Despite soaring public expectations for institutional reform in the aftermath of the July uprising that toppled Sheikh Hasina’s autocratic regime, Agrani Bank PLC — one of Bangladesh’s largest state-owned banks — appears to remain mired in old habits of political favoritism, misgovernance, and unchecked irregularities.

At the heart of the storm is the bank’s Chairman Syed Abu Naser Bukhtear Ahmed, whose actions have ignited outrage within the country’s financial sector.

In a recent development, Agrani Bank signed internet service contracts with seven companies to connect nearly 1,000 of its branches nationwide. However, more than 200 of these contracts were awarded to BracNet Limited — a company owned by Chairman Ahmed’s brother, Syed PF Ahmed, a US-based businessman. No disclosure of this glaring conflict of interest was made, which violates the Bank Company Act 1991 (amended in 2023), raising serious concerns about abuse of position and nepotism.

According to sources, the chairman's failure to formally disclose his family tie to the vendor constitutes not just an ethical lapse but a direct legal breach under existing banking regulations.

This revelation comes just weeks after The Mirror Asia published an investigative report on May 28, exposing alleged corruption involving BracNet and its CEO. The exposé further damaged public trust, with many bank insiders expressing frustration over the institution’s association with what they described as a "tainted" firm.

The situation escalated on March 1, when the Bankers’ Association of Bangladesh (BAB) and the Association of Anti-Fascist and Anti-Discrimination Officers and Employees held a joint press conference in Dhaka. They accused Abu Naser Bukhtear Ahmed of aligning with fascist elements and actively opposing the July uprising. Branding him as an enemy of the people’s movement, they demanded his immediate resignation — a call that has so far gone unheeded.

Further allegations suggest that the bank chairman fast-tracked several loyalists into senior positions to consolidate control. On January 9, he promoted close confidante Roufa Haque to General Manager. Just days later, a new department — IT (Business) — was created under Roufa's command, centralizing all dealings with BracNet. Despite her lack of IT credentials, Roufa was reportedly installed due to her political affiliations, including ties to Financial Institutions Division Secretary Nazma Mubarak, a staunch ally of the ousted Hasina regime.

Other controversial appointments include Selim Reza, a politically connected official from Gopalganj, who was promoted from Assistant General Manager to Deputy General Manager, and Shahinur Rahman, the IT head, who allegedly facilitated BracNet’s deal and received a one-year extension as reward.

When approached by The Mirror Asia, Abu Naser Bukhtear Ahmed dismissed the allegations. “BracNet secured the contract based on merit. Whether the owner happens to be my brother is immaterial,” he claimed. Shifting blame, he added, “The bank was on the brink under the Awami League’s looting. We’re rescuing it. The awarded firms are offering services at nearly half the previous cost.”

In a final swipe, he accused his detractors of political opportunism: “The same people who looted this bank under Hasina and now pretend to be BNP loyalists can’t bear to see it recover. I will not be deterred.”

But many within the banking community remain unconvinced. For them, the scandals swirling around Agrani Bank’s top leadership are not signs of recovery — but symptoms of a deeper rot yet to be uprooted.