Home Bangladesh E-commerce C-Finance looted over Tk 10,000cr
Bangladesh - Bank & Finance - Corporate - January 21, 2024

E-commerce C-Finance looted over Tk 10,000cr

Staff Correspondent
The fraud of e-commerce-based companies does not stop. This fraud is going on under different names on digital platforms. After the latest MTFE (Metaverse Foreign Exchange) fraud of Tk 10 thousand crore, a company called C-Finance is getting a new fraud trap in the e-commerce world. This company called C-Finance is being managed through the most secure app ‘Telegram’. It has already been alleged that around hundred crores of rupees have been stolen from all over the country. In this regard, the cheated customers are not getting Kulkinara even after making a GD at the police station. Consumers who have been defrauded have complained, “Police and investigating agency CID’s financial crime unit has completely folded their hands in the investigation.”
In this regard, CID Additional Superintendent of Police Azad Rahman said that the charge sheets of some of the money laundering cases filed against e-commerce-based organizations have been given. Several cases are under investigation. The charge sheets of the cases will be issued soon. When asked about the fraud of the new company named C-Finance, he said that the financial crime unit of CID is investigating the fraud allegations against many e-commerce-based companies. After the investigation, the details of the type of fraud committed by that organization can be said.
A person cheated by an e-commerce-based company named C-Finance lodged a GD at the capital’s Banani police station on December 17. GD Plaintiff Zubair Alam Siddique. He lives in house number A-86 of Dakshin Para of Mohakhali. In the GD, he complained that on November 12, through Telegram apps (c-finance), he deposited Tk 15 lakh 7 thousand in various bank accounts for investment according to various job offers. Since then that server is no longer found. C-Finance, a company operated through Telegram apps, is not traceable.
According to the concerned sources, the police started investigation based on the GD filed at Banani police station. On investigation, the police found that the money deposited in the name of C-Finance was deposited in several bank accounts. After being deposited in the specified account, the money was handed over to an unknown person on the request of the branch manager of the bank. Several lakhs of rupees were withdrawn from a current account named Nasima Boutiques Gallery at City Bank Ambarkhana branch in Sylhet. Again, several lakhs of rupees deposited in the name of Mr. Utpal Das at the Dutch-Bangla Bank Chittagong EPZ branch deposited in the name of C-Finance have been withdrawn at different stages. About one hundred crore taka have been withdrawn from hundreds of accounts in various bank branches across the country in the last two months.
Meanwhile, not a single complaint of Tk 10,000 crore fraud by e-commerce-based firm MTFE across the country in August last year has been resolved. Comilla resident Masud Al Islam started virtual MLM company MTFE in Bangladesh. About hundreds of cases have been filed in various police stations across the country in connection with these frauds. However, before filing the case, MTFE (Metaverse Foreign Exchange) scam mastermind Masood Al Islam fled to Dubai. CID lists those involved in this fraud syndicate. However, there was no clue to MTFE’s Tk 10,000 crore fraud.
CID’s Financial Crimes Unit sources said that 24 e-commerce-based organizations across the country have been accused of fraud. CID is investigating 105 cases filed across the country in connection with these frauds. According to the complaint of defrauded customers in the case, fraudsters have embezzled Tk 10 thousand crore. However, 11 cases have been registered against them under the Money Laundering Act. Among these cases, the investigating agency found the truth of the money laundering case of Tk 232 crore 43 lakh 3 thousand 786 filed against E-Orange in Gulshan police station of the capital. Only two of these cases have been able to produce chargesheets. The charge sheets of the remaining 9 cases are under preparation.

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