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Destiny is back!

Dept of Cooperatives approves new committee


Published : 26 Sep 2021 10:21 PM | Updated : 27 Sep 2021 01:00 PM

Destiny Multipurpose Cooperative Society has formed a new committee with the approval of the Department of Cooperatives.

Although the cooperative society has resumed its activities after a decade of inactivity, everyone is silent on how to return the money to the old investors.

Destiny is the name of the company that was exposed for its financial scandals worth millions of taka. Thousands of crores of Taka were looted by showing temptation.

Many top officials of the organization are now in jail due to proven irregularities and corruption. However, after about 10 years, the controversial cooperative company Destiny has returned to business again.

Destiny Multipurpose Co-operative Society is in discussion again after a long period of inactivity.

A new committee has been formed with the approval of the regulatory body Cooperatives Department.

Those who were on the old committee are no longer on the new committee. That being said, since they have been accused of corruption, they have not been included in the new committee.

Mohammad Hafizul Haider Chowdhury, joint registrar of the Cooperatives Department, told Bangladesh Post that Destiny has started registration with the cooperatives.

“Destiny Co-operative had no problems,” he said adding, “No charges were found against the 12 members of the new committee.”

“For this, they will be able to manage the work with registration again,” he mentioned. 

Zakir Hossain, Vice-President of Destiny Multipurpose Co-operative Society Limited, said, “Destiny wants to do business again in compliance with all government regulations.”

“In this case, the liability of the customers will be paid by selling the assets of the company,” he said adding that, “We have applied to do MLM business. However, this law needs to be updated.”

In this regard, cooperative expert Emdad Hossain Malek said, “At different times, different MLM companies have snatched customers’ money with lucrative offers. Destiny will do business by registering again in which form? Thousands of crores of Taka that were taken out of the pockets of the customers before, they have not got their money back yet.”

“It is not clear whether the current committee will look after the interests of the old investors or run new ones. If they re-register, will the previous investors get their money back? If they get it back, in what way?” 

“If the company start a business without making these clear, there will be room for doubt in the minds of the people,” he added.

Ashikul Islam, an old aggrieved investor of Destiny Multipurpose Co-operative Society Limited, told Bangladesh Post, “I invested almost 5 lakh, I did not get any money from the company. As an old investor I like to appeal to the government to arrange returning our money.”

However, on June 28, the new committee of Destiny Multipurpose Co-operative Society Limited was approved by the Department of Cooperatives, the regulatory body.

Former army chief Lt Gen M Harun-Aur-Rashid (Retd.) has been elected chairman of the 12-member committee.

 Md Zakir Hossain has become the vice president and Azam Ali has become the editor.

In order to conduct the election, a three-member election committee comprising government officials was constituted as per Rule 26 (2) of the Cooperative Societies Rules, 2004.

A total of 23 candidates filed nomination papers against 12 posts. However, 13 people later withdrew their nominations.

As a result, there are only 12 candidates for 12 posts in the limited management committee. Since there were no more than one contesting candidate for the same post, everyone was elected unopposed.

A total of 12 members were formed in the election, including the president, vice-president, secretary, joint secretary, treasurer and 7 members of the management committee.

After a long time, Destiny got the approval again. The stagnation is due to the closure of business activities for so long. 

Although all the assets owned by Destiny are under the control of the police, the activities of the organization have started.

Work has begun on a limited range on several floors of the Alice Tower at Kakrail intersection in Dhaka. Everyone who gets new leadership is sitting in that office every day. Investors and partners have also started coming to the news of the opening of the office.

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