Staff Reporter :
The Criminal Investigation Department (CID) on Saturday announced it has launched an investigation into the allegations of laundering over Tk1.13 lakh crore by Saiful Alam, also known as S Alam, his 25 family members, and other associates.
The group used fraud, fabrication, mis-invoicing, hundi, shell companies, and other illegal means to launder the sum during the over 15-yewami League autocratic rule, CID said in a press release issued Saturday.
According to CID, S Alam and his associates are accused of engaging in fraudulent activities, including invoice manipulation, under-invoicing, over-invoicing, and conducting illegal hundi transactions, leading to the illicit transfer of approximately Tk 1,13,245 crore (around USD 10.7 billion) abroad.
S Alam, the owner of S Alam Group, his wife Farzana Parvin, their sons Ahsanul Alam and Ashraful Alam, and other associates were engaged in transferring money illegally to countries including Singapore, Malaysia, Cyprus, and countries in Europe.
S Alam, his family, and other cohorts set up a Singapore company named Canali Logistics with a paid-up capital of around Tk 245.74 crore, procured Tk 95,000 crore loans from six banks using the false excuse of financing international trading activities, sent Tk 18,000 crore abroad through offshore banking, and engaged in other gross financial irregularities, the CID statement alleged.
