Initial evidence is there S Alam Group laundered Tk 1.13tn: CID

It’s inquiry focuses on use of shell companies and offshore accounts in the alleged financial scheme

The Criminal Investigation Department, or CID, says it has preliminary evidence that scam-tainted S Alam Group smuggled about Tk 1.13 trillion worth of dirty money out of Bangladesh.

In a press release on Saturday, CID announced that its financial crime unit has begun the investigation based on the primary proof.

According to CID, the investigation focuses on the money laundering of S Alam Group's owner Md Saiful Alam and his associates.

The beleaguered business behemoth is suspected of conducting illegal hundi operations, involving fraud, forgery, over-invoicing, and under-invoicing to transfer the sum out of the country.

The CID, citing multiple sources, said Saiful and other suspects renounced their Bangladeshi citizenship and secured permanent residency in Bangladesh within a single day.

The group is accused of using funds to purchase movable and immovable assets and operate businesses in Singapore, Malaysia, Cyprus, and various European countries.

CID says S Alam Group used part of the laundered funds to establish “Canali Logistics Private Limited” in Singapore with a paid-up capital of Tk 2.45 billion.

The investigation also includes allegations of offshore banking activities, with about Tk 180 billion being transferred abroad through shell companies.

Initial findings suggest that Saiful, his wife Farzana Parveen, sons Ahsanul Alam and Ashraful Alam, and other involved parties are involved in this money laundering crime.