Commerce Minister Tipu Munshi said on Wednesday that the government would set up an e-commerce regulatory body to monitor the sector in a better way.
Tipu also mentioned that there will be a detailed e-commerce law to be enacted soon alongside establishing a central complaint cell.
Tipu made the remarks after presiding over a meeting at the commerce ministry to review the recent problems in the country's e-commerce business and policy-related decisions regarding the sector.
The minister said that the Digital Security Act and Money Laundering Act will be amended to ensure legal action against fraudulent companies.
Tipu noted that there were some legal complexities about refunding customers of Jubok and Destiny group by using those companies' assets.
"The law minister has been suggested to solve the issue," he said adding that the government cannot shut down the entire e-commerce sector for the fraudulence of 10-12 companies.
According to the minister, transactions worth Taka 6,000 crore took place in the e-commerce sector before the introduction of the escrow service on June 4.
The minister said that companies like Evaly and Alesha Mart wasted a lot of their assets on advertisements and sponsorships.
"We will try to ensure that these companies cannot cheat customers anymore. Every company must obtain a unique Business Identification Number from the commerce ministry," Tipu said.
Answering to another question, the Commerce Minister said they have arranged the meeting out of their obligations. "We don't want to escape those obligations."
Home Minister Asaduzzaman Khan Kamal, Law Minister Anisul Huq, Information and Broadcasting Minister Dr Hasan Mahmud, Commerce Secretary Tapan Kanti Ghosh, Bangladesh Competition Commission Chairman Md Mofizul Islam, Digital E-Commerce Cell Head and WTO Director General (Additional Secretary) Hafizur Rahman, IGP Dr Benazir Ahmed, Director General of RAB Chowdhury Abdullah Al-Mamun and other senior officials were present at the meeting.
Earlier, Commerce Minister Tipu Munshi requested people to control their buying spree of products at low prices from e-commerce platforms to prevent fraudulent incidents.