Investors alerted about disguised MLM frauds

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Many multi-level marketing (MLM) companies and similar entities are running nationwide in breach of regulations, thus endangering investors and undermining the country’s economic management, according to an official finding.

Without valid licences, these companies employ false promises of substantial earnings and commissions to deceive individuals, says an intelligence report.

Urging investigation and immediate action, the report suggests measures to tackle disguised multi-level marketing in the name of micro-loans, cooperative societies, cooperative banks and multi-purpose societies.

The report mentioned some of the firms, including World Mission 21 Ltd, Visiting Marketing Private Limited, Magnessa Bangladesh Limited, Dream Touch Savings & Credit Ltd in Khulna, Excellent World in Kushtia, Amar Bazar Ltd in Dhaka, Tianshi in Satkhira and BWB (Business with Blessing) in Khagrachari. Of them, World Mission 21 Ltd, Magnessa Bangladesh and Dream Touch Savings & Credit obtained licences from the Registrar of Joint Stock Companies and Firms.

Excellent World, Amar Bazar, Tianshi, BWB, and Visiting Marketing Private Limited received permission from the North City Corporation. However, all licences for these companies are currently expired.

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