Assignment for BBA Program

Destiny 2000 Limited

Submitted to
Md. Masukujjaman Senior Lecturer Bachelor of Business Administration Northern University Bangladesh Submitted by Md. Nure Alam ID No: BBA090250550 Semester 10th, summer Bachelor of Business Administration Northern University Bangladesh Session 2012-2013

Bachelor of Business Administration Northern University Bangladesh

Date of Submission 23th July, 2012

Assignment on Fraudulent Activities of Destiny 2000 Limited

Bank Management Course Code: FIN4207

About Destiny-2000 Ltd.

Destiny-2000 Ltd. is one of the largest multi-level marketing companies of the world. About 3.6 million Distributors have joined the company since its inception in December 2000. Having its corporate office in Dhaka Bangladesh, it has branches all over the country. With the goal to create self-employment opportunities for millions of educatedunemployed youths of Bangladesh, the company started its journey on a very rough road. Since the marketing concept was new in Bangladesh, the company started to face with many difficulties from the beginning. The concept was misunderstood by many people, even by some of the government agencies. However, under the dynamic leadership of its Managing Director, Mr. Mohammed Rafiqul Amin, the company could overcome those, and made a remarkable progress down the road. During this period, the company has made significant contributions to the economy of Bangladesh, by paying not only huge amount of taxes to the government, but also enlisted a large number of new taxpayers. With 1800 employees at present, the company has 26 sister concerns. To bring a real change in the society as a whole, the company has been contributing a lot from the agricultural to the cultural sectors. Its contribution to fight against the sufferings of the humanity is remarkable. Always it stood with the people who were devastated with the natural calamities. And thus it translates its slogan into reality: Together we build our dream.

Story of the Company:

Destinies Tree Plantation Ltd. celebrates World Environment Day every year which include distribute free sapling, arrange awareness rally, human chain, participate poribesh mela, contribute and participate Govt. CSR events. Engage rural, poor and unemployed population in commercial plantation to generate income and employment for them. Help in developing security for energy and timber. Contribute in different Govt. public, private events on plantation and environmental awareness program. Arrange TV talk show on commercial plantation and Environmental benefits.

Overview of the Company:

Name of the Company Nature of Business Date of Registration DESTINY-2000 LTD. Direct selling. 14 December 2000. Registered with the Joint stock companies & Firms, under the Ministry of Commerce. C-42075 (1434)/2000. 1227, Dhaka City Corporation, Area-36, Date of issue: 03/01/2001. 1412009196, Tax area: 04, Dhaka (South). 9021057474. Dhaka Chamber 0f Commerce & Industries (DCCI). Registration No- 10756, Date: 11/11/2001. Mohammad Hossain Mohammad Rafiqul Amin 2800 4.3 Million US$ 70 million info@destiny-2000.com www.destiny-2000.com

Registration Number Trade License No. Tax Identification Number (TIN) VAT Registration No. Membership

Chairman Managing Director Total Number of Employees Consumer-Distributors Yearly Turn over E-mail Web

Mission of Destiny 2000 Ltd

The Mission of Destiny Group is to make Bangladesh free from unemployment. It is needless to mention here that, unemployment is the biggest obstacle on the way to our advancement. And it is the main cause of all sorts of social and family unrest. To get rid of this curse, and to salvage our youths from the nightmare of financial crisis, Destiny Group has established 26 companies with millions of employment opportunities. The curse of unemployment is not confined within the urban areas only rather it is deep rooted in the rural areas. Most of our agriculture farmers remain unemployed for months from harvesting one crop to the other. So, to provide them with employment, Destiny Group has been implementing some unique programs as tree plantation, cultivation and crop sharing, agro industries etc.

Vision of Destiny 2000 Ltd

Bangladesh: a country, free from unemployment is the vision of Destiny Group. To get 1 5

rid of the curse of unemployment, Destiny Group believes in creating the self employment opportunities throughout the country. And of course, the group has already marked an epoch-making task in the history of our employment.

Vision-2012
Goals to be achieved by December 2012 is called Vision-2012 Creating self employment opportunities for 10 Million youths Countrywide Tree plantation of 16 million saplings Crop sharing with 2 million farmers Establishing Destiny Sales Training Centre-the DSTC in all the districts. Establishing 7 Destiny International Business Center (The DIBC) towers for regional business development. Establishing 7 Medical College Hospitals in all 7 Divisional Head Quarters.

