Qcoom clients’ refunds begin tomorrow

The commerce ministry and the Bangladesh Bank will start refunding, or delivering products to, e-commerce firm Qcoom customers tomorrow.

A commerce ministry official said Tk 59.05 crore stuck in the Foster payment gateway would be returned while goods worth around Tk 100 crore stored in the Qcoom warehouse would be delivered.

Initially, 6,721 customers not receiving products after making advance payments will get goods or their money back.

Sources said Commerce Minister Tipu Munshi and Home Minister Asaduzzaman Khan Kamal, along with senior officials of the commerce ministry, would be present at a programme arranged at the commerce ministry tomorrow to start the refunds.

AHM Shafiquzzaman, additional secretary of the commerce ministry and head of the e-commerce cell, told The Business Post the central bank had initiated refunding customers based on a list made by Foster and Qcoom while products stored in the Qcoom warehouse had been listed as well.

“Hopefully, the rest of the money of other companies stuck in payment gateways will also be returned. This will help people regain their trust in e-commerce,” he said.

He also said the Qcoom customers who had not received products and were not involved in any legal complexity concerning the transactions would get goods or their money back in the first phase.

“Those involved in legal complexities will get refunds as per court orders,” he added.

The commerce ministry’s e-commerce cell held an emergency meeting on December 28 last year to discuss refunding Qcoom customers. The meeting decided to list how much is owed to how many customers.

A partial list containing information on 6,721 customers was drawn up and submitted to the commerce ministry. These customers paid around Tk 59.05 crore in advance but did not receive products. The money is stuck at Foster.

The commerce ministry also directed Qcoom and Foster to create a full list and submit it. The money stuck at the payment gateway will be returned as per the list.

Sources said Tk 397 crore of Qcoom customers is stuck at Foster. Of this, Tk 166 crore got stuck after the Bangladesh Bank had launched the escrow service on June 30 last year.

The customers did not receive the products bought with this money. Even the Qcoom authorities did not get the money in their accounts. In the escrow system, the money paid by customers stays in the payment gateway until the products are delivered. A variety of products, including motorcycles, worth Tk 100 crore are stored in the sealed warehouse of Qcoom. These products listed by the commerce ministry and others concerned will be delivered as per customers’ orders.

The central bank has suspended two Foster accounts that have Tk 194 crore. According to the Bangladesh Financial Intelligence Unit, six Qcoom accounts have Tk 790 crore of customer money.

The total balance of the suspended accounts is Tk 2.97 crore, and the company has withdrawn the rest of the money.

Police arrested Qcoom Chief Executive and Managing Director Md Ripon Mia in October last year on allegations of fraud. The company’s activities remain suspended.