Dhaka: A court here today ordered the attachment of 469 acres of land in Gazipur and Cox’s Bazar, owned by S Alam Group owner Mohammad Saiful Alam and individuals associated with his interests. Dhaka Metropolitan Senior Special Judge Md Sabbir Faiz issued the order following a request from the Anti-Corruption Commission (ACC).
According to Bangladesh Sangbad Sangstha, the anti-graft body stated in its plea that it has already formed a team to investigate money-laundering allegations against Saiful Alam and individuals linked to his interests. The ACC’s investigation revealed that Saiful Alam and his associates allegedly obtained loans from various banks under fictitious names. The funds were then misappropriated to acquire significant assets both domestically and internationally, held in his name and those of his family members.
The ACC further indicated that based on information obtained from multiple sources during the investigation, there were attempts by Alam and his family to transfer or dispose of the immovable properties associated with them. The commission expressed concern that if such transfers or disposals were to occur before the investigation’s conclusion, recovering the misappropriated funds would become exceedingly difficult. Consequently, the urgent seizure of these properties was deemed necessary to prevent any further complications.