Staff Reporter:
The High Court has put on hold the former government’s decision that permitted Mohammed Saiful Alam, chairman of the S Alam Group, to voluntarily give up his Bangladeshi citizenship.
The order was passed on Sunday by a bench comprising Justice Sikder Mahmudur Razi and Justice Raziuddin Ahmed, in response to a writ petition lodged by Islami Bank Bangladesh.
Confirming the development to The Business Standard, the bank’s counsel, Abdul Kaiyum, said the court has also sought an explanation as to why Alam should not be compelled to return to Bangladesh and face trial.
The ministries of home affairs and foreign affairs have been instructed to submit their replies to the rule.
According to Lawyer Kaiyum, Alam allegedly secured thousands of crores in loans from Islami Bank over several years using anonymous or proxy accounts, funneled the funds abroad and embezzled them.
“After moving the illicit funds overseas, he cleverly gave up his Bangladeshi nationality and secured citizenship in Singapore,” he added.
Kaiyum further stated that, to shield himself from legal repercussions in Bangladesh, Alam filed a case in an international court — a move aimed at safeguarding the laundered assets and preventing efforts to reclaim the money.
“By leveraging his Singaporean citizenship, he approached an international tribunal to protect the illegally transferred wealth. To counter this, Islami Bank sought remedy from the High Court,” he said.
Media reports earlier highlighted that, after gaining considerable influence in the financial sector, S Alam Group chairman Mohammed Saiful Alam and his family members relinquished their Bangladeshi citizenship.
On 10 October 2022, Alam, his wife Farzana Parveen, and their three sons — Ahsanul Alam, Ashraful Alam and Asadul Alam Mahir — handed over their Bangladeshi passports.
That same day, they were granted permanent residency in Bangladesh as foreign nationals.
These facilities were arranged by the then Ministry of Home Affairs under directives from top-level government authorities. Experts suggest that the move likely enabled a smoother path for money laundering and offered a shield against accountability during future crises.
