Thee Anti-Corruption Commission (ACC) has filed a case against former managing director Tanvir Ahmed Mishuk and eight other top officials of mobile financial service provider Nagad for allegedly embezzling Tk645 crore.
ACC Director General Md Akhtar Hossain informed journalists on Wednesday that besides Mishuk, the accused include Executive Director Md Shafayet Alam, Additional Managing Director and Nominee Director Mohammad Aminul Haque, Senior Manager Maruful Islam Jhalak, Chief Technology Officer Md Abu Rayhan, Chief Financial Officer Afzal Ahmed, Head of Finance Md Rakibul Islam, Chief Commercial Officer Shihab Uddin Chowdhury, and Head of Business Intelligence Golam Murtaza Chowdhury.
The case alleges that between March 1, 2021 and November 17, 2024, the accused orchestrated a “premeditated fraud” by issuing Tk645,47,10,758.90 in unauthorised e-money beyond the actual physical cash in the trust-cum-settlement account. This excess e-money was then siphoned off through 41 unauthorised agents under the guise of refunds.
The First Information Report (FIR) states that Mishuk, Shafayet Alam, Aminul Haque, and Maruful Islam Jhalak led the scheme, while the other five officials assisted in fabricating false reports and documents. These fake reports were used to justify the unauthorised e-money issuance and subsequent embezzlement.
According to the FIR, the five assisting officials illegally added data of 41 unauthorised agents to Nagad’s live production system. They then transferred production database to BI and BPO portals to generate customised reports, which facilitated the embezzlement scheme.
The case has been filed under sections 409, 420, 467, 468, 471, 477A and 109 of the Penal Code along with section 5(2) of the Prevention of Corruption Act, 1947. The alleged crimes occurred at Nagad Limited’s headquarters (formerly Third Wave Technologies Limited) at 36, Delta Dahlia, Kamal Ataturk Avenue, Banani, Dhaka and other related locations.
Earlier on February 3 this year, Bangladesh Bank filed another case against Nagad, its former chairman Syed Mohammad Kamal and MD Tanvir Ahmed Mishuk along with 22 others for financial irregularities. That case revealed over Tk101 crore discrepancy between e-money issued and actual money in trust accounts during Bangladesh Bank’s inspection from April 21-25, 2023.