The Billion-Dollar Hijack: Alleged Conspiracy To Seize Bangladesh’s Digital Wallet Giant, Nagad

Dhaka: In the heart of South Asia’s fast-growing digital economy, a dramatic crisis is unfolding. Allegations of a coordinated and politically protected plot to seize control of one of Bangladesh’s most successful fintech ventures—Nagad—are now raising serious questions about regulatory integrity, investor protection, and the future of innovation in emerging markets.

Launched in 2019 under the leadership of fintech pioneer Tanvir A Mishuk, Nagad quickly grew into Bangladesh’s most trusted digital wallet. Backed by the government and integrated into national disbursement systems, Nagad serves over 70 million users and had reached a valuation of USD 1.56 billion by April 2023.

But today, the company faces what insiders describe as an orchestrated corporate ambush.

A Coordinated Takeover Attempt

According to multiple sources—including whistleblowers within regulatory and financial institutions—Grameen Telecom, the social business enterprise founded by Nobel Laureate Dr. Muhammad Yunus, is pursuing a hostile takeover of Nagad through a combination of legal intimidation, media pressure, and regulatory interference.

The operation is allegedly coordinated by Dr. Yunus and economist Ahsan H. Mansur, and funded by powerful fintech stakeholders including Kamal Quadir, CEO of rival firm bKash, and Asif Saleh, Executive Director of BRAC.
The goal: to pressure Nagad’s original shareholders into selling their stakes at a drastically devalued price, under threat of false criminal cases and sustained regulatory harassment.

Regulatory Names Surface

Whistleblowers have named several officials from the Bangladesh Bank as key enablers of the takeover attempt. Those accused of participating in or facilitating this campaign include:

- Muhammad Badiuzzaman Dider, Director
- Md. Habibur Rahman, Additional Director, Payment Systems
- Anwar Ullah and Palash Mandal, Joint Directors
- Chayan Biswas, Deputy Director, ICT
- Md. Ayub Khan, Deputy Director
- Abu Sadat Mohammed Yasin, Joint Director (Motijheel Office, ICT)

These individuals are alleged to be leveraging their positions to delay regulatory clearances, promote disinformation, and initiate baseless investigations—all contributing to what one source described as “an economic siege disguised as compliance enforcement.”

Harassment of Founders and Shareholders

Since early 2024, several directors and early investors in Nagad have been subjected to police raids, arbitrary detentions, and media defamation, with no formal charges progressing to prosecution. According to legal observers, this indicates a strategy of intimidation rather than accountability.

A former senior advisor at the Ministry of Finance, who spoke on condition of anonymity, stated:

“This is a textbook example of regulatory capture. If these actions succeed, it will permanently undermine Bangladesh’s fintech credibility in global markets.”

A Resilient Founder Under Siege

Despite mounting pressure, Tanvir A Mishuk, Nagad’s founder and managing director, has not issued any public retaliation. Close associates say he remains committed to defending the company’s reputation through legal avenues and is focused on protecting Nagad’s 1,000+ employees and tens of millions of customers.

A senior staff member commented off-record:

“He created this platform for the people. That’s why they want to destroy it—it’s the only thing they couldn’t control.”

Calls for International Attention

Human rights and digital transparency advocates are calling for an independent international investigation into the matter, citing threats to press freedom, financial transparency, and investor safety. Online, movements tagged #SaveNagad and #StopTheHijack are gaining momentum, with users demanding protection for Bangladesh’s digital economy from political and corporate exploitation.

What’s at Stake

For international observers, the situation in Bangladesh represents a broader pattern seen in emerging markets: innovators rising quickly—and being crushed through opaque, high-level collusion once they become too powerful or independent.

If the allegations are true, this attempted takeover of Nagad could mark one of the most alarming cases of financial suppression and regulatory abuse in South Asia’s digital history.

A London-based fintech analyst warned:

“The world is watching. If this is allowed to happen, global capital will think twice before trusting Bangladesh’s regulatory ecosystem.”

Reporter’s Note

All parties named in this report—including Nagad, Grameen Telecom, Dr. Muhammad Yunus, bKash, BRAC, and officials of Bangladesh Bank—were contacted for comment prior to publication. As of the time of filing this report, no official responses have been received. Attempts to seek clarification from Bangladesh Bank’s media office also went unanswered.

This investigation is ongoing. Additional updates will be published as further evidence or responses emerge.