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Published : 04 May 2025, 10:26 PM
The Anti-Corruption Commission (ACC) has brought charges of embezzling funds from the National Life Insurance Company against former Awami League member of parliament Morshed Alam.
A complaint was lodged with the Insurance Development and Regulatory Authority (IDRA) against Morshed, chairman of the company, accusing him of embezzlement by concealing information and purchasing land owned by his brother at a price higher than the market value.
On Sunday, ACC Director General Akhtar Hossain confirmed that Deputy Director Sheikh Golam Maula filed the case on Wednesday.
Morshed’s son Saiful Alam and brother Jashim Uddin have also been accused in the case. At the time of the incident, they were the managing director and director of Bengal Concept and Holdings Ltd, a sister concern of Morshed’s Bengal Group.
The ACC alleged that in 2016, National Life Insurance Company purchased 0.36 hectares of land and commercial space in an under-construction building in Noakhali’s Begumganj Upazila.
Jashim was the owner of the land, and Saiful was tasked with selling it. Purchasing company land from relatives is a conflict of interest, which they deliberately concealed.
The case file mentions that during the approval process, a false declaration was submitted to the IDRA denying any family ties.
The actual market value of the land was Tk 37.89 million, but it was shown as Tk 66.5 million in the valuation report. The ACC alleges that this resulted in the embezzlement of Tk 28.6 million.
The case also alleges fraud for supplying false and fabricated information to the IDRA, ignoring official valuation reports, and committing forgery.
Morshed, chairman of the industrial conglomerate Bengal Group, was elected member of parliament from Noakhali-2 in the 10th, 11th, and 12th national elections on an Awami League ticket.
On Apr 9, he was arrested in the capital’s Gulshan.
