Wednesday, September 29, 2021
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Bangladesh: Paperfly to take legal action against Evaly

The practice of not giving products with money has created an unstable environment in the e-commerce sector.

Dhaka: Paperfly, one of the leading companies in the technology sector, is going to take legal action against Evaly for recovering arrears. The company claims that the current arrears of Tk7 crores.

Rahat Ahmed, Chief Marketing Officer (CMO) of Paperfly, said that even though several crores of takas were due for delivery of goods across the country, Evaly did not pay any bill from January to July.

“We took the initiative to negotiate several times to collect the arrears but did not get any response from Evaly.”

“We are now preparing to take legal action,” he said. Paperfly has already sent a notice to Evaly on Monday. After receiving their reply, the next step will be taken according to the law.

According to the Commerce Ministry, Evaly’s arrears to traders alone are over Tk 205 crore. Evaly has been accused of laundering large sums of money by offering cyclones (later renamed T-10) as an attempt to extort money from the general public through lucrative advertisements at lower prices than the market.

The practice of not giving products with money has created an unstable environment in the e-commerce sector.

An investigation by Bangladesh Bank found that Evaly owes Tk403 crore to customers and business partners. The movable assets of the company are worth only Tk65 crore. Several banks and financial institutions have already stopped trading with Evaly.

Jamuna, one of the country’s leading industrial groups, has backtracked on its latest announcement that it would invest Tk1,000 crore in Evaly, a popular e-commerce company.

On August 27, the Bangladesh Financial Intelligence Unit (BFIU), controlled by the central bank, sought copies of all types of account information and checks or receipts for transactions of Tk50 lakh or more in the name of the chairman and MD of Evaly.

In August last year, Bangladesh Bank suspended transactions in the bank accounts of Evaly and its chairman and MD for a month.

Meanwhile, a case has been filed against Evaly chairman Shamima Nasrin and MD Mohammad Rassell in Sirajganj on charges of fraud and customer harassment.

The total debt of Evaly is Tk542 crore 99 lakh 58 thousand 482. In contrast to this debt, their total visible and invisible assets are Tk583 crore 99 lakh 58 thousand 482.

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