Anti-graft watchdog investigating Evaly to trace Tk 3.38bn ‘missing’ funds

The Anti-Corruption Commission has launched an investigation into e-commerce platform Evaly over charges of embezzlement of more than Tk 3.38 billion from customers and merchants.

The firm has allegedly laundered the money taken from the customers in advance. It owes the merchants the funds, according to the charges.

The national anti-graft agency had begun examining the company’s activities earlier.

Now the ACC department dealing with money laundering charges has decided to investigate the firm after the commerce ministry filed a “specific” complaint on Jul 4.

ACC Deputy Director Mamunur Rashid Chowdhury and Deputy Assistant Director Muhammad Shihab Salam were tasked with investigating Evaly on Thursday, said ACC spokesman Muhammad Arif Sadeque.

Mohammad Rassel, managing director and CEO of the digital marketplace, could not be reached on his phone for comment.

The commerce ministry attached to the written complaint a seven-page report by the Bangladesh Bank that found that Evaly’s net asset was worth around Tk 917 million and the firm’s liabilities were over Tk 4.07 billion on Mar 14.

It took Tk 2.13 billion in advance from the clients and around Tk 1.9 billion worth of products from the merchants.

So, its current assets should have been at least Tk 4.03 billion, but the central bank found Evaly’s assets was only worth Tk 651.7 million.

With its current assets, the company can supply products to or refund or pay only 16.14

percent of its customers and merchants, according to the report.

Moreover, the Bangladesh Bank could not trace Tk 3.38 billion, which includes advance and products taken by Evaly from the customers and the merchants.

“It appears that the Tk 3.38 billion was possibly embezzled or transferred illegally somewhere else.”

The commerce ministry asked the ACC to take legal action against Evaly if financial irregularities are found in the investigation.