S Alam Group Chairman Mohammed Saiful Alam and his family have acquired vast wealth at home and abroad, using money siphoned off through loans taken in the name of front companies, according to an investigation by the Anti-Corruption Commission. 

Some of his associates, including his former domestic help and her husband, also acquired wealth beyond known sources of their income and laundered money abroad, it said.

Additionally, the business tycoon and a network of his affiliates bought more than 130 acres of land in Chattogram and Gazipur alone in the last few years. The land is worth around Tk 325 crore, the ACC found.

Most of the land -- about 7,770 decimals (77.7 acres) -- was bought in 2019. Alam acquired another 15 acres the next year, the ACC found in an investigation into money laundering allegations against the businessman and his associates.

Of the total 130 acres, nearly 47 acres were bought in Chattogram's Patiya upazila, S Alam's hometown.

Entities that own some of the land include S Alam Super Edible Oil Ltd (12 acres), S Alam Vegetable Oil Ltd (eight acres), and S Alam Cold Rolled Steels Ltd (eight acres), according to the land deeds reviewed by investigators.

"We have already seized these properties through the court. Now, a receiver will be appointed as per the law," ACC Deputy Director and Public Relations Officer Aktarul Islam told The Daily Star yesterday.

However, the appointment of a receiver (a custodian) would take some time as the commission is now investigating dozens of graft allegations involving high profile Awami League politicians, including deposed prime minister Sheikh Hasina and her family members, as well as businesses known to have enjoyed her blessings during her authoritarian rule.

Over the last 15 years, S Alam took over one bank after another and allegedly took thousands of crores in loans from these banks, in some cases in the name of companies that exist only on paper, according to ACC findings and newspaper reports.

On April 8, 2025, ACC Deputy Director Tahasin Munabeel Haque applied to the Metropolitan Senior Special Judge's Court, Dhaka, for permission to seize some of the properties owned by S Alam and his associates and entities under Section 14 of the Money Laundering Prevention Act.

S Alam Group Chairman Mohammed Saiful Alam, other entities related to him and his associates linked to those entities illegally took anonymous loans from various banks and embezzled the money, and acquired vast wealth in his and his family's name at home and abroad, according to the ACC filing.

The ACC also submitted that attempts to transfer or hand over the properties are underway, and that it was necessary to seize the properties for the sake of the investigation and the subsequent recovery of the assets.

The court directed the deputy commissioners and land registrars of Chattogram and Gazipur to take actions in this regard.

"S Alam Group Chairman Mohammed Saiful Alam, other entities related to him and his associates linked to those entities illegally took anonymous loans from various banks and embezzled the money, and acquired vast wealth in his and his family's name at home and abroad," the ACC filing says.

Alam and his wife Farzana Parveen own movable and immovable properties in Singapore, Cyprus, the British Virgin Islands, and other places, according to a case filed by the ACC on March 25 this year. This case is unrelated to the April 8 submission.

An investigator told The Daily Star that the ACC is yet to apply for the seizure of S Alam and his family's reported wealth abroad due to some legal complications.

"When we seek an order to freeze the overseas assets of an individual or institution, whether that order is enforceable depends on the laws of that particular country. This is because an act considered a crime in our jurisdiction may not be regarded as such there," said the official, seeking anonymity.

Citing an example, the official added, "Illicit money transfer from Bangladesh to Singapore is a crime under our money laundering laws. But in Singapore, it may not be considered a crime because they view that money as an investment."

Besides, S Alam surrendered his Bangladeshi citizenship in 2020, and holds a Singaporean passport.

A RICH DOMESTIC HELP

The ACC also sought a court order to freeze 262 bank accounts linked to individuals and entities related to S Alam Group.

Investigators found that at least 29 of these bank accounts are held by Marzina Akter, who was once a domestic help at S Alam's residence. These accounts had a deposit of over Tk 1.09 crore during the investigation. Another 10 accounts are held by Saddam Hussein, Marzina's husband. The couple were later employed at Islami Bank, which was taken over by S Alam in 2017, allegedly at gunpoint.

At least 24 bank accounts belonging to S Alam's associate Almas Ali and others had deposits worth Tk 1,374 crore at the time of investigation, the ACC filing shows.

According to documents obtained during the ACC investigation, large sums were misappropriated through fake loans and investments in the names of S Alam's relatives and associates.

These funds were then deposited in various accounts at home and abroad, violating money laundering laws and resulting in the accumulation of wealth beyond known sources income.

"Based on credible intelligence, the Anti-Corruption Commission believes that S Alam and his family members recently attempted to relocate or transfer funds from specific bank accounts, raising concerns that the assets could vanish before the investigation concludes," the ACC submission reads.

The court ordered the Bangladesh Financial Intelligence Unit (BFIU) and the relevant banks to freeze the accounts.

Since the fall of Hasina government in August 2024, ACC has so far filed two cases against S Alam and his wife over possession of "illegal wealth" worth Tk 1,539.85 crore.

The anti-graft body also sued two of their sons -- Ahsanul Alam and Ashraful Alam -- for alleged embezzlement of nearly Tk 2,200 crore from Islami Bank.