Court freezes 1,360 bank accounts of S Alam affiliates

A Dhaka court on Thursday ordered to freeze a total of 1,360 bank accounts owned by different persons and entities connected to S Alam Group Chairman Mohammad Saiful Alam.

These accounts are holding a total of Tk 26.19 billion.

Judge of the Metropolitan Senior Special Judge's Court in Dhaka, Md Jakir Hossain, passed the order after hearing a petition filed by the Anti-Corruption Commission (ACC).

Earlier on the day, ACC Deputy Director Tahasin Monabil Haque, who is also the head of the enquiry team, submitted an application in this regard.

ACC Public Prosecutor Mahmud Hossain Jahangir moved the applications on behalf of the anti-graft body.

The ACC official in his application said they are conducting an inquiry into an allegation of money laundering against Mohammad Saiful Alam and his affiliated persons and entities.

They came to know that the accused were trying to transfer the money deposited in the accounts in different branches of the First Security Islamic Bank.

If the money is transferred once, it will be very tough to recover it. So a freezing order is need on the accounts, said the application. Upon holding hearing on the petition, the court ordered to freeze the accounts.

Earlier on February 12 in 2025, the same court ordered to freeze more than 4.37 billion shares of 42 companies worth Tk 51.09 billion owned by S Alam Group Chairman Mohammad Saiful Alam and his family members.

And on January 14 this year, the same court ordered the bodies concerned of the government to freeze 87 bank accounts and confiscate immovable properties worth Tk 2.00 billion owned by Mohammed Saiful Alam, his wife Farzana Parveen and 16 family members.

It on January 16 ordered to freeze more than 321.0 million shares of 24 different companies owned by Mohammad Saiful Alam and his family members. The nominal value of these shares is Tk35.63 billion, according to the Anti-Corruption Commission (ACC).

The same court on January 30 ordered to confiscate immoveable properties worth Tk3.68 billion owned by Mohammad Saiful Alam and his family members.

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