Probe team investigating Destiny 2000 Limited scam

by News Desk
February 16, 2012

http://www.weeklyblitz.net/2123/probe-team-investigating-destiny-2000-limited-scam

A high power investigation team formed with Ministry of Home Affairs, Ministry of Commerce, Ministry of Social Welfare, Ministry of Finance, Bangladesh Bank and Security Exchange Commission with the registrar of Joint Stock Companies as the coordinator has already started investigating series of allegations against Destiny 2000 Limited. The team is initially focusing on serious financial irregularities inside Destiny Multipurpose Cooperative Society Limited, which is operating as a financial institution and Destiny 2000 Limited authorities are already making public statements terming Destiny Multipurpose Cooperative Society Limited as a "financial institution" being "licensed by the government". It is publicly claimed endorsed by Destiny authorities that their "sister concern' Destiny Multipurpose Cooperative Society Limited is investing TK. 100 crore [one billion Taka] year. According to the sources, Destiny Multipurpose Cooperative Society Limited takes 5-7 percent monthly interest on its invested amount. Furthermore, shares of this organ of the Destiny Group has already been sold to the members of Destiny 2000 Limited, wherefrom more than TK. 300 crore [three billion Taka] has already been collected. Such public offering of shares, without the written permission of the Security Exchange Commission is totally illegal and punishable offense.

Weekly Blitz has been publishing investigative reports on gross irregularities within Destiny 2000 Limited and its sister concerns. Meanwhile, we are continuing our investigation on various irregularities inside Destiny 2000 Limited and its affiliate concerns, which are stated below:

Destiny Multipurpose Cooperative Society Limited:

This is basically a financial institution under the umbrella of Destiny Group. The authorities concerned of Destiny also claim Destiny Multipurpose Cooperative Society Limited to be a financial institution registered by the government. It is learnt that shares of this enterprise was already sold amongst the members of Destiny Group and significant amount of financial dealing are continuing in this enterprise illegally. Destiny policymakers have also applied for the permission of a bank named Destiny Bank Limited, which is believed to be replacing Destiny Multipurpose Cooperative Society Limited, once the government issues the required license to Destiny Bank Limited.

Though Bangladesh Bank authorities in their letter to the Ministry of Finance said, it was not within their purview in taking any legal action against Destiny 2000 Limited or Destiny Multipurpose Cooperative Society Limited for their illegal and fraudulent activities, critics say, for similar reason Bangladesh Bank earned stopped activities of another enterprise named JUBOK.

Destiny Tree Plantation Limited:

Under this enterprise of Destiny Group, this is headed by former chief of Bangladesh Armed Forces, Lt. Gen Harun Ur Rashid, Destiny has reported collected at least 50-55 thousand crore Taka from the innocent people by selling non-existent trees, with high profile promises. Though Destiny Group in its website claims to have already planted more than 4 crore [40 million] trees in different parts of the country, in reality it does not even have a smallest fraction of the claimed trees anywhere in Bangladesh. According to experts, Destiny Group has already collected such fabulous amount of money from the people by selling such fake trees, and by the end of 2012, this huge scam will already become getting exposed, when it will turn into a huge headache for the government to tackle more than 5 million people, who has invested their last savings in this fraudulent venture of Destiny Tree Plantation Limited. It is also assumed that, mastermind of Destiny 2000 Limited, Mohammed Rafiqul Amin has offered shares to Lt. Gen. Harun and even made him the chairman of this fraudulent project, simply to cash money by selling the good image of the ex-army chief. By doing so, Destiny 2000 Limited and its kingpins are actually putting the very dignity and image of a former chief of Bangladesh Army into stake.

Investigators were already surprised seeing Destiny 2000 Limited and its affiliate concerns only have bank balance below TK. 100 crore, though according to documents, this multi level marketing [MLM] company and its "sister concerns" have already cashed more than 55 crore Taka from around 5 million small investors in Bangladesh. Probe team are already checking as to where such large amount of money has already been shifted. It was already reported in Blitz that millions of dollars were already smuggled out of Bangladesh by the masterminds of Destiny 2000 Limited to various countries such as Australia, Canada, Malaysia and United Arab Emirates. Kingpin of Destiny Group, Mohammed Rafiqul Amin is a Canadian citizen along with members of his family, while most of the directors of the board of this fraudulent MLM enterprise have already acquired immigrant status or citizenship in various countries by making huge investments.

During the initial visit of the probe team, authorities of Destiny 2000 Limited showed them some documents of land, where, the Destiny people claimed to have made the investment of "few hundred crore Taka". One of such lands is located at Dhaka's Purana Paltan area [occupied by Noakhali Hotel for decades]. But in reality, this land is Hindu Temple property and Destiny 2000 Limited masterminds prepared some fake "ownership" documents and made the "sale and purchase" drama simply with the ulterior motive of shifting such fund to other countries. Similar tricks were applied by the masterminds of Destiny Group in a number of properties, simply with the goal of smuggling out such huge public fund. One of the insiders of the probe team told Weekly Blitz that, they already have identified a number of severe irregularities of Destiny 2000 Limited, Destiny Tree Plantation Limited and Destiny Multipurpose Cooperative Society Limited and now are investigating the entire issue. It said, sensing such investigation, some of the influential people, who are employed by Destiny Group, has already started lobbying in different places to salvage the masterminds of this fraudulent MLM Company from being exposed to public. It said, millions of Taka are now being offered to various influential people, including some of the important members of the ruling party with the ulterior motive of buying their sympathy towards Destiny 2000 Limited, Destiny Tree Plantation Limited and Destiny Multipurpose Cooperative Society Limited.

"Most of the money collected from small investors by Destiny Tree Plantation Limited and Destiny Multipurpose Cooperative Society Limited have already disappeared from the bank account of the enterprises of this fake MLM company and the probe team will try to dig into the matter", it said.

The source further said, "most of the so-called sister concerns of Destiny 2000 Limited, such as Destiny Tree Plantation Limited, Best Air [Air Destiny Limited and Destiny Air Systems Limited], Diamond Builders Limited, Destiny Shopping Centre Limited, Destiny Life Insurance Company Limited, Destiny Tea Limited, Destiny Developers Limited, Destiny Medical College & Hospital Limited as well as other enterprises amongst 32 sister concerns of this MLM racket are fake. It said, during the Dhaka show of Bollywood actor Shahrukh Khan, Destiny 2000 Limited became the main sponsor of the event and during the show television commercials [advertisement] of Best Air were showed to give an impression to public that Best Air operates commercial flights. But in reality, Best Air does not have any air craft, though the masterminds of Best Air and Destiny Group repeatedly changed the dates of launching their commercial flights. While Best Air does not have any real existence as an airline company, shares of this fake project was also sold to innocent people with the false promises of high profit."

It is also learnt that, to salvage the skins of the kingpins of this fraudulent MLM Company, a Bangla daily newspaper is maintained with significant loss each month. While its current daily newspaper is losing significant amount each month, Destiny Group is now set to bring out another daily newspaper within next few months, as an additional attempt of creating a media shield to safeguard the limitless fraud inside this enterprise. To be continued …

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