The government is considering steps against Destiny-2000 Ltd 'to protect people from deception', finance minister A M A Muhith said on Saturday.
"A commission like the one on Jubok will be formed to bar asset transfer by such firms," Muhith told reporters at his office.
Muhith's remarks followed recent newspaper reports on 'illegal banking' by Destiny Group.
"Media reports on Destiny in the past few days have created an emergency-like situation," he said. "The government can't sit idle without taking action in this situation."
"Jubok couldn't transfer all assets as its properties were confiscated. In that way, the clients can be compensated to some extent. A commission will be formed in the same manner," he said.
He also said the finance and commerce ministries and relevant departments have already started working to form the commission.
Jubo Karmasangsthan Society, better known as Jubok, was found guilty of illegal banking by a central bank investigation in July 2006. It was asked to repay Tk 1 billion it owed its depositors.
Jubok was enlisted as a 'society' under the government's Registrar of Joint Stock Companies.
Earlier, the parliamentary standing committee on commerce ministry decided to request the finance minister and the central bank governor for action against Destiny-2000 Ltd-like MLM companies.
Following the parliamentary watchdog's move, the Bangladesh Bank on Apr 1 issued a circular warning people against investing in unapproved banking institutions.
"It is to notify all that some institutions under different names are operating like banks in various districts across the country. They are collecting money from people by promising an abnormally higher rate of interest and profit," read the central bank statement.
Commerce minister Muhammad Faruk Khan earlier said there are 62 registered MLM companies operating in Bangladesh.
He had told reporters that only Destiny has 4.5 million clients. Another prominent MLM company is Unipay-2 U.
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