Nagad Nexus: Noose Tightens as 76 Bank Accounts Blocked

A court has ordered the freezing of 76 bank accounts operated under the names of former Managing Director (MD) of Mobile Financial Service (MFS) provider Nagad Limited, Tanvir Ahmed, and his associated individuals and entities.

On Tuesday, 18 November, following a hearing, Dhaka Metropolitan Senior Special Judge Sabbir Fayeze issued the order.

Md. Riaz Hossain, bench assistant of the concerned court, stated that for the sake of a fair and impartial investigation, CID’s Additional Special Police Superintendent Md. Sheikh Rasel filed a petition seeking to freeze the bank accounts operated under the names of individuals and entities linked to Nagad Limited.

The petition stated that it is presumed Nagad Limited may have illegally issued excessive e-money and, by using the bank accounts of distribution houses connected to the interests of the company’s directors and officers through the trust-cum-settlement account, engaged in fraud and forgery to embezzle funds through various means and launder the money abroad.

It further mentioned that there remains reasonable suspicion that money may have been laundered abroad by transferring shares to foreign investors at a price significantly lower than their actual value. Under Sections 2 (sha) (5) and 2 (sha) (14) of the Money Laundering Prevention Act, 2012 (with the 2015 amendments), the offences are related respectively to fraud and domestic/foreign currency laundering, and investigations against individuals of the concerned institution are ongoing.

In this situation, for a proper investigation and fair justice, it is absolutely necessary to permanently freeze the bank accounts operated under the names of individuals and entities associated with Nagad Limited so that the funds already deposited cannot be transferred.

DBTech/BS/IK/OR