ACC raids Nagad office again

The Anti-Corruption Commission (ACC) has again raided the head office of Bangladesh Post Department's digital financial service 'Nagad'. Today, Sunday, June 1, an enforcement team led by ACC Deputy Assistant Director Rabiul Haque conducted the raid on charges of embezzlement and recruitment-related corruption. The matter was confirmed by the ACC's Public Relations Office.

Earlier, the ACC conducted the first raid on Nagad on February 12. At that time, a team led by Assistant Directors Ruhul Haque and Tanzir Ahmed inspected Nagad's activities and reported finding primary evidence of corruption and money laundering worth about Tk 2,300 crore. During the raid, it was learned that about 5,000 illegal agents are active in the Mobile Financial Services (MFS) sector, who are involved in laundering money outside the country through hundi. It is claimed that around Tk 75,000 crore has been laundered abroad through these agents in the last one year alone.

The current operation is investigating whether there is corruption, embezzlement, illegal commission transactions and violations of the money laundering law in the recruitment process of Nagad. For this purpose, the financial documents of the company, agent registration records, recruitment documents and digital data are being analyzed. ACC sources say that if evidence is found, a high-level investigation and a case will be filed.

‘Nagad’ started its journey in 2019 at the initiative of the Bangladesh Postal Department. Although it is government-owned, it is managed by a private partner ‘Nagad Limited’. Despite playing a leading role in financial inclusion, various types of financial and administrative irregularities have been alleged against Nagad in the last few years, which has tarnished the image of the company.

ACC says that to ensure transparency in the mobile financial sector, a strict stand must be taken against such corruption. Institutional weaknesses and misuse of technology by criminals have led to an increase in crimes such as money laundering and hundi, which threaten the country's economy. Several agencies, including the NBR, Bangladesh Bank and BFIU, are currently cooperating in the investigation.

This situation has raised extreme concerns among ordinary consumers. Experts say that stricter supervision by law enforcement agencies and policy reforms are needed to keep the financial technology sector safe.