Allegations Surface Against Entrepreneur Over Crypto Trading, Online Gambling, and Money Laundering Activities

A series of allegations have been raised against entrepreneur Syed Abdullah Zayed, founder of Next Venture and FundedNext, accusing him of involvement in cryptocurrency trading, online gambling, money laundering, and illegal foreign exchange activities.

According to multiple sources cited in local media reports, Zayed allegedly built a substantial business network both in Bangladesh and abroad through activities that critics claim violate existing laws governing foreign exchange transactions, virtual currencies, and online gambling.

Bangladesh currently restricts cryptocurrency transactions, while online casino operations and unauthorized virtual currency activities are prohibited under existing regulations. Sources claim that Zayed has continued operating businesses linked to these sectors despite legal restrictions.

The reports further allege that Zayed has been involved in transferring funds abroad since the tenure of the previous Awami League government. Unverified claims also suggest that several influential figures in the country's technology sector used his networks for overseas financial transactions. In addition, reports state that a murder case was filed against him during the anti-discrimination movement, although the allegations have yet to be proven in court.

Sources claim that Zayed maintains operational offices in Dhaka's Badda area and continues to run related online platforms. Critics argue that the continued operation of these businesses indicates that the activities remain active despite regulatory concerns.

Media reports have also questioned why law enforcement agencies have not taken visible action against Zayed despite repeated allegations and previous news coverage concerning his activities.

According to information obtained from intelligence and industry sources, Zayed established Next Venture in 2015 as an outsourcing company before expanding into forex and cryptocurrency-related businesses. In 2022, he founded FundedNext, which now operates internationally, with offices and activities reported in the United Arab Emirates, Malaysia, the Cayman Islands, Cyprus, Hong Kong, and Sri Lanka.

Questions have also been raised regarding whether the necessary approvals were obtained from Bangladesh Bank for overseas investments and business expansion. Critics allege that significant amounts of money were moved abroad through cryptocurrency-related transactions, though these claims have not been independently verified.

Reports further allege that Zayed sponsored political campaigns during the 2024 national elections and played a role in elections within the Bangladesh Association of Software and Information Services (BASIS). These claims remain allegations and have not been confirmed by independent authorities.

Several individuals identified as alleged victims reportedly declined to speak publicly about the matter due to security concerns. Legal experts note that cryptocurrency transactions may fall under provisions of Bangladesh's foreign exchange, anti-corruption, and anti-money laundering laws, depending on the nature of the activity involved.

The reports also claim that FundedNext facilitated the transfer of large sums of money to the United Arab Emirates through cryptocurrency-related channels. No official findings from regulatory or judicial authorities confirming these allegations have been publicly released.

Attempts were made to contact Syed Abdullah Zayed for comment. According to the reports, multiple phone calls and text messages were sent seeking his response, but no statement was received at the time of publication.