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
multilevel marketing
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 widely used by MLM companies.
The pyramid scheme is a system of sales that is not concerned with the end users of the
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
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
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
Unipay2u smokescreen continues
Hundreds of people claiming to have investments in the so-called multilevel marketing (MLM) company Unipay2u urged the government yesterday to safeguard their money through strict monitoring on the company.
A section of people introducing themselves as the members of Traders Forum and Unipay2u claimed the company did not cheat them as they are receiving their investments with regular
Swindlers thrive on missing regulations
Multilevel Marketing Business
Swindlers thrive on missing regulations
Multilevel marketing (MLM) companies are preying on regulatory and human weaknesses. They are managing funds and doing banking business illegally, but openly.
Asset managers, merchant bankers, brokers or portfolio managers who manage others’ wealth are subject to government licence to
Fast bucks, dangerous
Over 3 lakh innocent lured into investment with promise for hefty returns by unipay2u; central bank raises swindling alert
If you open an account with $65 (Tk 4,500), you will be allowed to purchase up to 75 grams of gold worth Tk 157,000. Once you deposit the money, the purchase is done.
The benefit is “guaranteed” — 10 percent a month — and will double in just 10 months. You are entitled to more: if you can convince others to open accounts, 10 percent of their deposited money