Founder Chairman Nurul Alam Chowdhury was given 12 crores by the current Chairman Md. Maksudur Rahman. He gave this money to Nurul Alam Chowdhury as a donation. But Nurul Alam Chowdhury did not give any receipt. Maksudur Rahman claims that he gave this money to donate to Sheikh Russell Sports Circle. He wrote a letter to Nurul Alam Chowdhury in this regard on April 26 last year. However, there is no basis for this complaint, said founder chairman Nurul Alam Chowdhury. At the same time he questioned why he should give me money. On the other hand, Maksudur Rahman claimed that this money was given through pay order. They have proof of that. Maksudur Rahman’s letter dated April 26 also mentioned that during the 7 years from 2014 to 2018 Nurul Alam Chowdhury was the chairman of the company, the maximum expenditure was 308 percent. Maksudur Rahman blames Nurul Alam Chowdhury for this unusual expenditure. After 2 months of this letter written by Maksudur Rahman to Nurul Alam Chowdhury, Nurul Alam Chowdhury submitted a written complaint to the Insurance Development and Regulatory Authority on June 1. He complained that there have been various types of irregularities including abnormal expenditure, bad business in these 3 years from 2020 to 2022. IDRA formed a three-member investigation committee on August 22 last year to verify the veracity of Nurul Alam Chowdhury’s complaint. The committee submitted its report on October 10. From the beginning of the investigation, illegal expenses, payment of excessive commissions, illegal incentives to the current chief executive have been found evidence of personal premium transactions of the company’s chief executive, according to the investigation report. However, the amount of illegal expenditure incurred while Nurul Alam Chowdhury was the chairman of the company is mentioned in the investigation report. Besides, in the investigation report, it is mentioned that the company has failed to be included in the stock market within 5 years of its establishment, not to replenish the 5 crore rupees withdrawn from the paid-up capital, and to take initiatives to assess the company’s liability. Along with this, the investigation team recommends taking disciplinary action against those who are involved in illegal expenses, excessive commission heads and irregularities in the management of the company from the beginning. Swadesh Islami Life Chairman Md. This reporter talked to Maksudur Rahman on mobile phone. At this time, Maksudur Rahman told this reporter that during the approval of the company, we paid a total of 12 million taka to Nurul Alam Chowdhury as two sponsor directors of 6 crore taka. This money was paid through pay order. He (Nurul Alam Chowdhury) said that this money should be paid to get the approval of the company. We have the documents to pay this money. Director and founder chairman of Swadesh Islami Life Nurul Alam Chowdhury said that if someone complains, it is not established, for this he must show documents. Moreover, why will Iba give me money and on what basis will I give money – where is the answer to this question! He said that the allegations leveled against me by the current chairman of the company (Maksudur Rahman) have no basis in fact. I also questioned the current chairman about this allegation, but he could not reply. Moreover, I did not know the current chairman when the company was founded. He was taken to the company mainly on the recommendation of the current vice chairman. However, Maksudur Rahman said regarding such statements, 4 people including me had a meeting with him during the establishment of the company. If he (founding chairman) did not know me, then how did the meeting! After several rounds of meetings, we gave him 12 crores as a grant. Nurul Alam Chowdhury said, when I made allegations of abnormal cost increase, bad business and various financial irregularities in the company in 2020 and 2021, this kind of accusation was made against me. Basically, these allegations have been made to condone or hide the corruption and incompetence of the current chief executive. A proper investigation will reveal the truth Regarding the complaint of financial irregularities, Maksudur Rahman said that his complaint can be answered only by comparing the company’s business situation. His (Nurul Alam Chowdhury) expenses started with 338 taka (per hundred taka) and left 127 taka. We have brought that cost down to Rs 103 (per Rs 100). But due to covid it is Rs 114, but it will come down again.