Court orders freeze on S Alam's Tk 8,133cr bank deposits

A court on Sunday ordered freezing Tk 8,133cr bank deposits belonging to businessman S Alam and his family.

Dhaka Metropolitan Senior Special Judge Zakir Hossain Galib passed the order in response to a plea filed by Anti-Corruption Commission (ACC) Deputy Director Tahasinul Munabil Huq.

The investigation officer in the application mentioned that this money has been deposited in 227 accounts of various banks and financial institutions, reports BSS.

He also told the court that an investigation into the allegations of money laundering against S Alam Group Chairman Mohammad Saiful Alam is underway.

During the investigation, it was found that Saiful Alam and his associates had  illegally taken loans from various banks and embezzled those, and amassed huge wealth in their own name and in the names of their family members both at home and abroad. Based on information received from various sources, it is known that he and his family members are trying to transfer, relocate or misappropriate the movable assets.