Bangladesh Bank Files Case Against Former Nagad MD Over Tk 645 Crore Illegal E-Money Fraud
Bangladesh Bank has filed a case against Tanvir A Mishuk, former Managing Director of mobile financial service provider Nagad, along with 24 others for allegedly creating and transacting Tk 645 crore in illegal e-money in violation of financial regulations. The case was filed by Joint Director of Bangladesh Bank’s Payment Systems Department, Sarkar Muhammad Amir Khasru.
Confirming the development, Motijheel Police Station Officer-in-Charge (OC) Mezbah Uddin stated, “Bangladesh Bank has lodged a case against Nagad, accusing the company of embezzlement and financial fraud. The matter will be investigated thoroughly, and appropriate legal action will be taken.”
A senior official at Bangladesh Bank also confirmed that the case was registered at Motijheel Police Station on Sunday, citing the unauthorized creation of electronic money.
According to sources within the central bank, the Nagad Operations and Management Committee, formed by Bangladesh Bank, uncovered significant financial irregularities in the company. The investigation revealed fraudulent transactions using fake distributors and agents, leading to the illicit creation of excess electronic money (e-money).
As a result of these discrepancies, a total of Tk 2,356 crore remains unaccounted for. Following the installation of an interim government, Bangladesh Bank has placed an administrator and a management committee to oversee Nagad’s operations.
