Destiny syndicate embezzles thousands of crores of Taka

Syed Shemul Parvez :

Over 4.35 million clients, suppliers, and investors of Destiny 2000 Limited have become hostages to an organized syndicated group. As a result, investors associated with Destiny’s multi-level marketing (MLM) business have suffered losses exceeding thousands of crores of taka.

Due to legal complexities and various conspiracies, Destiny is on the verge of collapse. A faction linked to the previous government has created obstacles to the company’s operations, leaving investors uncertain about whether they will ever recover their invested money and dividends. Investors are now calling for the intervention of the interim government’s chief advisor, Dr. Muhammad Yunus.

Investigations reveal that Destiny Multipurpose Cooperative Society Limited has 850,000 members, its tree plantation scheme has 1 million members, and there are 1.9 million investors. The downfall of Destiny began in 2012. The current chairman of Destiny, along with his associates-allegedly linked to the previous government-had embezzled funds from the company.

In 2012, Destiny’s former managing director, Dr. Mohammad Rafiqul Amin, and other board members were arrested in a case and imprisoned for 12 years. Later, Barrister Prashanta Bhushan Barua was appointed the chairman of Destiny’s board by the High Court. However, he left the country last July under the pretext of medical treatment and never returned. It is alleged that he was a close ally of the previous authoritarian government.

From London, Prashanta Bhushan Barua has been conducting Zoom meetings over the past year with a select group of directors and individuals, making unilateral decisions without board approval. He allegedly signs documents digitally and bypasses proper procedures, refusing to obtain signatures from board members during meetings. In violation of regulations, he has single-handedly appointed Ashraful Amin-a former trainer at Destiny-as the Chief Operating Officer (COO) to siphon off crores of taka from customers.

The syndicate has looted crores from Destiny’s “Tree Plantation Limited,” including the sale of gardens and land purchased with customers’ money. Some have even opened separate MLM businesses using investors’ funds, embezzling hundreds of crores of taka. Among Destiny’s 37 sister concerns, “Destiny Tree Plantation Limited” is prominent, where millions of investors poured their hard-earned money.

Reports indicate that the syndicate sold off trees from a 125-acre garden in Lama Upazila, Bandarban, under “Destiny Tree Plantation Limited,” which was supposed to be government-regulated. Shockingly, a garden worth Tk 100 crore was allegedly sold for only Tk 12 crore in collusion with government-backed individuals.

Chairman Prashanta Bhushan Barua, along with directors Moinuddin Ahmed, Kamrul Hasan, Saiful Alam Ratan, Jahangir Alam (Managing Director of Destiny Tree Plantation), Jahangir Alam (trainer and shareholder), and Ashraful Amin (shareholder), are directly involved in this scam. Prashanta also faces corruption charges pending with the Anti-Corruption Commission (ACC).

Documents reveal that Prashanta, from London, has been orchestrating the sale of gardens through Zoom meetings, executed by the Ashraful-led syndicate. In Patuakhali’s Kawarchhar, trees worth Tk 50 lakh were sold under Kamrul Hasan’s leadership. Vast amounts of land and trees in Fasia Khali and other areas have been sold off, with proceeds divided among the syndicate. Kamrul Hasan has also embezzled crores of taka by selling Destiny Multipurpose’s land in Barguna. He has been evading accountability despite written complaints filed with the DMP Commissioner and Patuakhali Police Superintendent.

Honest board members opposing corruption and asset sales have reportedly received death threats, with some even being assaulted. Sources indicate that former chairman Lt. Gen. (Retd.) Harunur Rashid, MD Rafiqul Amin, and others were arrested in money laundering and fraud cases, later transferred to the ACC. Ashraful Amin, Kamrul Hasan, and Mizan were strategically made witnesses in these cases-solely to exploit investors. After a 12-year legal battle, Destiny won the case, and the interim government granted bail to Rafiqul Amin and others.

Victims and police sources confirm that “Amar Bazar Limited,” an MLM-based e-commerce platform, embezzled crores of taka from customers. Nearly 500,000 investors were defrauded, with the syndicate operating from a lavish office in Dhaka’s Pallabi. Ashraful Amin, the mastermind behind this scheme, previously served as the Chief Executive Officer (CEO) of Destiny Training Center. Investors were lured into depositing amounts ranging from Tk 1,000 to Tk 200,000.
When contacted, Ashraful Amin dismissed all allegations as “false and baseless.” Barrister Prashanta Bhushan Barua, currently fugitive abroad, could not be reached for comment.
Destiny’s former MD, Dr. Mohammad Rafiqul Amin, stated that the company’s downfall began in 2012. He alleged that a syndicate continues to loot the company, causing investors losses exceeding thousands of crores of taka.