Another platform to ensure ease in credit access Reminds one the scams from e-commerce mess.
I have taken particular interest on two news reports last week.
One was on troubled e-commerce platform, evaly,which created consternation after it had failed to meet client’s demand by running a fraudulent business model. Evaly scam shocked the nation and the whole e-commerce industry came under scanner.Many clients await for refund . Recently, High Court has instructed the Management Board to use frozen bank accounts of CEO of evaly to meet operational expenses of the company. In addition, it ordered to sell vehicles under evaly's possession. High Court had earlier given a stay order not to sell evaly's seized property. The revised decision came during an appeal hearing1.
Another news report divulged that Bangladesh Bank awarded third party to operate a platform that would disburse credit to micro,small and medium entrepreneurs after securing purchase guarantee from a customer2. The initiative appears to be a novel one. However, if we take a look at earlier incidents there is little room for optimism that it will bring some positive change.
In the recent e-commerce scam, 41 cases had been filed against 15 platforms. Police is still in the dark about the amount of money stuck in such platforms3.
When evaly first started its journey it did not disclose details about it. Likewise, we know little about the new platform floated by the Bangladesh Bank.Whatever the intention of the platform is, such silence raises suspicion.
Prior to 2009,there was a practice in the corporate world to publish details about the corporation including audit reports. Site maps included a lot of information about the corporation.That practice in the course of time withered away. Less transparent manner in doing business only gives rise to fraudulent practices.
Highest number of cases filed (10) against e-orange,where an inspector have stakes. This gives an indication how corrupt practices even reached the law-enforcement agencies. The inspector was detained in India while trying to reach Nepal.
RAB,the agency that detained evaly owners,even requested the troubled evaly to sponsor the film “Operation Sunderbans” amid central bank's investigation of the platform.
The point is a criminalized law-enforcement system cannot guarantee transparent and clean business environment.
While addressing a gathering of police officers, even IGP called his colleagues not to fall for lures of dazzling discounts offered by e-commerce platforms.
The evaly incident revealed many suspicious transactions: order of truckload of soybean oil,multiple accounts of one client etc. Even many victims protested arrest of owners of evaly!
As the news reports keep telling to disburse the fund among victims, many argued that victims of MLM companies like Destiny,Jubok etc have not received yet their money. What a logic!Even minister of Commerce and minister of Finance locked in such arguments.
This kind of retributive behavior is pretty prevalent during the cultural revolution or in the nomadic societies in the Middle East.I wonder how the government is going to implement digital Bangladesh in this society.
Despite all the guarantees and safety clauses,one cannot rule out that the customers in connivance with sellers may act to legitimize undocumented wealth using Bangladesh Bank’s novel initiative. The less transparent environment in business only raises likelihood of it.
Notes And References:
1 “Evaly'r Gari Bikrir Onumoti Pelo Porshod(Management Board Got Permission To Sell evaly Cars)”,Daily Prothom Alo,January 17,2022.
2 “MSME Ke Orthayone Bishesh Platform(Special Platform To Finance MSME)”,Daily Prothom Alo,January 19,2022.
3 “Todonto Gotiheen,Grahokera Hotash(No Pace In Investigation, Customers Are Frustrated) “,Daily Prothom Alo,January 19,2022.
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