B Mirror Report: The use of fake or digitally altered money receipts in the non-life insurance sector has raised concerns over possible premium embezzlement and the risk of policyholders facing difficulties in settling insurance claims.

According to online news outlet Insurance News, irregularities were recently detected in money receipts issued by two insurance companies. One receipt from South Asia Insurance lacked the QR code required by the Insurance Development and Regulatory Authority (IDRA), while a receipt from Agrani Insurance contained a QR code that redirected users to a “Giant QR Code Generator” instead of IDRA’s database.

A receipt issued by South Asia Insurance’s Elite branch on December 4, 2023, bearing serial number 3708, showed a premium payment of Tk 570,016. Although the receipt carried an “Original” seal, its authenticity came under scrutiny.

South Asia Insurance Chief Executive Officer (CEO) Mohammad Nurul Alam Chowdhury said the receipt was genuine and that the premium had been deposited into the company’s bank account. He suggested that some old printed receipts might still be in circulation.

Meanwhile, a receipt issued by Agrani Insurance’s Jubilee Road branch in Chattogram on August 27, 2026, showed a premium payment of Tk 45,096 in the name of Mopla Automobiles. However, the QR code on the receipt could not be verified through IDRA’s system.

Agrani Insurance Chief Financial Officer (CFO) Chinmoy Chakraborty said the company never issues fake receipts. He alleged that the company had previously received reports of certain insurance employees and bank officials conspiring to produce such receipts.

He added that Agrani Insurance had filed a complaint with the Bangladesh Financial Intelligence Unit (BFIU) in 2025 over the issue, but no effective action had been observed.

Industry insiders warn that such fraudulent practices could involve underreporting insurance premiums, potentially creating problems for policyholders when filing claims. The practice could also result in revenue losses for the government through unpaid value-added tax (VAT) and stamp duties.

IDRA spokesperson Sadik Arman said the regulator would investigate allegations of fake money receipts and take action against those involved. He also said the authority would raise public awareness and encourage customers to verify their insurance policies through IDRA’s online portal after purchasing coverage.