Govt requested to monitor activities of MLM cos

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FE Report
So-called newly formed traders' forum Unipay2u Bangladesh Wednesday requested the government to formulate a policy for closely monitoring the activities of multilevel marketing (MLM) companies to protect millions of traders in the country.
They made the request at a press conference at National Press Club in the capital, which later turned into a chaotic one as the infuriated traders became locked in scuffling and altercation over recent news items about Unipay2u published by several national dailies.
The journalists engaged to cover the event became confused after getting no officials of Unipay2u Bangladesh, who officially sent invitation letters to journalists to cover the programme.
In the conference, member of the forum Mizanur Rahman Dipu dismissed the allegation that the company was cheating a number of their members in the name of safer and easier investments.
"None of our members has so far been cheated by the company. The allegation brought by several dailies is not true and it seriously hurts them," he claimed, adding it is nothing but propaganda against the image of the company, which became the only earning sources for about four million people.
According to them, they are receiving profit regularly after investing Taka 4.50 billion.
When asked about the source of high profit enjoyed by the traders, they could not provide any satisfactory answer. The government should take action after monitoring their activities, members of the forum said.
Seeking anonymity, a trader said the forum was recently formed only to represent the owners. "The government should take initiative to protect the interest of the traders as we don't want to be cheated by any quarters," he added.
Unipay2u is not the first to make such offers in Bangladesh. Neway, SAP, Doorway, FIC, A-1 System, Jubok and GGN had earlier come to the market and cheated thousands of people. Most of them have folded up.
The central bank early this week suspended for one month a bank account of Unipay2u Bangladesh, stating that their propaganda had recently come to the notice of the government.
It said Bangladesh Bank will take necessary steps against the firms, requesting people of the country not to be cheated by their advertisements and catchy slogans.
Earlier, Bangladesh Bank had warned people in a press release stating that some MLM firms were collecting money luring them with high interest. The central bank said this kind of investment was highly risky.