A Dhaka court has ordered the seizure of 463 decimals of land owned by Mohammed Saiful Alam, chairman of S Alam Group, who is accused of being a bank defaulter.
The order was passed by the Metropolitan Senior Special Judge Court and Metropolitan Sessions Judge Court in Dhaka on Tuesday following applications filed by the Anti-Corruption Commission (ACC) under the Money Laundering Prevention Act.
According to the ACC, Saiful Alam and his associates took huge illegal loans from different banks, both in their own names and in the names of others.
The money was allegedly misappropriated and used to acquire a large volume of assets at home and abroad, including land, buildings and flats.
During the investigation, the ACC informed the court that Saiful Alam and his family members were attempting to transfer or
illegally dispose of several immovable properties.
Considering the risk of the properties being sold or handed over, the court ordered the attachment of 463 decimals of land listed in the case records.
The court also observed that proper supervision and maintenance of the seized properties were necessary to prevent misuse or illegal occupation.
The ACC sought the appointment of a receiver to manage and safeguard the attached assets until the investigation and trial are completed.
The case has been filed under the Money Laundering Prevention Act, 2012, and further legal proceedings are underway.
According to a Bangladesh Bank report sent to the ACC, S Alam Group took loans amounting to Tk 1.9 trillion from four banks out of the eight banks under its control through direct and indirect shareholdings.
Of this amount, Tk 933.64 billion was allegedly embezzled through fraudulent loans from four banks using fictitious shell companies, according to sources at the Bangladesh Financial Intelligence Unit (BFIU).
The amount includes Tk 1.05 trillion from Islami Bank Bangladesh PLC, Tk 476.10 billion from First Security Islami Bank PLC, Tk 235.25 billion from Union Bank PLC, and Tk 132.50 billion from Global Islami Bank PLC.
The report states that Saiful Alam and his affiliated companies obtained the funds from the four banks under his control, both in his own name and through intermediaries, by exerting influence.
He had both direct and indirect involvement in the transactions.
Earlier, in October 2024, the governor of the central bank said that close associates of the Awami League, including wealthy business figures, had embezzled nearly $17 billion from the banking sector.
Of this amount, S Alam alone is alleged to have smuggled out at least $10 billion.
tonmoy.wardad@gmail.com