Destiny-2000 Ltd has drawn an ambitious program underscoring emphasis on the following: The number of Distributors to reach 10 million by Dec. 2012. 6 Regional Offices to be setup in addition to the existing 7 Divisional Offices. Number of Branch Offices to be enhanced to 500 480 Training Sales Centers and 6800 Regional Distribution centers (RDC) to be set up. 500 more IRDC-one in each District to be set up.

The main business activities of the company include, inter-alia; Direct sales, Network Marketing, Manufacturing, Import and Export. Destiny-2000 Ltd. has also taken steps to expand marketing areas outside the country. To this end, joint venture arrangements have been made with the following international Companies: Videocon, India, Nature Perfect, Thailand, Skin Code, Switzerland Hair Again, China (Joint Venture) AIM Food, Manufacturing SDN Malaysia

Destiny-2000 Ltd. has adopted latest IT Technology of Advance ERP system to enrich enterprise resourcing planning system, expedite online products distribution system and the 1 5

real time online commission payout system to ensuring proper track recording and maintaining the business information of its Distributors day to day sales. Destiny has applied and adopted modern Hybrid Binary matrix sales system (which is the combination of binary matrix and single unit uni-level sales system) and commission payout system which is known as geometric sales system of direct selling. This system is consisting of Balance Binary Matrix for weekly payout and HPD retail sales commission, which is suitable and easily understandable for mass people of Bangladesh. The High performance distributor (HPD) payout system is used for giving retail profit to direct seller distributor only for their single effort, and royalties to their respective up line sales leaders weekly basis as well. Destiny-2000 Ltd. is interested in constant contacting with world leading direct selling Companies of USA, Canada, Europe, Asias well-known companies, such as in Malaysia, Japan, Korea, Thailand, Indonesia, China, India and many other Countries.

Marketing Commitments:
A. Producing locally health care products, natural Food supplements, personal care, home care, kitchen care, home appliances and any other essential products and to make it available to its valued customers is Destiny-2000 Ltd. is main concern and objectives too.

B. C.

Destinys sister concern, Air Destiny Ltd started operation on 29th April ,2004

initially with the objective of providing service to travelers and tourists. Negotiations are underway with various Aircraft leasing companies for taking lease of Aircrafts to introduce domestic Air Line operation and Cargo Services.

Destiny Multi-purpose Co-operative Society Ltd. (DMCSL) a community

banking system started operation on 23/04/05 with the objective of developing small / medium entrepreneurs providing then micro credit facilities for easy accessibility of the Sponsors to such financing. By now, over 600,000 distributors of Destiny2000 Ltd have become shareholders of DMCSL and operating their saving accounts with it.

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Destiny 2000 Ltd as group of companies:

1. 2. 3. 4. 5. 6. 7. 8. 9. Destiny-2000 Ltd. Destiny Shopping Center Ltd. Air Destiny Ltd. Destiny Electric & Electronics Industries Ltd. Destiny Multipurpose Co-operative Society Ltd. Destiny Foundation Ltd Destiny Tree Plantation Ltd. Destiny Transport System Ltd. Destiny-Diamond Builders Ltd. Destiny Media & Publication Ltd. Configure Housing Ltd Destiny Hitachi Electric Industries Ltd. Boishakhi Media Ltd. Destiny Medical College & Hospital Ltd. Destiny Agro Industries Ltd. Destiny Printing & Packaging Ltd. Destiny Developers Ltd. Destiny Printing Press Destiny SASSCO Properties Ltd. Destiny Environment & Savings Energy Ltd. Destiny Airways System Ltd. 1 5

10. 11. 12. 13. 14. 15. 16. 17. 18. 19. 20. 21.

22. 23. 24. 25.

Destiny Life Insurance Ltd. [Proposed] Destiny Consumer products Ltd. Destiny Nihaj Jute Spinners Ltd. Destiny Printing Press.

