ACC moves to freeze 8 closed S Alam entities' bank accounts, Janata auctions more land | The Business Standard
Skip to main content
  • Latest
  • Economy
    • Banking
    • Stocks
    • Industry
    • Analysis
    • Bazaar
    • RMG
    • Corporates
    • Aviation
  • Videos
    • TBS Today
    • TBS Stories
    • TBS World
    • News of the day
    • TBS Programs
    • Podcast
    • Editor's Pick
  • World+Biz
  • Features
    • Panorama
    • The Big Picture
    • Pursuit
    • Habitat
    • Thoughts
    • Splash
    • Mode
    • Tech
    • Explorer
    • Brands
    • In Focus
    • Book Review
    • Earth
    • Food
    • Luxury
    • Wheels
  • Subscribe
    • Get the Paper
    • Epaper
    • GOVT. Ad
  • More
    • Sports
    • TBS Graduates
    • Bangladesh
    • Supplement
    • Infograph
    • Archive
    • Gallery
    • Long Read
    • Interviews
    • Offbeat
    • Magazine
    • Climate Change
    • Health
    • Cartoons
  • বাংলা
The Business Standard

Thursday
July 17, 2025

Sign In
Subscribe
  • Latest
  • Economy
    • Banking
    • Stocks
    • Industry
    • Analysis
    • Bazaar
    • RMG
    • Corporates
    • Aviation
  • Videos
    • TBS Today
    • TBS Stories
    • TBS World
    • News of the day
    • TBS Programs
    • Podcast
    • Editor's Pick
  • World+Biz
  • Features
    • Panorama
    • The Big Picture
    • Pursuit
    • Habitat
    • Thoughts
    • Splash
    • Mode
    • Tech
    • Explorer
    • Brands
    • In Focus
    • Book Review
    • Earth
    • Food
    • Luxury
    • Wheels
  • Subscribe
    • Get the Paper
    • Epaper
    • GOVT. Ad
  • More
    • Sports
    • TBS Graduates
    • Bangladesh
    • Supplement
    • Infograph
    • Archive
    • Gallery
    • Long Read
    • Interviews
    • Offbeat
    • Magazine
    • Climate Change
    • Health
    • Cartoons
  • বাংলা
THURSDAY, JULY 17, 2025
ACC moves to freeze 8 closed S Alam entities' bank accounts, Janata auctions more land

Corruption

Shahadat Hossain
30 December, 2024, 06:10 pm
Last modified: 30 December, 2024, 10:27 pm

Related News

  • S Alam shuts down 8 sugar, steel, bag factories
  • Court orders to freeze 125 bank accounts of S Alam group
  • S Alam threatens legal action against govt over 'asset freezing, investment destruction': FT
  • ACC files case against 58 individuals, including S Alam’s son, over Tk1,092 core embezzlement
  • Janata Bank files Tk2,000cr loan default case against S Alam Group

ACC moves to freeze 8 closed S Alam entities' bank accounts, Janata auctions more land

On 24 December, S Alam Group announced the closure of eight factories in Chattogram

Shahadat Hossain
30 December, 2024, 06:10 pm
Last modified: 30 December, 2024, 10:27 pm
Logos of ACC and S Alam Group. Photos: Collected
Logos of ACC and S Alam Group. Photos: Collected

The Anti-Corruption Commission (ACC) has issued a letter to freeze the bank accounts operated under the names of eight recently closed enterprises of controversial business conglomerate S Alam Group.

A senior ACC official told TBS that the anti-corruption watchdog sent the letter to the general manager of the Bangladesh Financial Intelligence Unit today.

Meanwhile, state-owned Janata Bank has put 2,971 decimals of land from S Alam Refined Sugar Industries Limited, a company of the controversial S Alam Group, up for auction to recover outstanding loans.

The Business Standard Google News Keep updated, follow The Business Standard's Google news channel

Announcing the land auction through a public notice, Janata Bank stated it is owed Tk1,777 crore by S Alam Refined Sugar. The loan was taken from the Sadharan Bima Bhaban Corporate Branch of the bank in Chattogram.

On 24 December, the authorities announced the closure of eight factories of S Alam Group in Chattogram.

The factories are sugar processing plant S Alam Refined Sugar Industries; steel processing plants S Alam Cold Rolled Steels and Infinity CR Strips Industries; corrugated iron and steel product manufacturing units S Alam Steel, S Alam Cold Rolled Steels Limited, Cheman Steel, and Galco Steel; and the bag manufacturing plant S Alam Bag Limited.

These establishments have remained closed since 25 December.

According to officials familiar with the matter, the ACC move comes to stop any possible fund transfer from the accounts under the names of these eight entities of S Alam Group.

The ACC is investigating allegations of laundering $1 billion against S Alam Group Chairman Mohammed Saiful Alam and his family members to Singapore, the British Virgin Islands, Cyprus, and other countries.

On 19 December, a court ordered the freezing of 125 bank accounts belonging to the S Alam Group chairman and his family members. These accounts hold a total of Tk22 crore 65 lakh 49 thousand 190. Withdrawals are prohibited from these accounts, but deposits are still allowed.

Land up for auction

According to Janata Bank, nearly the entire loan of around Tk10,000 crore taken by the S Alam Group from it has become non-performing. As a result, it is auctioning the land mortgaged against each of these loans, one after another.

