Online Desk: The High Court on Sunday asked the authorities concerned to investigate over an allegation against S Alam Group owner Mohammad Saiful Alam for laundering around $1 billion in Singapore and other countries without permission from Bangladesh Bank. The anti-graft body was also asked to submit the report to the HC in two months.
The ACC, Bangladesh Financial Intelligence Unit (BFIU) and Criminal Investigation Department (CID) of police have been directed to conduct the inquiry. The HC bench of Justice Md Nazrul Islam Talukder and Justice Khizir Hayat passed the sue moto rule. It also issued a rule asking the authorities concerned to explain why their failure to prevent the alleged activities of the S Alam Group owner should not be declared illegal.
A report published on a national daily on August 4 on S Alam. Supreme Court lawyer Barrister Syed Sayedul Haque Suman brought the report to the court’s attention. In addition to issuing a rule in the order, the HC asked to submit an affidavit to clarify the matter.
According to the report, Saiful Alam has built a business empire in Singapore worth at least about USD 1 billion, although there is no record of him taking permission from Bangladesh Bank to invest or transfer any funds abroad.
The central bank has so far allowed 17 companies to invest outside the country, and the Chattogram-based business giant is not on that list, says the report. Yet in Singapore, Alam bought at least two hotels, two homes, one retail space, and other properties over the last one decade, all the while seeking to remove his name from the paper trails, it adds.