Dhaka, Apr 17 (bdnews24.com)—The finance minister on Tuesday said a high-powered commission will be formed to investigate Destiny-2000 Ltd's 'illegal banking' just like the one formed on Jubok.
Names of the committee members will be announced after consultation with the law ministry on Wednesday, Abul Maal Abdul Muhith told reporters Tuesday evening at the Secretariat.
Muhith said, "It will be a three-member commission. It will submit a report and necessary measures will be taken following their recommendations."
Asked whether it would prolong the investigation process as it happened in the case of Jubok, Muhith said, "No, it will not lengthen the process. There is no other option. So many people are involved and their interests are at stake. This issue won't be resolved unless investigated properly."
The minister, however, did not mention the time the commission would given to submit its report.
Earlier in the day, the commerce secretary Golam Hossain submitted a report of a committee probing Destiny activities to the minister. The committee recommended forming a commission on this.
Early this month, media ran several reports on Destiny-2000 Ltd after Bangladesh Bank prepared a report on the alleged irregularities by the multilevel marketing (MLM) company.
Later, the government formed a committee, headed by Joint Stock Companies and Firms registrar Ahmedur Rahim, to investigate the 'irregular activities' of the company.
Destiny-2000 Ltd has refuted all the allegations brought against it.
On Apr 7, the finance minister had said the government is considering initiating action against Destiny-2000 Ltd 'to protect people from deception' just like taken against MLM company Jubok.
Jubo Karmasangsthan Society, better known as Jubok, was found indulging in illegal banking by a central bank investigation in 2006. It was asked to repay Tk 1 billion it owed to its depositors by March 2006.
But the clients of Jubok are yet to be repaid even after six years since the MLM company was shut.
After the current Awami League-led government assumed office, a commission headed by former central bank governor Mohammed Farashuddin was formed to make proposals on Jubok and how to repay its clients.
The commission recommended selling off Jubok's assets to make the repayment and also suggested forming a permanent commission to keep a tab on such incidents. But the Jubok clients are yet to get their money back.
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