Kathmandu: The Insurance Development and Regulatory Authority (IDRA) of Bangladesh has found embezzlement of Rs.5,187 crore (Tk 3,687 crore) in Delta Life Insurance Company.
During an investigation, the IDRA has found that Delta Life’s management and members of the BODs have embezzled Rs. 5,187 crore. Delta Life has evaded value added tax (VAT) of Rs 49.48 crore. IDRA investigation has concluded that the management and BODs both were involved in money laundering.
The insurance regulator suspended Delta Life Insurance’s board of directors and appointed an administrator to run the company in ebruary.
Established on December 17, 1986, Delta Life has more than a thousand offices across Bangladesh.