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The companies also ought to have earned revenue that justifies their contribution to the funds. “This is not possible for the companies that are stated to be non-operative,” said the petition.

The more likely scenario is that the two companies and their four funds are being used by Mosharraf Hossain as a conduit for laundering money obtained through corruption, it said.

The bank accounts of the companies bear no evidence of periodic and regular contributions to the funds.

Hence, the transactions are proof of corruption, it added.

This was not the first time the IDRA chairman is facing corruption allegations.

In December, Delta Life Insurance complained to the ACC against the IDRA chief for demanding Tk 50 lakh in bribes to give approval for the reappointment of the company’s chief executive officer and renewal of the actuarial valuation basis.

The IDRA also appointed an administrator in Delta Life Insurance in February, saying it was needed to protect policyholders’ interests and unearth breaches of rules that came to light following special and investigative audits into the insurer.

The VAT Audit, Intelligence and Investigation Directorate of the NBR has filed a case against Delta for evading Tk 35.18 crore in value-added tax. Hossain could not be reached for comments.