October 29, 2022

Dhamaka owes Tk303cr to customers, Tk167cr to merchants

02 January, 2022, 10:00 pm

Last modified: 02 January, 2022, 10:05 pm

Logo of Dhamaka Shopping. Picture: Collected

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Logo of Dhamaka Shopping. Picture: Collected

The Bangladesh Bank has found that SMD Jasim Uddin Chishti, managing director of the controversial e-commerce platform Dhamaka Shopping, has moved Tk84 crore from customer advance payments to his own personal bank account.

A recent inspection by the central bank also revealed that Chishti lent Tk25 crore to other companies he owns and embezzled another Tk20 crore in the name of buying software.

The company, which has suspended operations, collected Tk736 crore from customers and paid only Tk557 crore to companies that sold products on its platform.

However, despite this huge amount of money owed to customers and merchants, Dhamaka Shopping has only Tk 45.28 lakh in its bank account, according to another report of Bangladesh Bank.

Dhamaka owes Tk303 crore to customers and another Tk167 to merchants, a total debt of Tk480 crores, according to the inspection report, which the central bank forwarded to the commerce ministry on 26 December.

The money paid by its customers was looted by top officials of Dhamaka and their relatives, stated the report, and added that there is a strong chance they embezzled…

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