E-valy, the latest digital business scam

E-valy offers consumers all sorts of lucrative deals, with ‘cash back’ offers going up to 100 to 150 per cent. If you buy, for example, Tk 100 worth of goods, you can get the same amount back or even more. Thousands of consumers are being lured in by these almost unbelievable deals being offered by this Bangladeshi e-commerce company. A few are even making a profit, but most are still waiting to see the big bucks.

People should understand that the seller or the company which is giving you 100 per cent or 150 per cent cash-back is not paying from their own pocket or inheritance. They are cheating others and resorting to other unethical means.

Not even two years into the business, this company has already sold products worth Tk 10 billion (Tk 1000 crore). Yet the company’s paid-up capital is only Tk 50,000. As the business grows, a growing number of complaints have also been lodged against with various government agencies. Experts apprehend that this method of business is conducive to money laundering.

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