Dhaka, Bangladesh (BBN) – The central bank of Bangladesh has recommended the government to form a joint committee or a team for further investigation into the alleged irregularities of the Destiny Multipurpose Cooperative Society Limited (DMCSL).
The committee will be represented by the ministries of commerce, and cooperatives (LGRD), and Bangladesh Bank (BB), the country’s central bank, officials said.
“The central bank has also recommended the finance ministry to include the representative of the home ministry in the committee, if necessary,” a senior official of the central bank told BBN in Dhaka.
The BB official also said the central bank had investigated the financial transactions of the DMCSL, generally known as Destiny, on the basis information provided by the company.
The BB’s probe team could not investigate into the whole gamut of financial activities of the company mainly due to the lack of their authority, he said, adding that the DMCSL had never been audited by any external audit firm.
“We’re watching the different multilevel marketing (MLM) businesses closely to protect depositors’ interest,” the central banker said without elaborating.
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-02April12-7:40 am (BST)