Will Nagad’s Frozen Assets Be Unfrozen?

Scrutiny is intensifying over alleged financial irregularities, embezzlement, money laundering, and complex ownership structures surrounding Nagad, one of Bangladesh’s leading mobile financial service providers. The Anti-Corruption Commission (ACC) is currently investigating allegations involving the diversion of BDT 1,706 crore in unutilized government allowance funds, money withdrawals via fraudulent agents and unauthorized distributors, and share transfers to foreign entities.

As part of the inquiry, a court ordered the freezing of shares valued at BDT 786.03 crore associated with Nagad-affiliated individuals and entities. However, questions have emerged regarding potential moves to unfreeze these shares prior to the investigation’s conclusion. A key concern surrounding the recent court hearing on November 2 is whether these frozen assets, identified as potential proceeds of government fund embezzlement will be released prematurely.

Full clarity remains lacking regarding Nagad’s beneficial owners, the origin of funds used to purchase shares, and whether influential figures hold hidden financial stakes under the guise of foreign investment. Allegations of a secret partnership involving Sajeeb Wazed Joy, son of ousted Prime Minister Sheikh Hasina, have underscored the need for further investigation.

While corporate filings do not list Sajeeb Wazed Joy as a direct shareholder, analysts emphasize that determining Nagad’s ultimate beneficial ownership is essential. This is particularly relevant given its political connections, public promotional campaigns featuring his image, and past investigative reports, such as the 2020 Daily Inqilab report titled “Nagad Running on Credit”, which highlighted the platform’s ties to power structures.

Postal Department Initiative and Private Sector Role

Launched on March 26, 2019, Nagad was publicly presented as the Bangladesh Post Office’s mobile financial service. However, its technical and operational framework was managed by a private entity, Third Wave Technologies Limited, following an agreement signed on December 14, 2017. Supreme Court documents confirm this contractual relationship and Third Wave’s operational dominance.

Despite being branded as a public service, operations were effectively controlled by the private company, leaving the Postal Department with little more than a nominal role. A 2020 investigative report by the Daily Inqilab cited Registrar of Joint Stock Companies filings identifying key shareholders of Third Wave, including Tanvir A Mishuk and Kazi Monirul Kabir. Later records revealed shares held by political figures and well-connected individuals, including former Awami League MPs Nahim Razzaq and Razee Mohammad Fakhrul, as well as Rezwana Noor, wife of Sheikh Hasina’s former deputy press secretary Ashraful Alam Khokon.

The report raised concerns over the governance structure and public-private partnership terms. Experts emphasize the need to distinguish clearly between the service-sharing arrangement with the Postal Department and the private shareholding structure of Third Wave Technologies.

Crucial questions persist: How did politically connected individuals and relatives of high-ranking government officials acquire equity in a company handling public service operations? What were the sources of their investment funds, were preferential terms granted, and do undisclosed beneficial ownership layers exist beyond the registered shareholders?

Questions Surrounding Sajeeb Wazed Joy

Nagad’s association with Sajeeb Wazed Joy has long drawn scrutiny. Promotional campaigns heavily featured images of Sheikh Hasina and Joy, whose influence as ICT Advisor carried significant administrative and political weight.
Investigations by the Daily Inqilab highlighted the company’s marketing strategies and direct communication channels with the Prime Minister’s Office. In media statements published in 2025, former Nagad Managing Director Tanvir A Mishuk claimed he had met Joy only three times regarding Postal Department matters, asserting that Joy was not personally acquainted with him.

Disappearance of BDT 1,706 Crore in Government Allowances
The most severe allegations involve the mismanagement of government social safety net allowances. ACC court filings from September 13, 2026, allege that between April 1, 2021, and December 2024, software manipulation was used to divert unutilized allowance funds into 24,159 fake entrepreneur wallets.

