DHAKA, Nov 10, 2025 (BSS) - A court here today placed M A Khalek, former director of Fareast Islami Life Insurance Com. Ltd. on a three-day remand in a case lodged by the Anti-Corruption Commission (ACC) for allegedly embezzling Taka 45 crore from the company.

Dhaka Metropolitan Senior Special Judge Md Sabbir Faiz passed the order as the accused was produced before the court and the ACC pleaded to place him on a seven-day remand in the case.

According to the case statement, MA Khalek, while serving as the founding director of Fareast Islami Life Insurance, in collusion with other accused persons, resorted to fraud and forgery in the process of purchasing a property in Topkhana Road area in the capital. Through these acts, they allegedly misappropriated Taka 45 crore belonging to the company.

Of this amount, Taka 10 crore was transferred to and withdrawn from One Bank Limited's Motijheel Branch in connivance with the sellers. Besides, on March 24, 2015, Khalek reportedly received Taka 5 crore in his own name, Taka 2.62 crore in the name of his wife Sabiha Khalek, and Taka 7.87 crore in the name of his daughter Sarwat Simin Khalek from the seller Md Azhar Khan, misappropriating the total amount through corrupt means.