Bangladesh Bank files fraud case against Nagad

Bangladesh Bank has filed a fraud case against mobile financial services (MFS) provider Nagad.

Arif Hossain Khan, the Executive Director of Bangladesh Bank, said, "The central bank’s Payment Systems Department has filed the case against Nagad over financial irregularities amounting to Tk 645 crore."

Mezbah Uddin, Officer-in-Charge (OC) of Motijheel Police Station, confirmed the matter on Tuesday (February 4).

He said, "A total of 24 individuals have been accused, including nine officials from the Bangladesh Postal Department. Among them are Nagad’s former Managing Director, Tanvir A Mishuk, and a former Director General of the Postal Department."

"Bangladesh Bank has filed this case against Nagad on charges of fraud," he added.

Following the fall of Sheikh Hasina’s government on August 5, the interim government appointed an administrator to oversee Nagad. Allegations of irregularities in Nagad’s operations soon surfaced. An audit revealed multiple instances of financial mismanagement, including the creation of Tk 600 crore in e-money without corresponding cash deposits in banks and the unauthorized withdrawal of Tk 1,711 crore in government allowances from 41 distributor accounts.

In response to these findings, Bangladesh Bank has taken legal action.