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Dhaka, May 19, 2025: Bangladesh Bank Governor Dr. Ahsan H. Mansur has accused the former management of mobile financial service provider Nagad of embezzling approximately Tk 2,000 crore and attempting to regain control of the organization. The central bank has appealed the matter in court, with a hearing date expected to be set soon.
Speaking at a press briefing on Monday (May 19) at the Foreign Service Academy in the capital, Governor Mansur responded to journalists’ questions following a meeting chaired by Chief Adviser Professor Dr. Muhammad Yunus on recovering laundered money. The briefing was attended by the Chief Adviser’s Press Secretary Shafiqul Alam and the head of the Bangladesh Financial Intelligence Unit (BFIU), AFM Shahinul Islam.
Governor Mansur stated, “Our position on Nagad is clear. The original management and board of Nagad engaged in economic corruption, embezzling over Tk 2,000 crore. They created Tk 650 crore in e-money, which was not backed by real funds. Money transferred under the government’s poverty alleviation programs through Nagad was misappropriated.” He added that audits conducted by Bangladesh Bank and an international audit firm confirmed these irregularities.
The central bank is firmly opposed to allowing Nagad’s former management to regain control. “We have appealed the court’s decision, and we expect a hearing date soon. We are confident of a favorable ruling,” Mansur said. However, he expressed concern that the former management has already taken full control of Nagad’s systems during this period, leaving the central bank with limited oversight due to legal constraints.
To mitigate further financial damage, Bangladesh Bank has instructed banks to restrict Nagad’s operations to only cash-in and send-money transactions. “They may attempt to erase the database, which would complicate our investigation,” the governor warned.
The embezzlement scandal has raised significant concerns about transparency and accountability in the country’s financial sector. Bangladesh Bank remains hopeful that a favorable court ruling will restore proper control over Nagad and facilitate the recovery of the misappropriated funds.
AI/MR