26. Best Aviation Ltd. 27. Diamond Consortium Ltd (DCL) And many more is coming

What is Tree Plantation

Tree planting is the process of transplanting tree seedlings, generally for forestry, land reclamation, or landscaping purposes. It differs from the transplantation of larger trees in arboriculture, and from the lower cost but slower and less reliable distribution of tree seeds.

About Destiny 2000 Ltd Tree Plantation:

Destiny CARE for the millions of trees we grow from seed, planting them in the best locations, tending them in order that they will grow to sizes where they will be harvested to provide the timber and its products demanded by the world. Destiny CARE for the millions of trees we grow from seed, planting them in the best locations, tending them in order that they will grow to sizes where they will be harvested to provide the timber and its products demanded by the world. Destiny CARE for our environment. After all, only industrial tree plantations are considered by the Kyoto Protocol to absorb and store some of the carbon dioxide we emit in abundance, resulting in global warming. Our plantations also provide a habitat for many species of wildlife.

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 ; ,

Fraudulent Destiny Tree Plantation:

Bangladesh government has already instructed various intelligence agencies in the country to gather comprehensive information on the alleged fraudulent activities as well as financial irregularities of the Multi Level Marketing Companies. Bangladesh Bank, at the directives of the Governor has also started investigation into the case of Destiny Multi Purpose Cooperative Society Limited, which claims to be registered as Financial Institution and is operating since 2005. There are specific allegations against Destiny Multi Purpose Cooperative Society for openly operating as a bank, without any permission of license issued by the Bangladesh government.

Cheating millions with fake tree plantation:

Destiny 2000 Limiteds cheating style possibly will even cross all previous fairytales in the world, when the company is selling non-existing trees to the innocent people by offering them high profit. Destiny 2000 Limited has already collected an amount equivalent to US$ 7 billion [nearly 50 thousand crore Taka] from the public by selling fictitious shares of their socalled plantation projects in Bangladesh. According to information, Destiny 2000 Limited sold Tree Package to their clients at the rate of TK. 5,000 with promise of giving TK. 30,000 after five years. Major collection of money by offering such alluring profit amount of

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Tree Plantation started in 2007. So, the first phase of refunding the money will start from 2012. It is learnt that, through their 3.5 million agents in Bangladesh, Destiny 2000 Limited sold more than 1.1 million packages to the customers at the rate of TK. 5,000 each thus collecting nearly 50 thousand crore of Taka. All such transactions were conducted through Destiny Tree Plantation Limited. At their website, Destiny 2000 Limited claims to be planted 9.4 million trees on 6,293 acres of land and claims to be planting 60 million trees by 2012. It may be mentioned here that for planting 60 million trees, Destiny Tree Plantation Limited or Destiny 2000 Limited need more than 70,000 acres of land. The claim of planting 9.4 million trees on 6,293 is doubtful enough and the company fails to give details on the location of such plantation etc. It is learnt that Destiny 2000 Limited is targeting to sell 60 million trees to local people by offering them the above mentioned huge profit package, which is nothing but a alluring trap to befool people and visibly rob-off their money.

Destiny 2000 Limited has no property for Tree Plantation:

Though the 70 lakh [7 million] members of Destiny Group, comprising Destiny 2000 Limited, Destiny Tree Plantation Limited, Destiny Multipurpose Cooperative Society Limited etc know that the multi level marketing [MLM] company own land and properties worth crores [millions] of Taka, on scrutiny of the purchase deeds it was already revealed that ninety percent of such properties are purchased in the personal name of Mohammad Rafiqul Amin, while a portion are purchased in the names of three other directors. As the fate of Destiny Group, comprising Destiny 2000 Limited, Destiny Tree Plantation Limited, Destiny Multipurpose Cooperative Society Limited etc are gradually becoming clear to the people, it is now evidently proved that none of the 7 million members of Destiny Group, comprising Destiny 2000 Limited, Destiny Tree Plantation Limited, Destiny Multipurpose Cooperative Society Limited etc will get even a portion of the money they invested in the fake and fraudulent projects of the largest ever MLM fraudsters in the world. Sensing possible demise of Destiny Group, comprising Destiny 2000 Limited, Destiny Tree Plantation Limited, Destiny Multipurpose Cooperative Society Limited etc, original documents of purchase of lands and properties were already shifted from the office of Destiny Group to unknown places at the instruction of Mohammad Rafiqul Amin. On Sunday [April 1, 2012], few of the most trusted employees of Mohammad Rafiqul Amin were seen busy shifting property documents to unknown places. It was also learnt that Mohammad Rafiqul Amin and at least two other directors of the MLM fraudster had purchased airline tickets from at least give airline companies for various destinations, which indicates that these masterminds of the biggest MLM scam will leave Bangladesh at any time, thus leaving the 7 million members into total uncertainty. 1 5

