The Criminal Investigation Department (CID) of police has seized assets worth approximately Tk62 crore belonging to individuals associated with Dhamaka Shopping, following allegations of embezzling Tk116 crore from customers and money laundering.
The seized properties include a Tk50 crore multi-storied building in Banani and Tk12 crore worth of land in Gazipur.
Investigations revealed that Dhamaka Shopping operated without proper registration under the guise of Invariant Telecom and conducted transactions worth crores in various banks, a significant portion of which was obtained through fraudulent means. Under the leadership of the company’s Managing Director SMD Joshim Uddin Chinti, customer funds were embezzled and laundered abroad.
On June 16, the senior special judge of the Metropolitan Sessions Judge Court in Dhaka issued the seizure order following an application by CID’s Financial Crime Unit Assistant Police Superintendent Al Mamun.
CID’s investigation found that Dhamaka Shopping, an online platform, operated illegally without proper registration from the Registrar of Joint Stock Companies and Firms or City Corporation, using Invariant Telecom Bangladesh Limited as a front. The company lured thousands of customers and sellers with promises of low-cost products, swindling crores of taka from them.
Although Dhamaka Shopping had no bank accounts of its own, it used Invariant Telecom Bangladesh Limited’s accounts in Southeast Bank, City Bank, and Dutch-Bangla Bank for transactions.
An analysis of a Southeast Bank account revealed transactions worth approximately Tk588.91 crore related to Dhamaka Shopping’s business, while the account balance on June 27, 2021, was only Tk93,731 taka—an extremely abnormal discrepancy indicating financial fraud.
CID’s probe further uncovered that embezzled funds from customers were transferred to accounts linked to MD Chinti and his associates, including Micro Trade Food and Beverage Limited, constituting money laundering.
Special Police Superintendent Al Mamun stated that a case was filed under the Money Laundering Prevention Act at Banani Model Police Station on September 9, 2021. All accused are currently abroad and have allegedly laundered a significant portion of the embezzled money.
Investigations are ongoing to trace the source, destination, and use of the laundered funds.