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IDRA chairman steps down amid controversy

Staff Correspondent
15 Jun 2022 13:20:27 | Update: 15 Jun 2022 13:41:49
IDRA chairman steps down amid controversy
Dr M Mosharraf Hossain — Collected Photo

Insurance Development & Regulatory Authority (IDRA) Chairman Dr M Mosharraf Hossain has resigned over allegations of financial irregularities, bribery and corruption.

"We have heard about his resignation," IDRA Executive Director SM Shakil Akhtar said regarding the issue. 

"However, we have not been informed by the ministry and no letter has been issued yet to hand over his responsibility to someone else," he added.

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Earlier on June 1, the Anti-Corruption Commission (ACC) sought the wealth statement of M Mosharraf Hossain, who is accused of amassing illegal wealth beyond known sources of income.

ACC sent a notice, signed by Director Syed Iqbal Hossain, to him and asked him to submit the statement to the commission within 21 working days.

According to the notice, ACC has found evidence that Mosharraf has amassed a huge amount of movable and immovable assets under his name and the names of others.

The anti-graft body has sought the information on his and his family’s movable and immovable wealth and asked him to submit the details of his income and the sources of income.

It also warned that if Mosharraf fails to submit or provide the statement, the commission will take necessary action in line with Section 26(2) under the ACC Act, read the notice.

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Dr M Mosharraf Hossain was appointed as a member (Life) of Insurance Development and Regulatory Authority (IDRA) on April 4, 2018.

On September 26, 2020, he was appointed chairman of the company for the next 3 years by the Financial Institutions Division of the Ministry of Finance.

As such, his term was scheduled to expire on September 26, 2023.