Bangladesh Bank (BB) Governor Ahsan H Mansur has accused Nagad CEO Md. Safayet Alam of fraud, saying that he is unfit to lead the mobile financial service provider.

“He (Nagad’s CEO) has undoubtedly committed fraud. He is definitely guilty and has no right to hold this position. He cannot assume responsibility,” the governor told reporters following a meeting at the Secretariat on Sunday.

When asked how a person facing a BB-filed case could be appointed as the CEO of Nagad, Mansur said, “The government will not accept that. That is not the government’s position. The government’s position is aligned with Bangladesh Bank’s stance.”

Responding to speculation about a possible conflict between the central bank and the postal department, the governor dismissed the idea outright: “There will be no conflict. Why would the postal department be in conflict? You will see no conflict now.”

Addressing the BB’s failure to appear at a critical court hearing, Mansur said, “That’s because Bangladesh Bank was not informed of the hearing. Moreover, the submission was handwritten. The original record in court and the version given to us and to the Attorney General’s Office are not the same. The court version is handwritten, and it does not exist in the AG Office or with us.”

On Saturday, BB Executive Director and Spokesperson Arif Hossain Khan held an emergency press briefing, revealing that Nagad’s previous board was involved in extensive financial misconduct.

Citing the involvement of millions of customers and hundreds of crores of taka in deposits, he said Bangladesh Bank had temporarily taken control of the institution.

However, in the absence of BB’s legal counsel at the hearing, the court issued an eight-week stay on the central bank’s decision to appoint an administrator. This loophole was then exploited to appoint a person—accused in a BB-initiated case—as the new CEO. A final verdict on Nagad’s future leadership is expected from the full bench of the Supreme Court, led by the Chief Justice, on May 19.