BB files lawsuit against Nagad

The Bangladesh Bank (BB) has filed a lawsuit against Nagad Ltd, a brainchild of the corrupt Awami League government, for its complicity in financial irregularities worth Tk645 crore.

The central bank’s Executive Director Arief Hossain Khan has confirmed the development.

The lawsuit filed with Motijheel Police Station accuses 24 individuals, including nine officials from the Bangladesh Post Office and a former managing director of Nagad.

Upon assuming power in August last year, the interim government appointed an administrator for Nagad. Later, while reviewing the company’s financial records, the administrator found Tk600 crore in e-money without any tangible liquidity backing, and unauthorised withdrawals worth Tk1,711 crore.