Court orders to seize 1,936 acres of land linked to S Alam family
The estimated value of the seized properties is Tk16,940.06 crore.
A Dhaka court has ordered the seizure of 1,936 acres of land owned by S Alam Group chairman Mohammad Saiful Alam, his family members, and individuals linked to their interests.
The order was issued today (11 December) by vacation bench Judge Md Abdullah Al Mamun of the Dhaka Metropolitan Senior Special Judge's Court, following a petition filed by the Anti-Corruption Commission (ACC).
The estimated value of the seized properties is Tk16,940.06 crore.
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ACC spokesperson Akhtarul Islam confirmed the development. Deputy Director Tansin Munabil Haque submitted the petition on behalf of the ACC.
According to the petition, the ACC is investigating allegations of money laundering involving Saiful Alam, his family members, and associated entities.
The inquiry found that they took loans illegally, both in their own names and using proxies from various banks, misappropriated the funds, and used the money to acquire vast assets at home and abroad. The petition also stated that the accused had begun attempting to transfer or dispose of these immovable assets, which could jeopardise recovery efforts.
The ACC argued that without immediate seizure, recovering the assets later would become extremely difficult. Therefore, freezing the properties was deemed essential to protect the state's interests during the ongoing investigation.
Earlier, on 20 October, the court ordered the seizure of 513,18,32,282 shares of 105 companies owned by S Alam.
On 25 September, the court also directed authorities to seek Interpol Red Notices against Saiful Alam, S Alam Group Vice Chairman Abdus Samad, and director Mohammad Abdullah Hasan.
