Destiny Group
{{short description|Bangladeshi multilevel marketing company}}
{{Infobox company
| name = Destiny Group
| logo =
| caption =
| slogan = Together we build our dream
| type = Public limited company
| trade_name = DSE
| foundation =
| location = Dhaka, Bangladesh.
| key_people = Lt General (retd) M Harun-Ar-Rashid (Chairman)
Rafiqul Amin (Managing Director){{cite news |title=ACC seeks Destiny Group director's wealth statement |url=http://en.prothom-alo.com/bangladesh/news/75865/ACC-seeks-Destiny-Group-director%E2%80%99s-wealth |work=Prothom Alo |access-date=31 January 2016}}
| revenue =
| operating_income =
| market_capitalization =
| num_employees =
| assets =
| industry = Multilevel marketing pyramid scheme
| subsid =
| homepage = {{URL|https://www.destiny2000ltd.com/}}
| products =
}}
Destiny group was a Bangladeshi multilevel marketing company that operated as a pyramid scheme.
History
Destiny started out as a multilevel marketing company. It grew to own a newspaper and television channel. It advertised heavily and was one of the major sponsors of Bangladesh's 40th independence celebration. It sold 50 million trees in its plantation business that did not exist, with investors being shown pictures of trees in Sundarban forest.{{cite news |last1=Badrul Ahsan |first1=Mohammad |title=The land of Destiny |url=https://archive.thedailystar.net/newDesign/news-details.php?nid=229138 |work=The Daily Star |access-date=31 January 2016}} The trees were sold to 1.7 million investors but according to an anti-corruption commission only 5.3 percent of those trees existed.{{cite news |title=17.5 lakh investors cheated by Destiny Tree Plantation |url=http://www.dhakatribune.com/crime/2014/jan/08/175-lakh-investors-cheated-destiny-tree-plantation |work=Dhaka Tribune |access-date=31 January 2016}} In 2014, Destiny distributors were trying to get a new license for their multilevel marketing activities.{{cite news |title=Destiny distributors seek licence |url=http://www.dhakatribune.com/bangladesh/2014/sep/09/destiny-distributors-seek-licence |work=Dhaka Tribune |access-date=31 January 2016}}
Investigations
Reports of irregularities in the company prompted the Anti-Corruption Commission and other government agencies to launch investigations of the company.{{cite news |title=Bangladesh's ex-army chief Harunur Rashid surrenders over graft cases |url=https://economictimes.indiatimes.com/bangladeshs-ex-army-chief-harunur-rashid-surrenders-over-graft-cases/articleshow/16765734.cms |work=The Economic Times |agency=PTI |access-date=31 January 2016}} The ACC investigation has found 722 bank accounts in a number of banks under the name of 37 companies of Destiny Group. Bangladesh Bank has reported that Destiny Group had laundered around 51.13 billion Bangladeshi taka ($748M as of 2006) from 2002 to 2006 through the accounts of its three sister concerns-Destiny 2000 Limited, Destiny Multipurpose Cooperative Society Limited, and Destiny Tree Plantation Limited.{{cite news |last1=Shah Jahan |first1=Md |title=Evidences of more corruption against Destiny Group found |url=http://old.thefinancialexpress-bd.com/old/index.php?ref=MjBfMTBfMjNfMTNfMV84OF8xODc2NDQ= |work=The Financial Express |location=Dhaka |access-date=31 January 2016}} In May 2014, ACC filed money laundering cases against 51 executives of the company.{{cite news |last1=Foyez |first1=Ahammad |last2=Islam |first2=Robiul |title=ACC submits charge sheets against 51 Destiny bosses |url=http://newagebd.net/8604/acc-submits-charge-sheets-against-51-destiny-bosses/ |work=New Age |access-date=31 January 2016}} The ACC has impounded 6.31 billion taka ($80.4M as of 2016) worth of assets of the company.{{cite news |title=ACC presses charges against Destiny chief, MD |url=https://bdnews24.com/bangladesh/acc-presses-charges-against-destiny-chief-md |work=bdnews24.com |date=2014-05-04 |access-date=31 January 2016}}