Staff Reporter :
A Dhaka court has ordered the issuance of an Interpol Red Notice against Mohammad Saiful Alam, widely known as S Alam, the owner of S Alam Group, along with his three brothers.
Judge Sabbir Fayez of the Dhaka Metropolitan Sessions Judge’s Court on Thursday gave the order in response to an application filed by the Anti-Corruption Commission (ACC).
Alongside Saiful Alam, the court named his three brothers – Rashedul Alam, Maruf Alam, and Majedul Alam – as fugitives accused of large-scale money laundering and acquiring illegal wealth abroad.
S Alam rose to prominence as a close confidant of ousted Prime Minister Sheikh Hasina. Under his patronage and with the ruling Awami League’s support, he captured control of several major private banks.
Beginning in 2017, his group controversially took over Islami Bank, followed by Social Islami Bank and National Bank, among others. At its height, S Alam Group had de facto control over at least eight banks, despite lacking a strong financial services background.
However, after the fall of the Awami League government on 5 August 2024, the group lost its grip over the banking sector. The Bangladesh Bank and subsequent authorities began reviewing the loans, many of which were declared defaulted.
Step by step, the outstanding loans of S Alam-controlled banks are now being identified as non-performing, with collateralized assets being auctioned off through legal channels.
Previous Issues and Controversies The S Alam empire has been embroiled in controversy for more than a decade.
Reports surfaced that the group siphoned off billions of taka abroad through trade-based money laundering, over-invoicing, and illicit offshore transfers.
Investigations by both local and international journalists alleged that the group had invested heavily in foreign assets, including luxury properties and businesses in Singapore, Dubai, and Malaysia.
In 2022, a major investigative report revealed that S Alam had secretly acquired large stakes in multiple banks in violation of banking laws that prohibit any single group or family from owning more than a certain percentage of shares. Despite this, regulatory bodies allegedly looked the other way due to political pressure from the highest levels of government.
The group was also accused of reckless lending practices. Under S Alam’s influence, banks under his control extended vast loans to his own companies without adequate due diligence, creating systemic risks in Bangladesh’s financial sector. Critics argue that this contributed significantly to the banking crisis that worsened after the fall of the Awami League.
Now, with the change of government, the once-protected business tycoon faces mounting legal troubles. The court’s move to seek Interpol’s help signals that Bangladeshi authorities are determined to bring him and his brothers back from abroad to face charges of money laundering and illegal asset accumulation.
