Ex-Fareast Ins boss confesses acquiring huge illegal wealth

Former Chairman of Fareast Islami Life Insurance Limited Md. Nazrul Islam during a five-day remand has confessed acquiring of huge illegal wealth and laundering money abroad by himself and his family members.

ACC Deputy Director (Public Relations) Md. Akhtarul Islam told BSS Monday that during interrogation Nazrul Islam provided information about his wealth and assets of his family members in Bangladesh and abroad.

Nazrul Islam was arrested by the ACC from the capital's Bangshal area on October 23 in connection with a corruption case.

ACC produced him before the court, which granted five days' remand of Nazrul Islam. After the remand, the court on October 27 sent him to jail.

During the remand Nazrul Islam admitted that he and his entire family are citizens of the USA. In 2015, he transferred about US$ 550,000 (over Tk 30 million) to the US and purchased a house in the Wellington area.

The investigation further revealed that Nazrul Islam misappropriated Tk 60 million during the purchase of a land worth Tk 2.07 billion at 36, Topkhana Road in the capital in 2014 for the company.

Nazrul Islam further admitted that Fareast Islami Life Insurance's founder and director M.A. Khaleq embezzled around Tk 5.91 billion by taking loan in the name of 11 fake companies owned by himself and close associates.

Based on the information Nazrul Islam is the owner of disclosed and undisclosed wealth of over Tk 2.00 billion.