Beguiled clients of multi-level marketing company

JUBOK is now almost a forgotten name. But its clients who lost millions of taka by stepping into its trap cannot forget it. To find ways to return the swindled funds amounting to about Tk 26 billion, the government formed two commissions and one inter-ministerial committee to investigate into the irregularities in 2010 and 2011 headed by former Bangladesh Bank Governor Mohammad Farashuddin and former joint secretary Rafiqul Islam respectively. But there is no solution in sight. In view of the enormity of the tasks involved, both commissions recommended for a permanent commission.

Formed in 1994, Jubok lured its clients with abnormal returns. After getting evidences of its duplicitous activities, the central bank in 2006 shut it down. Over three hundred thousand people lodged complaints about extortions by producing documents against four Jubok concerns including Jubok Housing and Real Estate Development Ltd.

Many victims have already lost their hopes and feel that it is a dead issue. JUBOK is not the only company of this nature, there were many other companies like it where thousands of people lost their savings.

It has been found that the value of the properties of JUBOK is negligible compared to the amount of money it owed to their clients. JUBOK lured the common people who deposited their money and later lost everything including the capital. The government should be careful about registering companies like this and keep a vigilant eye on similar organisations which are operating in the country. JUBOK should not be allowed to fleece the common people and the investors must get their money back. At the same time, common people should also be cautious and should not be lured by false temptations. They should watch out before putting their money in a so-called lofty venture. The government should take prompt and effective action against the criminals found involved in such fraudulent activities so that we do not have to see any such scams taking place in future.

Masud Rana

Dhanmondi, Dhaka