The Anti-Corruption Commission (ACC) has uncovered evidence that mobile financial service provider Nagad was involved in “excessive creation of electronic money and money laundering” through foreign companies.
An ACC team led by Deputy Director Ruhul Haque raided Nagad’s headquarters following allegations that its platform was used for laundering funds.
On Wednesday, ACC spokesperson Akhtarul Islam confirmed, “Nagad created a substantial amount of excessive e-money and laundered funds through several foreign companies.”
He added, “A preliminary review of the records and statements from relevant individuals during the raid has validated these allegations.”
Investigators revealed that Nagad processed transactions worth over Tk 6 billion through “irregular” e-wallet accounts. Discrepancies were also found between Nagad’s main and trust accounts.
The ACC has gathered all required documents for further examination and plans to submit a report to the commission after a review.
Additionally, the commission reported that 97,000 accounts were opened on Nagad’s platform without national ID verification.
Nagad, which began operations in 2019 under the postal department’s digital transaction system, was granted a full digital banking license by Bangladesh Bank in June 2024, officially making it a scheduled bank.
After the fall of the Awami League government in the July-August 2024 movement, Bangladesh Bank dissolved Nagad’s previous board on August 21 and appointed director Muhommad Badiuzzaman Dider as the administrator.
Following the ACC raid on Wednesday, Badiuzzaman informed the press that initial findings suggested that Tk 17 billion had been “laundered,” along with “irregularities” involving Tk 6.45 billion in e-money.
Later, while traveling towards Gulshan, Badiuzzaman was attacked.
Meanwhile, Bangladesh Bank has filed an embezzlement case against Nagad, naming 24 individuals, including former chairman Syed Mohammad Kamal and managing director Tanvir Ahmed Mishuk, as defendants.
According to the case, an audit by Bangladesh Bank between April 21 and April 25, 2024, revealed a shortfall of over Tk 1.01 billion in real money compared to the e-money issued in various banks’ trust-cum-settlement accounts.
