DHAKA, Oct 27, 2025 (BSS) - Former Chairman of Far East Islami Life Insurance Limited Md. Nazrul Islam during five day remand has confessed acquiring of huge illegal wealth and laundering money abroad by himself and his family members.

ACC Deputy Director (Public Relations) Md. Akhtarul Islam told BSS today that during interrogation Nazrul Islam provided information about his wealth and assets of his family members in Bangladesh and abroad.

Nazrul Islam was arrested by the ACC from the capital’s Bangshal area on October 23 in connection with a corruption case. 

ACC produced him before the court, which granted five days’ remand of Nazrul Islam. After the remand the court on October 27, the court sent him to jail.

During the remand Nazrul Islam admitted that he and his entire family are citizens of the USA. In 2015, he transferred about US$ 550,000 (over Taka 3 crore) to the US and purchased a house in the Wellington area.

The investigation further revealed that Nazrul Islam misappropriated Taka six crore during the purchase of a land worth Taka 207 crore at 36, Topkhana Road in the capital in 2014 for the company.

Nazrul Islam further admitted that Far East Islami Life Insurance’s founder and director M.A. Khaleq embezzled around Taka 591 crore by taking loan in the name of 11 fake companies owned by himself and close associates.  

Based on the information Nazrul Islam is the owner of disclosed and undisclosed wealth of over Taka 200 crore.

ACC officials said investigation is continuing to verify the sources of his wealth and information on money laundering.