The funds were subsequently siphoned off through 648 fraudulent distributor service outlets and 34 unauthorized merchant bank accounts. Preliminary ACC investigations estimate total misappropriation at BDT 1,706.38 crore.
The ACC further submitted that a portion of the laundered money was used to acquire 16.84 crore shares of Third Wave Technologies. Establishing this financial link between embezzled public funds and corporate share acquisitions remains a central focus of the ongoing probe.

Investigators are working to identify the controlling entities behind the fake merchant outlets, trace the banking channels utilized, and uncover the ultimate beneficiaries of the share purchases to ensure comprehensive accountability.

Freezing of BDT 786 Crore in Shares
On September 13, the Dhaka Metropolitan Senior Special Judge’s Court ordered the freezing of shares valued at BDT 786.03 crore following an application filed by ACC Assistant Director Mohammad Shahjahan Miraj.
The ACC’s petition detailed allegations of illegal fund transfers through unauthorized distributors, share transfers to non-resident investors bypassing formal banking channels, use of zero-coupon bond proceeds to settle foreign loans, and capital flight abroad.

The commission warned that if the frozen equity is transferred or liquidated prior to completing the probe, recovering state assets will become virtually impossible.
Notably, the BDT 786 crore in frozen equity represents asset valuation, whereas the BDT 1,706 crore represents the total estimated embezzlement. If ACC evidence proves that misappropriated funds were channeled into acquiring these shares, the equity will serve as a primary asset class for state recovery efforts.
This raises a fundamental question: Have the circumstances that prompted the court’s freezing order changed sufficiently to justify releasing the assets?
Concerns Surrounding the Nov 2 Hearing
Attention has focused on Petition No. 524/2026 scheduled for hearing before the Metropolitan Senior Special Judge’s Court on November 2. Reports suggest the hearing may involve attempts to secure an order unfreezing the assets.
Unfreezing shares tied to financial crime investigations presents significant risks to ongoing probes and asset recovery. If transferred, identifying, seizing, or liquidating equivalent assets later will be exceedingly difficult.
Legal proceedings must balance petitioners’ claims against the ACC’s stance, current shareholding status, funding sources, and transaction risks to protect the public financial interest.

Previous Cases and Regulatory Actions
This is not the first case involving Nagad. In June 2025, the ACC charged former MD Tanvir A Mishuk and eight executives over the embezzlement of BDT 645 crore via 41 unauthorized distributors. Earlier in February 2025, a Bangladesh Bank audit uncovered unauthorized e-money creation and illicit capital transfers.

Authorities must verify whether overlap exists between the BDT 645 crore figure from 2025 and the BDT 1,706 crore cited in 2026 to avoid double counting total misappropriated amounts.

Meanwhile, reports on August 29, 2026, confirmed Nagad remains under government administrative control. While the Postal Department holds the service license, company equity remains registered under private shareholders, including former Chairman Syed Mohammad Kamal and former MD Tanvir A Mishuk, according to Administrator Md. Motasem Billah.

This distinction highlights the gap between operational licensing and equity ownership, emphasizing the need for full public disclosure regarding investment sources and historical management structures.
The primary goal of the investigation must be establishing accountability, identifying ultimate beneficial owners, and recovering state assets. Courts must exercise extreme caution regarding any asset unfreezing requests prior to completing the probe.

Ahead of the November 2 hearing, experts urge that frozen equity remain locked until complete data on funding sources and transactions is verified. The ACC is expected to file formal legal objections against any unfreezing petitions while presenting comprehensive progress reports to the court.

A complete audit of Third Wave’s shareholding history, transfer deeds, foreign investment approvals, bank records, and beneficial ownership is necessary. Any potential financial ties to Sajeeb Wazed Joy must be thoroughly and impartially investigated to either substantiate or clear the allegations.

The Nagad inquiry is more than an ownership dispute; it directly impacts public safety net funds, millions of financial service users, the Postal Department’s reputation, and national financial security. Prematurely unfreezing assets risks releasing funds connected to high-profile political interests before investigations conclude.

Financial analysts conclude that preserving the judicial freeze on equity remains essential to identifying beneficial owners, tracing fund origins, and safeguarding state recovery options.