Qcoom clients’ long wait to end as reimbursing begins today

The commerce ministry has arranged a programme to reimburse e-commerce platform Qcoom's customers who did not receive products even after paying in advance at least seven months ago.

Tapan Kanti Ghosh, senior secretary at the ministry, on Monday will inaugurate the process of officially refunding money to 6,700 out of thousands of Qcoom customers from the Tk397 crore stuck in the payment gateway Foster's account.

Qcoom's clients paid Tk166 crore under the escrow service launched on 30 June last year but did not receive their products.

But, Qcoom, Foster or the commerce ministry does not yet have an accurate account of how many more customers have not received products after making advance payment earlier.

In addition to Tk397 crore stuck with Foster, goods worth Tk100 crore are in the warehouse of Qcoom, which were bought against orders from buyers but were not delivered.

According to the Bangladesh Bank's Financial Intelligence Unit, Qcoom, in its six accounts, had Tk790 crore, paid by customers.

The suspended accounts currently have a deposit of Tk2.97 crore as the company withdrew the rest.

The ministry had earlier this month sought steps by the central bank to pay back the said amount.

To release the fund that is stuck in the Foster account and reimburse it to clients, the commerce ministry held a meeting with officials of the law ministry, central bank and law enforcement agencies on 28 December last year.

According to a list Foster and Qcoom sent to the ministry, a total of 6,721 Qcoom clients are owed more than Tk59.05 crore.

Earlier on 30 June, the central bank froze Foster's account at the request of the Criminal Investigation Department (CID) over money laundering allegations and as a result, Qcoom's Tk397 crore in its Foster account got stuck. 

Qcoom Chief Executive Officer Ripon Mia was arrested in October last year on charges of cheating customers with lucrative offers to sell products at much lower prices than the market price and the operation of the beleaguered online shopping platform has been suspended ever since.

The Bangladesh Bank has suspended two Foster accounts with nearly Tk194 crore.

After the Qcoom clients get their refunds from the money stuck in the payment gateway, it will pave the way for refunding another Tk48 crore, which customers have paid on other shady e-commerce platforms.

However, there is still uncertainty about refunding the money customers paid before the introduction of the escrow service, because earlier the customers' payments went directly to the companies' bank accounts.

AHM Shafiquzzaman, additional secretary at the commerce ministry and head of the digital commerce cell, has recently told The Business Standard, "We have formed a committee to supervise the warehouse inspection and delivery of the products."

"Steps are being taken to reopen the Qcoom office to verify all the orders and the customers' payment information to deliver products and to return the money stuck in Foster to customers," he added.

Ripon Mia could be granted bail if the products in the warehouse and the money stuck at the payment gateway are returned to customers, said officials at the commerce ministry, adding that it could also create an opportunity for the company to resume operations.