Court freezes S Alam’s assets worth Tk81.33b

Staff Reporter :

A Dhaka court has ordered the freezing of shares worth Tk 81.33 billion (Tk 8,133 crore) belonging to businessman Md Saiful Alam (S Alam) and his family members.

The order was issued on Sunday by Dhaka Metropolitan Sessions Judge Md Jakir Hossain Galib’s court, following an application by the Anti-Corruption Commission (ACC).

According to the ACC’s petition, a task force has been established to investigate allegations of money laundering against S Alam Group chairman Saiful Alam and his family.

The ACC’s findings indicate that Saiful and his family members obtained loans from various banks through irregular means, misappropriated the funds, and accumulated substantial wealth both in Bangladesh and abroad under their own and family members’ names.

Furthermore, the ACC has learned that Saiful and his family members had been attempting to transfer, relocate, or conceal their movable assets.

The ACC argued that if these assets were transferred before the completion of the investigation, recovering the misappropriated funds would become significantly more challenging.

“If the assets are moved before a case is filed, charge sheets are submitted, and the trial is completed, the government will not be able to confiscate the illegally acquired wealth as part of sentencing. This is why freezing these assets is necessary,” the ACC stated.

Earlier, on 7 October, the court imposed a travel ban on Saiful, his wife Farzana Parveen, and 12 other family members.

On 16 January, the same court ordered the freezing of shares worth Tk 35.64 billion held by Saiful and his family.

Then, on 3 February, it ordered the seizure of 175 bighas of land valued at Tk 3.68 billion. On 12 February, the court froze shares worth Tk 510.9 billion across 42 companies linked to Saiful and his family.