Ms. Adeeba Rahman, ACII (UK) a Rochester graduate could not help herself but engaged 47 types of financial irregularities including misappropriation of fund, forgery, nonpayment policy money to customers, gobbling up around Tk 500 crore by herself and other owners.

The talented associate of Chartered Insurance Institute (ACII-Life) Ms. Rahman destroyed the company which has been built by her predecessors spending decades of passion and love to life insurance business.

These irregularities were identified by two audit firms appointed by Insurance Development Regulatory Authority (IDRA) following allegation

Adeeba Rahman receives women n insurance leaders award from Emerging Asia Insurance Award, Bankokg

 

Other young directors all who  graduated from reputed US and Canadian Universities were also allegedly involved those management, irregularities and financially gained from the company.

According to IDRA sources, a large number of the company’s policies have expired in 2019. In this case, the company has been deprived of a premium of Tk 160 crore. In this case, the government has lost a large amount of revenue.  A bank statement of Tk 221 crore was not available during the period under review as well Tk 216 crore was not properly deposited in the bank.

IDRA has guidelines that no more than Tk 5,000 in cash can be transacted. But the company did not take it into account and the company has made a lot of cash transactions during the period under review. In this case, more than Tk 100 crore cash has been withdrawn in December 2020 alone. In this case, a large part of the profit has been shown as commission. Interest and dividend information is not verified with the statement given by the bank.

Adeeba Rahman at hier office as CEO

The report further states that the company did not meet the conditions for investing in the stock market. As a rule, investments have been made in Z category shares. Apart from that the company collected Tk 5 crore 25 lakh from the tenants, it was not shown as a company earnings. The company’s financial report does not include the Tk 39 lakh received as compensation at various times. Besides, it has been mentioned in the report that premium of Tk 59 crore has not been collected.

The information provided by the company to IDRA shows that the number of policies is 2 lakh 1 thousands  twelve. Ninety percent of the company’s policies do not have a mobile number. For this reason, the IDRA thinks that there has been a massive irregularity, including the loss of the interests of the customer.

Delta Life is one of the most influential companies in the insurance sector. It was established in 1986. Then came the stock market in 1995. Even before this, the company’s dividend was stuck for a long time due to various complications related to the case.

Earlier,  The Insurance Development & Regulatory Authority (IDRA) Thursday appointed an administrator with immediate effect to one of the sector’s leading entities, Delta Life Insurance Company, explaining that it was to protect policyholders’ interests.

Meanwhile, the VAT Audit, Intelligence and Investigation Directorate filed a case against the Delta under the VAT act alleging that it had evaded paying Tk 35.18 crore in VAT.

The insurance regulator’s logic behind appointing Sultan-ul-abedin Mollah, a former IDRA member, was the unearthing of many rule and regulation breaches, which came to light through special and investigative audits.

The IDRA ran the special audit through the Howladar Yunus & Co in 2019 and then the investigative one through the Fames & R Chartered Accountants to verify allegations of shareholders and policyholders.

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