S Alam Group scam: More 53 bank accounts frozen

Special Correspondent :

In a fresh move against suspected financial irregularities, a Dhaka court has ordered the freezing of 53 bank accounts containing Tk113.09 crore, all linked to Mohammad Saiful Alam, chairman of S Alam Group, and his close associates.

Dhaka Metropolitan Senior Special Judge Md Zakir Hossain Galib passed the order on Wednesday, after hearing a petition from the Anti-Corruption Commission (ACC), said the commission’s Public Relations Officer Akhtarul Islam.

This comes nearly three months after the same court froze 1,360 bank accounts with a total balance of Tk2,619 crore, also tied to Saiful Alam and individuals or entities associated with him.

In its latest petition, the ACC informed the court that a joint inquiry and investigation team has been actively probing allegations of large-scale money laundering involving Saiful and his network. The commission alleged that certain individuals had been trying to move or conceal funds through various branches of First Security Islami Bank, Mutual Trust Bank, and Islami Bank Bangladesh.

The ACC cautioned that if the funds are not restrained immediately, there is a high risk they could be siphoned off or hidden, making eventual recovery extremely difficult.

The court’s freezing order was made under Sections 10 and 14 of the Money Laundering Prevention Act 2012, and Rule 18 of the Anti-Corruption Commission Rules 2007, reinforcing the seriousness of the probe into one of the country’s largest business conglomerates. The investigation remains ongoing.