The Anti-Corruption Commission (ACC) has filed a case against former Managing Director of mobile financial service provider Nagad, Tanvir Ahmed Mishuk, along with eight other top officials, over allegations of embezzling Tk 645 crore through a large-scale digital fraud scheme.
ACC Director General Md Akhter Hossain confirmed the filing of the case on Wednesday, stating that the embezzlement took place between March 1, 2021, and November 17, 2024.
The accused include: Md. Safayet Alam, Executive Director, Mohammad Aminul Haque, Additional Managing Director and Nominee Director, Maruful Islam Jhalok, Senior Manager, Md. Abu Raihan, Chief Technology Officer (CTO), Afzal Ahmed, Chief Financial Officer (CFO), Md. Rakibul Islam, Head of Finance, Shihab Uddin Chowdhury, Chief Commercial Officer (CCO), Golam Mortuza Chowdhury, Head of Business Intelligence.
According to the case statement, the accused collectively orchestrated a fraudulent operation by issuing Tk 645.47 crore in electronic money (e-money) beyond the amount of actual physical money held in trust-cum-settlement accounts. This excess e-money was reportedly funneled through 41 unauthorized distributors and subsequently misappropriated.
The investigation claims that key leaders of the operation included Mishuk, Alam, Haque, and Jhalok. With the support of five other senior officials, they manipulated the company’s accounting systems and created false reports to justify the illegal issuance and withdrawal of e-money.
The production (live) system of Nagad was allegedly tampered with, allowing the unauthorized inclusion of distributor data. Customized reports were generated using production databases and transferred to BI and BPO portals to facilitate the fraudulent withdrawals.
The case has been filed under several sections of the Penal Code, including 409 (criminal breach of trust), 420 (cheating), 467 (forgery of valuable security), 468 (forgery for purpose of cheating), 471 (using forged documents), 477A (falsification of accounts), and 109 (abetment), in addition to Section 5(2) of the Prevention of Corruption Act, 1947.
The crimes reportedly took place at Nagad Limited’s head office, formerly known as Third Wave Technologies Limited, located at 36 Delta Dahlia, Kamal Ataturk Avenue, Banani, Dhaka.
Earlier, on February 3, 2025, the Bangladesh Bank filed a separate case against Nagad over a similar allegation involving a Tk 101 crore shortfall in real money against issued e-money. That case named 24 individuals, including former Chairman Syed Mohammad Kamal and former MD Tanvir Ahmed Mishuk.
