Human chain demands recovery of Tk 45 billion embezzled from Fareast Islami Life Insurance

Officials, employees, and customers of Fareast Islami Life Insurance formed a human chain on Sunday, demanding the recovery of Tk 45 billion allegedly embezzled from the company and exemplary punishment for its former chairmen.

The demonstration was held in front of the Anti-Corruption Commission (ACC) headquarters in Dhaka.

During the protest, participants called for strict punishment of the company’s former chairmen, Nazrul Islam and M.A. Khalek, and submitted a memorandum to the ACC, seeking both the recovery of the embezzled funds and legal action against those responsible.

“We want the embezzled money back,” said the company’s CEO, Kamrul Hasan.

Masud, head of the recovery section, said, “Nazrul and Khalek have destroyed this historic institution through massive looting. They laundered money abroad and are now trying to exploit legal loopholes to evade justice. It’s like a cat-and-mouse game while we’re running from door to door seeking justice.”

Company legal officer Jasim Uddin said several cases have been filed against corrupt officials and complaints have been submitted to the ACC.
“We thank the ACC for arresting the corrupt former chairman Nazrul Islam,” he added.

Customers and staff alleged that between 2000 and 2019, around Tk 40 billion was deposited into the company’s fund from customer contributions. However, Nazrul Islam and M.A. Khalek allegedly siphoned off the money through fake expenses, paper investments, and management manipulation — with a large portion reportedly laundered abroad. As a result, nearly four million policyholders are still waiting for their dues.

On October 23, a court granted a five-day remand for former chairman Nazrul Islam in connection with the embezzlement case.

Earlier, on July 31, ACC Deputy Director Syed Ataul Kabir filed a case against Nazrul and 24 others, accusing them of irregularities in the purchase and sale of land and buildings on Topkhana Road, Dhaka, worth Tk 2.07 billion.

According to the ACC, through this and related transactions, Nazrul Islam, director M.A. Khalek, and their associates misappropriated Tk 45 billion, transferring the money to various bank accounts for personal gain.

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