The Criminal Investigation Department (CID) has launched an investigation into the allegation of laundering of Tk 113,245 crore (approximately USD 10.7 billion) abroad by Saiful Alam, the owner of S Alam Group, and his associates.
The Financial Crimes Unit of the CID launched the investigation under the Money Laundering Prevention Act, 2012, said a CID press release on Saturday.
According to CID, S Alam and his associates are accused of engaging in fraudulent activities, including invoice manipulation, under-invoicing, over-invoicing, and conducting illegal Hundi transactions, leading to the illicit transfer of approximately Tk 113,245 crore (around USD 10.7 billion) abroad.
Citing various sources, the CID said the accused are suspected of laundering money from Bangladesh to countries such as Singapore, Malaysia, Cyprus, and various parts of Europe. They are also accused of using these funds to purchase assets and operate businesses in their names and those of their associates.
The investigation further reveals that S Alam established a company named "Canali Logistics Private Ltd." in Singapore, with a paid-up capital of approximately Tk 245.74 crore (around USD 23 million), using laundered money.
Additionally, S Alam allegedly obtained loans totaling Tk 95,000 crore (around USD 9 billion) from six different banks using forged documents and false information. These loans were purportedly used to finance imports, exports, and investments abroad, said the CID release.
S Alam created shell companies overseas and fraudulently transferred around Tk 18,000 crore (around USD 1.7 billion) through offshore banking, it added.
Preliminary findings suggest that S Alam, his wife Farzana Parvin, his sons Ahsanul Alam and Ashraful Alam, along with other associates, were involved in organised money laundering activities, said the release.
