HC orders probe into allegation against S Alam Group

The High Court (HC) on Sunday (August 6) directed the authorities concerned to conduct an investigation into an allegation against S Alam Group owner Mohammad Saiful Alam for laundering money worth about $1 billion in Singapore and other countries without permission from Bangladesh Bank.

The Anti-Corruption Commission (ACC), Bangladesh Financial Intelligence Unit (BFIU) and Criminal Investigation Department (CID) of police have been directed to conduct the investigation and submit reports to the HC in two months.

The court also issued a rule asking the authorities concerned whether money laundering has happened through sending money abroad or the group secured permission from Bangladesh Bank.

The HC bench of Justice Md Nazrul Islam Talukder and Justice Khizir Hayat Lizu issued the order and rule on a suo motu (voluntary) move following a report published on an English Daily under the headline “S Alam’s Aladdin’s Lamp”.

Supreme Court lawyer Syed Sayedul Haque Suman placed the newspaper report before the HC bench seeking necessary directives.

According to the report, S Alam Group owner Saiful Alam has built a business empire in Singapore worth at least about $1 billion but he did not take any permission from Bangladesh Bank to invest or transfer any funds abroad.