CID seizes Tk62cr assets linked to Dhamaka Shopping over embezzlement

The Criminal Investigation Department (CID) of police has confiscated assets worth approximately Tk62 crore belonging to individuals and entities associated with the e-commerce platform Dhamaka Shopping, in connection with allegations of embezzling Tk116 crore from customers and laundering the money abroad.

Among the seized assets is a multi-storeyed building in Banani Model Town, owned by SMD Jashim Uddin Chinty, managing director of Dhamaka Shopping, said a press release issued by CID today (26 June).

The property, built on five kathas of land, is estimated to be worth around Tk50 crore.

Additionally, 41 decimals of land registered under Micro Trade Food and Beverage Ltd, located at Purbo Bagabari area under Gazipur's Kashimpur Police Station, were also seized.

The land has an estimated value of Tk12 crore, said the press release.

The confiscation order was issued on 16 June by the Senior Special Judge of the Dhaka Metropolitan Sessions Judge Court Jakir Hossain, following a petition by Assistant Superintendent of Police Al Mamun from CID's Financial Crimes Unit.

The CID investigations revealed that Dhamaka Shopping operated illegally under the Invariant Telecom Bangladesh Ltd, without valid registration from the registrar of Joint Stock Companies and Firms or the relevant city corporation, the press release said.

The company deceived thousands of customers and sellers by promising products at unusually low prices, amassing large sums of money, the press release added.

It further said Dhamaka Shopping did not maintain its own bank accounts but instead used Invariant Telecom's accounts in Southeast Bank, City Bank, and Dutch-Bangla Bank Limited to conduct its financial operations.

According to the CID, an analysis of one Southeast Bank account showed that over Tk588.91 crore in transactions were processed, despite having a closing balance of only Tk93,731 on 27 June 2021, an anomaly considered as evidence of large-scale financial fraud.

Further findings revealed that funds embezzled through Dhamaka Shopping were transferred to accounts held by individuals and companies affiliated with MD Jashim Uddin Chinty.

Accounts under Micro Trade Food and Beverage Ltd also received illegal transfers, qualifying as acts of money laundering, according to the press release.

Based on this, a case was filed under Sections 4(2) and 4(4) of the Money Laundering Prevention Act 2012 with the Banani Model Police Station on 9 September 2021, CID said in its press release.

According to the CID, all accused are currently abroad, and a substantial portion of the embezzled funds has been laundered overseas.

A CID task force led by Special Superintendent of Police Abul Kalam Azad from the agency's Financial Crimes Unit is currently tracing the source, destination, and usage of the laundered funds abroad as part of an ongoing investigation, the media release mentioned.