Nagad investment proposal made on behalf of foreign firms, says Jamaat MP Arman

Barrister Mir Ahmad Bin Quasem Arman, Jamaat‑e‑Islami's MP for Dhaka‑14, has said the investment proposal submitted to the Bangladesh Bank governor regarding mobile financial service provider Nagad was not a personal initiative but was made on behalf of foreign multinational companies.

"I work with multinational companies from different countries. They have expressed interest in investing in this institution. I forwarded their proposals to the governor," he said while speaking to journalists after a meeting with the Bangladesh Bank governor in Dhaka yesterday.

When asked to name the multinational firms, he said, "Since the matter has not yet been finalised, their names cannot be disclosed at this moment."

Asked whether the governor had given any assurance, Arman said, "I sent the proposal during the tenure of the interim government. Now a new government is in office. The governor said a decision would be communicated in coordination with the government."

Arman's comments came amid ongoing discussions over the future of Nagad, one of the country's leading mobile financial service providers, which has faced allegations of financial irregularities and ownership controversies.

He noted that the governor told him the new government has yet to determine its final policy on Nagad.

"If the government decides, as the interim administration did, to hand it over to private investors, only then will the next phase of investment proceed," Arman said.

Arman, son of former Jamaat leader Mir Quasem Ali, was elected to the 13th Jatiya Sangsad from Dhaka‑14 on the Jamaat‑led 11‑party alliance ticket. He said he is acting as the local representative for the foreign firms as a professional lawyer rather than in his capacity as an MP.

"I am a professional lawyer. I have previously worked with international organisations such as Dell, Microsoft, Apple and Uber. I am now working for these investors and providing legal support," he said.

On whether there was a conflict of interest in his dual role as a lawmaker and as a representative of potential investors, he said discussions about investing in Nagad have been ongoing with the government since the interim administration.

"I come from an entrepreneurial family, and these foreign investors chose me. Serving as an MP will not create any conflict of interest. I am involved in politics to serve the people; there is no income in this. I practise law to support my family as many lawmakers historically have," he said.

On 25 August last year, during the interim government, Bangladesh Bank Governor Ahsan H Mansur said the government had decided to transfer Nagad from the Post Office Department to the private sector, and that an investor search would begin with a notice within a week.

Nagad began operations on 26 March 2019 as a mobile financial service provider and was later granted a digital banking licence. During the Awami League government, the company was accused of receiving undue advantages in violation of regulations.

Following public protests that led to the fall of the AL government, the Bangladesh Bank dissolved Nagad's previous board on 21 August 2024 and appointed an administrator, although the High Court later declared that move unlawful and returned control to the Post Office Department.

In February, the Bangladesh Bank filed a case against Nagad on allegations of financial embezzlement, naming 24 individuals, including former chairman Syed Mohammad Kamal and managing director Tanvir Ahmed Mishuk.

According to the case, a Bangladesh Bank inspection of Nagad from 21 to 25 April 2024 found a shortfall of over Tk101 crore in real money against e‑money issued under "trust account settlement." The administrator team also reportedly uncovered serious irregularities, including an e‑money deficit of Tk645 crore.

Three days before the 12 February general election, Barrister Arman wrote to the governor, highlighting interest from foreign investors in Nagad and asking for the forensic audit report conducted on the company.