Photo : Messenger
The purchase of an air conditioner for the daughter's house, the celebration of the grandson's birthday, the family's wedding gift, and even the purchase of sacrificial cattle were astonishingly funded through illicitly obtained funds from an insurance company.
This revelation comes from a special report by an intelligence agency, which notes the involvement of Mostafa Golam Quddus, the former chairman of Sonali Life Insurance Company Limited, in these activities.
According to the two-page report titled ‘Irregularities, Corruption, and Money Laundering by Directors of Sonali Life Insurance Company,’ Mustafa Golam Quddus obtained money from Sonali Life in cash and through banks. He adjusted a personal loan of Tk 69,99,500 from the year 2014 to 2018 using company funds. On June 19, 2014, a donation of Tk 1,00,000 was made to BGMEA with the fund from the company.
In 2021, Tk 1,81,778 was spent on the purchase of an AC for the house of his daughter Anika, while Tk 8,50,000 was spent for an AC in 2017. Mostafa Golam Quddus received Tk 21,07,900 for entertainment expenses (celebration of grandson's birthday, guest/wedding gifts) and personal expenses (purchase of sacrificial cattle in 2022) from 2021 to 2023. He received Tk 19,00,000 as a group commission in 2019. In 2022 and 2023, he received Tk 1,92,48,851 for traveling abroad for himself and other family members.
When asked about the report, Mostafa Golam Quddus told The Daily Messenger, “The report that has come out is completely false; this is being done against me intentionally.” He continued by questioning, “Don’t I have enough money that I need to use the company's funds for my daughter's AC bill or to buy sacrificial cattle?”
Additionally, on July 18, 2021, Mostafa Golam Quddus received an additional Tk 1,00,00,000 for IPO expenses. Furthermore, he received Tk 1,23,44,800 in the name of his organization on the occasion of the renewal of policyholders in 2023.
According to the money laundering report, Mostafa Golam Quddus laundered Tk 2,76,11,060 through hundi from 2018 to 2023 through Crown Money Exchange (Shop No-16, Banani Super Market, Dhaka 1213).
With the money sent through hundi, all the medical expenses of the company chairman abroad, travel and shopping expenses for himself and his family members, all expenses for his own maintenance in London, all education expenses of Mostafa Kamrus Sobhan's two children Mahera and Sahil, and Tasnia Kamrun Anika's education expenses were illegally taken from the company's funds.
Sonali Life, which began business operations in 2013, was listed on the capital market in 2021. Currently, the company's authorized capital is Tk 100 crore, and the paid-up capital is Tk 47 crore 47 lakh. The total number of shares of the company is 4 crore 45 lakh.
According to the report, SOD account no. 0002622000073 was opened in South Bangla Bank against the FDR of the company, and Tk 8 crore 95 lakh was withdrawn from the said loan account and Tk 1 crore 55 lakh was withdrawn from the same bank's savings account no. 0002130000334 for the payment of the share purchase price of four directors (Fouzia Kamrun Tania, Sheikh Mohammad Daniel, Safia Sobhan Chowdhury, and Rupali Insurance Company’s PK Roy);
In 2022, to maintain family dominance on the board of the company, a large number of shares were transferred for free in the name of four members of the same family to keep most family members as directors;
A payment of Tk 3 crores from the company's account to Janata Bank for monthly loan installments of the company's current chairman's personal business (Dragon Sweater) in 2023;
Taking a loan of Tk 152 crores from Social Islami Bank, South Bangla Agriculture Bank, and First Security Islami Bank against the company's FDR in the name of purchasing a building, owned by the current chairman, for the company and paying more than Tk 15 crores in interest for this in 3 years;
Signing a Memorandum of Understanding (MoU) for the purchase of Imperial Bhaban, owned by the present Chairman, for the company for Tk 350 crore; accepting Tk 53 crore 47 lakh by the current chairman for the value of Imperial Bhaban during October 2021 to November 2023 without the permission of IDRA;
At the same time, a total of Tk 61 crore 62 lakh 90 thousand 500 was withdrawn from the company's fund and sent to various institutions owned by the current chairman;
Tk 3 crore 18 lakh 75 thousand was taken as a monthly salary by the directors of the company illegally during the period from September 1, 2021, to September 3, 2023, and subsequently, received more money as such;
In violation of IDRA's circular, the purchase of a luxury Audi car (Dhaka Metro-Gha-17-3695) for the chairman of the company for Tk 1 crore 70 lakhs and huge expenses for its maintenance during the period 2021-23; the chairman and his family members received dividends as directors in addition to the dividends declared by the company.
The report summary states that Sonali Life Insurance is known to be a good company among the new insurance companies. However, such corruption will create a crisis of confidence among clients. There is a fear of a repeat of incidents like Fareast Islami Life Insurance in case of money embezzlement in this insurance company. It is important to take immediate action in this regard to protect the interests of the clients and the image of the government.
The recommendation states that, in view of the initial allegations of corruption and irregularities against the directors of Sonali Life, it is recommended to take strict and exemplary action subject to proper investigation.
When asked about this, the director and spokesperson of the Insurance Development and Regulatory Authority (IDRA), Mohammad Jahangir Alam, told The Daily Messenger, “We have received a report from an intelligence agency of the government. We have appointed the audit firm Huda Vasi Chowdhury & Co. to look into this matter. He (Mostafa Golam Quddus) has also been removed from the post of chairman of the company.”
Messenger/Fameema
