Although e-commerce trading is obliged to follow certain rules and regulations, defying these at least 12 e-commerce ventures have embezzled a huge amount of customers’ money. Some allegations have already been recorded. But, there is no actual estimate of how much money these digital sites have embezzled. Media reports on Tuesday said findings by the law enforcement agencies and statements by customers and e-commerce site owners suggest that four e-commerce sites owe Tk 3,121 crore to customers and product suppliers.
Meanwhile, the Criminal Investigation Department (CID) of police in its primary investigation found that E-orange, Dhamaka Shopping and SPC World Express have laundered at least Tk 350 crore that they had received from customers in advance payment for goods. E-orange, where absconding police inspector Sohel Rana is a director, siphoned off Tk 232.4 crore, while Dhamaka Shopping, whose directors have fled the country in July for the US, laundered about Tk 116.7 crore. The CID recovered about Tk 1.2 crore from arrested SPC World Express’s Chief Executive Director Al Amin and its director Sharmin Akter on Sunday.
As we know, the e-commerce sector in Bangladesh was going from strength to strength over the last decade, particularly during the Covid-19 pandemic when online purchases skyrocketed. Now, the industry is rapidly losing the trust of customers, the cornerstone of its success, after allegations of embezzlement and fraud surfaced against some firms in recent months. This sector is now battling to repair the damage done by the ‘unscrupulous business practices of about a dozen platforms, according to industry insiders.
According to available information, Evaly started the business in December 2018 with only Tk 50,000 paid-up capital. This e-commerce platform embezzled huge amounts of money after luring young customers with promises of helping them purchase their preferable products at mega discounts. The other e-commerce firms followed the path. This is pure fraudulence. The unscrupulous businesses that embezzled millions from customers must be brought to book. Besides, the people deployed for monitoring and regulating the business must also be held accountable.
