Mishuk And Nine Others of Nagad Named in Corruption Case Over Tk 645 Crore Embezzlement

The Anti-Corruption Commission (ACC) has filed a case against nine individuals, including Tanvir Ahmed Mishuk, former Managing Director of mobile financial service provider Nagad, for allegedly embezzling Tk 645 crore through fraudulent practices.

The case was filed by ACC Assistant Director Mohammad Shahjahan Miraj. ACC Deputy Director Md. Akhtarul Islam confirmed the matter on Wednesday, June 4.

According to the case statement, other accused individuals include Nagad’s Executive Director and Nominee Director Md. Safayet Alam; Additional Managing Director and Nominee Director Mohammad Aminul Haque; Senior Manager of the Treasury Department and Nominee Director Maruful Islam Jhalok; Chief Technology Officer Md. Abu Raihan; Head of Finance Operations Rakibul Islam; Chief Finance Officer Afzal Ahmed; Chief Commercial Officer Shihab Uddin Chowdhury; and Head of Business Intelligence Golam Mortuza Chowdhury.

The First Information Report (FIR) states, “Tanvir Ahmed Mishuk, in collusion with the other accused, fraudulently misrepresented accounting records and issued false financial reports between March 1, 2021, and November 17, 2024. During this period, they issued e-money exceeding the physical cash balance of the trust-cum-settlement account by Tk 645,47,10,758 and misappropriated the funds through unauthorized refunds via 41 distributors.”

The charges fall under sections 409, 109, 467, 468, 471, 477A, and 420 of the Penal Code, along with section 5(2) of the Prevention of Corruption Act, 1947.

The ACC has described the incident as a serious breach of financial integrity and a punishable offense under existing anti-corruption laws.