IDRA finds Delta Life Insurance Board’s involvement in embezzling Tk3,687cr

Insurance Development and Regulatory Authority (IDRA) in an investigation has found the involvement of the Board of Directors of Delta Life Insurance Company limited (DLICL) in embezzling Tk 3,687 crore and other irregularities. 

A letter signed by IDRA director (Deputy Secretary) Md. Shah Alam was sent to the secretary of Financial Institution Division (FID) on December1, 2021 in this regard. 

The IDRA analyzing the provisional interim report, prepared by a charter accountant firm, revealed that management and the Board of Directors of  DLICL has  embezzled Tk 3,687 crore by tax evasion and   money laundering.

The insurance regulator suspended the Board of Directors of Delta Life Insurance and appointed an administrator to run the company in February this year.

DLICL evaded VAT worth Tk 35.17 crore. The VAT Audit Intelligence and Investigation Directorate of the NBR filed a case under the VAT law against the company after getting evidences of the evasion through an investigation.

Earlier, a team of the VAT AIID led by its assistant director Sayma Parveen carried out the investigation based on allegations for the period between January 2013 and December 2017.

On December 17, 1986 the journey of Delta Life Insurance Company began. The company provides different types of insurance services through its array of products catering to the need of people belonging to different strata of the society.

Services included traditional insurance coverage along with savings: Ordinary Life, Gono-Grameen Bima, Group & Health Insurance.

Delta Life is conducting its operation through 1000 plus offices across the country.