Dhaka: The Anti-Corruption Commission (ACC) has initiated legal proceedings against six individuals, including the former chairman and Managing Director (MD) of Fareast Islami Life Insurance Company Limited. They are accused of embezzling over Taka 13.71 crore by fabricating work orders and bill-vouchers related to civil and electro-mechanical work on Fareast Tower-2.
According to Bangladesh Sangbad Sangstha, the charges against the accused have been framed under sections 406, 409, 420, 467, 468, 471, and 109 of the Bangladesh Penal Code. Additional charges include section 5(2) of the Prevention of Corruption Act, 1947, and sections 4(2) and 4(3) of the Money Laundering Prevention Act, 2012.
The accused include former chairman M Nazrul Islam, former MD and CEO M Hemayet Ullah, former deputy managing director and company secretary Syed Abdul Aziz, former chief engineer and chairman of the Investment and Real Estate Development Committee Amir Mohammad Ibrahim, former senior executive vice president and Banking section head Sheikh Abdur Razzaque, and former head of internal audit and compliance M Kamal Hossain Hawlader.
As per the FIR, a fraudulent work order was issued for an advance payment to National Development Engineers Limited (NDE) for civil and electro-mechanical retrofitting work on Fareast Tower-2, located at 36 Topkhana Road, in 2016. Following this, 16 cheques totaling Taka 13.71 crore were issued based on falsified applications and bill-vouchers.
The ACC highlighted that the accused coordinated their previous loan amounts with a portion of the withdrawn funds, embezzling the remaining amount. The case documents revealed an absence of approval authority, audit-related signatures, or any legal documentation supporting the expenditures.
The accused allegedly conspired to violate state laws through abuse of power, forgery, and financial embezzlement between January 1 and December 31, 2016, as stated by the ACC. Further legal action is anticipated against other individuals if additional involvement is uncovered during the investigation.