Commerce Minister Tipu Munshi on Sunday said that it’s possible to give 50 to 60 per cent money back to the cheated clients of the Destiny Group and Jubok by selling the assets of the two companies which collapsed amid widespread fraud.

“To my consideration, the cheated clients can get up to 50 to 60 per cent of the money back…. But the issue remains pending with the court for settlement”, he said while addressing a workshop organized by the Bangladesh Competition Commission (BCC) for the members of Economic Reporters Forum (ERF) at the BCC office in the city.

The BCC organized the event to discuss the issues for creating a fair competition environment in the market through implementation of the Competition Law.

Tipu said that he discussed the issue with the law minister who informed him that the law ministry has been working on how to compensate the Destiny and Jubok clients.

As per the estimation by different government bodies, Destiny and Jubok have about Tk 7,000 crore assets.

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He said debate is now going on whether there should be new law or the existing law is enough to deal with the online business across the country.

The commerce minister’s remarks came against the backdrop of the scepticism that although the owner of Evaly was arrested for fraud, it’s thousands of cheated clients might not get money back due to weakness in the legal and administrative system.    

He said there are 30,000 online business platforms operating in the country. But the government cannot shut down the entire business just because of the fraudulence by 10 to 15 companies.     

He said the government wants the e-commerce sector to run in a more disciplined way, shrugging off recent anomalies by some companies.

“The e-commerce sector gained a fast expansion in the country during the COVID-19 pandemic period beyond our expectations. Although some e-commerce companies have tempted common people in a big way, the consumers should have remained more cautious,” he said.

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Tipu also said, “We don’t want to keep aside our responsibilities. Rather we want that this e-commerce sector operates in a more disciplined way,”

Speaking about the BCC he said it is moving ahead with a specific goal. “It also needs more association with the concerned stakeholders to turn itself as a more proactive entity,”

Highlighting various attainments of the government over the last 13 years, Tipu said that the per capita income of Bangladesh has increased than the past while the purchasing power of people also witnessed an uptrend.

He said in line with this, some companies cheated people adding that the media would have to play its due role in creating awareness among people so that the common people don’t fall victims of those offering excessive profit.

Turning to the recent incidents of cheating by some e-commerce firms like Evaly, e-orange, Tipu said that Evaly offered people selling motorbikes of Taka 2.50 lakh at a surprisingly lower price of Taka 1.50 lakh, which was quite impossible.

He said such companies tempted people by giving exciting offers in such a way that it was tough to resist the people from being cheated.

Presided over by the Chairperson of Bangladesh Competition Commission Md Mofizul Islam, its member Dr AFM Monjur Kadir gave the address of welcome while Commission member GM SalehUddin and its advisor Barrister Mafruha Murphy made two separate power-point presentations on the overall aspects of the Commission.

Commission member Nasrin Begum, ERF President Sharmeen Rinvy and general secretary SM Rashidul Islam also spoke.