A Dhaka court has ordered the freezing of 1,360 bank accounts linked to Mohammad Saiful Alam, chairman of the controversial S Alam Group, and his associates.
The total amount locked in these accounts stands at Tk 2,619 crore 7 lakh 16 thousand.
The order was issued on Thursday by Dhaka Metropolitan Sessions Judge Md. Zakir Hossain Galib following a petition filed by the Anti-Corruption Commission (ACC).
According to ACC sources, Deputy Director Tahasin Munabil Haque submitted the petition, citing concerns over potential money laundering activities involving Saiful Alam and his associates. After hearing the plea, the court granted the request.
The ACC petition stated that a joint investigation team has been formed to probe allegations of money laundering linked to Saiful Alam and those connected to him. Based on information gathered during the investigation, it was found that certain individuals were attempting to transfer or hide funds from various accounts at branches of First Security Islami Bank PLC.
The ACC argued that if these funds are moved or concealed before the investigation is completed, it would significantly hinder any future recovery. Hence, freezing the accounts was deemed necessary for the integrity of the investigation.
A Series of Legal Actions Against S Alam Group
This is the latest in a series of court actions against the S Alam Group and its chairman. On October 7 last year, a travel ban was imposed on Saiful Alam, his wife Farzana Parveen, and 10 other family members.
On January 16, shares worth Tk 3,563.84 crore held by the family were frozen.
On February 3, 175 bighas of land worth Tk 368.25 crore were seized.
On February 12, shares valued at Tk 5,109 crore were frozen.
On February 23, additional shares worth Tk 8,133.56 crore were frozen.
On March 10, a further 1,006 bighas of land were seized.
On April 9, 90 bighas of land and 374 more bank accounts belonging to associates were frozen.
The ongoing legal actions mark one of the most significant crackdowns on a prominent business conglomerate in Bangladesh, with growing scrutiny from regulatory bodies over alleged financial irregularities and money laundering. Further investigations are underway.
