Nagad deposits back Tk 47cr to 18K hacked accounts

After multiple analysis and scrutiny, mobile financial service provider Nagad has adjusted the amount of its 18,000 customers whose Tk 47 crore were swindled by a racket led by Shirajganj.com, a controversial e-commerce platform.

“All those accounts that were put on hold have been reactivated with the money they had,” Nagad said in a statement.

As a result of the extensive analysis, it was possible to identify the accounts involved in the scam and at the same time completely secure the money of 18,000 customers, said Nagad, an MFS provider where Bangladesh’s Postal Department has ownership.

Nagad said after deep analysis, Shirajganj.com CEO Jewel Rana’s account and accounts of his family members, business partners and employees were also identified. The process of legal action on the matter is in progress, it said.

“The customers are already enjoying the regular functionality with the reactivated accounts as well as all the exciting Nagad offers. No money was deducted from the accounts which were temporarily suspended,” the statement reads.

It said after observing signs of suspicious transactions with some e-commerce platforms three weeks back, to maintain customer security Nagad’s state-of-the-art technology automatically put some accounts on hold temporarily.

Later, through ongoing discussion with the authorities, extensive analysis and scrutiny, the accounts with satisfactory results were opened in phases.

Earlier, Nagad announced to identify the accounts involved behind the scam by September 23 and reactivate the accounts on hold. And, Nagad delivered the promise the day before the schedule.

Nagad Managing Director Tanvir A Mishuk said, “I want to assure all our customers that security is on top of our priority list. Already, balance-on-hold accounts were reactivated in phases with complete security and ensuring the refund from the Shirajganj Shop. As per our commitment to our valued customers we took the measures to remove their misery. And, this trust has a name, “Nagad”.

After launching in March 2019, Nagad has acquired 5.5 crore customers with a daily average transaction of more than Tk 700 crore.