Mir Rashed Bin Anam has been suspended and fired from his position as CEO of Sonali Life Insurance Company Ltd, also known as Sonali Life. The Insurance Development and Regulatory Authority (IDRA) approved a decision made by the company's board of directors on March 14, and notified Anam of his removal on March 28. Before, Rashed was chosen as the Chief Executive Officer of Sinali Life on April 24, 2022.

However, the Sonali Life officials decided to remove him from the CEO position when they discovered that his "Master of Business" degree certificate was fake. Rashed has been unavailable for contact because he has been incarcerated since March 14 for allegedly stealing money. According to sources, a three-person panel set up by Sonali Life officials discovered that the Master of Business degree from the University of Technology Sydney was not genuine. Moreover, an investigation committee at Sonali Life Insurance Company has uncovered a significant misuse of funds by the CEO. This information was disclosed by a source within the company.