Dhaka: Former Chairman of Far East Islami Life Insurance Limited, Md. Nazrul Islam, has confessed to amassing a significant amount of illegal wealth and laundering money overseas during a five-day remand. During this period, he admitted to acquiring substantial assets both in Bangladesh and abroad, involving himself and his family members.
According to Bangladesh Sangbad Sangstha, ACC Deputy Director (Public Relations) Md. Akhtarul Islam revealed that Nazrul Islam was interrogated regarding his wealth accumulation and asset holdings after being arrested by the ACC from the capital’s Bangshal area on October 23 in connection with a corruption case. Following his arrest, Nazrul was presented before the court, which granted a five-day remand. After the remand period, on October 27, the court ordered his incarceration.
During the remand, Nazrul Islam disclosed that he and his family are citizens of the USA. He further admitted to transferring approximately US$ 550,000 (over Taka 3 crore) to the US in 2015, which was used to purchase a house in the Wellington area.
The investigation also uncovered that Nazrul Islam had misappropriated Taka six crore during the acquisition of land valued at Taka 207 crore on 36, Topkhana Road in the capital in 2014 for the company. Furthermore, Nazrul acknowledged that the company’s founder and director, M.A. Khaleq, embezzled approximately Taka 591 crore by securing loans under the names of 11 fictitious companies owned by himself and close associates.
Nazrul Islam’s confessions led to the discovery of disclosed and undisclosed wealth exceeding Taka 200 crore. ACC officials stated that the investigation is ongoing to verify the sources of his wealth and gather further information on the money laundering activities.