Former Fareast Life Insurance director Khalek placed on three-day remand

A Dhaka court has placed former director of Fareast Islami Life Insurance Limited, MA Khalek, on a three-day remand in a case filed by the Anti-Corruption Commission (ACC) over allegations of embezzlement.

Dhaka Metropolitan Senior Special Judge Md Sabbir Faiz passed the order today (10 November) after a hearing.

Earlier, the case's investigation officer and ACC Deputy Director Md Moshiur Rahman produced the accused before the court, seeking a seven-day remand for interrogation.

Defence lawyers sought cancellation of the remand and appealed for bail, which was opposed by the prosecution.

After hearing both sides, the court granted a three-day remand and ordered that a bail hearing be held after the remand period. ACC Public Prosecutor Tariqul Islam confirmed the development.

According to the remand petition, Khalek, during his tenure at Fareast Islami Life Insurance, allegedly embezzled company funds in collusion with other accused. He abused his authority to purchase 33.56% of the company's land and buildings worth Tk207.60 crore, transferring Tk45 crore of that amount to the seller through suspicious transactions.

The case was filed under Section 5(2) of the ACC Act, Sections 409 and 109 of the Penal Code, and Sections 4(2) and 4(3) of the Money Laundering Prevention Act, 2012.

The petition further stated that on 24 March 2015, seller Md Azhar Khan allegedly transferred Tk5 crore to Khalek's account, Tk2.62 crore to his wife Sabiha Khalek, and Tk7.87 crore to his daughter Sarwat Simin Khalek.

Investigators said Khalek's remand is essential to identify others involved in or benefiting from the embezzlement.