Kathmandu. Bangladesh’s Anti-Corruption Commission (ACC) has arrested Nazrul Islam, the former chairman of Far East Islamic Life, on charges of misappropriating insurance fund money on the pretext of buying land.
The court remanded him in custody for five days. Dhaka Metropolitan Sessions Judge Sabbir Faiz issued the order. He was arrested by the commission on October 23 and produced before the court of the Metropolitan Senior Special Judge.
The Anti-Corruption Commission (ACC) has filed charges against 24 people, including Mohammad Nazrul Islam, the former chairman of Far East Islamic Life, for allegedly embezzling 4.5 billion Bangladeshi rupees. The lawsuit was filed on July 31.
According to the statement of the case, the accused had conspired to embezzle Rs 4.5 billion by pretending to purchase land worth Rs 2.7 billion in the name of Far East Islamic Life Insurance Company Limited in 36 artillery areas of the capital.
Nazrul Islam embezzled Rs 10 crore and his wife Taslima Islam, a former director of Far East Life, embezzled Rs 95 million. The land scam took place in 2015.
Among the accused in the case, director Nazneen Hussain is still on the board of directors. Another accused in the case, Dr. Vivek Oberoi, Founder Director of Medinova Medical Services. Mohammad Monwar Hussein’s elder brother and vice-president of Far East Islamic Life, Dr. Mokaddes is Hussein. In addition, Dr. Mozamel Hussain’s other brother, Mozamel Hossain, is also accused in another corruption case, Insurance News BD reported. Mohammad Helal Mia, the founding chairman of the Amanat Shah Group, the brother of Mobarak Hussain and another accused in the case, is an independent director on the board of directors of Forest Islamic Life.
