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Published : 13 Feb 2025, 02:28 AM
The Anti-Corruption Commission, or ACC, has found evidence that mobile financial service provider Nagad “created excessive electronic money and laundered funds” through foreign companies.
A team led by ACC Deputy Director Ruhul Haque conducted a raid at Nagad’s Headquarters following allegations that its platform was used for money laundering.
On Wednesday, ACC spokesperson Akhtarul Islam said: “Nagad created a large amount of excessive e-money and laundered funds through several foreign companies.
“A preliminary review of records and statements from relevant individuals during the raid has confirmed the allegations,” he added.
Officials in the investigation said Nagad conducted transactions worth more than Tk 6 billion through “irregular” e-wallet accounts.
Discrepancies were also found between Nagad’s main account and its trust account.
The ACC team has collected all necessary documents for further verification and will submit a report to the commission after reviewing them.
The anti-graft body also revealed that 97,000 accounts were opened on Nagad’s platform without national ID verification.
Nagad began operations in 2019 as a mobile financial service provider under the postal department’s digital transaction system.
In June 2024, Bangladesh Bank granted it a full digital banking licence, officially listing it as a scheduled bank.
Following the fall of the Awami League government amid the July-August 2024 movement, Bangladesh Bank dissolved Nagad’s previous board on Aug 21 and appointed its director, Muhommad Badiuzzaman Dider, as the administrator.
After the ACC raid on Wednesday, Badiuzzaman told journalists that preliminary findings indicated Tk 17 billion had been “laundered”, along with “irregularities” involving Tk 6.45 billion in e-money.
Later in the day, while heading towards Gulshan, Badiuzzaman was attacked.
Meanwhile, Bangladesh Bank has filed a case against Nagad over allegations of embezzlement.
The case, lodged with Motijheel Police Station, named 24 individuals, including former chairman Syed Mohammad Kamal and managing director Tanvir Ahmed Mishuk, as defendants.
According to the case statement, Bangladesh Bank audited Nagad’s operations between Apr 21 and Apr 25, 2024, and found a shortfall of over Tk 1.01 billion in real money against the e-money issued in different banks’ trust-cum-settlement accounts.
