Former managing director of the company, Mohammad Russell, had ulterior motives behind the establishment of the e-commerce platform Evely, which was accused of fraud and embezzlement.
Retired Justice HM Shamsuddin Chowdhury Manik, the recently resigned chairman of the company’s board of directors, blamed Russell for sinking Evaly.
Justice Manik told Dhaka Times, ‘Russell established Evely with malicious intent. He ran the company as per his wish. Lived a luxurious life with the company’s money.’
Evaly’s five-member board of directors headed by Justice HM Shamsuddin Chowdhury Manik resigned on Wednesday. They have also filed the audit report of Evaly and their observation report on Evaly in the High Court.
Justice Manik told Dhaka Times that their resignation letter and report were presented to the court at around 11 am. Said, ‘We have submitted our observation report in the form of Evaly.’
Justice Manik told Dhaka Times, ‘When the evaluation board was formed, the court’s order was that our work will be completed till the audit report. That is, after the completion of the audit report and the completion of the investigation report, we have no more work to do in EVALY. Today we have submitted the audit report and investigation report. That’s why we resigned.’
On September 16, 2021, the founder and managing director of Evely, Mohammad Russell, and Shamima Nasreen, the wife of the former chairman of the company, were arrested. Then on October 18, the High Court formed a five-member board headed by Justice HM Shamsuddin Chowdhury Manik.
Other members of the board were former secretary of local government and rural development department Mohammad Rezaul Ahsan, retired secretary Mahbub Kabir Milan, chartered accountant Fakhruddin Ahmed and lawyer barrister Khan Mohammad Shamim Aziz.
Meanwhile, Evaly’s new board of directors is going to take over on Thursday. According to the court’s instructions, the board is headed by Russell’s wife Shamima Nasreen, her mother and sister’s husband, Commerce Ministry Deputy Secretary Kamrun Nahar and ICAB Vice President Sahab Uddin Shipan.
When asked about their observations on Evaly, Justice Manik told Dhaka Times, ‘We have written in the investigation report – Russell drowned Evaly. Because his intentions were deceptive from the start. He formed this company with the intention of cheating, duping people. By misleading people, they have embezzled money by taking advantage of people’s weakness.
‘That’s what Russell has done all year. And Evaly’s invoices don’t say—who paid him how much; There is only mention of money. It is not mentioned who got the money. This has been mentioned by the auditors.
Justice Manik said, ‘Crillions of rupees were traded in Evely but where did that money go? The location of that money is not available. From this we can assume that the money has been smuggled abroad; Money laundering has occurred. The government will investigate it. We don’t.’
Stating that Russell was running the company alone, Justice Manik said, ‘Everyone else in the company told us that Russell was running the company alone. Russell had no obligation to anyone. Was not a good administrator or accountant.’
‘Russell didn’t follow any rules. He ran his own company without accepting these. Because his intention was to fill his pocket with money. And that’s what he did. Many have been deceived by this and are sitting on the road. That’s why the company has sunk.’
It is not possible to save the company with the money that Evely has at the moment – the report has suggested, Justice Manik said, ‘if any new investment comes, then it may be possible to save the company. Otherwise it will not be possible to save. Russell ran the company with the intent to defraud, it has repeatedly come up in the investigation.’
Shamsuddin Chowdhury Manik told Dhaka Times, ‘The court told us during the formation of the board of directors, if we think the company will not run, then we can bankrupt the company. But we didn’t do that.’
‘We didn’t bankrupt Evaly because of the many small investors. If the company is able to run, the creditors will get their money back. But they depend on the future. But this company will not work in its current state” added Justice Manik.