CID opens investigation against S Alam, associates for 'laundering' Tk 1130b

An investigation has been launched against S Alam Group owner Saiful Alam (S Alam) and his associates into the allegation of laundering Tk 1130 billion abroad.

The Criminal Investigation Department (CID) of police has started the investigation.

The CID disclosed this in a press release sent to the media outlets on Saturday.

The press release said that there are allegations of organised crimes, frauds, scams and running Hundi activities against S Alam Group owner S Alam and his associates.

The Financial Crimes Unit of the CID has launched the probe on suspicion of S Alam and his associates being involved with laundering Tk 1130 billion abroad.

The CID says according to the news published in media, the suspects including S Alam himself have surrendered Bangladeshi citizenship and then through frauds and forgery collected permission for permanent residency (PR) in Bangladesh again within just a single day.

They have built assets through their own companies as well as through people and companies of their interests in Singapore, Malaysia, Cyprus and European countries by siphoning off money out of Bangladesh.  

According to CID’s information S Alam and his associates have established a company named Canali Logistics Private Limited in Singapore with subscribed capital of USD 22.34 million (USD 2.23 crore) from the money laundered by S Alam.

They also took loans worth Tk 950 billion (Tk 95,000 crore) from six banks in the name of importing and exporting goods as well as investment abroad through fraud, and defaulted it.

Apart from this, it has been alleged that S Alam has siphoned off Tk 180 billion (Tk 18,000 crore) abroad through offshore banking by opening a company that exists only on papers.

CID says that they have committed money laundering crimes through various people of their interest including S Alam, his wife Farzana Parveen as well as their sons Ahsanul Alam and Ashraful Alam.