Dhaka, Bangladesh (BBN) – The central bank of Bangladesh has warned people against doing any transactions with unapproved banking institutions.
The Bangladesh Bank (BB), the country’s central bank, has also cautioned investors not to be persuaded by abnormally high interest rates offered by such institutions.
“Some institutions are operating business in different districts under different names and collecting money from people alluring them of giving high interest and attractive profits,” the BB said in an announcement on Sunday.
It also added: “People are being requested not to make any investment in these organizations because there is possibility of being deceived and these institutions have no approval from the appropriate authorities.”
The central bank announcement comes following media reports on illegal banking operation by the Destiny Multipurpose Cooperative Society Limited (DMCSL).
The DMCSL is a sister concern of Destiny-2000 Limited, which is a micro and macro cooperative financial organization]
The DMCSL is registered as a cooperative society under the Cooperatives Act by the Ministry of LGRD and Cooperatives on April 23, 2005 and business commenced on May 2 in the same year with the promise to generate employment by developing small and medium entrepreneurs, the company said in its website.
BBN/SSR/AD-01April12-9:35 pm (BST)