As part of the removal of Delta Life’s directors, false allegations of financial irregularities and corruption were circulated in their names to customers. On the basis of complaints made in the names of 10 policyholders without proper addresses or contact information, the regulatory body suspended the directors and appointed administrators. Even false complaints filed in the names of shareholders with forged signatures were taken into account by the Insurance Development and Regulatory Authority (IDRA). Investigations by Ekattor Television found evidence that the allegations were filed fraudulently. Details were shown in Manzoor Rashid Mamun’s film as part of Sushanta Singha’s investigative report;

IDRA suspended the board of directors of Delta Life Insurance on charges of undermining the interests of customers. The country’s top life insurance company was placed under an ‘administrator’ on February 11, 2021.

Ekattor Television started investigating the truth behind the complaints made by untraceable policyholders. Their findings revealed that the conspiratorial allegations were made on November 8, 2020, just three months before the administrator was appointed at Delta Life. At 3 pm on that day, complaints were filed with IDRA in the names of Delta customers from different regions of the country.

One of the supposed accusers, Nalchan Mandal of Mirzapur in Tangail, was shocked to hear about a complaint in his name. Being an uneducated man, he denied making any such complaint. Similarly, Moazzem Hossain, a policyholder from Enayetpur in Tangail, expressed surprise and stated he had never even heard of IDRA.

A young couple, Hasina Akhtar and Mohammed Sakrail from the same neighborhood, also claimed they were unaware of any complaint made in their names or of the alleged wrongdoing.

Likewise, clients such as Shyamal, Basana, and others denied filing any complaints. The complaints, submitted at the same time on the same day, were nearly identical in both language and handwriting. Because of this, Delta Life officials suspected the reports were fabricated.

Further, IDRA accepted complaints allegedly submitted by 18 shareholders of Delta Life, including Moniruzzaman. However, verification revealed that the signatures on these documents were forged.

In the past year, IDRA has claimed Delta Life was involved in irregularities and corruption amounting to Tk 3,687 crore, Tk 2,500 crore, and Tk 1,141 crore—figures cited during the appointment of three different administrators. Manjure Mawla, the CEFO of Delta Life, explained these issues in detail in an interview with Ekattor Television.

However, Director Ziad Rahman argued that the regulatory agency fabricated corruption allegations to justify dismissing the board. He insisted that there was no financial fraud or irregularity that jeopardized customer interests, and that only an independent audit could prove this.

Under Section 95 of the Insurance Act, IDRA has the authority to suspend directors and appoint administrators if a company is believed to be compromising customer interests.

Verification by investigators showed that almost all complaint documents with forged signatures were false. Stakeholders in the insurance industry, however, believe that IDRA invoked this provision of the Insurance Act too hastily in appointing an administrator for Delta Life.