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Published : 23 Feb 2025, 10:47 PM
The Anti-Corruption Commission, or ACC, has summoned S Alam Group Chairman Mohammad Saiful Alam for questioning over allegations of money laundering abroad.
Managing directors Shahidul Alam of S Alam Vegetable Oil Ltd and Morshedul Alam of S Alam Super Edible Oil Ltd have also been asked to appear before the ACC on Mar 5.
The ACC is investigating allegations that Saiful and his family members laundered $1 billion to Singapore, the British Virgin Islands, Cyprus, and other locations.
ACC Deputy Director Abu Sayeed confirmed the summons but declined to comment further.
The trio has been instructed to provide statements regarding a Tk 8.5 billion loan or investment in favour of S Alam Super Edible Oil Ltd.
They have been asked to bring their national ID cards, passports, TINs, and relevant documents.
Earlier, as part of this investigation, the ACC questioned several individuals linked to Islami Bank.
Allegations of Saiful’s involvement in money laundering in Singapore first surfaced in August 2023.
While an investigation was initiated, it did not progress.
On Aug 24, 2023, the High Court issued a status quo on the allegations against Saiful and his wife Farzana Parveen along with the ACC probe.
However, after the change of power on Aug 5, 2024, the ACC’s investigation into S Alam Group’s financial irregularities gained momentum.
On Feb 5, the Appellate Division dismissed the High Court’s suo motu rule issued five months earlier on the money laundering allegations.
Meanwhile, three cases have been filed against Saiful Alam’s son, Ahsanul Alam, a former chairman of Islami Bank, in connection with the bank’s financial irregularities.
After the fall of the government, S Alam Group, known for its ties to the ousted Awami League regime, has come under scrutiny for financial irregularities.
The Chattogram-based conglomerate and its chairman are facing multiple investigations into banking irregularities, money laundering, and tax evasion.
The ACC has also launched a probe into allegations of “illegally amassed wealth”.
Saiful has long faced accusations of forcibly taking control of Islami Bank with the support of influential figures in the Sheikh Hasina administration.
He and his business group later assumed control of the boards of several other Shariah-based banks.
He is also accused of siphoning off vast sums of money from these banks through fraudulent loans issued under fictitious or non-existent companies and laundering the funds abroad.
Authorities have already frozen the bank accounts of Saiful and his family. Their Beneficiary Owner accounts have also been frozen, halting their stock transactions.
