Customers and employees of Far East Islami Life Insurance Company Limited organized a human chain on Sunday, demanding the recovery of Tk 4,500 crore allegedly embezzled from the company's funds.

They also seek exemplary punishment for those responsible, including former chairman Md. Nazrul Islam.

The demonstration took place on Sunday in front of the Anti-Corruption Commission (ACC) office in Segunbagicha, Dhaka.

The angry protesters specifically demanded justice against former chairman Nazrul Islam and former managing director M A Khalek.

In the human chain, a formal memorandum was submitted to the ACC calling for the recovery of the embezzled funds and urging the Commission to ensure maximum penalty for the accused.

The protest comes as former chairman Nazrul Islam is currently on a five-day remand granted by the court following his arrest on October 23 in connection with a case involving the embezzlement of BDT 45 crore.

"We want the misappropriated money back," said Kamrul Hassan, the company's CEO, addressing the human chain.

Masud Hossain, in-charge of the recovery section, stated that Nazrul and Khalek have destroyed the historic Far East Life Insurance through unprecedented looting. The accused chairmen have laundered the money.

“They are slipping through legal loopholes. It's a cat-and-mouse game, and we are wandering from door to door for justice," he added.

Legal Officer Jasim Uddin thanked the ACC for their action, saying, "We have filed multiple cases and lodged complaints with the ACC against the corrupt officials. We thank the ACC for arresting the corrupt Nazrul Islam."

Customers and officials allege that the company's fund had swelled to about Tk 4,000 crore through policyholders' contributions between 2000 and 2019.

However, former Chairman Nazrul Islam and M A Khalek, by appointing their own people, allegedly embezzled the funds through bogus expenses, fictitious paper investments, and management manipulation. A large portion of this money is suspected to have been laundered abroad.

As a result, an estimated 40 lakh customers are reportedly struggling to receive their due payments.

The case of alleged embezzlement was filed by ACC Deputy Director Syed Ataul Kabir on July 31 against Nazrul Islam, the former MD, and 22 other individuals, accusing them of embezzling BDT 45 crore through the purchase of company assets.