Remember the hundi kajal? The most talked about hundi trader in the southern part of the country is Farooq Ahmed Kajal alias Hundi Kajal. He was a resident of Salemanpur village in Kotchandpur upazila of Jhenaidah. Kajal started his hundi business in 1993. Until 1999, he created numerous agents. Through which about two and a half thousand crore rupees are transacted. And thousands of people invest money in this hundi business. The hundi business is completely illegal. Then why did thousands of people invest in this business? Because, the greed for quick profit.
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Across the street was the Madhumita Cinema Hall, and on the other side was the Dhaka Stock Exchange (DSE) building. There was no difference between selling movie tickets on the black market on the other side and selling paper on the other side.
However, the biggest scandal of the 90s is the stock market scandal of 1996. Imagine for a second you were transposed into the karmic driven world of Earl. ‘Buy, sell, buy, sell’ — that scene of selling shares was a lot like selling movie tickets. Across the street was the Madhumita Cinema Hall, and on the other side was the Dhaka Stock Exchange (DSE) building. There was no difference between selling movie tickets on the black market on the other side and selling paper on the other side. Quick millionaires, then from millionaires to millionaires, then many people bought share paper. That stock market scandal reappeared 15 years later, in 2010. Although the times changed, the main thing was the same, to deceive oneself and to deceive others. That means that greed again.
The main capital of those who have cheated people in Bangladesh is the greed of another group of people. Greed is always there, but you have to know how to use this greed. For this, the type of business has to be changed. The Youth Employment Society (Youth) was another such tempting business. Basically their job was to snatch huge amount of money from the customers by showing greed for huge profit at fast and high rate.
This young man started working on registration in 1997. In 2005, the Central Bank launched an investigation into the publication of media reports on the fraudulent activities of the youth. Bangladesh Bank then stopped the activities of the youth on the charge of illegal banking. The 3 lakh 4 thousand customers of the youth owe Tk 2,600 crore, which no one got back.
After the youth, the type of tempting business in the country changed to multi-level marketing or MLM business. The guru of this business in Bangladesh is Narayan Das of Sri Lankan descent. In 1997, he set up an MLM company in Bangladesh called Global Guardian Network (GGN). Later this company broke up with Newway Private Bangladesh Ltd. And Destiny-2000 ltd. Two companies were born. Then another MLM company called Unipay Two was born. Destiny’s business was to sell a variety of products and trees. And one of Unipo’s two businesses was selling virtual gold. The business of GGN, UniPay Two or Destiny was shut down after millions of people were deceived. None of those who invested in greed got their money back. Seeing this, 62 such MLM companies were formed as a government at that time, all of them were engaged in fraudulent business.
MLM business appeared at low tide. Russell. He is one of the fathers of digital fraud in digital Bangladesh. MLM companies end, start e-commerce fraud. His e-commerce company Evali was born in 2016. Millions of people subscribe to it in the lure of buying cheap mobile phones and motorcycles. He was attracted to this type of business and created some more companies like Evali. Such as e-Orange, Dhamaka, Dalal, Sirajganj Shop, etc. There are deep doubts as to whether the customers of these companies will get their money back at all.
Starting from Narayan Das of Sri Lankan descent. Until Russell, the main capital of everyone’s business was the boundless greed of the people. The same can be said about the two stock market scandals. But it would be wrong to single-handedly blame the limitless greed of a class of people. There is a lack of good governance on the other side of greed. Both the stock market scandals took place during the Awami League government. In both cases there was extreme negligence and incompetence of the regulatory authorities. They did not take any tough decision under the pressure of influential people. The government also said that the recovery in the stock market is a sign of confidence in the government. So when government leaders declare it a symbol of trust, if the regulatory authorities do not pay attention, small investors alone cannot be blamed at all for investing. Because, the government was encouraged to invest in the stock market.