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A Dhaka court has ordered the freezing of shares worth Tk786 crore held by former Third Wave Technologies Ltd managing director Tanvir Ahmed Mishuk and other individuals and entities linked to an ongoing Anti-Corruption Commission (ACC) investigation.
Dhaka Metropolitan Senior Special Judge Md Shahjahan Kabir passed the order on Sunday following an application by the ACC.
ACC Assistant Director and investigating officer Mohammad Shahjahan Miraj filed the application seeking the order.
According to the ACC application, the investigation covers allegations of embezzling government funds through unauthorised distributors, illegally transferring shares to non-resident investors, using proceeds from zero-coupon bonds to repay foreign loans, laundering money abroad and acquiring assets beyond known sources of income.
The ACC’s preliminary investigation found that between April 2021 and December 2024, unused government allowance funds distributed through Nagad were allegedly diverted through software manipulation to 24,159 fake entrepreneur wallets.
The funds were then allegedly routed through bank accounts linked to 648 fake distributor service outlets and 34 unauthorised distributors, according to the application.
The ACC said its preliminary investigation had uncovered evidence of alleged embezzlement amounting to Tk1,706 crore.
The agency further alleged that the embezzled funds were layered through various bank accounts and used to purchase shares worth a substantial amount.