Fareast Islamic Life Insurance chairman embezzles customer money and build huge empire in USA
Fareast Islamic Life Insurance Chairman Nazrul Islam has built a huge empire in the United States by embezzling customers money. He has opened a house like palace and three businesses in his and his wife’s names. As the insurance company does not refund the customer’s money, the customers go to the insurance company again and again.
The Bangladesh Securities and Exchange Commission (BSEC) on Wednesday dissolved the board of directors of the company due to these frauds. 10 independent directors have been appointed. Dhaka University Dean of the Faculty of Law has been given the responsibility of the new chairman Md. Rahmat Ullah.
This board will form an audit committee to uncover all the data of corruption in the organization. As well as recovering the company’s assets and ensuring legal action against who are those involved. On Wednesday, the BSEC issued a notification confirming the dissolution of the board.
Sources said the consent of the insurance development and regulatory body had been sought before the board was dissolved. Fareast chairman Nazrul Islam’s personal mobile phone was called more than once on Wednesday evening to talk about corruption.
But even if it is a ring, the connection is cut off from the other side every time. We find out later that he is not in the country. He is currently in the United States.
The company’s new board of directors will also restructure top management within the next six months, BSEC said in a circular on Wednesday. Cash & assets will bring back. Besides, legal action will be taken against those who have committed financial crimes and money laundering in the last 10 years.
The other members of the new board are chartered accountants. Md. Rafiqul Islam, former additional secretary. Mofazzal Hossain, Cornel (Retd.) Gazi Md. Khalid Hossain, Chartered Accountant Snehashish Barua, Mozammel Haque Babu- Managing Director of Ekattar Television, Sujadur Rahman- Chairman of G7 Securities Zikrul Haque, Former DMD of Janata Bank and Zahirul Islam Chowdhury retired- Former Chairman of Northern General Insurance.
An investigation by BSEC and another government agency revealed that Md. Nazrul Islam Had embezzled thousands of crores of taka into the United States by embezzling the company’s money.
With this money, he opened a house like palace in Florida in his own name and three businesses in his own name and in his wife’s name.
Bought a duplex house in Wellington, USA. That number is accessor parcel or tax assessor number 73-41-44-26-05-000-0840.
The entire house covers an area of 10,520 square feet, including six bed rooms, a fully equipped gym, a swimming pool and a garage for three cars.
The value of the house is 7 lakh 54 thousand 327 dollars. The house was bought in cash on February 11, 2014, in Nazrul’s own name without any mortgage. The last tax paid in 2019 was 13,050 doller.
He and his wife have opened three businesses in Florida. One of them is Ryan BD In Corporation. Address: 33449 Florida 11522 Manatee Bay Lawn, Wellington.
DUNS (Business Information Verification Code) No. 122564082. File number P 18000079661. It was filed on September 20, 2018. The owner (president) of this organization is Nazrul Islam himself.
The vice president is his wife Taslima Islam. He opened two more companies, Prime Finance Investment LLC and Rumaisa Enterprise LLC. Company address: 2314 SW 13 ST, Boynton Beach, 33426 Florida.
Email number used is avesta.usa@gmail.com. According to DUNS No. 361664378, the type of company as registered is Domestic Limited Liability Company. Filing number L13000132343. On September 18, 2013, two companies were filed.
It is owned by Nazrul Islam, chairman of Fareast, wife Taslima Islam, Mohammad M Mia and Farhana Mia. None of this information was mentioned in the income tax file of Nazrul Islam and his wife in Bangladesh.
It is learned that BSEC formed an inquiry committee against the company in June this year to look into various financial irregularities including non-payment of customer claims.
The committee was set up under Section 21 of the Securities and Exchange Ordinance, 1969 and Section 17ka of the Bangladesh Securities and Exchange Commission Act, 1993, following complaints from several people, including an entrepreneurial director of the company.
The investigation committee has identified several irregularities and embezzlement. Before, allegations of irregularities were initially found in the financial report of Fareast Islamic Life Insurance. The company’s permanent deposits have been damaged in the process of giving financial benefits to the chairman and one director.
As a result, the BSEC decided to scrutinize the company’s three-year financial report. According to the audit, the company’s fixed deposits in various banks in 2016 were Tk 1,431 crore. And in 2018 it came down to Tk 413 crore.
In 2017, the company’s investment was 275 crore. In 2018, it came down to Tk 251 crore. During the January-September period of 2019, the company’s total life insurance policy Tk 63 crore decreased from Tk 3,269 crore. And the company is not able to meet the demands of the customers properly due to the decrease in financial capacity.
This has reduced the company’s customer loss as well as life insurance policies. At the same time, the amount of investment in Fareast Life insurance has also decreased. Before the dissolution of the board was the chairman of the organization. Nazrul Islam and Vice Chairman Prof. Iffat Jahan.
Md. Helal Mia Was the director. Dr. Md. Mokaddes Hossain, Ayesha Hussen Jahan, Nazneen Hossen, Dr. Md. Monwar Hossen, Rabia Begum, Muslima Shirin, Mohammad Sohel Arif and Abdul Awal. Also an independent director is ABM Hossain Ahmed, md Nazrul Islam Mollah and Md. Akhter Hossain Sannamat. Source:Jugantor
// Online News /
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