-Ekhtier does not obey the insurance law
-Allegations found of his luxury life with client's money
-Tk crores of premium-incentive bonus embezzlement
Attempts are being made to turn Swadesh Islami Life Insurance into a failed organization in many ways. The former chief executive officer (CEO) of the company, Ekhtier Uddin Shahin, has been accused in this case.
There are various allegations against him including embezzlement of company money, non-payment of salary to employees. Ekhtier Ahmed Shaheen has been alleged to have embezzled more than Tk 1 crore from the company. Even without being an official of the company, he is enjoying various benefits. Insurance Development and Regulatory Authority (IDRA) suspended Ekhtier Ahmed Shaheen as CEO due to various misdeeds. He is not only accused of embezzling money, but also of women scam. The information of his irregularities has come up in my research of the news.
Despite being expelled, he is trying to return to his previous position. He is also accused of threatening the administrator appointed by the Insurance Regulatory and Development Authority. He is not ignoring the insurance law in any way. He also built a five-storey house with the money stolen from the company. Incited the field workers in various ways to non-cooperate with the company officials.
Apart from this, there are various complaints against the former directors of the company, the Insurance Development and Regulatory Authority (IDRA) has removed 12 directors including the chairman and vice chairman of Swadesh Islami Life Insurance Company for taking Tk 14 crore loans against paid up capital.
Former Chief Executive Officer (CEO) of Swadesh Islami Life Insurance Company Limited Md Ekhtier Uddin embezzled Tk 1 Crore 2 Lakh 27 thousand from Shaheen Company. For this reason, Insurance Development and Regulatory Agency (IDRA), has written to him several times. Besides, the letter also instructed to return the embezzled money to the company's bank. These instructions were given in two separate letters signed by IDRA's Legal Director Mohammad Abdul Majeed (Deputy Secretary) on November 15 and November 19 last year.
The letter also informed that Ekhtier Uddin Shaheen, if the money is not returned on time, action will be taken as per existing law including criminal case for embezzlement. A case was also filed against him for disobeying the instructions of IDRA and not returning the embezzled money.
According to the bank statement obtained from Swadesh Islami Life Insurance Company Limited, Ekhtier Uddin Shaheen as a private bank has misappropriated a total of Tk 60 lakh 70 thousand 717 from the premium deposits of the company's customers. Keeping the customer's premium money as a private bank involves embezzlement. This is against insurance law. He promised in writing on October 9 last year that he will return this money to the company. But he did not keep that promise. This information was informed in another letter of IDRA.
It was alleged that Ekhtier Uddin Shaheen embezzled a total of Tk 41 lakh 56 thousand 505 from the company's incentive bonus through irregular means. IDRA issued instructions through a letter on May 10 and October 22 last year to refund that money to the company's bank. But he did not return that money of incentive bonus to the bank of the company. In another letter on November 15, 2023, the regulatory agency ADRA gave this information.
In that letter, it was also asked to refund the total amount of Tk 41 lakh 56 thousand 505 to the account of the company within the next 5 working days in respect of the incentive bonus received by the former chief executive officer of the company. Besides, it was also asked to submit the necessary proofs to the authorities.
Ekhtier Uddin Shaheen, the former chief executive officer of Swadesh Islami Life, was repeatedly called to inquire about these issues, but he did not receive the call.
In this regard, Kompari Administrator former Additional Secretary SK Md Rezaul Islam told The Daily Post, "I have seen a lot of visible corruption after I was appointed here. For this reason, we have taken action against many and are taking action against the rest. We tried to pay many months of unpaid salaries to company officials.
Besides, Ekhtier Uddin Shaheen is also accused of spending time with women in five-star hotels at various times by spending the company's money.
ZH
