IDRA sets up probe body

Insurance Development and Regulatory Authority of Bangladesh (IDRA) has formed a two-member investigation committee to look into the allegation against Jamuna Life Insurance of embezzling Tk 2.35 crore from 13 customers.

The IDRA issued an office order in this regard on Wednesday.

The office order signed by IDRA Director Md Abdul Majid informed that the two-member investigation committee includes IDRA officer Mohammad Sohel Rana and IDRA member Md Tanjid ul Islam.

The committee has been instructed to submit the investigation report within the next 10 days. IDRA has also directed the committee to investigate how FDR is opened with an insurance company. According to the office order, it has been alleged that Jamuna Life Insurance misappropriated Tk 2,34,95,000 of 13 customers from Chattogram Model Service Centre, converting fixed deposits into life insurance.

On anonymity, an official of IDRA said that there have been allegations of embezzlement of about Tk 2.35 crore against the institution. In view of which the investigation committee has been formed to verify the truth of the complaint.