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The wait to determine disgraced e-commerce platform Evaly’s actual dues will extend as an audit into the company’s books failed to uncover any documentation of its financial transactions, making it difficult to verify who is owed what amount.
Both customers and vendors have routinely been flocking outside of Evaly’s office in the capital’s Dhanmondi demanding their money back for a while now.
“But we can’t work based on that in the absence of any record at the company’s end,” said AHM Shamsuddin Choudhury Manik, former judge of the Supreme Court’s Appellate Division who was appointed the chairman of the five-member board by the High Court in October last year to run Evaly.
The board commissioned leading chartered accountancy firm Hoda Vasi Chowdhury & Co to conduct a comprehensive audit of the disgraced e-commerce firm.
On September 21, the five-member board turned in the 4,000-page audit report to the court as well as their resignations and their own report on the company, according to Mahbub Kabir Milon, the HC-appointed managing director of Evaly.
“Why people deposited those sums, who deposited them, who withdrew money and why they were withdrawn… there is no clue in Evaly’s office,” said Manik.
Evaly, which began its journey on December 16, 2018 amid an advertising blitzkrieg and unbelievable discounts, did not keep any log of who its vendors and customers are, let alone what sum they are owed or what they have paid.
“So, we are suspecting money laundering might have taken place,” Manik said.
For instance, the board found some copies of cash cheques but there is no mention of who were those issued to and for what purpose.
Similarly, the audit found many vouchers were dispensed but there is no mention of why those were made and for whom.
To keep up its pretence, the company furnished fake audit reports on the letterhead of chartered accountancy firm SR Islam & Co.
“We have confirmed it with the firm — they said they didn’t audit Evaly,” Manik said.
The audit could not determine whether further transactions took place beyond the seven bank accounts.
For instance, Evaly disbursed its payroll in cash.
“They were shown a salary of Tk1 lakh but were given Tk65,000 in cash. There was no tax deduction.”
Meanwhile, Tk25 crore currently lies in different escrow accounts belonging to Evaly and another Tk25 crore worth of goods lies in its two warehouses.
Asked if there is any possibility of the customers and merchants getting their money back, he said that Evaly does not have the means to pay back the sums.
“However, if any investor comes on board, then there are some possibilities,” Manik added.
Shamima Nasrin, original chairwoman of Evaly and wife of Evaly founder Mohammad Rassel, regained charge of Evaly, along with her mother Farida Talukdar Lily and her sister’s husband Md Mamunur Rashid, as per an HC order on August 24.
The order came following three separate applications filed by the trio.
(DT)
