The National Board of Revenue (NBR) has initiated a sweeping probe into the financial dealings of S Alam Group, one of Bangladesh's most influential business conglomerates, by summoning the bank accounts of its owner Saiful Alam and his family members.
This action, carried out on Thursday by Income Tax Department's Tax Zone-15 in the capital, signals a significant escalation in the scrutiny of the group, which has been marred by accusations of unethical practices, including money laundering.
The directive, issued to all banks across the country, aims to uncover the full extent of the financial assets held by Alam and his few other family members.
Sources within Tax Zone-15 confirm that the NBR has requested detailed information on all bank accounts associated with these individuals, including those held jointly or under business names.
This wide-ranging order also encompasses credit card data, accounts with financial institutions, National Savings Directorate, and Postal Department. This move by the NBR comes in the wake of persistent allegations against S Alam Group, which is widely believed to have profited significantly during the tenure of the outgoing government.
The group, which controls a vast network of businesses including steel, transport, and luxury services, has long been under the scrutiny of public eye for its alleged involvement in money laundering and abuse of state power.
His wife and a sibling are directors of key subsidiaries within the conglomerate, such as S Alam Luxury Chair Coach Service and S Alam Cold Rolled Steel Limited.
The NBR's sweeping order indicates that authorities are not just targeting Alam himself but are casting a wide net over his entire family, probing any potential links to the alleged financial misconduct.
A senior tax official, speaking on condition of anonymity, stated that this inquiry is part of a broader effort to verify the tax documents and assess the true value of assets held by Alam and his family.
The official emphasized that NBR's actions are driven by the need to ensure transparency and accountability, particularly in the light of the serious allegations that have surfaced over the years.
The S Alam Group has been a major player in Bangladesh's industrial landscape for decades, benefiting from close ties with political figures and securing lucrative contracts and concessions.
However, the latest development could mark the beginning of a more intense investigation into the group's operations and its financial practices.
As the probe unfolds, it remains to be seen how the S Alam Group will respond to this mounting pressure.
The NBR actions suggest a firm stance against financial misconduct, reflecting a broader governmental push to tackle corruption and enforce regulatory compliance within the nation's business sector.
