Dhamaka MD flees to US with Tk 100cr

The Criminal Investigation Department (CID) has found evidence that Dhamaka Shopping Managing Director SMD Jashimuddin Chisty had fled the country after laundering around Tk 100 crore to the United States.

The CID will soon file a money laundering case against the company.

Dhamaka Shopping, a sister concern of Microtrade/Invariant Group, was founded by SMD Jashimuddin
Chisty. He left Bangladesh for the USA last April.

According to investigators, Dhamaka began luring online shoppers with its “T-shirt for Tk 10” campaign in November 2020 and managed to accumulate huge sums of money in advance from them by offering 40-50% discounts on various products, including motorbikes, much like Evaly.

Humayun Kabir, special superintendent (financial crime unit) of the Criminal Investigation Department, told The Business Post, “We are looking into several e-commerce platforms for laundering money abroad. Dhamaka is one of them. The investigation is still at its primary stage, now we are gathering documents from various departments in this regard.”

CID officials said around Tk600 crore was transacted from the Dhamaka’s bank accounts between December 2020 and August 2021. After Bangladesh Financial Intelligence Unit (BFIU) froze their accounts in July, the company only had Tk 93,000 left in balance.

However, Dhamaka MD Chisty claimed that he had left the country after delivering products to his customers.

“I have collected Tk 580 crore from my customers and delivered products worth Tk 542 crore. So, how did I launder money?” he questioned while speaking at a Facebook live from the US recently.

But, many merchants of Dhamaka claimed that they have been waiting for their payment for months after delivering the products.

Milon Parvez, owner of Valaaru Furniture and merchant of Dhamaka, said “Dhamaka assured me that they will pay me in full within 10 to 15 days of product delivery, but it has been over two months and I haven’t received any payment.”

BFIU Head Abu Hena Mohammad Razee Hassan told The Business Post, “Those who laundered money abroad after cheating their consumers are now being monitored. The CID and Anti-Corruption Commission are specially working with us working on this issue.”

A total of 15 e-commerce companies are now under scanning, according to investigators.

On June 24, the Ministry of Commerce announced that e-commerce companies will have pay their merchants within 10 days of product delivery. The decision came after Evaly accumulated money in advance from customers, luring them with heavy discounts.

Earlier, several financial institutions banned online transactions for 10 e-commerce outlets – Evaly, Alesha Mart, Dhamaka, E-orange, Sirajganj Shop, Aladiner Prodip, Qcoom, Boom Boom, Adyen Mart and E-needs.