Former Delta Life Insurance CFO Farhan Uddin Jailed Over Embezzlement Charges

A Dhaka court sent the former Chief Financial Officer (CFO) of Delta Life Insurance Company Limited, Md. Farhan Uddin, to jail on Tuesday following charges of embezzling 18.88 million taka.

Farhan Uddin, 44, surrendered before the court of Dhaka Metropolitan Sessions Judge Shahjahan Kabir through his legal counsel and filed a petition for bail. After hearing the arguments, the court rejected the bail application and ordered him to be remanded into custody.

Masud Chowdhury, the lawyer representing the accused, confirmed the development. He stated that Farhan Uddin had previously secured an eight-week anticipatory bail from the High Court. Upon the expiration of that term, he surrendered voluntarily to face the proceedings.

Defending his client, Chowdhury dismissed the allegations as fabricated. He argued that the funds in question were utilized during a period when the company was under an administrator, and were spent on legal fees associated with writ petitions filed in both the High Court and the Appellate Division. According to the defense, the administrator held sole authority over these expenditures, and corresponding vouchers exist to support these claims.

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The case was initiated in 2025 by Shah Mohammad Shafiqul Islam, an authorized representative of Delta Life Insurance Company Limited. The complaint names four individuals, including the company’s former Deputy Managing Director and Chief Operating Officer, Md. Manjure Maola. The other two accused are Md. Mahabub Alam Khan, a former legal consultant, and Md. Saifuzzaman, a former executive in the legal department.

The prosecution alleges that the accused conspired to misappropriate 18,877,400 taka through fraud, corruption, and the fabrication of legal expenses.

Following an order from the Appellate Division to investigate the company’s affairs during the administrative period, Delta Life Insurance appointed the chartered accountancy firm M.J. Abedin to conduct an audit. In their investigative report submitted on September 25, 2024, the auditors concluded that the accused had embezzled the specified amount through the presentation of falsified bills and vouchers.