Jamaat MP Arman seeks to line up investors for Nagad

Mir Ahmad Bin Quasem Arman, a newly elected lawmaker from Bangladesh Jamaat-e-Islami, has expressed interest in bringing fresh investment into the troubled mobile financial services provider Nagad, now under an administrator appointed by the Bangladesh Bank.

On February 8, three days before the 13th parliamentary election, he wrote to the central bank governor, requesting permission to conduct an audit to assess the company’s position ahead of any potential investment.

Arman, son of late Jamaat leader Mir Quasem Ali, confirmed the matter to The Daily Star.

He spent nearly eight years in enforced disappearance during the Awami League regime. He was abducted from Mirpur in 2016 while serving on the legal team of his father and was released on August 6, 2024 -- a day after the fall of the Hasina government.

Trained as a lawyer in Britain, Arman was among hundreds detained in the "Aynaghar" (house of mirrors), a prison so named because detainees said they did not see another person for years.

Speaking to The Daily Star, the MP said supporting investment was a civic duty.

“I am working as a local coordinator for domestic and foreign multinational investment firms. For this reason, the investment firms want to conduct an audit of this institution to assess whether it is suitable for investment.”

The Daily Star has seen a copy of the letter sent to the governor of the Bangladesh Bank.

In it, Mir Ahmad Bin Quasem wrote: “You are well aware that the said meeting was a desire of mine, and I sought your kind support for my keen interest in obtaining a licence and establishing a digital bank to march with the global financial sector through the use of emerging technologies, digital innovation and platforms.”

“This dream and determination are inherited by me with the mission to provide inclusive, digital and ever-growing, impactful financial services to the people of my country. In pursuit of this vision, some potential foreign delegates have already associated with me and are interested in investing in such a business.”

He added that he had learned during the meeting about “Nagad Digital Financial Service”, now under the direct administration of the Bangladesh Bank, because of alleged irregularities during the previous government. The company is expected to be transferred to new ownership and management following due diligence.

“It will be a great honour and opportunity for me to take up such an alternative,” the letter said, adding that after discussions with his foreign investors, they were ready to move to the next stage.

That would involve a forensic audit to obtain a clear and comprehensive picture of the company's financial, operational and business position, including strengths, weaknesses and risks.

“Therefore, I anticipate your utmost support in arranging the necessary measures with Nagad Digital Financial Service and allowing us to conduct a forensic audit to understand the actual situation of this financial service, in order to work out the best possible plan to manage the business and arrange future necessary investment.”

Contacted, Bangladesh Bank Governor Ahsan H Mansur said the central bank had received various proposals regarding Nagad, but none it considered serious so far.

He said the interim government had intended to return Nagad to the private sector. What the new government chooses to do will be its decision.

“Nagad is not our institution; we are only managing it. It is now owned by the government. Therefore, the government must take the decision.”

Nagad entered the market in 2019, presenting itself as the financial arm of the Bangladesh Post Office. It continues to operate under a temporary licence from the central bank.

After the interim government took office, the Bangladesh Bank appointed an administrator at Nagad in August 2024, citing irregularities in its operations and transactions.

A forensic auditor appointed by the central bank, followed by an investigation by the Anti-Corruption Commission (ACC), found preliminary evidence of corruption and money laundering amounting to Tk 2,300 crore under the previous management.