MLM scam: 2,000 customers lost Tk 570 million in the trap of Sheeba Ideas and Living Limited

MLM scam: 2,000 customers lost Tk 570 million in the trap of Sheeba Ideas and Living Limited

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Earlier, on February 10, 2021, CID had arrested six ring members involved in embezzling crores of rupees. They are Ashiq Ghosh Asit, Qazi MD Nurul Islam, Shahnewaz Shamim, Zaheerul Haq, Nurul Islam and Mamun Mia. Most of them were released on bail.

CID sources said that a gang had started MLM business under the guise of this company in Uttara seven years ago. They lured 2,209 customers by offering them double profits on investment in 24 months, thus, they misappropriated around Taka 570 million. The company also did not own any land in the beginning, but they attracted customers with brochures from another company.

Anwar Hussain of Mirpur invested Tk 500,000 from his retirement pension in Sheba Ideas and Living Ltd. “At first, I invested Tk 200,000 and got profits for three months,” he told Prothom Alo. Again, I invested another 300,000 taka and in total I got a profit of 100,000 taka. After all, the company neither gave me the profits nor the principal amount.”

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