e-commerce
BFIU summons bank accounts update of 30 e-commerce companies
The Bangladesh Financial Intelligence Unit (BFIU), a wing of the central bank, has summoned the bank accounts of 30 e-commerce companies including Daraj, Alesha Mart, Evaly and e-Orange.
The BFIU has recently asked banks for detailed bank information of accounts including their transactions.
A form has also been provided to send the information along with the BFIU letter.
Also read: BFIU seeks Dr. Yunus’ bank account details
The companies have been asked to provide the bank branch name, account name, number, type and date of opening, total deposit and withdrawal and current status of the bank where the transaction before this.
Earlier bank accounts of these e-commerce companies were summoned and frozen at different times.
Banks asked to report whether the account is active or closed.
Also read: BFIU seeks bank account details of 23 e-commerce platforms
Also on the bank account summons list are: Q Coom, Aladdin's Lamp, Boom Boom, Priyoshop, Dhamaka Shopping, Sirajganj Shop, Adian Mart, Walmart, Needs, Dalal Plus, 24 Ticketi, Thole, We Com, Infinity Marketing, Anand Bazar, Akash Nil. Bright Hash, Annex World Wide, Amar Bazzar, Astar Protik, Bangladesh Deal, Bari Dukan.com, Sreshdo.com, Ames BD, Nirapad and Alif World.
Many of these companies’ bank accounts have already been frozen. Earlier, Bangladesh Bank and intelligence agencies have taken information of transactions of e-commerce companies at different times.
Read BB asks banks to cut tax on service value of non-resident nationals
E-commerce platform Walcart launched
Walton launched its e-commerce platform Walcart at a programme in the capital Sunday.
With the slogan of "Shohoje, Sobkhane, Nirapode," the platform wants to be the top e-commerce company in the country and bring a positive change in the sector.
State Minister for ICT Zunaid Ahmed Palak inaugurated it as chief guest.
Read Walton Plaza inks deal with Walcart
Shomi Kaiser, president of E-Commerce Association of Bangladesh, Syed Almas Kabir, president of Bangladesh Association of Software and Information Services, Shahid-ul Munir, president of Bangladesh Computer Society, and Waheed Sharif, president of Bangladesh Association of Call Center and Outsourcing, were also present.
Walcart, a B2B and B2C e-commerce platform, is offering products and services in more than 30 categories, including Walton products.
Thousands of sellers across the country are connected to this platform.
Read Walton, Walcart announce exclusive partnership
Alibaba appoints new CFO, reshuffles e-commerce businesses
China’s largest e-commerce group Alibaba said Monday it is appointing a new chief financial officer and reorganizing its e-commerce businesses amid a regulatory crackdown in the technology industry.
The company said in a statement Monday that Toby Xu will succeed Maggie Wu as its new CFO from April 1, 2022. Xu joined Alibaba from PricewaterhouseCoopers three years ago and was appointed deputy group CFO in July 2019.
Wu, who has been Alibaba’s CFO since 2013 and has helped lead three Alibaba-related company listings, will continue to serve as an executive director on Alibaba’s board.
She will also remain as a partner in the Alibaba Partnership – a group of senior executives who have the right to nominate a simple majority of Alibaba’s board of directors.
“We are focused on the long-term, and succession within our management team on every occasion is always in the service of ensuring Alibaba will be stronger and better positioned for the future,” said Daniel Zhang, chairman and CEO of Alibaba Group.
Read: Alibaba fined $2.8 billion on competition charge in China
Separately, Alibaba said that it would be creating an International Digital Commerce team to handle its e-commerce businesses in international markets. A China Digital Commerce team will be in charge of e-commerce operations inside China, according to a post on the company’s Alizila news hub.
The international and domestic digital commerce teams will be led by executives Jiang Fan and Trudy Dai respectively.
Jiang has been in charge of Taobao and Tmall, Alibaba’s core e-commerce sites in China. Dai was the firm’s chief customer officer.
The Hangzhou-based firm was fined a record $2.8 billion for antitrust violations and is under scrutiny as regulators step up oversight of the technology industry at a time when the economy is slowing.
Read: E-commerce giant Alibaba's shares jump 8% in Hong Kong debut
Last month, Alibaba cut its sales outlook for the year amid mounting competition from rivals such as Pinduoduo. It expects growth for its current year to be the slowest since it listed in New York in 2014.
Alibaba’s flagship Singles’ Day shopping extravaganza also posted its slowest-ever growth this year, amid muted marketing campaigns and a shift to sustainability and philanthropy amid Chinese President Xi Jinping’s calls for “common prosperity.”
Alibaba’s New York stock price has plunged more than 50% over the last 12 months. The company’s Hong Kong-traded shares were down 4.9% Monday.
Non-submission of report on money laundering by e-commerce firms irks HC
The High Court on Tuesday expressed discontent as the authorities concerned failed to submit reports in time on steps taken against money laundering by e-commerce firms and policy to collect tax and VAT from the firms.
The HC bench of justice M Enayetur Rahim and Md Mostafizur Rahman expressed their dissatisfaction during a hearing on three writ petitions filed by victims of fraudulence by e-commerce companies .
