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Evaly another example of fraud business

25 September 2022
Evaly another example of fraud business

Evaly's creditors are unlikely to get their money back as there is no documentation at the controversial e-commerce platform's end, making it difficult to verify who is owed what amount, found an audit into the company's books commissioned by the court-appointed board. Both customers and vendors have routinely been flocking outside of Evaly's office in the capital's Dhanmondi demanding their money back for a while now. But the five-member board cannot do anything as they do not have enough documents.

On September 21, the five-member board turned in the 4,000-page audit report to the court as well as their resignations and their own report on the company. The auditors traced transactions amounting to Tk 4,800 crore through seven bank accounts of Evaly in 2018 and 2019 but there is no paperwork at the company's end. Auditors said why people deposited those sums, who deposited them, who withdrew money and why they were withdrawn… there is no clue in Evaly's office. Evaly, which began its journey on December 16, 2018 amid an advertising blitzkrieg and unbelievable discounts, did not keep any log of who its vendors and customers are, let alone what sum they are owed or what they have paid? So, one might suspect money laundering might have taken place.

For instance, the board found some copies of cash cheques but there is no mention of who were those issued to and for what purpose. Similarly, the audit found many vouchers were dispensed but there is no mention of why those were made and for whom. This was their modus operandi for fraud. Evaly was started with the intent of fraud. They knew that they would wind up the company after making a fortune through fraud. The audit could not determine whether further transactions took place beyond the seven bank accounts. The baton has been passed to a new board that includes Shamima Nasrin, the original chairwoman of Evaly and the wife of Evaly founder Mohammad Rassel, her mother Farida Talukdar Lily and her sister's husband Md Mamunur Rashid, as per an HC order on August 24.

Aggrieved customers and vendors are in dire situations and they need to realise their sums. As the baton of the notorious Evaly will be handed over to the old folks, the court and law enforcers must keep their eyes on them thus they pay the amount to the frauded people and any attempt to embezzle money could be prevented.

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