Court seizes S Alam’s land worth over Tk 1,000cr

A Dhaka court has ordered to seizure of 563.57 acres of land in Chattogram's Banshkhali upazila, owned by S. Alam Group Chairman Mohammad Saiful Alam and his associates.

The official deed value of the properties is estimated at Tk 1,001.76 crore.

Dhaka Metropolitan Senior Special Judge Md Zakir Hossain Galib issued the order on Sunday, following a petition filed by Anti-Corruption Commission (ACC).

According to ACC, Mohammad Saiful Alam and his associates allegedly embezzled large sums of money by obtaining irregular loans from various banks, subsequently using the funds to acquire assets both in Bangladesh and abroad. 

The ACC further stated that the accused were attempting to transfer or dispose of the properties, which could complicate future asset recovery efforts.

Earlier, on April 23, the same court ordered the seizure of another 159.15 acres of land belonging to Saiful Alam and his associates in Dhaka and Chattogram, valued at approximately Tk 407 crore.

MAL/SA