Another case of embezzlement of Tk 60 crore of Fareast: former chairman Nazrul Islam in jail

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Eati Akter


Former chairman of Far East Islami Life Insurance Company was arrested again from a hotel in Gulshan last Friday (March 31) in another case of embezzlement of about 60 crore taka. Nazrul Islam. The case was filed at Shahbag police station on March 30 (Thursday), case no. 57. It is said in the statement that money was embezzled by way of checks from the company’s account. 19 people including Nazrul Islam and his wife Taslima Islam were accused in the case. Earlier on March 8, 2022, Nazrul Islam and MA Khalek were arrested in two separate cases filed by the ACC against 9 directors-officers of Far East Islami Life. Later Nazrul Islam got bail. Last March 30 (Thursday), the insurance company’s legal officer filed a new case at Shahbag police station in the capital. Jasim Uddin. The case was filed under Sections 420, 406, 468, 471 and 34 of the Penal Code. Later the case was transferred to DB. DB officer (police inspector) Gazi Salah Uddin said that in the case of Far East Islami Life, the former chairman of the company Nazrul Islam was arrested from a hotel in Gulshan on Friday (March 31). He was produced in court on the same day. Later the court sent him to jail. DB official Gazi Salah Uddin also said that MA Khalek, another accused in this case, is already in jail in another case. Two people have been arrested in this case. Currently, the proceedings of the case are ongoing. According to the sources of the statement, Nazrul Islam and MA Khalek dominated Far East Islami Life and embezzled this money with the connivance of other accused. At the same time, the other accused helped Nazrul Islam and MA Khalek to embezzle money and also benefited themselves financially. From May 30, 2018 to January 8, 2019, cash of Tk 599.0 million was embezzled from the account of Fareast Islami Life by issuing checks in the name of various persons. These checks were signed by the then chief executive of the company Hemayet Ullah and deputy managing director of the company Alamgir Kabir. Checks were issued in the name of different persons. Later, the company’s former SAVP (Banking Branch) Sheikh Abdur Razzak, FAVP (Banking Branch) Mohammad Maqbul Elahi, AVP & PS to Chairman Muhammad Azharul Islam, SEVP (IT) used to withdraw money from the bank with these checks. Majedul Islam, JSVP (Real Estate) Md. Shah Alam, SVP and In-charge (Branch Control) Md. Feroz Shah Alam and Head of Internal Audit and Compliance. Kamal Hossain Howladar. According to the statement of the case, Nazrul Islam and MA Khalek dominated the board of directors of the company. The appointment of individual directors, shareholder directors, audit committee and other committee chairpersons of the company were all under the control of Nazrul Islam and MA Khalek. The statement also mentions that Nazrul Islam and MA Khalek were assisted by former director Shahriar Khaled, MA Khalek’s son; former director Rubaiyat Khaled, son of MA Khalek; Former director Taslima Islam, former director and chairman. Wife of Nazrul Islam; Former Director Md. Tanveer Haq; Former director KM Khaled; Former Director Kazi Farid Uddin Ahmed; Former director AKM Monirul Islam (Mohan) and former director Md. Hafizur Rahman.

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