It may be mentioned here that, Destiny Group, comprising Destiny 2000 Limited, Destiny Tree Plantation Limited, and Destiny Multipurpose Cooperative Society Limited etc. has purchased some lands at various parts of Bangladesh as well as valuable properties such as Ananda Cinema Hall. Though the seven million members know these properties to be belonging to Destiny Group, comprising Destiny 2000 Limited, Destiny Tree Plantation Limited, Destiny Multipurpose Cooperative Society Limited etc., it would be a huge shock for them knowing none of these properties belong to Destiny Group, comprising Destiny 2000 Limited, Destiny Tree Plantation Limited, and Destiny Multipurpose Cooperative Society Limited etc. Under such circumstances, the cheated members of the biggest MLM scam will not even be able to get any legal remedy as Mohammad Rafiqul Amin and the chairman of Destiny Tree Plantation Limited; Lt. Gen [Retired] Harun Ur Rashid are secretly negotiating with influential quarters in getting 'safe exit' for Mohammad Rafiqul Amin and other members of the board of directors of this fraudulent MLM racket.

Fraudulent Destiny 2000 behind Malaysian investment proposal:

Over of TK. 2335, collected by Destiny Tree Plantation Limited, major segment of the money were already transferred to various account by keeping only TK. 180 in the account of Destiny Tree Plantation Limited, which is one of the biggest fake ventures of the fraudulent multi level marketing company.

Destiny 2000 MLM Real Estate Scam, Fraud in Bangladesh. Destiny Tree Plantation Limited Fraud Complaint, Dhaka Destiny -2000 was running illegal tree plantation business.
Destiny Tree Plantation Limited collected more than Tk. 65 thousand crore from the people by selling \"packages\" of the Destiny Tree Plantation Limited, though Destiny 2000 Limited or Destiny Tree Plantation Limited do not possess even a fraction of the claimed land in the country.

Beware of Destiny 2000 Limited

- Following publication of a number of reports and editorials, fraudulent Multi-Level

Marketing [MLM] company, Destiny 2000 has come under closest monitoring of the Bangladesh government. Home minister Advocate Sahara Khatun told the Bangladesh Parliament that the government will take actions against the misdeeds of the MLM Company Destiny 2000 Limited. Intelligence agencies in the country are already 1 5

investigating various complaints of the cheated customers of this fraudulent MLM Company. Shahara Khatun told parliament on 24th October, 2011 in response to a public importance notice put forward by Bagmara MP Enamul Haque, "The way Destiny is operating, a mess can happen any day." Enamul Haque, MP in the notice said Destiny is operating without any proper documents and a victim has already filed a case against the company. "The company has already collected TK 200 million from 10,000 people in my constituency," he said. The home minister said in recent times some institutions had been seen alluring people by giving them high profits in the short run and ultimately cheating them. "A victim has already filed a case against Destiny and investigation is going on," she said. She said the home ministry would provide all out assistance if any government agency wished to investigate the company. Advocate Shahara Khatun urged the people not to fall into trap. Enamul in the notice said that Destiny 2000 was conducting 'heinous' acts taking advantage of the innocent commoners. "The MLM with the help of skilled employees coaxes innocent people into doing business with them," he said. Influential people and retired government officials are also working for them and they are getting financial benefit from Destiny, he alleged. Destiny-2000 Limited on its website claims it is one of the largest multi-level marketing companies in the world. About 3.6 million distributors have joined the company since its inception in December 2000 and its corporate office is located in Dhaka. The company has 26 sister concerns.

