SM Share swindles Tk400cr by entrapping hundreds of customers

In ways reminiscent of the activities of the Destiny Group, Social Mission  or SM Share in the name of multi-level marketing (MLM) has swindled people out of around Tk400 crore, said CID Additional Deputy Inspector General ((Dhaka Division) Imam Hossain.

The company used to lure customers by saying "Open your own SS Share ID, and earn up to Tk20 every day sitting at home. Your investment will be doubled within 100 days and you can withdraw it through mobile banking," said Mamunur Rashid, a customer of the company, who recently filed a case against it.  

Being lured by one Farid Talukder, Mamunur, a private firm employee, bought 150 IDs of the company with Tk1.5 lakh initially.  He then purchased 150 more IDs with Tk1.5 lakh as the company lured him to provide him with its national membership and cash reward worth Tk10,000.

And they also asked him to pay Tk5,000 for the next six months. However, he got only Tk9,000. Then the fraud company stopped providing any profit to him as well as other customers, Mamun said.  

When contacted, the company MD Shuvo Chowdhury asked them to collect more IDs for getting more profit.  The company officials sought more time for payment but eventually cheated the customers by shutting the offices.

Another defrauded customer Md Shahadat Hossain, a retired captain of Biman Bangladesh Airlines, said being lured with higher profit, he also bought 1,000 IDs of the company, by investing Tk11 lakh. But he got a return of only Tk70,000.  

Mamunur Rashid on 5 January filed a case with Paltan police station against the company on allegation of swindling Tk2.11 lakh from him.

According to the case statement, sensing the cheating, hundreds of customers started coming to the offices. Upon huge pressure from customers, the MLM company shut down its offices and the gang changed their strategy and asked the aspiring customers to meet at different places with money.  

When customers came to the specific spots, they looted the money by swooping on them, it added.

At least 11 people — including SM Group Managing Director Sohrab Hossian alias Shuvo Chowdhury, marketing and accounts of the group Nazmunnahar, Sales and Marketing Md Saidur Rahman alias Sohel, IT Engineer Ashraf and Emon were accused in the case.

"The MLM group swindled more than Tk300 crore through selling more than 3 lakh IDs, by cheating hundreds of people. Besides, the comapny embezzled Tk80 lakh from one Mainul Islam, by luring him with higher profit," Mamunur Rashid, plaintiff of the case, told TBS.

Md Mizanur Rahman, sub-inspector at Paltan police station, investigating officer (IO) of the case, told TBS investigation was going on against MLM Company SM Share but none was arrested yet.

CID Dhaka Division Additional DIG Imam Hossain told TBS that investigation is going on against the alleged company.  An associate of the key accused in the case has already been arrested. All involved in this MLM Company will be arrested and be brought under the law.