A NATIONAL daily on Thursday reported that Jiban Bima Corporation has dismissed 28 officials and employees from its Sylhet regional office on charge of misappropriation of Tk 20 crore of premium money till May this year. As per indication the misappropriation of fund is taking place since 2002 in the form of removing money receipt at local office and withholding transfer of the money to the Head Office. Reports said the total amount of misappropriated fund may be much more and a four-member team is screening the entire life insurance policy papers at the regional office to ascertain the total amount of money swindled in the process.
It appears that after swindling of several state-owned banks by powerful syndicates, which severely blurred the government image, officials of the state run insurance corporation have been found this time in swindling defying laws and fear of prosecution. The insurance sector has not made significant stride so far in Bangladesh due to poor governance, lack of transparency and unaccountability and people trust in insurance firms. The new scam may further damage people’s faith in this business to pull back the growth. But the fact is that any time such big scam takes place, powerful hands worked from behind but they remain out of public views; while lower level employees are held responsible and put on trial.
This is what is noticeable in case of Sonali Bank swindling or BASIC Bank’s loan frauds. Bank’s board members including their chairmen were found involved but mid-level officers were caught and handed over to police. The Jiban Bima Corporation episode is surely not an exception. But since powerful guys enjoy protection from political quarters, real swindlers remain unpunished. But the question is how long will the offenders of high crimes continue to rob state-run institutions without facing trial.
Insiders say Jiban Bima Corp has filed cases against the 28 officials of its Sylhet regional office but they are not taking action against people involved with the scam at the head office. They acted together as a syndicate and any probe into the role of the Head Office may not only expose new names but also lead to the exposure of many senior officials and their political nexus. So attempts are underway to mislead the probe halfway to cover up the entire swindling case at the end.
There is a growing fear that swindlers are at work in almost all public institutions as unfolding incidents shows, taking advantage of government patronization of political elements in public institutions at all levels. For some people impunity from prosecution for corruption and misuse of public fund has taken an endemic form circulating the message that the system would protect the chosen offenders. Public money has no safety.
It appears that after swindling of several state-owned banks by powerful syndicates, which severely blurred the government image, officials of the state run insurance corporation have been found this time in swindling defying laws and fear of prosecution. The insurance sector has not made significant stride so far in Bangladesh due to poor governance, lack of transparency and unaccountability and people trust in insurance firms. The new scam may further damage people’s faith in this business to pull back the growth. But the fact is that any time such big scam takes place, powerful hands worked from behind but they remain out of public views; while lower level employees are held responsible and put on trial.
This is what is noticeable in case of Sonali Bank swindling or BASIC Bank’s loan frauds. Bank’s board members including their chairmen were found involved but mid-level officers were caught and handed over to police. The Jiban Bima Corporation episode is surely not an exception. But since powerful guys enjoy protection from political quarters, real swindlers remain unpunished. But the question is how long will the offenders of high crimes continue to rob state-run institutions without facing trial.
Insiders say Jiban Bima Corp has filed cases against the 28 officials of its Sylhet regional office but they are not taking action against people involved with the scam at the head office. They acted together as a syndicate and any probe into the role of the Head Office may not only expose new names but also lead to the exposure of many senior officials and their political nexus. So attempts are underway to mislead the probe halfway to cover up the entire swindling case at the end.
There is a growing fear that swindlers are at work in almost all public institutions as unfolding incidents shows, taking advantage of government patronization of political elements in public institutions at all levels. For some people impunity from prosecution for corruption and misuse of public fund has taken an endemic form circulating the message that the system would protect the chosen offenders. Public money has no safety.