The bench said the court will take the matter seriously as the concerned government bodies did not respond to the notice issued by the High Court.
Also read: BFIU seeks bank account details of 23 e-commerce platforms
The court asked Deputy Attorney General Bipul Bagmar to inform the matter to the Attorney General.
The court then set November 23 for next hearing and extended the time for report submission till then.
Earlier on September 30, the court asked the Ministry of Commerce, the National Board of Revenue (NBR) and Bangladesh Financial Intelligence Unit (BFIU) to submit separate reports on money laundering by the e-commerce platforms by November 8.
The court asked the BFIU to inform it the steps it has taken on money laundering by e-commerce firms and also wanted to know from NBR its policy on collecting VAT and Tax from these firms.
The court also inquired about the area of work of the 16-member technical committee formed by the Commerce Ministry for the e-commerce sector.
Lawyers Mohammad Shishir Monir, Md Anwarul Islam and Pallob Kabir M Humaun appeared for the petitioners, while Deputy Attorney General Bipul Bagmar represented the state during the hearing.
Earlier on September 20, Supreme Court lawyer Anwarul Islam filed a writ petition seeking its directive on creating an independent e-commerce monitoring institute to protect the interest and rights of customers of e-commerce.
On September 22, another SC lawyer Mohammad Humayun Kabir filed a petition seeking its directive on forming a probe-committee to find out the responsible individual or government authority whose negligence or failure has caused lakhs of consumers monetary losses from renowned e-commerce like Evaly, e-orange, Dhamaka, Daraz, Qcoom, Aladiner Prodip, Alesha Mart, and Dalal Plus.
On September 23, thirty-three consumers of e-orange filed a writ to get back their money from the company.
Also read: 49 e-commerce platforms are blacklisted, refund of customers’ money in process: Commerce Ministry
The petition was filed by advocate Shishir Monir seeking bar on the senior officials and authority of the risky e-commerce companies like e-orange from leaving the country and seeking a committee for protecting the interest of both the customer and company coordinated by economists, IT experts, and stakeholders.
Cabinet committee seeks Law Division’s opinion to retrieve e-commerce customers' money stuck in gateways
The cabinet committee formed over e-commerce issues by the Commerce Ministry has sought the opinion of the Law and Justice Division for retrieving Tk 214 crore stuck in the payment gateways and returning it to the customers.
Additional Secretary of the ministry and coordinator of the committee AHM Shafiquzzaman said this to journalists after attending the third meeting of the committee held at the secretariat on Tuesday.
AHM Shafiquzzaman said letters had already been sent to the Public Security Division and Crime Investigation Department (CID) of police for returning the amount stuck in escrow or the gateway.
Also read: 49 e-commerce platforms are blacklisted, refund of customers’ money in process: Commerce Ministry
In the meantime, the Cabinet Secretary held a meeting with CID, Bangladesh Bank and another involved to discuss the process of returning money, he said.
Following the meeting, legal opinion from the Law and Justice Division was sought as a huge amount is stuck due to pending cases.
Depending on the opinion, they might be able to return the amount which is out of legal issues, he said.
Also read: E-commerce firms must get registered within 2 months: Cabinet
Replying to a question the secretary said, “It is taking time to return the money because CID has freezed it.”
Daraz all set for biggest One-day Sale Campaign
Daraz Bangladesh (https://www.daraz.com.bd/) has recruited 400+ customer & partner support executives for its biggest one-day sale campaign “Eleven Eleven” (11.11) to provide the best customer and seller support.
The new batch of executives have boosted the pipeline of Daraz’s CS and PSC (Customer Service and Partner Support Center) units, which are acknowledged under the name – “Delight Squad” with the tagline Always Here For You, said a press release.
Also Read: Al-Arafah opens sub-branch in Munshiganj's Mawa
Extensive trainings have been provided to the entire Delight Squad, ensuring their instant support across all channels and utmost comfort to the customers and sellers throughout the 24-hours’ shopping extravaganza. The employees have also been equipped with all necessary information to deliver a prompt response to queries and log complaints whenever necessary to streamline the channels. The Issue Resolution Team is similarly decked up with necessary resources to cater to customer and seller issues at full capacity.
Also Read: SMEs, women-led enterprises need access to stimulus loans
In addition to such foolproof preparation, Daraz’s own smart chatbot “DAZ” shall remain on standby with all its features to support customers with all the information regarding the 11.11 Campaign, tractions, and prepayment offers – 24x7.
BFIU seeks bank account details of 23 e-commerce platforms
The Bangladesh Financial Intelligence Unit (BFIU), a concern of Bangladesh Bank, has sought account details of 23 online platforms, including Daraz and Priyo Shops.
It also sought similar information of 29 executives working in the firms.
The financial intelligence issued the directive early this week and suggested banks provide information of the firms and companies.
Read: E-commerce fraud: Adyan Mart CEO, 2 others remanded
Eelier this week, the commerce ministry confirmed that 49 e-commerce platforms were blacklisted and CID and other agencies are investigating their financial transactions and money laundering issues.
