Court orders to attach 469 acres of land of S Alam

A Dhaka court today (28 October) ordered to attach 469 acres of land in Gazipur and Cox's Bazar, owned by S Alam Group owner Mohammad Saiful Alam and persons associated with his interests.

Dhaka Metropolitan Senior Special Judge Md Sabbir Faiz passed the order, allowing a plea of the Anti-Corruption Commission (ACC).

The anti-graft body in its plea said it has already formed a team to probe money-laundering allegations against S Alam and persons associated with his interests.

"The investigation revealed that Saiful Alam, along with his associated entities and individuals connected to those entities, unlawfully obtained loans from various banks under fictitious names and misappropriated the funds to acquire substantial assets both at home and abroad in his own name and in the names of his family members," the plea said.

The ACC further said based on information obtained from multiple sources during the investigation, it was learned that he and his family members were attempting to transfer or dispose of the immovable properties linked to their interests.

"If such transfers or disposals take place before the completion of the investigation, recovering the misappropriated money would become extremely difficult. Therefore, it has become necessary to urgently seize the immovable properties associated with Saiful Alam, his entities, and persons connected to them," it added.