A Dhaka court today placed former Fareast Life Insurance chairman Md Nazrul Islam under five-day remand for interrogation in a corruption case involving Tk 207 crore, hours after his arrest by the Anti-Corruption Commission (ACC).

Senior Metropolitan Special Judge Sabbir Foyez granted the remand, allowing the ACC to question him. A team of the graft body had detained Islam from the Bangshal area before producing him in court.

ACC lawyer requested a seven-day custody, while ACC spokesman Md Akterul Islam said Nazrul Islam allegedly embezzled Tk 207 crore during his tenure. The ACC filed the case under Section 5(2) of the Prevention of Corruption Act, 1947, Sections 409/109 of the Code of Criminal Procedure, and Sections 4(2) and 4(3) of the Prevention of Money Laundering Act, 2012.

Akterul added that Islam had transferred the money to different bank accounts to conceal its sources.

MN/