The Detective Branch (DB) of Dhaka Metropolitan Police has submitted a charge sheet to the court against 24 individuals, including former chairman Nazrul Islam and former chief executive officer Md. Hemayet Ullah, in a case over embezzlement at Far East Islami Life Insurance Company Limited. The charge sheet was filed by investigating officer Shah Minhaj Uddin, following a case lodged on September 13, 2022, by the company’s legal officer Md. Jasim Uddin at Shahbagh Police Station.

According to the police report, the accused conspired to misappropriate company funds by preparing fake documents, vouchers, and extracts outside official board decisions. They allegedly diverted Tk 644.28 crore from the company’s MTDR investments to various affiliated individuals and entities, causing severe financial losses. Additional allegations include embezzlement of Tk 45 crore and Tk 115 crore through property purchases and Tk 92.55 crore through falsified real estate development expenses.

The investigation found that the company is now in deep financial crisis, unable to pay dues to millions of policyholders and employees. Two accused were cleared of charges, and one died in custody. The Anti-Corruption Commission has also filed seven more cases against the same group.