A Dhaka court on Sunday ordered the attachment of 431.69 decimals (approximately 4.32 acres) of land and all structures built upon them belonging to Mohammed Saiful Alam, Chairman of the S. Alam Group, and his associates.
The order was passed by Dhaka Metropolitan Senior Special Judge Sabbir Foyez following an application filed by the Anti-Corruption Commission (ACC). The development was confirmed by ACC Public Relations Officer Tanjir Ahmed.
Allegations of Loan Scam and Asset Laundering
The application for the seizure was submitted by ACC Deputy Director Tahasin Munabeel Haque. According to the petition, the ACC’s preliminary investigation found evidence that Saiful Alam and his family members allegedly:
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Embezzled Bank Funds: Acquired massive loans from various banks under their own names and through anonymous (benami) entities in violation of regulations.
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Laundered Wealth: Used the embezzled funds to acquire vast amounts of movable and immovable property both within Bangladesh and abroad.
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Attempted Transfer: The commission received intelligence that the accused were actively attempting to transfer or hand over these assets to third parties to avoid legal repercussions.
Preventive Legal Action
The ACC argued that if these properties were transferred or moved before the investigation reached its conclusion, it would become nearly impossible to recover the laundered money or seize the assets for the state.
“To ensure the recovery of public funds and prevent the illegal transfer of wealth, it is essential to urgently block the immovable properties associated with Saiful Alam and his family entities,” the application stated.
The court, after reviewing the evidence, found the necessity for an emergency attachment order to preserve the assets located across various areas of Chattogram.
Implications for S. Alam Group
This court order marks a significant escalation in the legal scrutiny surrounding one of Bangladesh’s largest conglomerates. The S. Alam Group has recently faced intense pressure over its reported dominance in the banking sector and allegations of large-scale financial irregularities.
