Court Orders Seizure of Tk 250 Crore Assets of Former Fareast Life Chairman Nazrul’s Family

Staff Correspondent: The court has ordered the seizure of immovable properties in the names of Nazrul Islam, former Chairman of Fareast Islami Life Insurance Company Limited, and his wife Taslima Islam. The order was issued in response to an application by the Anti-Corruption Commission (ACC).

Judge Md. Shahjahan Kabir of the Dhaka Metropolitan Senior Special Judge’s Court passed the order. The seized properties include land, plots, flats and houses in the capital Dhaka and various other areas of the country standing in their names. The deed value of these properties is approximately Tk 57 crore 62 lakh. However, a source of Fareast Life has informed that the market value of these assets will exceed Tk 250 crore.

Nazrul Islam, Chairman of Fareast Islami Life, his wife Taslima Islam, former director M.A. Khalek and others embezzled Tk 2,800 crore from the funds of Fareast Islami Life. This money was embezzled by purchasing land and by showing illegal investments in the name of loans to various individuals and institutions by mortgaging MTDRA.

Earlier, in 2020, Insurance News BD published an investigative report on the embezzlement of Tk 114 crore in the name of purchasing a piece of land at Goran Chatbari. Subsequently, the Bangladesh Securities and Exchange Commission investigated and found evidence of the embezzlement of Tk 2,368 crore. At the same time, the Anti-Corruption Commission filed multiple cases. In these cases, former Chairman Nazrul Islam and former director M.A. Khalek were arrested several times. Among them, M.A. Khalek died in jail. Most recently, in a case filed by the ACC, Nazrul Islam and former Chief Executive of Fareast Life Md. Hemayet Ullah were sent to jail in 2024. They have been in jail since then. In an ACC case, this is the first time the court has ordered the attachment of properties standing in the names of Nazrul and his wife.

Stakeholders in the insurance sector say that this court order will set a precedent in the insurance sector. According to them, customers are facing extreme harassment due to the embezzlement of money from Fareast Islami Life.

According to information, IDRA has taken an initiative to settle claims of Tk 1,000 crore by 2026. Claims amounting to a further Tk 2,310 crore remain outstanding.

Order to stop transfer of properties

ACC sources informed that investigating officer and the organisation’s Deputy Director Md. Mashiur Rahman applied to the court for the seizure of the immovable properties in the names of Nazrul Islam and his wife Taslima Islam in accordance with ACC rules.

The application stated that if these properties are not seized, there is a risk of their transfer or removal elsewhere. In this context, the court ordered the seizure of the properties. At the same time, the concerned District Registrars of Dhaka, Gazipur, Munshiganj, Mymensingh, Narayanganj and Patuakhali have been directed not to transfer or exchange these properties.

Assets worth more than Tk 38 crore in Nazrul Islam’s name

In the court’s order, details of immovable properties standing in Nazrul Islam’s name in Uttara, Jatrabari, Sutrapur and Gulshan of the capital, as well as in Bhaluka of Mymensingh, Kuakata of Patuakhali, Rupganj of Narayanganj and Munshiganj, have been mentioned.

The official purchase value of properties under a total of 20 deeds in his name is Tk 38 crore 39 lakh 13 thousand.

Among these, the deed value of eight katha of land and a house in Gulshan is Tk 10 crore, and the deed value of 6.18 acres of land in Kuakata is Tk 10 crore 55 lakh. In addition, there is 21.21 katha of land in Uttara.

Assets worth more than Tk 19 crore in wife’s name

In the name of Nazrul Islam’s wife Taslima Islam, there are immovable properties under a total of 22 deeds in various areas including Gulshan, Khilkhet, Cantonment, Badda, Sutrapur, Tongibari and Gazipur. The official purchase value of these properties is Tk 19 crore 22 lakh 54 thousand.

Among these, there are various flats and land in Gulshan and Badda, and residential plots and buildings in Khilkhet.

According to the calculation given in the court’s order, the total official purchase value of these immovable properties standing in the names of Nazrul Islam and his wife is Tk 57 crore 61 lakh 67 thousand.

Several cases against Nazrul Islam

Multiple cases have been filed against Nazrul Islam at different times at the ACC’s Combined District Office Dhaka-1. These cases contain various allegations of irregularities related to the money and assets of Fareast Islami Life.

According to ACC information, Nazrul Islam was arrested in a case on 23 October 2025. Later, with the court’s permission, he was taken on remand and interrogated. The ACC claims that information about his various immovable properties was obtained during the interrogation.

Information on assets in the United States to be sought

The ACC is also investigating allegations that Nazrul Islam has assets outside the country. In particular, initiatives have been taken to collect information regarding his house and other properties in the United States.

A relevant source has informed that the process of sending a Mutual Legal Assistance Request (MLAR) to the United States for legal assistance and exchange of information is underway. Through this, information regarding the ownership of assets in the United States, the source of the money and related transactions will be sought.