e-CAB formed 7-member body to observe business of Evaly

E-Commerce Association of Bangladesh (e-CAB) has formed a seven member committee including four teachers of Dhaka University to observe the business process of e-commerce platform Evaly.

Evaly is also a member of e-CAB.

The body was formed after media reports were published about the e-commerce firm’s “illegal activities” while Bangladesh Bank is also inspecting its financial transactions and other e-commerce activities.

The members of the body are Dr BM Moinul Hossain, Assistant Prof of Institute of Information Technology of Dhaka University, Dr RafiUddin Ahmed, Assistant Prof of e-learning strategist of Marketing Department of DU, Md Iftekharul Amin, Assistant Prof of International Business Administration (IBA) of DU, Faisal Mahmud Sajib, ACA of Founder and Partner, Barrister Shaon S Nobel, Sadruddin Imran Chairman of e-CAB Research Standing Committee.

The committee would submit its report within ten days.

Earlier, the BFIU, an arm of the Bangladesh Bank that specializes in financial crime investigations, directed all commercial banks and financial institutions through a common letter on August 27 to freeze all bank accounts operated by top executives of Evaly.

Media reports said that e-commerce firm Evaly has been running business offering its customers unusual cashback offers like 100 percent or 150 percent on advance payment for a product.

E-commerce business experts say no firm can give 100 percent or more cash back against purchase of a product. It was alleged that when a customer deposited money to buy a product, Evaly took much time to supply the product.

The Directorate of National Consumer Right Protection, a department under the Commerce Ministry, also received allegations from consumers about “cheating” by Evaly.

Bangladesh Bank officials said that one of the major allegations against Evaly is forcing its consumers to deposit their money in e-wallet of the firm which was totally illegal.