Court freezes foreign investments of S Alam Group chairman, family in Singapore

A Dhaka court has ordered the freezing of foreign investments, bank accounts, and insurance policies held by S Alam Group Chairman Mohammad Saiful Alam, along with those of his wife and children, in Singapore-based financial institutions.

The order was issued today (10 July) by Dhaka Metropolitan Senior Special Judge Md Zakir Hossain Galib, following a petition filed by Anti-Corruption Commission (ACC) Sub-Inspector Tahsin Monabil Khan.

The ACC alleged that the assets were acquired using funds laundered through illicit activities and requested that the court issue an injunction to prevent the transfer or disposal of those assets.

When asked about the matter, ACC Prosecutor Mir Ahmed Ali Salam told The Business Standard, "The asset freezing order is sent from the court concerned to the relevant country. After that, as per our country's legal process, the legal authority of the country concerned enforces the order. This is how orders to freeze assets located abroad are implemented."

According to the court order, a total of 40 bank accounts and several insurance policies in the name of Saiful Alam have been frozen.

In addition, four bank accounts under his wife's name, as well as investments totaling approximately 6.8 million Singapore dollars in two companies jointly owned by the couple, have also been blocked.

Saiful Alam is listed as a director and shareholder in four foreign companies, while his wife holds similar positions in another four.

Their son, Ashraful Alam, has investments and accounts in two financial institutions and serves as a director and shareholder of another company.

Another son, Ahsanul Alam, is listed as a director and shareholder of one company and holds a total of eight bank accounts and insurance policies in Singapore.

Other family members accused include Ahmed Belal, who holds two bank accounts; daughter Maimuna Alam, who has an insurance policy and precious metal assets worth 54,400 Singapore dollars, and the youngest son, Asadul Alam Mahir, who holds one bank account.

The ACC petition said the family acquired these assets through illegal means and laundered money abroad, which necessitated the court's intervention to ensure the assets are neither transferred nor destroyed during the ongoing investigation.

On 9 July, a court ordered the freezing of 53 additional bank accounts belonging to Saiful Alam and his affiliated entities, containing over Tk113 crore.

Earlier on 24 June, a court ordered the seizure of a two-storey villa in Limassol, Cyprus, and the freezing of a $350,000 investment in Hazec International Pte Ltd in the British Virgin Islands, along with shares in 18 other offshore companies including Peacock Property Holdings.

The court also froze six trust funds under Jersey Trust Company.

Other significant court orders include the 23 April seizure of 159 acres of land valued at Tk407 crore, and a 17 April order to freeze 1,360 domestic bank accounts holding over Tk2,619 crore.

On 10 March and 9 April, courts ordered the seizure of 1,090 bighas of land, while 374 bank accounts of close associates were frozen on the same day in April.

Earlier on 23 February, the court froze shares valued at over Tk8,133 crore.

On 3 February, it seized property worth Tk368 crore, and on 12 February, it froze more than 437 million shares valued at Tk5,109 crore.

On 7 October 2024, the court also imposed a travel ban on 12 members of Saiful Alam's family, including his wife, Farzana Parveen.