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Bank & Finance - January 25, 2022

Tk 20 cr of Delta Life disappeared

Golam Mostafa Jibon: At least Tk 20 crore has been disappeared from the Delta Life Insurance Company making many subscribers disappointed.
Allegation has been intensified that a section of unscrupulous officials of the Delta Life Insurance Company in collaboration with each other misappropriated the amount of moneyin a year.
They plunderedthe money in the named and unnamed just after cancellation of the board of directors.
It is learned that, two former administrators of the company were allegedly involved in the scam in collusion with other officials. DMD of the company Monzur-e-Mawla and EVP Farhan Uddin were sacked on charges of irregularities and corruption. But, they were brought back to their own positionsafter issuing ‘status quo’ by the court. Thoseare still carrying the irregularities unabated.
Meanwhile, thousands of customers are in trouble due to misappropriation of money by the dishonest officials of the company. They are now in frustrationover the future of the organization. According to company sources, the board of directors of the company was dissolved in January 2021. At that time, the regulatory authority appointed Sultan-ul-Abedin Mollah as administrator. But, he was removed from the position within short time due to allegation of massive irregularities. Later, charge of administrator was given to Rafiqul Islam. Even then, the irregularities did not stop and he was also removed.
At present, the trend of looting is going on with the connivance of a class of officials. In the last one year, around Tk 20 crore has been swindled from the company with fake bill-vouchers in named and unnamed.
According to the accounting department of the organization, from February last year to till date, the expenditure for organizing various seminars has been shown to be around Tk 2 crore, while the expenditure for entertainment has been around Tk 28 lakh. The cost of lawyers’ allowance for carrying cases in the court in one year was shown atTk 2.5 crore.
A bill of Tk 27 lakh was shown in the name of enhancing beauty of the building, while Tk 1 crore was spent against purchasing masks. About Tk 2.20 crore was shown for various expenses and allowances of the officers. About Tk 11 crore was given as business commission in various cases. But, there is no account of where this commission has been given. Such irregularities are also continuing still now by some of the officials.
According to sources, the court canceled the appointment of the administrator on January 8 by declaring it illegal. Later, on January 10, the Appellate Division of the Supreme Court issued status quo on the earlier announcement. At the same time, the court also directed that the administrator should not interfere in any internal matter of Delta Life Insurance.
Later, on behalf of Insurance Development and Regulatory Authority (IDRA) Bangladesh, the authorities concerned were directed not to make financial transactions of more than Tk 25,000. However, without following this instruction, the officials of the company are showing large amount of money as expenditure by producing various fake bills and vouchers every day.
According to Delta Life Insurance, on January 12, more than Tk 25 lakh was paid in various sectors. The company made a payment of around Tk 3 million on January 20.
While asked about the illegal transaction, Delta Life’s chief financial officer Farhan Uddin said,”The order of IDRA has been withdrawn.”But, IDRA officials said,as per our knowledge, no such order has been issued so far.
Newly appointed administrator of the Delta Life Quddus Khan said, “I am new one.I think there is needed transparency.
Ziad Rahman, director of the board of directors said,”A group of officials in collaboration with the administratoris ignoring the directions of the court and IDRA, and misusing the money of the company.”

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