ACC prosecutes ex-Nagad MD Tanvir, 8 others over ‘embezzling’ Tk 6.45 billion

The Anti-Corruption Commission (ACC) has prosecuted former Nagad managing director Tanvir Ahmed Mishuk and eight other top officials for allegedly embezzling Tk 6.45 billion through a network of 41 “unauthorised” distributors over a period of nearly four years.

The case was lodged on Wednesday, ACC Director General Md Akhtar Hossain said.

The accused include:

· Md Shafayet Alam, executive director

· Mohammad Aminul Haque, additional managing director and nominee director

· Maruful Islam Jhalak, senior manager

· Md Abu Raihan, chief technology officer

· Afzal Ahmed, chief finance officer

· Md Rakibul Islam, head of finance

· Shihab Uddin Chowdhury, chief commercial officer

· Golam Mortuza Chowdhury, head of business intelligence

The case alleges that between Mar 1, 2021, to Nov 17, 2024, the accused executed a “well-planned fraud” by issuing Tk 6.45 billion in excess electronic money beyond physical cash in trust-cum-settlement accounts, which was then shown as refunded through 41 unauthorised distributors to enable misappropriation.

Charges have been brought under Sections 409, 420, 467, 468, 471, 477A, and 109 of the Penal Code, along with Section 5(2) of the Prevention of Corruption Act, 1947.

According to the first information report (FIR) Tanvir, Safayet, Aminul, and Jhalak led the operation, while the remaining five officials assisted in producing false reports and doctored accounts to support the fraud.

It says these five--Raihan, Rakibul, Afzal, Shihab, and Mortoza--“illegally” added the 41 distributors to Nagad’s live production system, transferred the data to the BI and BPO portals, and generated customised reports to execute the fraud.

The offences allegedly took place at Nagad’s head office--formerly Third Wave Technologies Limited--at 36 Delta Dahlia, Kamal Ataturk Avenue, Banani, Dhaka, and other connected sites.

On Feb 3, Bangladesh Bank also filed a separate embezzlement case against 24 people, including Tanvir and former chairman Syed Mohammad Kamal.

That investigation found a cash shortfall of over Tk 1.01 billion against e-money issued during an April 2023 audit.