Dubious e-commerce sites involved with money laundering

Financial crime investigators have found that some e-commerce sites were using lucrative “offers”to swindle money from both consumers and merchants and laundered the money abroad.

Talking to The Business Post, investigators said that evidence has been found against two e-commerce sites – Eorange.shop and Dhamakashopping.com – of siphoning off huge sums abroad after cheating customer and merchants through “advance payment schemes” similar to Evaly.com.

The Bangladesh Financial Intelligence Unit (BFIU), along with the Criminal Investigation Department (CID) of Police and the Anti-Corruption Commission (ACC), are now looking into the activities of 15 e-commerce companies for various irregularities, including money laundering.

Several financial institutions, including Brac Bank, have already banned transactions for 10 e-commerce platforms, including Evaly, Alesha Mart, Dhamaka, E-orange, Sirajganj Shop, Aladiner Prodip, Qcoom, Boom Boom, Adyen Mart and E-needs.

Similarly, Shwapno Super Shop also canceled their agreement with Eorange over allegation of irregularities.

“Those who laundered money abroad after cheating their consumers and merchants are now being monitored by the central bank. The CID and ACC are now jointly investigating into the allegations against these digital marketplaces,” Abu Hena Mohammad Razee Hassan, head of the Bangladesh Financial Intelligence Unit (BFIU) told The Business Post.

On June 24, the Ministry of Commerce directed e-commerce companies to ensure delivery of products to customers within 48 hours and clearing payments with merchants within 10 days.

The government decision came after evidence was found against Evaly of collected money in advance from customers, luring them with unrealistic discounts.

“At this moment, we cannot disclose the names of these e-commerce companies or the amount laundered by them for the sake of investigation,” he added.

The Business Post found both Dhamaka’s Mohakhali office and Eorange’s Gulshan office closed during a recent visit, and could not reach Dhamaka shopping Director Safwan Ahmed and Eorange Chairman Sonia Mahjabin for their comments over the phone.

During a query, Bangladesh Police Deputy Inspector General (Media) Haider Ali Khan said, “The commerce ministry has approved legal action against Evaly for running a fraudulent scheme. Meanwhile, other similar e-commerce sites are now being investigated and if the allegations are found to be true, then cases will be filed.”