Court orders seizure of 431 decimals of land belonging to S Alam, associates
In the application, the ACC stated that a high-level probe team is currently investigating allegations that Saiful Alam and his family members siphoned off thousands of crores through irregular loans obtained under various names from multiple banks.
A Dhaka court today (11 January) ordered the seizure of 431.69 decimals of land belonging to Mohammad Saiful Alam, chairman of the controversial S Alam Group, and his business associates amid ongoing investigations into massive financial irregularities.
Judge Md Sabbir Faiz of the Dhaka Metropolitan Senior Special Judge's Court passed the order following a petition filed by the Anti-Corruption Commission (ACC).
The anti-graft body's Deputy Director, Tahasin Monabil Haq, moved the application as part of a wider inquiry into money laundering and the misappropriation of bank funds.
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In the application, the ACC stated that a high-level probe team is currently investigating allegations that Saiful Alam and his family members siphoned off thousands of crores through irregular loans obtained under various names from multiple banks.
The commission noted that it has gathered preliminary evidence of a vast amount of assets acquired both at home and abroad through unlawful means.
The commission sought the urgent seizure of the land after receiving intelligence that the accused and their family members were attempting to sell, transfer, or hand over these immovable properties to third parties.
ACC argued that if these assets are transferred before the investigation is completed, it would be nearly impossible for the state to recover the laundered funds in the future.
Amending the law This court order comes on the heels of a massive legal offensive against the conglomerate.
As recent as 21 December last year, the graft body filed three cases against the S Alam Group for allegedly misappropriating over Tk6,243 crore through fraudulent loans from the state-owned Janata Bank.
When combined with cases filed on 17 December involving S Alam Refined Sugar Industries and S Alam Super Edible Oil, the total amount of allegedly misappropriated funds under investigation stands at approximately Tk9,428 crore.
Saiful Alam Masud, who renounced his Bangladeshi citizenship and became a Singaporean citizen in 2023, is currently under state scrutiny for financial crimes.
While the ACC and other agencies pursue these domestic cases, the S Alam Group has initiated arbitration proceedings at the World Bank's International Centre for Settlement of Investment Disputes (ICSID).
The group claims that the interim government's asset recovery drive constitutes 'unfair treatment' and has caused significant damage to their business.
Following that, the interim government decided to legally challenge the dispute through the Bangladesh Bank.
Additionally, the government decided to amend parts of the Money Laundering Prevention Act, 2012, to strengthen efforts to recover money and assets syphoned off abroad and to bring the law in line with current challenges.
