The Criminal Investig-ation Department (CID) says it has preliminary evidence that scam-tainted S Alam Group smuggled about Tk 1.13 trillion worth of dirty money out of Bangladesh, reports bdnews24.com.
In a press release on Saturday, CID announced that its financial crime unit has begun the investigation based on the primary proof.
According to CID, the investigation focuses on the money laundering of S Alam Group's owner Md Saiful Alam and his associates.
The beleaguered business behemoth is suspected of conducting illegal hundi operations, involving fraud, forgery, over-invoicing, and under-invoicing to transfer the sum out of the country.
CID, citing multiple sources, said Saiful and other suspects renounced their Bangladeshi citizenship and secured permanent residency in Bangladesh within a single day.
S Alam Group laundered Tk 1.13tn: CID
FE Team | Published: August 31, 2024 22:50:25
S Alam Group laundered Tk 1.13tn: CID
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