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Dhaka Tribune

What are Rassel’s plans with Evaly?

  • Rassel was released from jail on December 19
  • Was arrested for fraud, embezzlement 
Update : 25 Dec 2023, 03:12 PM

Mohammad Rassel, the former CEO of the e-commerce company Evaly, now wants to manage the business in cash on delivery, avoiding the huge discount strategy.

In 2021, Evaly faced a downfall amidst accusations of fraud and embezzlement.  

During that period, over 350 cases were filed against Mohammad Rassel, his wife Shamima Nasrin, and others nationwide for offenses including check forgery and other fraudulent activities. 

The couple was arrested by the Rapid Action Battalion (RAB) in the same year.

On December 19, Rassel was released from jail. He shared his next business plans with on Monday. 

"If we manage to run the business according to the plan for two years, Evaly will reach the stage of paying the money (to be customers). In that case, we can secure a big investment and from that investment, the company can be expanded as well as its liabilities can be paid back,” said Rassel.

The former CEO of Evaly added: "We can turn things around quickly if we can reach buyers and sellers with profitable ideas. If we can reach the stage of selling products worth Tk50 crore a month, we will be able to implement the plan. This will create a way to make a profit of Tk3 crore a month.

“In the coming days, we will not sell products at a loss. If we can go through two years in this way, new investment will be available. The customer's dues have to be paid from the investment.”

Before the closure, Evaly's unique customers were 4.2 million.

According to the court order, there are 274,000 unique customers of Evaly under the board comprising representatives of the Ministry of Commerce, representatives of e-CAB and members of Rassel's family. The company currently operates with 120 people.

Currently, there is no specific information about how much liability the company has. 

Before his arrest in 2021, Rassel had reported a liability of Tk543 crore to the Ministry of Commerce. Later, according to various agencies, the liability is more than a thousand crores.

Within a month of Rassel's arrest, Evaly's main server was also shut down. After that, the calculation of the liability could not be further pursued.

In this regard, Rassel said: "The information that is being presented from various government institutions about the liabilities of thousands of crores of taka is not correct. The total liability is a little over Tk700 crore.”

On September 16, 2021, the former CEO of Evaly was arrested from his residence in Mohammadpur on charges related to fraud and embezzlement. 

Both Rassel and the then chairman, Shamima Nasrin, Rassel's wife, were arrested. 

Subsequently, Rassel's wife was released on bail.

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