The Anti-Corruption Commission (ACC) has arrested the former chairman of Far East Islami Life Insurance Company, Md. Nazrul Islam, in connection with an alleged embezzlement of 45 crore Bangladeshi Taka (approximately £4.5 million). He was arrested on Thursday, 23 October, in the Banshal area of Dhaka, with a team led by the investigating officer, Md. Mashiur Rahman. Following his arrest, Nazrul Islam was presented before the Senior Metropolitan Special Judge’s Court, where the ACC requested a 7-day remand for further investigation.
The case stems from an accusation that Nazrul Islam, along with several accomplices, misappropriated 45 crore Taka under the guise of purchasing company assets. The ACC filed the case on 31 July, accusing the former chairman and 23 other individuals of embezzling the funds. The complaint was lodged by Syed Ataul Kabir, the Deputy Director of the ACC.
Among the accused are Nazrul Islam’s wife, Taslima Islam, a former director of Meghna Bank, the former Managing Director Md. Hemayet Ullah, former director Md. Helal Mia, and several other individuals linked to the company. The suspects allegedly conspired to purchase a building and 33.56% of land for a total of 207 crore 36 lakh 60 thousand Taka (approximately £20 million), but instead, they misappropriated 45 crore Taka, transferring the funds to various entities and individuals to conceal the illicit proceeds. This scheme violates both the Money Laundering Prevention Act of 2012 and the Prevention of Corruption Act of 1947.
According to the ACC’s investigation, the accused individuals are believed to have concealed illegal funds by transferring them under false names and misreporting transactions, thus committing punishable offences under anti-corruption and anti-money laundering laws. The ACC has committed to pursuing all necessary actions to address the matter and bring those responsible to justice.