Asia Insurance fined for embezzling Tk 2.27cr

Asia Insurance fined for embezzling Tk 2.27cr

The Bangladesh Financial Intelligence Unit (BFIU), a wing of the country central bank responsible for investigating money laundering, has fined Asia Insurance Limited and its officials for embezzling Tk 2.27 crore of policy premium through forgery, according to official documents.
The misappropriation by the non-life insurer involved TVS Auto Bangladesh Limited, which collected initial insurance policy papers for opening over two dozen letters of credit (LCs) in 2021 and 2022 to import goods.
Two-wheeler manufacturer TVS Auto says it imported the goods against all the 25 LCs and completed subsequent procedures.