Employees, customers demand recovery of embezzled money

Officials, employees, and customers of Fareast Islami Life Insurance formed a human chain in the capital on Sunday, demanding the recovery of Tk 45 billion allegedly embezzled from the company and exemplary punishment for its former chairman.
The protest was held in front of the Anti-Corruption Commission (ACC) headquarters, where participants also submitted a memorandum seeking swift recovery of the funds and strict action against the company's former chairmen Nazrul Islam and MA Khalek.
Company CEO Kamrul Hasan said, "We want the embezzled money back."
Recovery section head Masud added, "Nazrul and Khalek have destroyed this historic institution through massive looting.
They laundered money abroad and are exploiting legal loopholes to escape 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 had been filed against corrupt officials and complaints lodged with the ACC.
"We thank the ACC for arresting corrupt former chairman Nazrul Islam," he said.
Customers and staff alleged that between 2000 and 2019, about Tk 40 billion was deposited into the company's funds from customer contributions.
However, former chairmen Nazrul Islam and M.A. Khalek allegedly embezzled the money through fake expenses, paper investments, and management manipulation - with a large portion reportedly laundered abroad.
As a result, nearly four million policyholders remain in distress, awaiting their dues.
On October 23, a court granted a five-day remand for former chairman Nazrul Islam in an embezzlement case.
Earlier, on July 31, ACC Deputy Director Syed Ataul Kabir filed a case against Nazrul and 24 others, accusing them of irregularly buying and selling land and buildings on Topkhana Road in Dhaka, worth Tk 2.07 billion.

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