Destiny 2000 News

Destiny 2000 Executives Confess Embezzlement

Court Orders Seizure of Destiny 2000 Properties

Destiny 2000 Distributors Begin Hunger Strike

Destiny 2000 Executives Admit Guilt in Money Laundering

Destiny 2000 President Granted Bail

Bank Accounts of Destiny 2000 Officers Frozen

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Destiny 2000 Executives Confess Embezzlement | 12/13/2012

Bangladesh, December 13, 2012 -- Mohammad Rafiqul Amin, Destiny Group chairman, and Mohammad Hossain confessed to embezzling investors' funds in separate statements made today in court. According to Amin's statement, he and other company executives misappropriated Tk 3,350 crore which was collected from investors in Destiny 2000 and other Destiny Group projects.

Amin and Hossain previously confessed to embezzling additional funds from the Destiny Tree Plantation project, which sold packages to investors claiming an increase 6 times in value over 12 years.

After recording the statements of Amin and Hossain, the court sent the two to jail.

Court Orders Seizure of Destiny 2000 Properties | 11/27/2012

November 27, 2012 -- Today, a Dhaka court ordered the confiscation of all property of Destiny 2000 Limited, its chairman Mohammad Hossain, and managing director Rafiqul Amin and his wife. Hossain and Amin, along with other Destiny executives, are facing charges including money laundering and transferring company funds into their personal accounts.

Destiny 2000 Distributors Begin Hunger Strike | 11/13/2012

Dhaka, Bangladesh -- On Sunday, approximately 1,000 Destiny 2000 distributors gathered in Ramna Park and began a mass hunger strike, hoping to persuade Prime Minister Sheikh Hasina to unfreeze the company's seized bank accounts, free its Chairman and Managing Director, and halt plans for administrative intervention in the company's dealings.

The distributors claim that they do not have any problems with Destiny 2000 or its officers, which have been charged with money laundering and banking irregularities. A spokesperson for the protestors said "Distributors do not want any government-appointed administrators to Destiny."

He added that the distributors' protest will extend to police stations across the country if their demands are not met.

Destiny 2000 Executives Admit Guilt in Money Laundering | 10/26/2012

Dhaka, October 26, 2012 -- Mohammad Rafiqul Amin, managing director, and Mohammed Hossain, chairman of Destiny 2000 gave statements confessing to money laundering in the courts of metropolitan magistrates in Dhaka. The two were jailed following their statements.

Officials at the Ministry of Commerce stated that there is virtually no chance any of the investors in Destiny 2000's various fake projects will receive any of their money back unless they file cases against Destiny Group well before appointment of a court-appointed receiver for the company.

Destiny 2000 President Granted Bail | 10/18/2012

Dhaka, Oct 18 - Destiny 2000 Limited President M Harun-Ar-Rashid was released on bail for two months in the money laundering case against him. Harun's bail was granted on the condition that he refrain from traveling internationally or communicating on behalf of Destiny 2000.

Harun was jailed on October 11 after surrendering along with Destiny 2000 Managing Director Mohammad Rafiqul Amin and Chairman Mohammad Hossain. He is accused of transferring Tk 190 million from Destiny's account into his personal account.

The court granted Harun bail in consideration of his contributions in the War of Independence in 1971 and his health. Harun, a former army chief, has heart problems.

Bank Accounts of Destiny 2000 Officers Frozen | 10/2/2012

Dhaka, October 2, 2012 -- The Anti Corruption Commission of Bangladesh was given permission by a Dhaka court to freeze 533 bank accounts belonging to 22 Destiny 2000 officers.

The officers affected by the court's ruling have been accused of money laundering and defrauding investors in Destiny 2000.

Destiny 2000 Chief Sent to Jail Without Bail | 9/6/2012

Dhaka, Bangladesh - September 6, 2012 -- Destiny 2000 Ltd Director Abul Kalam Azad was denied bail by a Dhaka court and sent to prison.

Azad and 21 other Destiny 2000 officers were charged on July 31 with allegedly laundering Tk 11.78 billion.

The government has given the Ministry of Commerce two more months to investigate and report on "irregularities" at Destiny 2000 Ltd.

Destiny 2000 Chairman and 21 Others Charged with Money Laundering

Npros | 7/31/2012

Dhaka, Jul 31 -- The Anti Corruption Commission of Bangladesh filed charges of embezzling over Tk 32.85 billion against 22 officials of Destiny 2000 Ltd, including its Chairman, Rafiqul Amin.

Amin and the other officials are accused of misappropriating more than Tk 11.74 billion from Destiny 2000's tree plantation project and over Tk 21.06 billion in the name of the Destiny Multi-purpose Co-operative Society.

The defendants are accused of transferring money from these projects to their unprofitable institutions and then shifting the money to their personal accounts.

If the accused are found guilty, they will have to pay back double the amount to the victims through the government, and their personal property could be confiscated. They could also be jailed for at least 12 years.

Destiny 2000 Financial Transactions Probed | 5/28/2012

May 28, 2012 -- The Bangladesh Bank is investigating allegations of money laundering through the bank accounts of the Destiny Group and its directors.

Tax authorities have found that Destiny Tree Plantation, one of the company's concerns, neglected to pay over Tk 1.00 billion in tax and VAT after examining some bank accounts.

Last week banks were asked to freeze all accounts belonging to the directors of Destiny 2000 Ltd.

Destiny 2000 Bank Accounts Frozen | 5/24/2012

The National Board of Revenue (NBR) in Bangladesh has asked banks to freeze the accounts of Destiny 2000 Ltd, after the tax authority detected anomalies in tax and VAT in some of Destiny's bank accounts and determined that Destiny Multipurpose Cooperative Society Ltd, a concern of Destiny Group, had violated tax rules.

In its ongoing investigation, the Anti-Corruption Commission has discovered that the directors of Destiny Group transferred nearly Tk 100 crore of the organisation to their personal bank accounts.

To investigate potential money laundering by Destiny's 14 directors, the central bank asked all banks to provide it with information on the accounts of the directors.

A case is also being filed against Destiny Group and its three engineers by the Department of Environment of Chittagong division for building on the Cox's Bazar beach without environmental clearance, which could result in three years' imprisonment for the offenders.

Arrest Warrant Issued for Destiny 2000 Managing Director | 5/14/2012

May 14, 2012 -- Dhaka's Chief Metropolitan Magistrates Court issued an arrest warrant today for Destiny 2000's Managing Director and two others for falsifying an annual financial statement. Warrants were issued for Destiny 2000 Limited Managing Director Rafiqui Amin and directors Irfan Ahmed Sunny and Syed Sajjad Hossain.

Earlier today, a lawsuit was filed claiming that Amin and the others submitted fake papers to the Joint Stock Company and Funds in June 2009 and transferred the shares to Destiny 2000 Limited.

Bangladesh's National Board of Revenue has asked banks to close the accounts of Amin, his wife, and other Destiny 2000 executives. The company has been widely accused in the Bangladeshi media of fraud and illegal banking, and the country's parliamentary standing committee on finance ministry has asked the government to investigate.

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