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A court has ordered the freezing of shares worth around Tk786 crore 39 thousand 284 held in the names of former Nagad managing director and other individuals and entities in connection with an ongoing investigation.
Judge of the Dhaka Metropolitan Senior Special Judge Court Md Shahjahan Kabir passed the order on Sunday following an application submitted by the Anti-Corruption Commission (ACC). ACC Assistant Director and Investigating Officer (IO) Md Shahjahan Miraj filed the application.
According to the application, the ACC is investigating allegations against Tanvir Ahmed Mishuk and others involving the withdrawal of government funds through unauthorized distributors, transfer of shares to non-resident investors without bringing foreign currency through legitimate channels, repayment of foreign loans using proceeds from zero-coupon bonds, money laundering abroad and acquisition of assets beyond their known sources of income.
The ACC s preliminary investigation found that between 1 April 2021 and December 2024, unused government allowance funds distributed through Nagad were allegedly transferred through software manipulation to the wallets of 24,159 fictitious entrepreneurs.
The money was subsequently withdrawn through bank accounts of 648 fictitious DSO (Distributor Sales Officer) entities and 34 unauthorised distributors.
The ACC further said the accused individuals were attempting to sell or transfer the shares and expressed concern that proceeds from such sales could be siphoned abroad. The investigation also found no evidence that the relevant foreign entities and individuals had brought funds into Bangladesh through legitimate channels to purchase the shares.
Against this backdrop, the ACC sought the freezing of the shares under section 14 of the Money Laundering Prevention Act, 2012 and Rule 18 of the ACC Rules, 2007, arguing that the shares could otherwise be transferred or sold before completion of the investigation, potentially causing financial loss to the state.
The ACC also sought copies of the court order to be sent to the Registrar of the Joint Stock Companies and Firms (RJSC), the administrator of Nagad and the relevant shareholders.
