S. Alam family-linked transactions with six pvt banks Tk 1.8tn

S. Alam's family members and their associated two companies have transacted cash worth Tk1.8 trillion so far in some six private commercial banks which law enforcers suspect earned through illegal means.
Official sources said account transactions in only six banks reveals the data while rest 66 banks' information has not been compiled yet.
They suspect that the volume of bank account transaction would exceed Tk2.0 trillion after final compilation.
The amount is almost double the National Board of Revenue (NBR) collects as direct tax in a financial year.
Saiful Alam, the owner of upstart S. Alam Group of business, is suspected as one of the masterminds behind major financial-sector scams in Bangladesh.

According to initial scrutiny on their bank account information, taxmen have found the huge sum deposited so far in the bank accounts of S.Alam's wife, mother and brother and the companies where they are directors.
The bank accounts include joint accounts too where S.Alam's financials also came into taxmen's scanner. However, bank balance of S. Alam's family members and two companies was found to be Tk259.85 billion. The companies are: S. Alam Luxury Chair Coach Service and S. Alam Cold Rolled Steel Mills Ltd.
Taxmen suspect a large volume of fund has been shifted or siphoned from Bangladesh from the bank accounts.
Such facts came under light after the taxmen started assessing tax files again as well as issued bank account search notices in the country's 91 financial institutions recently.
The deposits of S.Alam, his wife, mother, brother and their associated companies were in Islami Bank, Bangladesh Commerce Bank, Al-Arafah Islami Bank, Exim Bank, First Security Islami Bank and National Bank.
Official sources said a total of 72 banks will have to provide the account information of S.Alam's family and companies to the taxmen.
Talking to the FE, commissioner of taxes of Zone-15 Ahsan Habib said it is a part of his job to look into tax matters.
"We have issued bank search notices under section 200 of the income tax to cross check information furnished in the tax returns," he said.
Mr Ahsan, however, declined to disclose any findings at this stage of investigation.
Banking sources said S.Alam and his family have a bank balance equivalent to the country's tax revenue collection in a month in the form of income tax, VAT and import taxes.
NBR officials said taxmen would check their tax files on the basis of bank account information and, if mismatch detected, would realise unpaid taxes directly from their bank balance.
Already the bank accounts have been frozen by the Bangladesh Financial Intelligence Unit (BFIU). Also, bankers are usually not allowed to withdraw money if taxmen seek account information under the Section 200.
On August 14, 2024, banks and financial institutions (FIs) were asked by the revenue authority to submit account- and credit-card details of the S. Alam family members on suspicion of concealment of financial information.
Tax Zone-15 sent letters to all branches of the commercial banks, NBFIs, Bangladesh Post Offices and the Department of National Savings across the country with this directive.
S. Alam's mother Chemon Ara, wife Farzana Parveen, brother Abdullah Hassan and his son's bank accounts would be scrutinised after getting the details, officials said.
Farzana Parveen and Abdullah Hassan are directors of S. Alam Luxury Chair Coach Service and S. Alam Cold Rolled Steel Mills Ltd.
S. Alam's mother, Chemon Ara Begum, is also a director of S. Alam Luxury Coach Service in the transport sector.
In the letter, signed by Mr Habib, the taxmen have sought transaction details of the persons' accounts, either in their name or their father, mother, son, daughter and siblings either in joint or single account name or in the name of any business organisation.
Allegations have it that S. Alam has registered some companies in the name of his relatives to evade taxes.
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