Protests against fraud of Destiny 2000 Limited:

Just within 3 days of lodging criminal cases against Destiny 2000 Limited at country's southern district of Rajshahi [Bagmara Police Station], cheated clients of Destiny 2000 Limited at Panchagarh district [northern part of Bangladesh] have demonstrated on October 25, 2011 demanding refund of their invested money and legal action against the fraudsters at Destiny 2000 Limited. The cheated clients of Destiny 2000 Limited are expected to submit memorandum with the deputy commissioner of Panchagarh district today. The cheated clients of Destiny 2000 Limited said, the MLM Company is extracting money from the people with various alluring offers or high profit. It is alleged that Destiny 2000 1 5

Limited is continuing to collect millions of Taka from the rural population with numerous alluring profit offers, and in most cases, the agents of Destiny 2000 Limited even do not issue any money receipt for such financial transaction. The latest case of fraud by Destiny 2000 Limited at Panchagarh district came into public attention through a news item published in vernacular daily Manabzamin on October 27, 2011

Expertises View about Destiny 2000 Ltd.

The investigation team has already identified series of irregularities and financial crimes within Destiny 2000 Limited and its sister concerns. Though Destiny Tree Plantation Limited, which is chaired by former chief of Bangladesh Army, Lt. Gen. Harun Ur Rashid has already collected few thousand crore Taka from the small investors by selling 50 million trees under package of high profit. Though the masterminds of Destiny Tree Plantation Limited, under the leadership of ex-chief of Bangladesh Army have already collected money from the small investors by selling non-existent trees under its fictitious plantation project, the company does not have even a fraction of the land it requires for such huge plantation scheme. It is learnt from dependable sources that small investors are be fooled by Destiny Tree Plantation Limited, who are shown pictures of trees, which are actually taken from Sundarban mangrove forest. Agriculturalists say, for plantation of 50 plus million trees, Destiny Tree Plantation Limited requires at least two hundred thousand acres of land. But according to available documents, Destiny Tree Plantation Limited does not own even few thousand acres of land till date, which means, the company though has been collecting money from the people for some years, there isn't any real existence of the trees or such huge plantation projects of the company. Moreover, it was already reported in the media as well as documented in the investigation of high-powered teams of the government that, most of the lands for the tree plantation projects are being purchased in the name of the directors of Destiny 2000 Limited and destiny Tree Plantation Limited, though such properties should have been bought in the name of the company. The team also found that the fraudulent MLM enterprise is paying bribes to government offices as well as political figures in different parts of Bangladesh for the sake of expediting purchase of lands in the names of the directors of the company. 1 5

Daily News Paper Published report on Destiny 2000 Ltd.

The leading Bangle daily newspapers have started publishing investigative and exposing Reports on Destiny 2000 ltd. and its sister concerns. The Daily Jugantor published lead News Titled ' ' [Destiny may disappear]. Daily Naya Diganta Published a report titled

Conclusion:
Destiny Tree Plantation Limited has already collected more than Tk. 65 thousand crore from the people by selling "packages" of the Destiny Tree Plantation Limited, though Destiny 2000 Limited or Destiny Tree Plantation Limited do not possess even a fraction of the claimed land in the country. According to a number of sources inside Destiny 2000 Limited and Destiny Tree Plantation Limited, the company has already sold more than 120 million "tree packages" to the people, by giving false and fabricated information. In some cases, fake pictures of tree plantation were taken from Chittagong Hill Tract and Sundarban mangrove forest areas, to befool the prospective buyers of the "Tree Package". "Muhammed Rafiqul Amin knows that the 'Tree Package' is a total fraud and he is continuing this trap to collect millions and billions of Taka from the innocent people. General Harun [the ex chief of army] will be ultimately made a scapegoat in this huge financial scam, when the Destiny 2000 Limited and Destiny Tree Plantation Limited will bust by end 2012", said a Destiny source.

Bibliography:
http://destiny-2000.info/ http://destinytree.com/ 1 5

http://www.destiny2000.net/ http://www.weeklyblitz.net/2084/destiny-2000-limited-tree-plantation-scam-being http://www.weeklyblitz.net/2432/action-against-destiny-group-fraudsters-imminent https://www.facebook.com/pages/Destiny-Tree-Plantation/212620118763051 Wikipedia and Google Different Newspaper and Journal

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