A massive financial scandal has engulfed Nagad, one of Bangladesh’s leading mobile financial service providers, with allegations of embezzlement, administrative irregularities, and political interference coming to light.

At the center of the storm are former CEO Tanvir A Mishuk and Deputy CEO Muyeed Tasnim Taqi—both accused of orchestrating a Tk 150 crore or about $13.7 million fraud scheme that has triggered nationwide uproar.

The controversy has reached even higher echelons of political sensitivity, with whispers linking the syndicate’s protection to deposed Prime Minister Sheikh Hasina’s son and her ICT advisor, Sajeeb Wazed Joy. While Joy’s direct involvement is unproven, the pervasive influence of political networks in shielding key players has raised serious concerns about accountability and transparency.

Shadow governance and alleged looting

Despite officially leaving the country on August 5, 2023, former CEO Tanvir A Mishuk is believed to be running Nagad from abroad through a carefully constructed internal syndicate. Investigations reveal that during his tenure—and even after his departure—the company engaged in widespread malpractices including deleting crucial database entries, submitting fake event bills, mass layoffs, and manipulative recruitment and promotions, all allegedly aimed at siphoning off public money. The total amount misappropriated, according to multiple credible sources, exceeds Tk 150 crore.

Mysterious arrest and political intervention

Deputy CEO Muyeed Tasnim Taqi was arrested by the Detective Branch (DB) of police on the night of May 18. However, within 24 hours, he was mysteriously released—allegedly due to the intervention of a powerful political figure. Following his release, insiders say Taqi became even more reckless, pressuring staff to generate fake bills and justify past financial anomalies.

The role of a shadow operator

Another key figure operating from behind the scenes is Atik Morshed, who holds no formal title at Nagad but allegedly wields considerable power. He is known to be closely linked to Faiz Ahmad Tayyeb, a high-ranking official in the postal division, and is reported to work daily from Nagad’s sixth floor headquarters. Atik is also accused of nepotism—reportedly employing several of his family members, including his wife, within Nagad.

On May 12, a new CEO, Md Safayet Alam, was appointed via email—despite residing abroad and not physically joining the office. From overseas, Safayet reportedly terminated at least 19 senior officials using email and WhatsApp, including employees who were assisting external audit firm KPMG in uncovering internal mismanagement. At the same time, he promoted individuals loyal to Mishuk.

Sources confirm that systematic data destruction and retroactive fake billing are ongoing under this new leadership, while those who resist such practices are being terminated without severance benefits. In some cases, company policies were reportedly altered via email to deny those dismissed any compensation.

Adding further to the controversy, Nagad’s Chief Technology Officer (CTO), Abu Raihan—a fugitive in a murder case—allegedly withdrew six months’ worth of salary despite being absent from work for over a year. His close association with Tanvir Mishuk has raised more red flags among investigators.

Bangladesh bank’s hands tied?

Although the Bangladesh Bank is fully aware of the situation, it has not yet taken concrete action. Executive Director Arif Hossain Khan stated that legal constraints prevent direct intervention. The central bank has filed an appeal in court and urged the media to continue reporting on the matter to facilitate swift judicial permission for intervention.

Denials from Nagad

In response to the allegations, Nagad’s leadership has denied any wrongdoing. Deputy CEO Muyeed Taqi claims there has been no falsification of bills or destruction of data. Similarly, Atik Morshed insists that his role is limited to coordination on behalf of the postal division.

A deeper crisis of governance

Despite these denials, it is evident that Nagad remains in deep disarray. Its key decision-makers operate from abroad, managing the company through unofficial networks and digital communication, while the institutional governance structure collapses under political and administrative pressure.

This is not just a story of corporate embezzlement—it is a glaring reflection of state failure in ensuring regulatory oversight, public accountability, and financial transparency. Given the scale of the scandal and the public trust involved, especially with millions of customers entrusting their money to Nagad, the situation raises serious concerns about national economic security.