Nagad Cleared: Dhaka Court Dismisses Allegations Against Founder

Dhaka court dismisses allegations against Nagad's founder, Tanvir A Mishuk, citing lack of evidence. Accusations included financial irregularities and intimidation. Verdict clears Mishuk's name, affirming his and Nagad's credibility. Amid a successful audit by Bangladesh Bank, the case bolsters confidence in Nagad and the broader fintech sector.

A court in Dhaka has dismissed the complaint against Tanvir A Mishuk, the founder of leading mobile financial service provider Nagad, due to insufficient evidence. The allegations arose from concerns expressed by a Bangladesh Bank-appointed administrator regarding an intimidating WhatsApp message allegedly sent by Mishuk.

Upon legal examination, the court found the claims unfounded and acquitted Mishuk, reinforcing his professional reputation. Founded in 2019, Nagad has notably become a fintech giant in Bangladesh with over 90 million customers and achieving unicorn status through its unique revenue-sharing model that significantly benefits the government.

Coinciding with this legal verdict, a separate audit by Bangladesh Bank concluded that Nagad adhered to regulatory compliance, dismissing all allegations of financial misconduct. This outcome is a vital endorsement of Nagad's adherence to transparency and compliance, promising a bright future for the company and the fintech sector in the country.

(With inputs from agencies.)