Fareast Islami Life employees, policyholders submit memorandum to ACC, call for action

Staff Correspondent: Officials, employees, and aggrieved policyholders of Fareast Islami Life Insurance Company Limited staged a human chain on Sunday (26 Oct) in front of the Anti-Corruption Commission (ACC) headquarters in Segunbagicha, Dhaka, demanding recovery of embezzled funds and exemplary punishment for those responsible for large-scale financial embezzlement in the company.

The demonstrators also submitted a memorandum to the ACC’s Director General, urging the authorities concerned to confiscate both domestic and foreign assets of the accused individuals and to return the recovered money to the company. They reiterated their call for the immediate arrest and prosecutionof all collaborators who facilitated the embezzlement.

The human chain, held around 11:30am, was presided over by Acting Chief Executive Officer Kamrul Hasan. Among others, Additional Managing Director Md. Shahidul Islam, Legal Officer Jasim Uddin and Real Estate Department In-charge Azgar Ali were present, along with hundreds of employees, field workers and affected clients.

In the programme, CEO Kamrul Hasan said that the company is suffering from a severe liquidity crisis, as many of its assets cannot be sold due to political and legal complication. “We have around 40 lakh policyholders, yet we are struggling to settle claims because nearly Tk 4,000 crore was looted from this company. This money belongs to our clients and we demand its immediate recovery,” he said.

Additional Managing Director Md. Shahidul Islam blamed former chairman Nazrul Islam and his associates for the company’s downfall, saying their corruption destroyed livelihood and forced many employees into financial hardship. “We urge the ACC to bring the truth to light and ensure that all of stolen money is recovered,” he added.

Legal Officer Jasim Uddin said that Fareast Islami Life once enjoyed a strong reputation until 2010 but became a hub of corruption between 2011 and 2021. “The greed of a few powerful individuals turned this trusted company into a symbol of betrayal for many of policyholders,” he said.

On July 31, the ACC filed a case against 24 individuals, including former chairman Nazrul Islam, for embezzling Tk 45 crore under the guise of purchasing land worth over Tk 207 crore in the capital’s Topkhana area. Nazrul Islam and his wife, former director Taslima Islam, allegedly embezzled Tk 19.5 crore.