Will the deceived customers of Destiny and Jubok get back money
On Sunday, commerce minister Tipu Munshi said that MLM companies Destiny and Jubok have a lot of assets, and that the money that can be obtained by selling those at a fair price can be used to return 50 to 60 per cent of the money the customers invested. About 5 million customers have been swindled by the two companies, many of whom have lost their resources and are now destitute. On the other hand, law minister Anisul Huq said the investors could be compensated after attaching the assets of any other organisations.
However, there are discrepancies in the statements of the two ministers. The law minister has denied the commerce minister's claim that the law ministry is working on the issue. In other words, no proceedings are underway regarding the matter as yet.
According to Prothom Alo reports, Jubok registered in 1996 under the Society Registration Act, 1860 of the Registrar of Joint Capital Companies and Firms (RJSC). During the BNP government's tenure in 2006, the central bank's investigation revealed various frauds, including illegal banking.
The Awami League government formed the first commission in 2010, headed by former Bangladesh Bank governor Mohammed Farashuddin. Another commission was formed in 2011. According to the second commission, as many as 303,739 affected customers of Jubok reported of embezzlement of almost Tk 25.9 billion. But the market value of Jubok’s property will be Tk 30 billion.
The association of Jubok’s affected clients have been seeking compensation through Bangladesh Bank, the finance ministry, the commerce ministry and various government departments for almost 10 years, but to no avail.
The same has happened to Destiny's customers. Destiny started its operations in 2000 through the Multilevel Marketing (MLM) method of business. They withdrew Tk 41.18 billion till 2012. The number of buyers, distributors and investors is 4.5 million. According to a court order, since 2013, the police is responsible for the maintenance and supervision of Destiny's tangible and intangible property.
If its customers own Destiny, then why the directors bought assets in their own names? Destiny's managing director is currently in jail, but the case has not been resolved. There are no signs of customers getting their money back.
In this situation, the question could not but be raised as to how effective the assurance of the commerce minister will be. According to lawyers, the assets of Jubok and Destiny can be returned to customers. But the government has to take legal action for that. Destiny and Jubok have done business with the clearance of the concerned government agency. If they have embezzled millions of people's money through fraudulent business, the government cannot avoid its responsibility. Both the organisations also worked under the protection of the parties that were in power. Many leaders and activists of the ruling party were involved with Jubok, reveal media reports.
The issue of Destiny and Jubok has come to the fore again after the fraudulence of several companies in the name of e-commerce was caught. Not just verbal commitment, 5 million affected customers want to see, the government has taken necessary steps to get their dues and assets back. The key to the good governance is ensuring punishment for the guilty. Unfortunately, the opposite is happening in our country all along which needs to end.