ACC probing 17 insurance companies for embezzlement

The Anti Corruption Commissioner (ACC) has launched an investigation into 17 insurance companies following allegations that they embezzled more than Tk 15 billion belonging to their clients.

ACC spokesperson Pranab Kumar Bhattacharya on Tuesday told bdnews24.com that these companies reportedly stole this huge amount of money in the name of additional management costs.

These companies on the ACC list are – Popular Life Insurance, Jiban Bima Corporation, Fareast Islami Life Insurance, Padma Islami Life Insurance, Golden Life Insurance, Sandhani Life Insurance, Pragati Life Insurance, Sunflower Life Insurance, Sunlife Insurance, Prime Islami Life Insurance, Meghna Life Insurance, Delta Life Insurance, Rupali Life Insurance, Homeland Life Insurance, Progressive Life Insurance, BAIRA Life Insurance Company Limited and National Life Insurance.

Bhattacharya said the ACC formed an investigation team consisting of Deputy Director Md Jalal Uddin and Deputy Assistant Director Md Anwar Hossian to look into the matter.

He said these companies allegedly spent over Tk 19 billion illegally between 2009 and 2015 in the name of management costs. About 90 percent of this amount belonged to their clients.

Seven of them top the list of companies spending money illegally.

They are Popular Life Insurance, Jiban Bima Corporation, Fareast Islami Life Insurance, Padma Islami Life Insurance, Golden Life Insurance, Sandhani Life Insurance and Pragati Life Insurance.

Bhattacharya said they traced information from the data these companies submitted to the Insurance Development and Regulatory Authority that prove the allegations.

ACC Director Syed Iqbal Hossain will supervise this investigation, he added.