Victims of Destiny, Jubok scams can be compensated

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According to Commerce Minister Tipu Munshi, up to 60% of victims of the Destiny and Jubok scams could be compensated by selling the assets of the two tiered marketing companies.

Destiny and Jubok have made millions of taka by defrauding thousands of people. The victims now want their money back.

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“The Commerce Department has not completed the valuation of the current assets of the two companies. However, it is assumed that the value of their properties has appreciated significantly over the past 10 years,” Munshi told The Daily Star yesterday. .

“I want the money to go back to the victims of Destiny and Jubok, but the decision should come from the court.”

Munshi at an inter-ministerial meeting on Wednesday urged Justice Minister Anisul Huq to consider whether it was possible to sell the assets of Destiny and Jubok to pay compensation to the victims.

Munshi also discussed with the Minister of Law whether it was possible to appoint an administrator and appraiser to assess the value of the Destiny and Jubok properties.

The Anti-Corruption Commission confiscated Tk 550 crore of Destiny Group property in two money laundering cases, media reported.

The properties include over 1,028 acres of land and approximately 50 apartments owned by the company and its senior officials.

Formed in 1994, Jubok attracted funds by promising abnormal returns. Due to its illegal activities, the central bank closed it in 2006.

To date, 3.03 lakhs have claimed money by producing documents against four Jubok companies, including Jubok Housing and Real Estate Development Ltd.

Speaking at a workshop in Dhaka yesterday, the trade minister said the government has tried to craft an e-commerce policy so that emerging online businesses can operate properly without misleading consumers.

The Business Journalists Forum and the Bangladesh Competition Commission (BCC) jointly hosted the Competition Laws and Healthy Market Competition event in the BCC conference hall.

Electronic commerce is the reality of business in the world now. And the entire e-commerce industry couldn’t be shut down for 10 to 12 wandering businesses, Munshi said.

Currently, more than 30,000 people are involved in the e-commerce sector in Bangladesh.

Munshi said customers should have known about stray businesses.

For example, selling a motorcycle at 1.50 lakh Tk or 2 lakh Tk against the actual market price of 2.5 lakh Tk is almost impossible.

“Nonetheless, the people, many of whom are innocent, have invested, and they are now in trouble,” the minister said.

He did not respond when asked if the money could be recovered.

Md Mofizul Islam, chairman of the BCC, said he was investigating Evaly in a suo moto case for selling goods through an unusual repayment offer.


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