Forensic Focus on Fund Flight from Nagad
Allegations of misappropriating at least Tk 150 crore from Nagad, the state-owned mobile financial service provider under the postal department, have prompted the Ministry of Posts, Telecommunications, and Information Technology to initiate a joint forensic investigation.
The probe will involve the Criminal Investigation Department (CID), the forensic division of Bangladesh Bank, and the Cyber Security & Cybercrime Agency (CCA) under the ICT Division. The goal is to uncover the details behind reports of fund withdrawals through fake bills and vouchers, data deletions, mass layoffs, inflated event bills, and fictitious maintenance dues. However, the specifics of these allegations remain unclear.
Faiz Ahmad Taiyeb, Special Assistant to the Chief Adviser for the Ministry, has directed the newly appointed eight-member board led by CEO Abu Taleb to initiate a detailed forensic audit of Nagad’s operational devices. Taiyeb stated, “Recently, Shyamal B Das, Acting CEO of Nagad Ltd., submitted a request to the Director General of the Postal Department to hand over all responsibilities of ownership, management, and internal operations, including shareholding, to the postal department. We engaged in this matter for safeguarding.”
He added, “When I requested a breakdown of operating expenses and all bills for the last two months, I learned that a total of Tk 43 crore had been withdrawn, which includes operational costs, salaries, and allowances. I don’t understand where this figure of Tk 150 crore comes from. That’s why, instead of relying on a single agency, I have directed a tripartite forensic investigation under the new CEO.”
Taiyeb has also instructed the acting CEO to restore order within the organization, reinstate fired and transferred officials, ensure the disbursement of salaries and bonuses before Eid, and resume long-delayed feature and software upgrades.
In a Facebook post, Taiyeb elaborated, “As the primary license holder, I believe the Bangladesh Postal Department has fulfilled its duty. We have advised Nagad to proceed with assistance from Bangladesh Bank’s experts and directed full cooperation in the ongoing forensic audit. Law enforcement agencies are actively investigating all reported irregularities, and CID has been fully briefed.”
He further mentioned that on May 29, the newly appointed CEO informed the department that he had blocked the email accounts of Mishuk and Shafayet, who are accused in cases filed by Bangladesh Bank. “We expect that money laundering, gambling, and fraud rings will soon be identified and removed from Nagad, restoring order,” Taiyeb stated.
Addressing allegations against Muiz Nasnim Taqi, Nagad’s Deputy CEO, Taiyeb clarified, “Muiz was taken in for questioning, and while there were no charges against him, he was released upon signing an affidavit pledging not to assist any of the former associates of Nagad. CID is monitoring him, and should further wrongdoing be discovered, his arrest will be pursued.”
According to sources, on May 27, after a period of major unrest, Nagad authorities officially handed over operational responsibilities to the primary license holder, the Postal Department. During the board’s first meeting the same day, the newly formed committee vowed to work towards restoring stability and financial transparency in Nagad.
