Staff Reporter:
A Dhaka court on Thursday directed the relevant authorities to initiate steps to freeze investments, bank accounts, and insurance policies held in Singapore by Mohammed Saiful Alam, chairman of the business conglomerate S Alam Group, along with his wife and other family members.
Judge Ibrahim Mia of the Dhaka Metropolitan Senior Special Judge’s Court issued the order following a petition filed by Anti-Corruption Commission (ACC) Assistant Director Tahasin Monabil.
The properties ordered to be frozen include 40 bank accounts and multiple insurance policies under Saiful Alam’s name in various financial institutions in Singapore.
In addition, his wife holds four bank accounts, and the couple jointly has investments totalling 6.8 crore Singapore dollars in two companies. Both are also listed as directors and shareholders in eight companies.
Their son, Ashraful Alam, holds investments, insurance policies, and accounts in seven financial institutions, and is also a director and shareholder in a Singaporean company.
Another son, Ahsanul Alam, is likewise a director and shareholder in a company, and holds seven bank accounts and insurance policies in different financial institutions.
S Alam’s son-in-law, Ahmed Belal, has two bank accounts, while his daughter, Maimuna Alam, holds an insurance policy and metal assets worth SGD 54,400.
Another child, Asadul Alam Mahir, has one bank account in his name.
The ACC alleges that the family acquired these assets using funds laundered abroad, derived from illegal activities within Bangladesh. To prevent the transfer or disposal of the assets, the ACC petition stated that a freezing order was necessary.
