Suggestion for Permanent Commission to prevent fraud

#Multi Level MarketingA team formed by the Ministry of Commerce suggested forming a permanent commission to prevent the forgery in the name of Multi Level Marketing or MLM.

In recent years, there is complaining against several organizations like ‘Jubok’ and ‘Destiny 2000 Ltd.’ they took millions of money from the people. It also said in the report that, if the permanent commission formed, then the commission will decide on the terms of refunding customers’ money.

Mushtaq Ahmed of Chittagong is a Government worker. This third-grade officer started to deposit money in the Youth Employment Society or Jubok since 2006 in the hope of getting more profit. He deposited almost 15 lakh taka in Jubok taking from his relatives who live in abroad. But he got nothing in return. He said, “I’m Invested a lot of money in Jubok since 2006. I gave 15 lakh taka. I can get the money, or I’m not getting any faith that the company will return me my money.”

Nearly three million customers like Mr. Ahmed are now in deep uncertainty about whether they will get their money back or not. Two commissions have already formed, headed by the former Governor of Bangladesh Bank, Mohammed Farashuddin and former Joint Secretary Rafiqul Islam for Jubok but still now they didn’t have any decision about refunding the money of the customers. Finally, the committee led by the Joint Secretary of the ministry of trade, Abdul Mannan submitted their report. Mr. Mannan said they suggested for a permanent commission.

He said, “We want to cure, we suggested for permanent commission, so not only Jubok any other can’t be able cheat in future”. He said in the answer of the question of whether they have given any instruction to refund the money of the Jubok customers, “We don’t want to do this in a small range. We talked about the commission.”

Not just only Jubok. Legal action has been taken against Destiny after receiving complaints misappropriating millions of money from the people in the name of Multi Level Marketing. Almost 40 lakh customers were involved in various stages of Destiny. Another company named Uni Pay To take lots of money from almost 50 thousand people by saying they will give double amount of their deposits in 10 months.

Recently the Ministry of trade took action against two companies of Jessore and Manikgonj after receiving the complaint of misappropriating 50 million taka from the people. However, it is hard to tell the total number of this kind of companies or how many people are related to these.

The former Joint Secretary Rafikul Islam, who was the chairman of Jubok commission, said, people in various stages of the society gave their money to the company in the greed of getting more profit. But it has become so difficult to refund the money because these companies have lacked adequate resources.

He said, “The assets they have are not occupied. They don’t have anything clean. They have no efficiency in Management. It doesn’t seem that all the money of the customers can be returned with their resources.”

However, Officials of Ministry said after the passing of Multi Level Marketing control law, they are very careful about giving license of these kind companies. On the other hand, Bangladesh Bank is taking the strict law against lures deposits or illegal banking. Departments who give registration are also alert.

Chief of the committee formed by the ministry Mr. Mannan said, after the formation of permanent commission common people, can be saved from cheating.

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