HC Orders ACC to Probe Allegations against S Alam Group

The Anti-Corruption Commission (ACC) was ordered by the High Court to investigate charges that the S Alam Group had trafficked $1 billion to other countries, including Singapore, on Sunday.

The court required the ACC to submit a report within two months.

Justices Md. Nazrul Islam Talukder and Khizir Hayat of the High Court announced the verdict on Sunday after Supreme Court advocate Barrister Syed Sayedul Haque Suman brought a news story to the court's attention. The order also contained a suo moto ruling.

The High Court panel also inquired as to whether the reported money were invested abroad with the permission of Bangladesh Bank and its Bangladesh Financial Intelligence Unit (BFIU).

Khurshid Alam Khan, an ACC attorney, was present in court. Saifuddin Khaled, a deputy attorney general, spoke for the government.

Lawyer Sayedul Haque Sumon later commented on the judgment, stating: "Saiful Alam, the owner of S Alam Group, and his wife had moved a sizable sum of money out of the nation in contravention of its laws. I informed the court about the situation. A ruling and an interim order were then issued by the court in this respect.

The court also requested an affidavit verifying the accuracy of the information that was published in The Daily Star in addition to setting a rule in the order. 

A story on S Alam's money laundering was earlier on August 4 published in the English daily. The proprietor of S Alam Group, Saiful Alam, has established a company in Singapore that is at least $1 billion in value. He did not, however, get any approval from Bangladesh Bank before making any investments or sending money abroad.

The name of this Chittagong-based company is not on the list of the 17 businesses that Bangladesh's central bank has so far permitted to invest abroad. 

Documents also reveal that S Alam purchased many properties in Singapore over the past ten years, including at least two hotels, two homes, a business, and other assets. His name has also been struck out in various ways.

Records kept by the Bangladesh Bank show that up to January 10, 2023, the nation has forfeited $40.15 million to foreign investment. However, this sum represents just a third of S Alam's $411.8 million in investments made in Singapore since 2009.

Additionally, according to Bangladesh Bank records, a number of businesses have moved $107,000 to Singapore thus far through legitimate channels; none of these businesses are controlled by S Alam.