Kathmandu. The Government of Bangladesh will investigate allegations of corruption and embezzlement against NRB Islamic Life Insurance Company Chairman Kibria Golam Mohammad and Chief Executive Officer (CEO) Shah Jamal Hawaldar.
The Financial Institution Division of the Ministry of Finance sent a letter to Insurance Development and Regulatory Authority Chairman M Aslam Alam on Monday, directing him to investigate the matter. In the letter, it has been asked to inform the Financial Institutions Division after the completion of the investigation.
On June 19, an insurer of NRB Islamic Life filed a complaint against the chairman and CEO of NRB Islamic Life Insurance Company with Najma Mubarak, secretary of the Department of Financial Institutions. In the complaint, there were allegations of money laundering. A letter has been sent to the IDRA chairman to investigate the complaint.
“The issue has just come up,” NRA spokesman Saifunnahar Sumi told local newspaper Pratham Alo. Work on this will begin soon. ’
According to the charge sheet filed with the Department of Financial Institutions, Kibria Golam Mohammed is the organization secretary of al-European Awami League and president of Italy Awami League. His wife, Hossena Ara Begum, is the Secretary of Women’s Affairs of the All European Awami League. Their main associate is CEO Shah Jamal Howladar.
The insurance company was given a license as a gift from the Awami League government in 2021. Because this company donated money for the Awami League party. However, it did well initially. The company’s condition later deteriorated as it embezzled and laundered money by donating to the Awami League party’s funds.
Earlier reports of the AUTHORITY had revealed that the chairman and chief executive conspired to sell unauthorized insurance schemes, collect excessive management costs, increase the insurance rate, keep large amounts of cash in the company and misuse the remaining amount by showing a small amount of money in the form of a single insurance fee. The complaint has demanded administrative and legal action to return the embezzled and cheated money.
