S Alam’s corrupt footprints in 8 countries unveiled
Staff Reporter :
The vast corruption and money laundering linked S. Alam Group’s Chairman Mohammed Saiful Alam and his family have been well-known in Bangladesh.
The Chittagong-based conglomerate’s meteoric accumulation of wealth-both at home and abroad-has come under sharp focus over the past two years, especially after the fall of Sheikh Hasina’s regime.
New findings reveal the scale to be far greater than previously understood, ranking among the most audacious financial scandals in modern history. A recent progress report drawing on intelligence from at least nine foreign financial watchdogs accuses S. Alam Group of siphoning off nearly 223,855 crore taka (about $20 billion) through at least 470 shell companies in nine countries-an amount equal to almost 4pc of Bangladesh’s GDP.
Ordinarily, Bangladesh’s Financial Intelligence Unit (BFIU) limits foreign asset inquiries to a small set of countries, but under the direction of Md. Mosharraf Hossain, investigators expanded their search to 117 nations-the first global asset hunt in Bangladesh’s history.
Financial Intelligence Units in Cyprus, Antigua and Barbuda, Italy, Turkey, Singapore, Jersey, the British Virgin Islands (BVI), the UAE, and the Isle of Man confirmed investments linked to the group. Seven countries have already provided actionable intelligence Court orders have been secured to access bank and investment records in Singapore, Jersey, Cyprus, and the BVI. In the BVI, investigators identified 19 companies tied to Alam or family members, most incorporated between 2018 and 2021.
One firm, Greenwich International Private Ltd, was created in August 2024, weeks after Hasina’s fall. Hazel International Private Ltd, incorporated in 2019 under Alam’s name, declared capital of $350,000.
In Jersey, Alam and his wife, Farzana Parveen, are joint settlers of six trusts owning two five-star hotels valued at $210 million. In Turkey, at least 10 premium bank accounts were found under the names of Alam’s brothers. The UAE probe uncovered six luxury villas worth $350,000-$1.8 million, plus two land plots valued at $4 million, in the name of Belal Ahmed, Alam’s son-in-law.
Ashraful Alam, the chairman’s son, owns a $7 million villa in the Isle of Man, listed as a gift from his mother. Belal Ahmed also bought Antigua and Barbuda citizenship via a $100,000 contribution to its National Development Fund, paid from a Canadian bank account.
S. Alam’s rise was fueled by aggressive acquisitions, irregular financial practices, and deep encroachment into the banking sector. His grip began with Islami Bank, seized on January 5, 2017, when military intelligence operatives forced out top executives and installed loyalists.
That same year, he took control of Social Islami Bank Ltd. after secretly acquiring nearly 50pc of its shares via 19 proxy firms-violating the Banking Companies Act.
The Anti-Corruption Commission (ACC) found fake loans and investments in relatives’ names, freezing family accounts to prevent money transfers. Since Hasina’s fall in August 2024, the ACC has filed two cases against Alam and his wife for owning over Tk 1,539 crore in illegal wealth, and sued two sons for allegedly embezzling nearly Tk 2,200 crore from Islami Bank.