Court freezes Nagad-linked shares worth Tk786cr
ACC cites alleged embezzlement and money laundering.
A Dhaka court has ordered the freezing of shares worth Tk786 crore held by Tanvir Ahmed Mishuk, former managing director of Third Wave Technologies Ltd (later renamed Nagad Ltd), and other individuals and entities linked to an ongoing Anti-Corruption Commission (ACC) investigation.
Dhaka Metropolitan Senior Special Judge Md Shahjahan Kabir passed the order today (13 September) following an application by the anti-graft agency.
ACC Assistant Director and investigating officer Mohammad Shahjahan Miraj filed the application seeking the court's order.
Keep updated, follow The Business Standard's Google news channel
According to the application, the ACC is investigating allegations including the siphoning of government funds through unauthorised distributors, the transfer of shares to non-resident investors without bringing foreign currency through legal channels, the use of proceeds from zero-coupon bonds to repay foreign loans, money laundering abroad and the acquisition of assets beyond 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 diverted through software manipulation to 24,159 fake entrepreneur wallets.
The funds were subsequently allegedly routed through bank accounts linked to 648 fake distributor service outlets and 34 unauthorised distributors, according to the application.
The ACC said its preliminary investigation had uncovered evidence of embezzlement amounting to Tk1,706 crore.
According to the application, the allegedly embezzled funds were subsequently layered through various bank accounts and used to purchase shares worth a substantial amount.
