BB governor finds Nagad CEO fraudster, unfit for the role

Bangladesh Bank Governor Ahsan H Mansur branded Md Safayet Alam, CEO of Nagad Limited, a fraudster, declaring him unfit for the role. 

“He committed fraud, is guilty, and has no right to hold this position,” Mansur said during a press interaction following a meeting at the Finance Ministry on Sunday, May 18. 

The meeting, chaired by Financial Adviser Dr Salehuddin Ahmed, included the Chief Adviser’s Special Assistant Faiz Ahmed Tayyab and Attorney General Md Asaduzzaman.

Responding to reports that Safayet Alam, against whom Bangladesh Bank filed a case, was reappointed as Nagad’s CEO, Mansur clarified, “The government does not accept this. It contradicts Bangladesh Bank’s stance.” He dismissed concerns about potential conflict with the Postal Department, stating, “There will be no conflict. The issue is clear.”

When asked about the absence of Bangladesh Bank’s lawyer at a recent hearing, Mansur explained, “We were not informed. The court’s handwritten record differs from the documents provided to us and the Attorney General’s office.” 

Iterating Safayet Alam’s ineligibility, he added, “A fraudster cannot be CEO. We have a case against him.”

On Saturday, Bangladesh Bank Executive Director and Spokesperson Arif Hossain Khan, in an emergency press conference, revealed that Nagad’s previous board was involved in significant financial irregularities. 

With millions of users and deposits worth hundreds of crores at stake, Bangladesh Bank temporarily assumed control of the institution. However, an eight-week suspension was granted on the administrator’s appointment due to the absence of Bangladesh Bank’s lawyer, enabling Safayet Alam’s controversial reappointment.

Khan highlighted that miscreants had seized Nagad’s IT department, cutting ties with Bangladesh Bank, raising concerns about potential money laundering and illegal activities. 

He noted that the Supreme Court, led by the Chief Justice, is set to deliver a final decision on May 19. Khan also questioned why the police have not apprehended the accused in Bangladesh Bank’s case.