ACC begins probe into another MLM scam

The Anti-Corruption Commission (ACC) initiated Wednesday probe into the allegation of misappropriating investors' money by a multi-level marketing (MLM) company run by a retired army officer.
A three-member probe team has been assigned to conduct the inquiry into the graft allegation against retired major-general Jalal Uddin Ahmed, ACC public relations officer Pranab Kumar Bhattacharya told The Financial Express.  
The team comprises ACC deputy director Jahangir Alam, assistant director Debrata Mondal and deputy assistant director M Saiduzzaman.
Pranab Kumar said the company of allegedly swindled the money the way other upstart MLM companies did, after collecting money from investors-- mostly army, navy and air-force officials,
According to the graft allegations received by the ACC, Multipurpose Cooperative Society Limited, an MLM company floated by Jalal Uddin and his wife, collected about Tk 820 million from nearly 1,500 investors by alluring them with an offer of high rate of interest.
Jalal Uddin Ahmed went into retirement on December 31 in 2003. Later, he and his wife got the Multipurpose Cooperative Society Limited registered with the Cooperatives Department in July 2005 to run cooperatives.
On August 4, 2014, the national anti-graft body decided to launch probe against the company for the alleged con trick with the investors.

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