lure people into their traps, and then vanish after
Destiny challenges central bank report
Files petition with HC; sues 4 newspapers for Tk 5,000cr compensation
Destiny Multipurpose Cooperative Society Ltd yesterday filed a writ petition with the High Court, challenging the Bangladesh Bank report that said the company had been doing illegal banking.
Md Rafiqul Amin, chairman of the cooperative and also Destiny Group, lodged the petition, seeking a stay order on the report and also a rule upon the government and the BB to explain the legality
Questions over sister concerns
Destiny Under Scanner
Questions over sister concerns
NBR asks banks to turn in accounts, transaction details
The controversial multilevel marketing (MLM) company Destiny hoodwinks people by adding to its group portfolio some companies that exist only on paper.
For instance, among its 37 sister concerns listed on the website is Destiny Life Insurance Company. Although the insurance company is nowhere near getting a licence, it is selling the name
MLM: is it a scam?
Multilevel marketing or MLM has become a serious source of debate.
Although MLMs are intrinsically unstable and only guaranteed by design to oversaturate the market, thousands of people are running after it.
Most of the times, the only money to be made is not from the product or service but from the
Into the heart of MLM
Multi-level marketing or MLM is a constant source of debate. MLM companies have their fanatical devotees and often appear to behave in an aggressive manner. Some of them reach dizzying heights, often to fall.
The issue came to the surface again, after Destiny Multipurpose Cooperative Society Ltd, a unit of Destiny Ltd, hit the media spotlight for going into what Bangladesh Bank said was illegal
Tough act to control MLM business in the offing
Direct sales law in a month: Faruk Khan
The government is going to enact a tough law barring Multi-Level Marketing (MLM) companies from running the business of immovable properties like lands, buildings, smuggled goods, extreme fundamentalism books and office spaces.
Besides, proposed law will restrict MLM companies conduct buy and sale of 21 products. The
Govt works on policy to regulate MLM cos
The government is formulating a policy to regulate multi-level-marketing companies in the wake of widespread controversies centring on a number of companies including unipay2u.
A law is also being drafted to create a legal basis for monitoring the companies.
The draft policy proposes a ban on such companies to issue or trade in shares, to pay their