A Dhaka court has ordered the freezing of shares worth Tk786.39 crore held by former Nagad Managing Director Tanvir Ahmed Mishuk and other individuals and entities linked to Third Wave Technologies Ltd, the company’s former name.

Dhaka Metropolitan Senior Special Judge Mohammad Shahjahan Kabir passed the order on Sunday following an application by the Anti-Corruption Commission (ACC).

ACC Assistant Director and investigating officer Mohammad Shahjahan Miraj filed the application.

The ACC is investigating allegations against Mishuk and others involving the embezzlement of government funds, unauthorised share transfers, use of zero-coupon bond proceeds to repay foreign loans, money laundering and acquisition of assets beyond known sources of income.

According to the ACC’s preliminary findings, unused government allowances distributed through Nagad between April 2021 and December 2024 were allegedly diverted through software manipulation.

The commission said funds were transferred to 24,159 fake entrepreneur wallets and subsequently routed through 648 fake DSO accounts and 34 unauthorised distributors.

The ACC said it had found evidence of the alleged embezzlement of Tk1,706.38 crore.

The commission further alleged that part of the diverted money was layered through various bank accounts and used to purchase 16.84 crore shares of Third Wave Technologies.

During the hearing, the ACC told the court that the accused were allegedly attempting to sell or transfer the shares held in their names, raising concerns that the proceeds could be moved abroad.

The commission also said it found no evidence that the foreign companies and individuals concerned had legally brought funds into Bangladesh to purchase the shares.

Seeking the freeze, the ACC said the measure was necessary to prevent potential financial losses to the state and ensure a proper investigation under the Money Laundering Prevention Act and relevant ACC regulations.

The court granted the ACC’s application after hearing the matter.