CID Charges Alif World Chiefs Over Fraud, Money Laundering

Bangladesh’s Criminal Investigation Department (CID) has submitted a charge sheet against the chairman and managing director of Alif World E-Commerce and Alif World Marketing Limited over allegations of large-scale fraud and money laundering involving customer funds.

The charge sheet was filed on December 17 by the CID’s Financial Crime Unit with the Dhaka Chief Metropolitan Magistrate’s Court. Confirming the development on December 18, CID Special Superintendent of Police (Media) Jasim Uddin Khan said investigators found preliminary evidence that the company’s chairman Md Ainal Haque (68) and managing director, as well as proprietor of AlifWorld.com, Mohammad Rashedul Islam Riyon (30), acted in collusion to embezzle a total of Tk 28,728,670 through fraudulent means and laundered the proceeds.

According to the investigation, the accused promoted attractive online advertisements through the Alif World Marketing Limited website, offering motorcycles and other products. Customers were told that by depositing Tk 108,540 via mobile banking through the Foster Payment gateway or directly into the company’s bank accounts, a Pulsar Double Disc motorcycle would be delivered within 30 working days.

Trusting these claims, numerous customers transferred money to the payment gateway and various bank accounts of the company. While a small number of buyers reportedly received products, most customers did not receive any goods even after the stipulated time had elapsed. Subsequently, the accused allegedly shut down their offices and went into hiding without delivering products or refunding the money.

Based on complaints received, the CID initiated a money laundering case and began its investigation. During the probe, investigators examined bank account statements, customer orders and invoices, and statements from victims. The findings indicate that the embezzled funds were laundered through cash withdrawals, transfers to personal bank accounts, and expenditures on personal consumption.

The CID stated that, under the Money Laundering Prevention Act, 2012 (amended in 2015), fraudulently acquiring money qualifies as a predicate offence, and preliminary evidence has been found to support charges under the relevant sections of the law.

The CID added that further investigation is ongoing to uncover the full scope of the crime, identify any unidentified accomplices, and complete other necessary legal procedures.

DBTech/BTO/EK/OR