Court orders to attach 1,936-acre S Alam-owned land

A special court in Dhaka on Thursday ordered the attachment of 1,936.5 acres of land in Chattogram owned by S Alam Group Chairman Mohammed Saiful Alam and several individuals associated with him.
Judge of the Metropolitan Senior Special Judges Court Mohammad Abdullah Al Mamun passed the order after hearing a petition filed by the Anti-Corruption Commission (ACC).
The estimated market value of the land stands at Tk 16.94 billion, according to the petition.
Earlier in the day, ACC Deputy Director Tahasin Monabil Haq submitted the petition to the court seeking an order.
He leads the joint investigation team that is probing money laundering allegations against S Alam Group.
In the petition, he said the joint investigation team was probing allegations of money laundering against Alam, entities linked to him, and individuals associated with those entities.
The probe found that Alam, his family members, and the associated entities and individuals had obtained loans from various banks both in their own names and through unnamed persons.
They misappropriated the funds to acquire substantial assets, both at home and abroad, in their own names and also those of their family members.
The petition further stated that information from multiple sources indicated attempts had been made by Alam, his family members, and the associated individuals to transfer or dispose of immovable properties connected to their interests.
It added that if such assets were transferred before the investigation was completed, recovering the misappropriated funds would become extremely difficult.
Therefore, it was necessary to urgently attach all immovable properties linked to the interests of Alam, his family members, and the related entities and individuals, it said.
Upon hearing the petition, the court ordered the attachment of the 1,936.5 acres of land.
Since the regime change on August 5 last year in the face of a mass uprising, the special court has issued a series of orders to freeze and attach movable and immovable properties of S Alam Group.

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