Sue the bosses, seize their assets

The National Security Intelligence has suggested that the authorities seize the properties of and take stern legal action against the top bosses of two errant e-commerce platforms -- Aladinerprodip and Dhamaka Shopping -- for cheating customers, sources said.
The country's principal civilian intelligence agency has also recommended drawing up lists to refund the remaining money to customers of the controversial business entities.
Recommending the steps, the Directorate General of National Security Intelligence (NSI) has recently submitted two separate reports to the commerce ministry.
It believes the companies were set up with the intent to defraud, according to the report. The two crisis-ridden online companies are now out of business, while the senior executives and officials are on the run.
According to the reports, a total of 35 e-commerce companies, including Aladinerprodip and Dhamaka Shopping, vanished into thin air with customers' funds in 2020-21.
Dhamaka's top executives fled with Tk 4.70 billion of customers' money. Of this amount, customers and merchants are owed more than Tk 3.02 billion and Tk 1.67 billion, respectively.
Aladinerprodip also took a large sum of money from customers promising lucrative deals. There are 71 fraud cases against Aladinerprodip.
The Dhamaka collapse
All operations of Dhamaka Shopping are now completely suspended.
Jasim Uddin Chishti, the director and managing director of the company, is on the run after embezzling customers' money. He is currently residing in the US with a green card.
Mr Chishti withdrew Tk 1.29 billion from various accounts. He transferred Tk 240 million and Tk 6.3 million in the name of loans to his institutions, Tk 200 million in the name of software purchases and Tk 840 million and Tk 1.0 million to his personal accounts, show documents.
He is currently employed by an e-commerce company called sale.com. Other executives are also believed to be abroad, while thousands of defrauded customers await refunds.
Some customers claim they are owed a total of Tk 100 million, shared among 160 people. Several attempts to contact Mr Chishti have resulted in promises to refund only 30 per cent of the money.
When customers threatened legal action, he offered to repay 45 per cent but has not taken any steps in this regard.
The company refunded around Tk 9.0 million to 2502 customers by 13 June 2024, commerce ministry data shows.
According to Bangladesh Bank, customers and merchants are still owed about Tk 4.70 billion.
Genie vanished from the lamp
Similar to Dhamaka, all activities of Aladinerprodip have also ceased.
The company's chief executive, Mehdi Hasan Moon, is on the run, believed to be within the country.
According to reports, although there are no cases against him, customers have issued a legal notice threatening to sue if they do not receive refunds.
The company holds deposits of Tk 52.10 million in BRAC and City Bank. But both accounts are frozen.
The chief executive claims to want to refund customers and approached the authorities. But he has received no clear decision from the Criminal Investigation Department (CID), the Bangladesh Bank or the Ministry of Commerce.
A list of 36 customers of Aladinerprodip was submitted to the commerce ministry a year and a half ago, but no refunds have been made.
Attempts to contact the online shopping company's executives were unsuccessful.
A senior commerce ministry official said, "We have received two reports on Aladinerprodip and Dhamaka Shopping and are now working on the issue."
Digital dreams dashed
In response to widespread e-commerce fraud and scams in 2021, authorities moved quickly to regulate the burgeoning sector, which had thrived during pandemic lockdowns.
However, these countermeasures were late and insufficient to prevent damage and the collapse of key e-shops including Evaly, Dhamaka, e-Orange, Sirajganj Shop, Aladiner Prodip, Boom Boom, Adyen Mart, Needs, Qcoom.com and Alesha Mart.
The government subsequently introduced the Digital Business Identification (DBID) system.
According to the Directorate of National Consumer Rights Protection, the volume of customers' funds trapped with 34 online shopping platforms amounted to a staggering Tk 5.34 billion.
Commerce ministry sources said around 15 companies returned more than Tk 4.87 billion to 67,070 customers by 13 June 2024. The refund programme began in January 2022.
There are nearly 2,754 e-commerce companies under the e-Commerce Association of Bangladesh (e-CAB).
The commerce ministry estimates there are around 2,500 digital commerce companies nationwide.

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