3 including Fareast Life Insurance ex-chairman land in jail for ‘embezzling’ Tk816cr
Three former top officials of the Fareast Life Insurance have landed in jail in connection with a case filed by the company's legal officer accusing 14 current and former officials of embezzling more than Tk816 crore.
Former chairman Nazrul Islam, former directors MA Khaleque and Khaleque's son Rubayat Khaled were arrested Tuesday (13 September) in the case filed with the Shahbagh police station, Officer-in-Charge Mahfuzul Haque Bhuiyan told The Business Standard.
The accused were sent to jail on Tuesday after Dhaka Metropolitan Magistrate Mahbub Ahmed's court had granted police two days to grill them at the jail gate.
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Jasim Uddin, the plaintiff in the case, told The Business Standard that they have learned that the 14 accused have embezzled more than Tk816 crore from Fareast Islami Life Insurance Company Limited by resorting to forgery and fraud at various times.
They colluded with each other and made employees forge various documents, the case alleged, adding that the accused embezzled the said amount in the last 10 years between 1 July 2011 to 1 September 2021.
The other accused are – former directors Shahriar Khaled, Tanvirul Haque, Noor Mohammad Dikon and Ekramul Amin, former managing directors Ali Hossain and Alamgir Kabir, former deputy managing director, Hemayet Ullah, former chief executive officer Kamrul Hasan Khan, additional managing director Sheikh Abdur Razzak, former senior executive vice president Kamal Hossain Howlader, joint executive vice president and first assistant vice president Mohammad Maqbool Elahi.
Former managing director Ekramul Amin and former CEO Hemayet Hossain were unreachable for comments despite several attempts.
The current CEO and Managing Director Chowdhury Mohammad Wasiuddin was also unreachable for comments.
According to the case statement, the first and second defendants – MA Khaleque and Nazrul Islam – embezzled assets and money at various times during their tenure on the board of the insurance company. The plaintiff added that more details will come out in the investigation of the case.
Jasim Uddin said the evidence of embezzlement and financial fraud against the accused came up in the internal audit conducted by two reputed audit firms, Huda Bhasi Chowdhury and Company and Howladar Yunus and Company.
