A Dhaka court has ordered the seizure of 563.57 acres of land at Banshkhali in Chattogram, owned by S Alam Group Chairman Mohammad Saiful Alam and his associates. The official deed value of the properties stands at Tk 1,001.76 crore.
The order was issued on Sunday (April 27) by Dhaka Metropolitan Senior Special Judge Md Zakir Hossain Galib, following an application by the Anti-Corruption Commission (ACC).
According to the ACC, Saiful Alam and his associates allegedly embezzled large amounts of money by securing irregular loans from various banks and invested the funds to acquire assets both in Bangladesh and abroad. The ACC stated that the accused were attempting to transfer or dispose of these properties, which could hamper 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, with an estimated market value of Tk 407 crore.
