Fareast Islami Life embezzlement: 24 face charges over Tk 816cr

Staff Correspondent: Police have submitted a charge sheet against 24 individuals, including a former chairman and three former chief executive officers, in connection with the alleged embezzlement of Tk 816 crore from Fareast Islami Life Insurance Company Limited.

The charge sheet was filed on February 15 by Detective Branch (DB) Inspector Shah Minhaj Uddin of Dhaka Metropolitan Police (DMP), who led the investigation into the case.

The case was originally filed on September 13, 2022, at Shahbagh Police Station by the company’s legal officer, Md. Jasim Uddin. At that time, 14 people were named as accused in the case, registered as Case No. 15(9)22. Later, following a court order, the investigation was handed over to the DB of DMP.

During the investigation, the main accused and founding director of the company, MA Khaleque, died while in jail. Meanwhile, allegations against two other accused, Tanvirul Haque and Noor Mohammad Dicon, were not proven and they were cleared of the charges.

However, investigators found evidence accusing 13 other individuals, who were subsequently added as new accused in the case.

Among those charge-sheeted are former chairman of Fareast Islami Life Insurance Md. Nazrul Islam; former directors Shahriar Khaled and Rubaiyat Khaled, both sons of MA Khaleque; former chief executive officers Ekramul Amin, Md. Ali Hossain and Md. Homayet Ullah; and former Deputy Managing Director and Chief Financial Officer Md. Jahangir Alam Munshi.

Other accused include former Assistant Managing Director and head of the finance and accounts division Kamrul Hasan Khan; former Senior Executive Vice President and head of banking and investment Sheikh Abdur Razzaq; former Joint Executive Vice President Md. Kamal Hossain Howlader; and former officials Makbul Elahi, Mohammad Azahar Khan and Md. Sohel Khan.

The charge sheet also names several individuals linked to the company’s former leadership, including Taslima Islam, wife of former chairman Nazrul Islam; AKM Monirul Islam; Khandakar Mohammad Khaled; Mosammat Sabiha Khaleque, wife of MA Khaleque; Sarwat Khaled Simin, daughter of MA Khaleque; Syed Abdul Aziz; Md. Minhaj Uddin; Mohammad Kazi Farid Uddin Ahmed; Mohammad Selim Mahmud; and Rahmatullah Dewan.

According to the case statement, MA Khaleque and Nazrul Islam allegedly embezzled more than Tk 816 crore while serving on the company’s board of directors. The allegations are based on findings from the company’s internal audit report.

Investigators said that Tk 644.28 crore was allegedly misappropriated from MTDR deposits held in banks. In addition, the accused are alleged to have taken Tk 45 crore through irregularities in the purchase of land at 36 Topkhana Road and Tk 115 crore in a similar manner during the purchase of land at 72 Kakrail.

The investigation report also says that Tk 92 crore was misappropriated by falsely showing expenses for land development at Goran Chatbari in Mirpur.

According to the report, the accused allegedly acted in collusion and conducted financial transactions outside the approval of the board of directors. They are accused of preparing fake extracts, letters and vouchers, committing forgery and breach of trust and concealing information from other board members.

Apart from this case, the Anti-Corruption Commission (ACC) has filed seven additional cases related to the embezzlement of funds at Fareast Islami Life Insurance.