Home ›› 14 Sep 2022 ›› Front
A Dhaka Court on Tuesday placed Md Nazrul Islam, former chairman of Fareast Islami Life Insurance Company Limited, on a two-day remand in a case filed on charges of embezzling Tk 800 crore from the insurance company.
The court, however, asked the police to interrogate the insurance company’s former director MA Khaleque and his son Rubayat Khalaque at the jail gate in the case.
Dhaka Metropolitan Magistrate Mahbub Ahmed passed the order after the police produced them before the court seeking 15 days remand for interrogation.
Opposing the remand petition, the defence lawyer submitted a bail petition but the court rejected the plea after the hearing.
At beginning of the current month, a case was filed with Shahbagh Police Station against the accused on charges of embezzling Tk 800 crore from the insurance company.
According to an Insurance Development and Regulatory Authority (IDRA) report, the founding directors of Fareast Islami Life Insurance Company Limited, in collusion with the management, embezzled Tk 982 crore.
Former chairman Nazrul Islam and members of the board of directors misappropriated the money in accomplice with its former chief executive officer (CEO) Md Hemayet Ullah. The irregularities allegedly took place between 2010 and 2020.
In September last year, the Bangladesh Securities and Exchange Commission (BSEC) dissolved the board of directors of Fareast, a listed company, after allegations of corruption surfaced against its chairman Nazrul Islam.
In the same month, the finance ministry directed the IDRA to investigate the allegations and submit a report.
The BSEC recently nominated Bangladesh Insurance Association President Sheikh Kabir Hossain as the chairman of the reconstituted board of directors of the insurance company.