The move comes at a time when the government is taking various steps to discipline the e-commerce sector amid allegations of non-delivery of products against advance payments of customers by a number of e-commerce platforms namely Evaly and E-orange.
Top executives of Evaly and E-orange are behind bars now.
Read: E-commerce Scams: Ways to Protect Your Investment from Online Frauds
After several regulatory measures, the government formed a new committee to bring all e-commerce firms in Bangladesh under one umbrella and safeguard the interests of the consumers and merchants who were deceived.
E-commerce fraud: Adyan Mart CEO, 2 others remanded
A Chuadanga court placed three people including Chief Executive Officer of e-commerce platform Adyan Mart on a 3-day remand in a fraud case.
Senior Judicial Magistrate Manik Chandra Dash passed the order and asked police to interrogate another accused at the jail gate considering his age.
On Saturday Rab members arrested Adyan Mart CEO Juabayer Siddque Manik, its director and his brother Mahmud Siddique Ratan, their father Abu Bakar Siddique and manager of the e-commerce platform Minarul Islam in the case filed by Atiqur Rahman Ujjal at Chuadanga sadar police station.
Read: 49 e-commerce platforms are blacklisted, refund of customers’ money in process: Commerce Ministry
Later, police produced the arrestees before the court and sought a 7-day remand for each for interrogation.
Investigation officer in the case Sub Inspector Gopal Chandra Mondol said the court put the three accused on a a 3-day remand after hearing on the petition submitted by police.
In February, 2020, controversial e-commerce platform Adyan Mart started their activities in Chuadanga by opening a big office at Mominpur.
Read: E-commerce firms must get registered within 2 months: Cabinet
The company used to attract customers with lucrative offers. They managed to get huge orders from across the country but they did not deliver their products in time.
The company closed their customer care and all other offices few months ago.
Major Mohammad Shariful Ahsan, Company Commander of Rab-6, said a customer Atiqur Rahman Ujjal lodged a complaint against Adyan mart for embezzling around Tk 18.52 lakh.
49 e-commerce platforms are blacklisted, refund of customers’ money in process: Commerce Ministry
The authorities have blacklisted 49 e-commerce platforms and legal action will be taken against them as per recommendation of the commerce ministry, an official said on Monday.
AHM Shafiquzzaman, additional secretary to the commerce ministry and chief of Digital Commerce Cell (DCC), said this at a press briefing after a meeting of the DCC with the senior officials of different ministries, departments and agencies of the government at the commerce ministry office in Dhaka on Monday.
Shafiquzzaman, also the head of 15-member Cabinet committee on e-commerce, said that a report on the issue will be submitted to the Cabinet Division before November 11.
Also Read:Registration is a must for E-commerce firms: Committee
Regarding the Tk214 crore stuck in payment gateways since the introduction of an escrow service, the official said, "Criminal Investigation Department (CID) has blocked the money. We will write to the home ministry to defreeze it. Customers will get refund afterwards."
"We are hopeful that the CID will defreeze the accounts soon so that we can pay back the money of the affected consumers and merchants in the shortest possible time," Shafiquzzaman said.
Some 1 per cent or 2 per cent service charges may be applied on the consumers and merchants while disbursing the money stuck up in the escrow payment gateway, the chief of the DCC also said.
A large number of customers have been deceived by various e-commerce companies, including Evaly, e-Orange, Dhamaka even after paying money in advance.
Also Read: E-orange owner Sonia, 2 others remanded again
To curb such fraud and protect the interests of consumers, the government issued guidelines for the management of digital commerce, which calls for the use of escrow services.
Later, the Cabinet formed a committee to restore discipline in the industry and protect customers and merchants from further losses.
E-orange owner Sonia, 2 others remanded again
A court here on Thursday placed e-commerce platform eorange.shop owner Sonia Mehzabin, her husband Masukur Rahman and Chief Operating Officer Aman Ullah on a one-day remand in a fraud case filed with Hatirjheel police station.
Dhaka Chief Metroploitan Magistate court Judge Shahidul Islam passed the order after Sup-Inspector Subrata Debnath, also investigation officer of the case, submitted a petition seeking a 5-day remand for the accused.
The court also rejected bail petition submitted by the defense lawyer advocate Mamunur Rashid.
Read: Owner of e-orange.shop, 2 others placed on 5-day remand
On October 7, Sazzad Islam, a Dhaka College student, filed the case with Hatirjheels police station as he, his brother and a friend didn’t receive products from eorange.shop after paying Tk 1.2 crore.
On August 16, an aggrieved customer of E-orange, Md Taherul Islam, filed a fraud case with Gulshan police in presence of 37 other customers who testified against the accused.
The following day, Dhaka Additional Chief Metropolitan Magistrate Abubakar Siddique's court sent Sonia and her husband to jail rejecting their bail prayers when they surrendered.
Read: Owner of e-orange.shop, 2 others land in jail
On August 18, company’s COO Aman Ullah was arrested.
On August 23, Dhaka Metropolitan Magistrate Morshed Al Mamun Bhuiyan placed the accused on a 5-day remand in the fraud case.
Later, several cases were filed against them with police stations and court and they were placed on remand several times for interrogation in those cases.