Kathmandu: The chairman of Insurance Development & Regulatory Authority (IDRA) Bangladesh has been alleged for corruption. The Bangladesh High Court has issued notice to four government agencies to show the cause for their failure to investigate the graft charge against IDRA Chairman M Mosharraf Hossain.
The Finance Ministry, the Anti-Corruption Commission (ACC), the National Board of Revenue, and the Bangladesh Financial Intelligence Unit were made respondents to the rule.
The allegation is that the IDRA Chairman Hossain has invested around Tk 4 crore using the gratuity and the provident funds of two companies Loves & Lives Organics, and Gulshan Valley Agro Industries. The four funds are still active in both the share market and a chunk of the funds has been invested in Padma Islami Life Insurance too.
Furthermore, Delta Life Insurance has filed a complaint against Chairman Hossain to the ACC alleging that he had asked Tk 50 lakh for the reappointment of its CEO and approval of the actuarial valuation report.