Jamuna Group backtracks from investing in Evaly

Jamuna Group, one of the leading industrial groups of the country, has decided not to invest in the e-commerce platform Evaly citing the latter’s tarnished reputation in the market. 

Monica Islam, director of Jamuna Group, confirmed the matter to Bangla Tribune on Thursday. 

She said the Jamuna Group would start their own e-commerce company.

According to sources, Jamuna Group is concerned that their reputation might be damaged if they invest in a company like Evaly.

Earlier, Evaly Founder and Managing Director Mohammad Rassel on July 27 made an announcement on his Facebook profile that Jamuna Group would invest Tk1,000 crore in Evaly.

Sources said Jamuna Group was supposed to buy a 51% stake in Evaly. Besides, there were plans to invest Tk200 crore initially. Eventually, the group would invest Tk1,000 crore in multiple steps.

Also Read - Evaly Chair and MD sued for fraud, harassment

However, now Jamuna Group plans to officially announce their decision to sever ties with Evaly on the day of the inauguration of the group's own e-commerce platform.

On Wednesday, Bangladesh Financial Intelligence Unit (BFIU) sought details of bank accounts of Mohammad Rassel and his wife and Shamima Nasrin, chairman of the company.

In a letter, the agency also sought details of all cheques issued or deposited of Tk50 lakh or more.

Earlier in August last year, bank accounts of Evaly and its owners were frozen for a month.

Meanwhile, Mohammad Rassel and his wife Shamima Nasrin were also sued for fraud and harassment.

The plaintiff, Mohammad Raj, lodged the case with the court of Senior Judicial Magistrate Jasmine Ara in Sirajganj on Wednesday.

Mohammad Raj said in his statement that he had yet to receive the products he ordered three months ago, which went against the company’s own policy of delivering all products within 45 working days.

Also Read - Authorities seek Evaly owners’ bank account details

The Anti-Corruption Commission is investigating allegations of embezzlement and money-laundering against Evaly. A court has also slapped overseas travel bans on Rassel and his wife as part of the investigation.

On August 13, the Ministry of Commerce sent a letter to Evaly authorities asking for information on its liabilities and assets, the amount of debt owed to customers and merchants and the plan to repay the debt. In response, the company said its business debt stood at Tk543 crore.

After receiving Tk214 crore in advance from customers and Tk189.85 crore from merchants, the company was expected to have at least Tk403.80 crore in current assets, but it only had Tk75 crore.

In a report, the central bank mentioned that the company did not deliver the products with an advance of Tk214 crore from the customers.