Court orders freezing assests of S Alam Group chair, family in Singapore

A Dhaka court has ordered the freezing of 64 bank accounts and shares in 10 companies registered in the names of Mohammad Saiful Alam, Chairman of S Alam Group, and his family members in Singapore.

The order was issued on Thursday by Acting Judge Mohammad Ibrahim Mia of the Dhaka Metropolitan Sessions Judge Court, following a petition filed by the Anti-Corruption Commission (ACC).

The ACC, in the petition, claimed that the assets were obtained using laundered funds from illegal activities and urged the court to impose an injunction to block any transfer or disposal of the assets.

As per the court order, the frozen assets include 40 bank accounts in Saiful Alam’s name, six in the name of his wife Farzana Parveen, and shares in eight companies registered under their names in Singapore.

Additionally, seven bank accounts and one company share held by their son Ashraful Alam, seven bank accounts and one company share held by another son Ahsanul Alam, one bank account held by son Asadul Alam Mahir, two bank accounts held by brother-in-law Ahmed Belal, and one account held by sister Maimuna Khanom have been frozen.