Police said his body was among four found floating on the Shitalakhya River at Narayanganj’s Bandar Upazila at around 3pm Wednesday.
Police later found two more unidentified corpses at around 6pm.
The councillor’s hands and feet were tied and his stomach bore stab wounds.
The discovery of his body has sparked spontaneous protests in Narayanganj. His supporters have blocked the Dhaka-Chittagong Highway by burning tyres.
One of the other bodies has been identified as that of ‘Ibrahim’, driver of senior lawyer Chandan Kumar Sarkar, who is yet to be found.
The two went missing from Narayanganj the same day as Nazrul.
The other bodies are of the councillor’s aide Tajul Islam and Juba League activist Moniruzzaman Swapan who were abducted along with him.
Nazrul’s car driver ‘Jahangir’, and another aide Liton, also a Juba League activist, are yet to be found.
The councillor’s brother Abdus Salam identified his body by the Panjabi he was wearing, said Bandar Police OC Aktar Morshed.
Nazrul was abducted from the city’s Adalatparha along with four of his aides by men posing as RAB members last Sunday, police said quoting his family.
Police found their car abandoned at Gazipur’s Rajendrapur at 9pm.
He was the former general secretary of the Bangladesh Chhatra League’s (BCL) Narayanganj district unit.