Ex IDRA Chairman Jainul Bari faces dire graft allegations

 
Jainul Bari, former Chairman of Insurance Development and Regulatory Authority (IDRA) has come under massive allegations of corruption and irregularities that took place without obstructions while he was IDRA Chief.

Several insurance companies have blamed Jainul Bari for spoiling their organizations and extorting huge sums of money from them. Allegedly Jainul Bari inserted corruption, money laundering, nepotism, disorder and anarchy throughout the country's insurance sector.

Reportedly Jainul Bari appointed totally unfit and useless people in top posts of different insurance companies and thus those companies got plunged into horrible monetary losses and their clients' faced tremendous financial perils as well.

IDRA Ex-Chairman, Jainul Bari resigned from his post on 5 September 2024 after enormous complaints of serious corruption and abuse of power assailed him. Nevertheless, he was subsequently appointed as the Chairman of Shadharan Bima Corporation (SBC) on 11.09.2024, the state-owned insurance company that is also regulated by IDRA.

The appointment as SBC Chairman itself is illegal and is in violation of section 9 of the Insurance Development and Regulatory Authority Act 2010 which stipulates that "The Chairman and the Members shall not, except with the prior approval of the Government, take any service under the Government or in any insurance company for a period of two years from the date on which their tenures end".

There was no necessity of appointing such a dishonest and an accomplice to the immediate past despotic government to an important position violating fundamental principles of the Insurance Law and Rules, economists have expressed this opinion.