The Anti-Corruption Commission (ACC) has asked for the wealth statements of Dr M Mosharraf Hossain, chairman of the Insurance Development and Regulatory Commission (IDRA), his wife and other dependents on him.
Syed Iqbal Hossain, director of the anti-graft body, issued a notice to the chief of the country's insurance regulator on Wednesday, giving him 21 working days to submit the statements of all immovable or movable properties acquired in the names of Mosharraf and his family members.
The source of income and detailed information on how the wealth was acquired will have to be submitted to the ACC.
If they fail to submit the statements of assets within the stipulated time or submit false statements, action will be taken against them as per the Anti-Corruption Commission Act.
Earlier in May, the Bangladesh Financial Intelligence Unit (BFIU) informed the High Court that it sent its investigation's findings to the ACC in October last year.
According to the BFIU report, over Tk40 crore was deposited in several bank accounts of Mosharraf, his family members and of their firms over the period of 2017-2021.
In December of 2020, Delta Life Insurance Company complained to the ACC that Mosharraf had asked for bribes from them.
The life insurance company also submitted a recorded conversation regarding the graft.
On the other hand, the High Court responding to a writ petition filed by a stock investor last year asked the Financial Institution Division (FID) of the finance ministry to reply why Mosharraf's appointment as the IDRA chairman would not be declared illegal despite the facts that he held for-profit companies' directorship hiding the information to the government during his appointment.
Investigators and opponent lawyers also found that Mosharraf through three of his shady companies and their trust funds had invested huge amounts in the stock market.
He also benefited from trading Delta Life Insurance shares through a shady company's trust fund, where he held the position of the chairman.