A Dhaka court has placed MA Khalek, former director of Fareast Islami Life Insurance Limited, on a three-day remand in a case filed by the Anti-Corruption Commission (ACC) over allegations of embezzlement.
Dhaka Metropolitan Senior Special Judge Md Sabbir Faiz issued the order today (10 November) following a hearing.
Earlier, the investigation officer for the case, ACC Deputy Director Md Moshiur Rahman, presented the accused before the court, seeking a seven-day remand for interrogation. Defence lawyers requested the cancellation of the remand and appealed for bail, which was opposed by the prosecution.
After hearing both sides, the court granted a three-day remand and ordered that a bail hearing be held once the remand period concludes. ACC Public Prosecutor Tariqul Islam confirmed the development.
According to the remand petition, Khalek, during his tenure at Fareast Islami Life Insurance, allegedly embezzled company funds in collusion with other accused individuals. He is said to have misused his authority to purchase 33.56% of the company’s land and buildings, valued at Tk207.60 crore, transferring Tk45 crore of that amount to the seller through suspicious transactions.
The case was filed under Section 5(2) of the ACC Act, Sections 409 and 109 of the Penal Code, and Sections 4(2) and 4(3) of the Money Laundering Prevention Act, 2012.
The petition further alleged that on 24 March 2015, the seller, Md Azhar Khan, transferred Tk5 crore to Khalek’s account, Tk2.62 crore to his wife, Sabiha Khalek, and Tk7.87 crore to his daughter, Sarwat Simin Khalek.
Investigators have stated that Khalek’s remand is essential to identify other individuals involved in, or benefiting from, the embezzlement.