A Dhaka court has ordered the confiscation of approximately 16 acres of land and the freezing of 87 bank accounts linked to Mohammed Saiful Alam, the owner of S Alam Group, and his family members. This decision stems from an ongoing investigation into allegations of corruption and money laundering. The Anti-Corruption Commission (ACC) is investigating claims that Saiful Alam and his family members were involved in laundering up to $1 billion to Singapore and other countries.
The court issued the orders following two separate applications filed by the ACC’s Deputy Director Md Abu Sayeed, who heads the inquiry team. The request for action was based on evidence that suggested significant illegal financial activities and property acquisitions. Judge Md Zakir Hossain of the Metropolitan Senior Special Judge’s Court in Dhaka made the ruling. According to an official from the ACC working in the court, these orders were aimed at preventing any further illegal activities, including possible fund transfers and asset concealment by the accused individuals.
The properties in question are located in some of Dhaka’s most affluent neighborhoods, including Gulshan, Dhanmondi, Badda, Mohammadpur, and Uttara. The ACC claims that these 16 acres of land were purchased for a total sum of Tk 200.23 crore in the names of Saiful Alam, his three sons—Ahsanul Alam, Ashraful Alam, and Asadul Alam Mahir—his daughter, Maimuna Khanam, his son-in-law, Belal Ahmed, and his nephew, Jawadul Alam Chowdhury. Among the properties, the most notable include five luxury flats in the upscale area of Gulshan, totaling 30.34 decimals. These properties, according to the ACC’s submission, were acquired with money that could have originated from illicit activities.
In addition to the land acquisitions, the ACC has identified 87 bank accounts that are believed to be linked to Saiful Alam and his relatives. The accounts were opened in the names of Saiful Alam, his mother, Chemon Ara Begum, his wife Farzana Parveen, and 15 other family members. The accounts are spread across two prominent banks: Union Bank PLC and Global Islami Bank PLC. The investigation revealed that a total of Tk 12.24 crore had been deposited into 19 accounts at Union Bank, while Tk 13.53 crore was deposited into 68 accounts at Global Islami Bank. This large volume of deposits raised alarms for the ACC, which expressed concerns that these funds could have been moved across borders or used for money laundering.
The situation became more complicated when the ACC presented evidence that a significant portion of the money and assets in question had been transferred to Singapore and possibly other countries. The commission believes that Saiful Alam and his associates may have used a network of hidden accounts and properties to disguise the true origin of their wealth, circumventing the regulatory frameworks in Bangladesh.
On October 7, a travel ban was also imposed on Saiful Alam, his wife, and 11 other family members. This order was issued after the ACC filed a petition requesting the restriction of the accused’s ability to leave the country in order to prevent them from fleeing or concealing evidence. The travel ban was part of the broader effort by the ACC to keep the investigation moving forward and to ensure that those involved in the alleged corruption and money laundering scheme remain within the jurisdiction of Bangladeshi authorities.
The ACC’s actions were also influenced by a report published by The Daily Star, a leading Bangladeshi news outlet, on August 4, 2023. The investigation, titled “S Alam’s Aladdin’s Lamp,” revealed that S Alam Group had managed to establish a business empire in Singapore worth approximately $1 billion, despite not having permission from Bangladesh Bank to make foreign investments. The report highlighted how, over the past decade, Saiful Alam had acquired several properties in Singapore, often attempting to mask his involvement and conceal the origins of the funds used in these transactions.
The issue of foreign investments is particularly sensitive in Bangladesh, as the central bank, Bangladesh Bank, only permits a select number of companies to make overseas investments. At the time of the Daily Star investigation, S Alam Group was not on the approved list of 17 companies authorized by Bangladesh Bank to invest abroad. This raised suspicions that Saiful Alam had engaged in unauthorized foreign transactions and violated regulations governing foreign investment and capital flight.
As the investigation unfolds, the ACC continues to focus on uncovering the full extent of the alleged illegal financial activities. The case has generated significant public interest due to the scale of the allegations, the prominent status of the accused, and the potential international implications of the alleged money laundering operations. The involvement of large sums of money and high-value assets in countries like Singapore suggests that the case could have far-reaching consequences for not only those directly involved but also for the broader business and political landscape in Bangladesh.
The ACC’s efforts to freeze assets and prevent the movement of funds reflect the seriousness with which the commission is handling the case. The freezing of bank accounts is intended to prevent any further transactions that could conceal or dissipate the alleged ill-gotten wealth. Furthermore, the confiscation of land and other assets serves as a means to secure evidence and prevent the accused from liquidating their holdings in an attempt to escape accountability.
This case is part of a broader crackdown on corruption and financial crimes in Bangladesh, where the ACC has been increasingly active in investigating high-profile figures in both the public and private sectors. The commission has been under scrutiny for its handling of corruption cases, but its recent actions against Saiful Alam and his family suggest that it is taking a more aggressive approach to tackling corruption in the country. The outcome of this investigation could set an important precedent for future cases involving illicit financial activities and corruption.
As of now, the ACC is continuing its inquiry into the allegations, and the public remains closely watchful of the developments. The court orders, the freezing of assets, and the travel ban are significant steps in the ongoing efforts to hold accountable those accused of corruption and money laundering. The case represents a critical moment in the fight against corruption in Bangladesh, with the hope that it will lead to stronger enforcement of financial regulations and more transparency in the country’s business dealings.
