S Alam Group chairman and managing director Mohammed Saiful Alam. PHOTO: COLLECTED
The Criminal Investigation Department (CID) on Saturday announced it has launched an investigation into the allegations of laundering over Tk 1.13 lakh crore by Saiful Alam, also known as S Alam, his 25 family members, and other associates.
The group used fraud, fabrication, mis-invoicing, hundi, shell companies and other illegal means to launder the sum during the over 15-year Awami League autocratic rule, CID said in a press release issued Saturday.
S Alam, the owner of S Alam Group, his wife Farzana Parvin, their sons Ahsanul Alam and Ashraful Alam, and other associates were engaged in transferring money illegally to countries including Singapore, Malaysia, Cyprus and countries in Europe.
S Alam, his family and other cohorts set up a Singapore company named Canali Logistics with a paid-up capital of around Tk 245.74 crore, procured Tk95,000 crore loans from six banks using the false excuse of financing international trading activities, sent Tk 18,000 crore abroad through offshore banking, and engaged in other gross financial irregularities, the CID statement alleged.
