Violence erupts at Fareast Islami Life HQ: Two cases filed over clash

Staff Correspondent: A violent clash at the headquarters of Fareast Islami Life Insurance Company Limited on Dhaka’s Topkhana Road has erupted into a conflict between current and former officials, exposing a deeper crisis of governance, mistrust and alleged financial malpractice within one of Bangladesh’s leading life insurers.

The incident occurred on September 8 when, according to a court filing, a group of 25–30 individuals- many of them former employees- allegedly stormed the company’s 18th-floor head office, assaulted staff, damaged documents and demanded Tk 50 lakh in illegal payment. The company’s Legal Officer, Md. Jasim Uddin, filed the first case with the Chief Metropolitan Magistrate (CMM) Court on September 18.

The case names 45 individuals, most of them former company officials and accuses them of offences under several sections of the Penal Code, including rioting, trespass, assault, extortion, intimidation and attempted murder.

Just a week later, on September 25, a counter-case was filed by former company official Md. Shahadat Hossain Akand at Shahbagh Police Station. Akand alleged that the company’s existing chairman, CEO, directors and several executives assaulted him and an associate with iron rods and hockey sticks, looted cash and valuables and attempted to force signatures on a non-judicial stamp paper while demanding a Tk 10 lakh ransom.

This violent episode follows a history of internal disputes and corruption allegation in Fareast Islami Life. On July 18, the same company filed an embezzlement case against its former chairman Mohammad Nazrul Islam and eight others, accusing them of misappropriating Tk 11.29 crore through fake bills and vouchers for non-existent projects between October 2020 and March 2021.

The alleged fraudulent transactions included bills for development meetings, land improvement and HVAC repairs, which auditors later determined to be made-up. The company’s 2023 internal audit uncovered the irregularities, prompting the legal action.

Company officials claim that the recent attack was orchestrated by those implicated in the embezzlement case as retaliation for the ongoing legal and regulatory action against them.

When contacted, complainant Shahadat Hossain Akand declined to comment on the allegation but said that health issues had delayed the filing of his complaint.