Staff Reporter:
The Criminal Investigation Department (CID) has launched an investigation into Md Saiful Alam, the owner of S. Alam Group and his associates under the Money Laundering Act. The investigation involves allegations of fraud, forgery, over-invoicing, under-invoicing and organized crimes through hundi oper-ations, which have reportedly led to the laundering of approximately Tk 1,13,245 lakh crore abroad.
Azad Rahman, additional superintendent of police of the CID media wing confirmed yesterday.
According to various sources, Saiful Alam and the implicated individuals renounced their Bangladeshi citizenship but managed to obtain Permanent Residency (PR) in Bangladesh within just one day in 2022. They are accused of laundering money from Bangladesh to Singapore, Malaysia, Cyprus and Europe, where they allegedly acquired both movable and immovable assets and conducted business under their own names or through related persons and companies.
In Singapore, the laundered money was reportedly used to establish a company named “Canali Logistic Private Ltd” with a paid-up capital of approximately Tk 245.74 crore. Furthermore, through the creation of fake documents and by committing fraud and forgery, the group allegedly secured loans amounting to Tk 95,000 crore from six banks for importing/exporting goods and making overseas investments. This money was then laundered abroad.
The CID’s preliminary findings suggest that Saiful Alam, along with his wife Farzana Parveen, their sons Ahsanul Alam and Ashraful Alam, and other related persons are collectively involved in these money laundering activities. As a result, the CID has initiated a formal investigation under the Money Launder-ing Act and relevant regulations.
