Far East deposit embezzlement: 4o lakh clients crying for return of savings
Around 4 million (40 lakhs) customers of Far East Islami Life Insurance Company are eagerly awaiting justice in connection with alleged embezzlement of their deposits.
Most of the insurance company’s customers come from low-income families. They deposited premiums with the hope of securing financial support during times of hardship. However, allegations of embezzlement involving the company’s former chairman Nazrul Islam and former Chief Executive Officer (CEO) Hemyet Ullah have left millions of policyholders struggling to recover their savings.
Cases filed against Nazrul, Hemyet and others have raised hopes among the affected customers, who are now urging the court to take strict legal action and ensure the recovery of their deposits.
“I saved money with great difficulty, but I have not received my money for five years. Nazrul and Hemyet took the money away. I have no husband and am struggling to support my children. I want my money back and I want Nazrul and Hemyet to be brought to justice,” said Naznin Akter, a Far East Islami Life Insurance customer who came from Mymensingh.
There are hundreds of thousands of customers like Naznin who saved small amounts by selling eggs and chickens, working as day labourers or running small businesses. They made these savings hoping to secure their future. However, after remaining unpaid on their insurance claims for years, many of these small savers are now facing severe financial uncertainty.
For many customers, the insurance money is not merely a financial investment. It is tied to their children’s education, their daughters’ marriages, medical expenses and financial security in old age.
Around 4 million customers are now awaiting an order from Judge Shahjahan Kabir of the Dhaka Metropolitan Sessions Judge’s Court. Their expectations have particularly grown amid ongoing legal proceedings against former chairman Md Nazrul Islam, former CEO Md Hemyet Ullah and others, as well as efforts to recover the allegedly misappropriated funds.
The hearing in the case is scheduled to take place at the Dhaka Metropolitan Sessions Judge’s Court tomorrow (October 1). Customers hope the proceedings will pave the way for recovering their money.
Allegations of embezzling Tk 816 crore
A case was filed with Shahbagh Police Station on September 13, 2022, by the company’s legal officer Md Jasim Uddin against former Far East Islami chairman Nazrul Islam and others over allegations of embezzling Tk 816 crore 29 lakh 72 thousand 440.
The names of former director M A Khalek, Nazrul Islam and several other former officials and directors were included in the case.
Later, the Dhaka Metropolitan Police’s Detective Branch (DB) was assigned to investigate the case. Following the investigation, the DB submitted a charge sheet against 24 people, including Nazrul Islam and former CEO Md Hemyet Ullah, over allegations of embezzling Tk 644.28 crore from Far East Islami Life.
According to the charge sheet, the accused allegedly prepared forged letters and vouchers, concealed information and transferred the company’s invested funds to individuals and entities connected to their interests.
The investigation report also alleged that Tk 45 crore was embezzled in connection with the purchase of land and a building at 36 Topkhana Road, while Tk 115 crore was allegedly embezzled in the purchase of land and a building at 72 Kakrail.
The investigation also alleged that Tk 92.55 crore was taken by showing development expenses for land in the Goranchatbari area of Mirpur.
Nazrul, Hemyet in jail
In the case involving allegations of embezzling Tk 816 crore, Nazrul Islam surrendered before the court and sought bail on October 17, 2024. Following a hearing, the court rejected his bail petition and ordered that he be sent to jail.
Meanwhile, former managing director Hemyet Ullah was also ordered to be shown arrested in a related case. On January 1, 2026, following a petition by the Anti-Corruption Commission (ACC), the court ordered that he be shown arrested in a corruption case.
The petition stated that Hemyet was involved in irregularities related to the purchase and sale of land and a building on Topkhana Road while serving as managing director of Far East.
Nazrul Islam and Hemyet Ullah are currently in jail, while judicial proceedings in the cases against them are continuing.
Court orders seizure of Nazrul’s assets
Nazrul Islam is facing not only the case over the alleged embezzlement of Far East funds but also several cases filed by the ACC.
As part of the proceedings, the court on September 13 ordered the seizure of immovable assets worth Tk 57 crore 61 lakh 67 thousand owned by Nazrul Islam and his wife, Taslima Islam.
Earlier, the ACC said in its petition that there was a possibility that the assets could be transferred or siphoned off.
The ACC had also filed a case against Nazrul Islam and 23 others over allegations of embezzling Tk 45 crore from Far East through irregularities in the purchase and sale of land and structures on Topkhana Road. Following Nazrul’s arrest in that case, the court granted police five days to interrogate him in remand.
Customers await October 1 hearing
For Far East’s 4 million customers, tomorrow’s hearing is not merely a routine court proceeding. It represents another important step in their long wait to recover their savings.
The customers hope the judicial proceedings will move forward quickly, that those found guilty will face legal consequences and that a practical mechanism will be established to pay the dues of affected policyholders through recovered funds and assets.
After waiting for years to recover money they saved through great hardship, the small policyholders now have one major expectation: that the truth will emerge through the court, the rule of law will prevail and a path will open for the return of their hard-earned savings.