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Published : 28 Oct 2025, 01:22 AM
The Anti-Corruption Commission (ACC) has found that former Fareast Islami Life Insurance Limited chairman Md Nazrul Islam owns assets worth over Tk 2 billion, including a luxury triplex in Baridhara and a house worth $550,000 in the US state of Florida.
According to the commission, beyond these major holdings, Nazrul possesses multiple other properties in Gulshan, Bashundhara, Narayanganj, and Munshiganj.
These details were disclosed in an ACC notice following his arrest and interrogation in a corruption case last week.
Nazrul was arrested on Oct 23 while attempting to collect his passport from a Dhaka court.
During questioning, investigators seized two iPhones, uncovering evidence of his local and overseas holdings.
Nazrul reportedly admitted that he and his family are US citizens and that he purchased the Florida home in 2015.
Interrogation also revealed that Nazrul spent large sums to gain membership in at least 10 elite clubs, including Dhaka Boat Club, Dhaka Club, and Gulshan Club.
According to the national anti-graft agency, his wealth includes a triplex house named Putul House built on 0.11 hectares of land in Baridhara, rented to foreign nationals; a 3,200sqft flat in Gulshan-1; a 2,841sqft flat in Baridhara DOHS; and a two-storey office building on 0.068 hectares of land in Gulshan-2.
On Monday, Nazrul appeared before the Chief Metropolitan Magistrate (CMM) court in Dhaka to give a statement under Section 164 of the Code of Criminal Procedure.
Though he provided a written statement, he refused to sign it at the last moment, according to ACC spokesperson Akhtarul Islam.
During his five-day remand, the ACC said interrogation revealed additional details of Nazrul’s “extensive” wealth.
The ACC investigation stems from previous cases: on Jul 31, Deputy Director Syed Ataul Kabir filed a case against Nazrul and 23 others, alleging misappropriation of Tk 280 million through corruption.
Earlier in September 2022, another complaint alleged embezzlement of over Tk 8 billion by Nazrul and several others, lodged at Shahbagh Police Station by a person named Jasim Uddin.
Nazrul was earlier arrested in the case and underwent questioning twice.
The ACC claims that the misappropriated funds were allegedly transferred overseas.
The commission also alleged that former Fareast director MA Khalek, along with associates, misappropriated Tk 5.91 billion under the guise of loans through 11 different companies.
Nazrul reportedly admitted involvement in these transactions.
