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The Ministry of Commerce has already investigated the activities of digital commerce company E-Valley following allegations of fraud against it. In the preliminary investigation, the investigation committee has found the truth of several irregularities in e-Valley’s activities, including fraud, counterfeiting, and non-delivery of products on time. This time, the Ministry of Commerce has written to seven government agencies to investigate all the activities of the e-Valley.
The agencies are the Anti-Corruption Commission (ACC), the Bangladesh Bank, the Bangladesh Financial Intelligence Unit (BFIU), the National Revenue Board (NBR), the Bangladesh Competition Commission, the Department of Public Security of the Ministry of Finance. Interior and the National Directorate for the Protection of Consumer Rights. This information has been known by the sources of the Ministry of Commerce.
A senior Trade Ministry official, who did not want to be named, told Jago News: “On August 25, FTA Co-Secretary Md. Mohammad Ali was asked to investigate the company’s activities due to allegations of fraud. against E-Valley “. The Trade Ministry formed a three-member committee headed by Abdus Samad Al Azad. The committee reported its investigation last Thursday (September 3), Secretary of Commerce. Delivered to Zafar Uddin. The investigation committee has found allegations of fraud, counterfeiting and non-delivery of goods on time in the activities of e-Valley. The Commerce Ministry sent a letter Sunday for further investigation based on the investigation committee’s report.
The letter sent to the ACC secretary said that after reviewing the complaints received from the Ministry of Commerce, it was found that the authorized capital of the company at the time of registration was five lakh rupees. The company took a loan of Tk 90 lakh from the Dhaka Bank Limited Konabari branch on November 11, 2019 and increased its authorized capital from Tk 5 lakh to Tk 1 crore on February 22, 2020.
There are also allegations of e-Valley involvement in various issues, including fraud, counterfeiting, and untimely delivery of goods. Considering the nature of the allegation, it is related to the Anticorruption Commission, so in light of the applicable articles and norms of the 2004 Anticorruption Commission Law, it is requested to take the pertinent actions and inform the Ministry of Commerce.
The letter sent to the president of the National Revenue Board (NBR) said that after reviewing the complaints received from the Ministry of Commerce, the paid-up capital of the company at the time of registration was found to be Tk 5 lakh in 2016, but increased to Tk 1 crore on February 22, 2020. In view of the nature of the complaint, it is requested that you inform the Ministry of Commerce adopting such measure in light of the applicable provisions and standards of the 1974 Income Tax Ordinance .
A letter sent to the main secretary of the public security department of the Home Office said that after reviewing the complaints received from the Ministry of Commerce, it was found that e-Valley was offering offers at an unusual rate on e-commerce platforms, which is harmful to the electronics industry. They also contacted e-Valley via SMS, email, call center but did not respond.
According to the complaint, the e-Valley company is involved in fraud. Taking into account the nature of the complaint, it is requested to inform the Ministry of Commerce by taking the pertinent actions in light of the article and applicable regulations of the ‘Digital Security Law, 2018’.
In a letter addressed to the Director General of the National Directorate for the Protection of Consumer Rights, the Ministry of Commerce conducted a preliminary investigation after reviewing the complaints filed with the Ministry of Commerce against E-Valley. By reviewing the complaints received, it can be seen that E-Valley accepted the customer’s product order but did not deliver the product on time. Although there is a rule to deliver the product within 15 days, buyers wait day after day and do not understand the product even after a month or two. E-Valley informs that the product is not in stock by canceling the order of the product even if the buyer pays the price in advance at E-Valley.
Later, E-Valley added cash to his wallet. That can only be used to purchase e-Valley products. Also, the correct product is not delivered to buyers. The invoice numbers of some customers have been mentioned in support of the complaint. Considering the nature of the complaint, it is related to the National Department of Consumer Protection, in light of the provisions and applicable rules and regulations of the Consumer Rights Protection Law of 2009, it is requested to inform the Ministry of Commerce.
The letter sent to the chairman of the Bangladesh Competition Commission said that after reviewing the complaints received from the Ministry of Commerce, it was found that E-Valley offers all the offers that attract the attention of buyers. Such as: 300%, 200%, 100% cash back offer, etc. All these tempting offers have hampered the healthy practice of e-commerce platforms. Also, the correct product is not delivered to buyers. The invoice numbers of some customers have been mentioned in support of the complaint. Considering the nature of the complaint, it is related to the Bangladesh Competition Commission and, in light of the applicable sections and rules of the Competition Commission Act 2012, it has been asked to take appropriate action and report to the Ministry of Commerce.
The Bank of Bangladesh and the BFIU have also been asked to investigate whether there is anything related to money laundering.
If you want to know about the Secretary of Commerce. Zafar Uddin told Jago News: “Various government agencies have been given the responsibility of monitoring e-Valley activities. If the investigation report of these organizations shows irregularities, action will be taken against e-Valley in accordance with current law.
According to sources, the government wants to expand electronic commerce in the country. However, e-Valley, a digital trading company, has recently been accused of fraud. Therefore, the Ministry of Commerce has already started work to bring e-commerce, including e-Valley, under the rules.
On August 26, senior officials at the Ministry of Commerce held a discussion among themselves and urged e-commerce companies to comply with the rules. You have been asked to strictly control the spread of electronic commerce so that no consumer is misled. It has been decided to take the necessary steps for these organizations to conduct business within the rules.
Meanwhile, E-Valley was charged with fraud against the company, including its president Shamima Nasrin and its chief executive officer (MD). The central bank ordered the suspension of all bank accounts operated by Russell.
The directive was issued in a letter to all banks from the central bank’s Bangladesh Financial Intelligence Unit (BFIU) on August 28. The letter asked them to suspend all accounts in their name for the next 30 days. BFIU sources confirmed the matter.
The letter sent to the banks stated that on behalf of e-Valley Limited and company president Shamima Nasrin, NID number-smart (260 …. 71) and MB Md. Russell, NID Number-Smart (148 .. 44) was instructed to suspend all account transactions for 30 days from the date the letter was issued under the powers of the Anti-Money Laundering Act. Article 27 (2) of the 2019 Money Laundering Prevention Regulations will apply in the event of suspension of the transaction.
Furthermore, you have been instructed to send updated details of the transaction from the inception of the accounts made in the name of such institutions and individuals and informational documents related to the deposit and withdrawal of Rs.
MUH / SR / JIM
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