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HC seeks probe report on Homeland Life Insurance embezzlement

BSS . Dhaka
08 Apr 2023 22:15:55 | Update: 08 Apr 2023 22:15:55
HC seeks probe report on Homeland Life Insurance embezzlement
— File Photo

The High Court has directed the Anti-Corruption Commission (ACC) and the Insurance Development and Regulatory Authority (IDRA) to investigate the allegation of embezzlement of Tk 104.7 crore against Homeland Life Insurance Company and submit a report in the form of an affidavit within 60 days.

The court also issued a rule asking the authorities concerned to show reasons within two weeks as to why an inquiry should not be ordered into the graft which was presented in the 131st board meeting of the company.

The court further directed the ACC lawyer to file an “affidavit in opposition,” during the next hearing of this rule on June 4.

A High Court Division bench comprising Justice Md Nazrul Islam Talukder and Justice Khizir Hayat passed the order.

On March 29, the High Court passed an order after holding a hearing on the writ filed by Rahima Akhtar, on behalf of 14 customers of the company.

As reports were published in various media about the embezzlement of the company's money, the writ was filed in the High Court by attaching those reports.

The finance secretary, chairman of IDRA, ACC chairman and 14 directors including the chairman and vice-chairman of Homeland Life Insurance were made respondents in the writ.

According to media reports, evidence has been found that Homeland Life Insurance group fraudulently embezzled Tk 104 crore from the company's funds.

These funds were embezzled by forging board meeting documents, documents for land purchase, vouchers for expenses in commissions and other sectors.

Documents show that non-existent land was purchased in the name of this institution, said the case documents.