Delta Life Insurance ex-CFO sent to jail in Tk1.88cr embezzlement case
An investigative audit report alleged that the accused embezzled Tk1.88 crore from the company by preparing and submitting various bills and vouchers.
A Dhaka court has sent former Delta Life Insurance Company Ltd chief financial officer Md Farhan Uddin, 44, to jail in a case filed over the alleged embezzlement of Tk1.88 crore.
Farhan surrendered before the court of Dhaka Metropolitan Sessions Judge Shahjahan Kabir through his lawyer and sought bail today (11 August). After hearing the petition, the court rejected his bail plea and ordered that he be sent to jail.
Defence lawyer Masud Chowdhury confirmed the matter.
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He said Farhan had recently secured an eight-week bail from the High Court in the case. As the bail period expired today, he voluntarily surrendered before the court and sought bail, which the judge rejected.
The lawyer claimed that the allegations in the case were completely false.
He said that while Farhan was working at Delta Life Insurance, a writ petition had been filed over a dispute concerning the appointment of an administrator at the company. The company had paid the legal expenses for proceedings before the High Court Division and the Appellate Division, he said.
"The authority to approve such expenses was solely with the administrator at the time. There are vouchers for those expenses," he said.
He alleged that Delta Life Insurance later submitted a "false and fabricated" report claiming that the accused had embezzled the money by producing fake vouchers.
"However, those cases were actually conducted before the High Court and the Appellate Division. Anyone can verify this by searching for the case numbers," he said.
In 2025, Delta Life Insurance's authorised representative, Shah Mohammad Shafiqul Islam, filed the case against four people, including the company's former deputy managing director and chief operating officer Md Manzur-e-Mawla.
The other accused are former consultant (legal) Md Mahabub Alam Khan and former executive officer (legal) Md Saifuzzaman.
According to the case statement, the accused allegedly acted in collusion to embezzle Tk1 crore 88 lakh 77 thousand 400 through irregularities, forgery and corruption under the guise of legal expenses.
Following an order of the Appellate Division, Delta Life Insurance appointed M J Abedin, Chartered Accountants, to investigate activities during the administrator's tenure.
After a lengthy investigation, the firm submitted an investigative audit report to the company on 25 September 2024.
The report alleged that the accused embezzled Tk1 crore 88 lakh 77 thousand 400 from the company by preparing and submitting various bills and vouchers.
