In October 2016 CBCS started monitoring ENNIA’s compliance with its instructions.
“Ansary gave the impression that he mainly saw ENNIA as an investment, which was intended to provide him with a return,” the complaint states. “The interests of the policyholders, who actually finance ENNIA with their premium payments, were subordinate to this.”
After Ansary suddenly withdrew $100 million from ENNIA and transferred it to Parman International— with another $150 million to follow — CBCS decided it had seen enough, the complaint states. On July 3, 2018, ENNIA’s licenses were revoked and the bank took control, concerned about the company’s solvency.
CBCS sought to access $240 million in ENNIA’s assets in the United States, but Ansary attempted to block that. Then, in January 2019, a bankruptcy court in the Southern District of New York granted relief to CBCS.
Ansary would return another $50 million to ENNIA, but instead of the money coming from Parman International, it came from a private account he held, further indicating, according to the complaint, that “Ansary’s personal interests and corporate interests are intertwined.”