Saturday, 12 July, 2025
The Anti-Corruption Commission (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 instructed to appear before the ACC on March 5.
The ACC is investigating claims that Saiful Alam and his family members allegedly laundered $1 billion to destinations including Singapore, the British Virgin Islands, and Cyprus.
ACC Deputy Director Abu Sayeed confirmed the summons but declined to provide further details.
The three individuals have been asked to submit statements regarding a Tk 8.5 billion loan or investment in favor of S Alam Super Edible Oil Ltd and to bring their national ID cards, passports, Taxpayer Identification Numbers (TINs), and relevant documents.
As part of the investigation, the ACC has previously questioned several individuals linked to Islami Bank.
Allegations of Saiful Alam’s involvement in money laundering in Singapore first emerged in August 2023. While an investigation was initiated, it did not progress at that time. On August 24, 2023, the High Court issued a status quo on the allegations against Saiful and his wife, Farzana Parveen, and the ACC’s probe.
However, after the political shift on August 5, 2024, the ACC's investigation into S Alam Group's financial irregularities gained momentum. On February 5, the Appellate Division dismissed the High Court's suo motu rule issued earlier regarding the money laundering allegations.
Meanwhile, three cases have been filed against Saiful Alam’s son, Ahsanul Alam, a former chairman of Islami Bank, over financial irregularities within the bank.
In the wake of the government’s fall, S Alam Group—long associated with the ousted Awami League regime—has come under heightened scrutiny for financial misconduct, including banking irregularities, money laundering, and tax evasion.
The ACC has also initiated an inquiry into accusations of "illegally amassed wealth."
Saiful Alam has long been accused of forcibly taking control of Islami Bank with support from influential figures within the Sheikh Hasina administration. His business group subsequently gained control of several other Shariah-compliant banks.
Additionally, he is alleged to have siphoned off significant amounts of money from these banks through fraudulent loans issued to fictitious or non-existent companies and laundering the funds abroad.
Authorities have frozen Saiful Alam and his family's bank accounts, along with their Beneficiary Owner accounts, which has halted their stock transactions.
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The Anti-Corruption Commission (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 instructed to appear before the ACC on March 5.
The ACC is investigating claims that Saiful Alam and his family members allegedly laundered $1 billion to destinations including Singapore, the British Virgin Islands, and Cyprus.
ACC Deputy Director Abu Sayeed confirmed the summons but declined to provide further details.
The three individuals have been asked to submit statements regarding a Tk 8.5 billion loan or investment in favor of S Alam Super Edible Oil Ltd and to bring their national ID cards, passports, Taxpayer Identification Numbers (TINs), and relevant documents.
As part of the investigation, the ACC has previously questioned several individuals linked to Islami Bank.
Allegations of Saiful Alam’s involvement in money laundering in Singapore first emerged in August 2023. While an investigation was initiated, it did not progress at that time. On August 24, 2023, the High Court issued a status quo on the allegations against Saiful and his wife, Farzana Parveen, and the ACC’s probe.
However, after the political shift on August 5, 2024, the ACC's investigation into S Alam Group's financial irregularities gained momentum. On February 5, the Appellate Division dismissed the High Court's suo motu rule issued earlier regarding the money laundering allegations.
Meanwhile, three cases have been filed against Saiful Alam’s son, Ahsanul Alam, a former chairman of Islami Bank, over financial irregularities within the bank.
In the wake of the government’s fall, S Alam Group—long associated with the ousted Awami League regime—has come under heightened scrutiny for financial misconduct, including banking irregularities, money laundering, and tax evasion.
The ACC has also initiated an inquiry into accusations of "illegally amassed wealth."
Saiful Alam has long been accused of forcibly taking control of Islami Bank with support from influential figures within the Sheikh Hasina administration. His business group subsequently gained control of several other Shariah-compliant banks.
Additionally, he is alleged to have siphoned off significant amounts of money from these banks through fraudulent loans issued to fictitious or non-existent companies and laundering the funds abroad.
Authorities have frozen Saiful Alam and his family's bank accounts, along with their Beneficiary Owner accounts, which has halted their stock transactions.
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