MP Arman Seeks Forensic Audit for Potential Nagad Investment

Mir Ahmad bin Quasem Arman, a newly elected Member of Parliament from Bangladesh Jamaat-e-Islami, has approached the central bank to facilitate a potential investment in the mobile financial service (MFS) provider, Nagad.

In a letter sent to the Bangladesh Bank Governor on February 8—just days before the 13th National Parliament elections—Arman requested permission to conduct a forensic audit. The audit aims to verify Nagad’s financial health and operational status before committing capital from domestic and international investors.

Arman, a UK-trained lawyer and son of the late Mir Quasem Ali, recently returned to public life after being missing for eight years during the previous administration. He was released on August 6, 2024, following the fall of the Sheikh Hasina government.

Speaking to the media, Arman categorized the initiative as a "civic duty" to bolster the economy. "We are coordinating for local and multinational institutions that require a forensic audit to assess risks and strengths before investing," he stated. His proposal includes a vision for a digital bank utilizing emerging technologies.

The future of Nagad remains under deliberation. Bangladesh Bank Governor Ahsan H. Mansur confirmed receipt of various proposals but noted that none have reached a stage of "serious consideration" yet. While the interim government initially aimed to return Nagad to private ownership, Governor Mansur clarified that the final decision rests with the newly elected government.

Launched in 2019 as a service of the Bangladesh Postal Department. Operating under a temporary license and direct Bangladesh Bank management. In August 2024, an administrator was appointed following allegations of irregularities. Preliminary investigations by the Anti-Corruption Commission and central bank auditors identified approximately Tk 2,300 crore in suspected corruption and money laundering under previous management.