Previously, the bank auctioned land belonging to the S Alam Group to recover defaulted loans. On 20 November, 1,860 decimals of land were auctioned to recover a defaulted loan of Tk1,850 crore. This loan was owed by the group's affiliate, Global Trading Corporation Limited. The loan was taken from the same branch of the bank, where the auction was held.

According to sources from Janata Bank, S Alam Group has been a customer of the bank since 2004. The group has taken more than 80% of the loans provided by the bank's Sadharan Bima Bhaban Corporate Branch in Chattogram.

Against a total loan of Tk10,100 crore, the bank holds mortgaged land and properties worth Tk2,749 crore. This means that even if these lands and properties are sold, Janata Bank will not be able to recover the full amount.

To recover the dues, the bank filed a loan default case on 1 December at the Chattogram Money Loan Court.

In this case, the court has issued summons against 10 individuals, including S Alam Group's chairman, Md Saiful Alam, his wife, five siblings, his brother's wife, and one director of the group.

During the ousted Awami League government, seven banks – Islami Bank, Al-Arafah Islami Bank, Social Islami Bank, First Security Islami Bank, Global Islami Bank, Union Bank, and Bangladesh Commerce Bank – were under the control of the S Alam Group.

It is alleged that S Alam Group withdrew at least Tk1.5 lakh crore from these banks and various other institutions, most of which has been siphoned off abroad.

Bangladesh / Top News

S Alam Group / Anti-Corruption Commission (ACC) / Bank Account / Bangladesh Financial Intelligence Unit (BFIU)

Comments

While most comments will be posted if they are on-topic and not abusive, moderation decisions are subjective. Published comments are readers’ own views and The Business Standard does not endorse any of the readers’ comments.

Top Stories

  • National Citizen Party (NCP) Convenor Nahid Islam speaks at a press conference in Khulna on 16 July 2025. Photo: TBS
    Gopalganj attack: Nahid demands arrest of culprits within 24 hours
  • Photo: TBS
    Gopalganj under heavy security as tension persists amid curfew
  • The supporters of local Awami League and Chhatra League locked in a clash with police following attacks on NCP convoy this afternoon (16 July). Photo: Collected
    Gopalganj under curfew tonight; 4 killed as banned AL, police clash after attack on NCP leaders

MOST VIEWED

  • 131 foreigners were denied entry into Malaysia by their border control. Photo: The Star
    96 Bangladeshis denied entry at Kuala Lumpur airport
  • Double-decker school buses are lined up in a field in Chattogram city. The district administration has proposed modernising the buses to ensure security and convenience for school students. Photo: TBS
    Country's first smart school bus in Ctg faces shutdown amid funding crisis
  • A file photo of people boarding the government-run Betna Express at a railway station. The train operates on the Benapole-Khulna-Mongla route via Jashore. Photo: TBS
    Despite profitability, Betna Express rail service handed over to pvt sector
  • Bangladesh Bank buys $313m more in second dollar auction in three days
    Bangladesh Bank buys $313m more in second dollar auction in three days
  • Representational image. File Photo: Syed Zakir Hossain/TBS
    Malaysia grants Bangladeshi workers multiple-entry visas
  • People enter and loot Ganobhaban, the Prime Minister’s residence, following the resignation of Sheikh Hasina in Dhaka, Bangladesh, on August 5, 2024. Photo: TBS
    Govt to spend Tk111cr to turn Ganabhaban into July Mass Uprising Memorial Museum

Related News

  • S Alam shuts down 8 sugar, steel, bag factories
  • Court orders to freeze 125 bank accounts of S Alam group
  • S Alam threatens legal action against govt over 'asset freezing, investment destruction': FT
  • ACC files case against 58 individuals, including S Alam’s son, over Tk1,092 core embezzlement
  • Janata Bank files Tk2,000cr loan default case against S Alam Group

Features

Abu Sayeed spread his hands as police fired rubber bullets, leading to his tragic death. Photos: Collected

How Abu Sayed’s wings of freedom ignited the fire of July uprising

1d | Panorama
Illustration: TBS

Open source legal advice: How Facebook groups are empowering victims of land disputes

2d | Panorama
DU students at TSC around 12:45am on 15 July 2024, protesting Sheikh Hasina’s insulting remark. Photo: TBS

‘Razakar’: The butterfly effect of a word

2d | Panorama
Photo: Collected

Grooming gadgets: Where sleek tools meet effortless styles

3d | Brands

More Videos from TBS

NCP leaders safely in Khulna from Gopalganj.

NCP leaders safely in Khulna from Gopalganj.

2h | TBS Today
July 16 returns with sadness and pain

July 16 returns with sadness and pain

2h | TBS Today
China's economy not hit by Trump's tariff war

China's economy not hit by Trump's tariff war

3h | Others
News of The Day, 16 JULY 2025

News of The Day, 16 JULY 2025

5h | TBS News of the day
EMAIL US
contact@tbsnews.net
FOLLOW US
WHATSAPP
+880 1847416158
The Business Standard
  • About Us
  • Contact us
  • Sitemap
  • Advertisement
  • Privacy Policy
  • Comment Policy
Copyright © 2025
The Business Standard All rights reserved
Technical Partner: RSI Lab

Contact Us

The Business Standard

Main Office -4/A, Eskaton Garden, Dhaka- 1000

Phone: +8801847 416158 - 59

Send Opinion articles to - oped.tbs@gmail.com

For advertisement- sales@tbsnews.net