Fareast Islami Life protest: Employees, policyholders seek justice over embezzlement

Staff Correspondent: Employees and policyholders of Fareast Islami Life Insurance Company Ltd have raised their voices together, staging a protest in front of the Anti-Corruption Commission (ACC) headquarters in Dhaka. The demonstration came amid growing frustration over alleged large-scale embezzlement that has shaken one of country’s leading life insurers.

The human chain, held in Shegunbagicha on Friday (24 October) and led by Acting Chief Executive Officer Kamrul Hasan, brought together senior executives, staffs and affected policyholders. The protesters demanded that the authorities concerned recover embezzled funds, seize domestic and foreign assets of the accused and ensure that the victims of financial fraud are repaid.

Speakers at the event said the company had been crippled by systematic corruption under previous leadership, with money laundered through fraudulent land deals and dubious transactions. They called on the ACC to ensure a thorough and transparent investigation that holds every wrongdoer answerable, regardless of position or power.

Participants expressed deep frustration that guiltless employees and loyal customers are bearing the brunt of the scandal. They urged the government and regulators to step in and safeguard the interest of the policyholders who entrusted their savings to the insurer. Many speakers said restoring those funds is necessary to rebuilding trust not only in Fareast Islami Life but in the broader insurance sector.

The protest followed the arrest of the company’s former chairman by the ACC in connection with allegations of misappropriation through fake land purchases. Demonstrators welcomed the arrest as a step toward answerability but warned that the process must extend beyond one individual.

Acting CEO Kamrul Hasan said the company’s reputation had been gravely damaged by years of financial mismanagement. He called for justice and the recovery of embezzled funds, stressing that policyholders’ money must be safeguarded and their claims honoured without delay.

The protesters also urged regulators to strengthen corporate governance in the insurance industry to prevent similar crises in the future. They said the scandal has not only eroded confidence among policyholders but also jeopardised the livelihood of thousands of employees.