Ex-chairman of Fareast Life Insurance remanded in graft case

Bangla Press Desk: A Dhaka court on Thursday granted a five-day remand for Md Nazrul Islam, former chairman of Fareast Islami Life Insurance Company Limited, in a case filed by the Anti-Corruption Commission (ACC) over alleged embezzlement.

Dhaka Metropolitan Sessions Judge Sabbir Faiz passed the order after ACC Deputy Director Md Moshiur Rahman sought a seven-day remand for him.

Earlier on 31 July, ACC Deputy Director Syed Ataul Kabir filed the case against Nazrul Islam and 23 others over alleged irregularities in the purchase and sale of land and an establishment on Topkhana Road in the capital worth Tk207.36 crore.

According to the case statement, investigation revealed that Md Nazrul Islam and others embezzled Tk45 crore through the purchase and sale transaction, which was later transferred to various bank accounts under their names and unidentified individuals.

The case also alleged that the accused concealed the source, location, and nature of the illegally obtained money and committed punishable offenses under the Money Laundering Prevention Act, the Anti-Corruption Commission Act, and the Penal Code.

BP/SP