Govt orders IDRA to probe Fareast chairman, MD irregularities

The finance ministry has directed the Insurance Development and Regulatory Authority (IDRA) to investigate the allegations of corruption and irregularities against the Fareast Islami Life Insurance chairman and the managing director.

The company’s Chairman Nazrul Islam was expelled while its Managing Director Mohammed Hemayet Ullah was removed after the allegations against them had surfaced.

On October 31, a letter signed by the ministry’s Deputy Secretary Zahid Hossain asked the IDRA to submit the probe report to the Financial Institutions Division within 15 days.

The IDRA received the letter the following day.

The letter said Nazrul had built massive wealth in the US by embezzling the company’s life fund and fixed deposit receipts (FDRs) and had opened three businesses there.

Apart from that, he embezzled Tk 300 crore in the name of purchasing land.

The IDRA has already formed a four-member investigation committee headed by its Deputy Director Shah Alom.

The other members of the committee are Director (law) Mohammad Shafiuddin, Officer Abu Mahmud, and Junior Officer Shamsul Alom.

The committee was asked to submit a report within 10 working days.