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Criminal Investigation Department (CID) has initiated an investigation against S. Alam Group’s owner Saiful Alam, his wife, and children for allegedly laundering 113,245 crore BDT abroad through fraud, forgery, and hawala.
"A message sent by the CID on Saturday (August 31) has revealed this information."
According to a statement from CID, it has been revealed from various sources that Saiful Alam and the suspects canceled their Bangladeshi citizenship and, within a single day, obtained PR in Bangladesh again. They then engaged in money laundering by transferring funds to Singapore, Malaysia, Cyprus, and Europe, and used these funds to acquire and manage assets and businesses in the names of themselves and associated individuals.
The laundered funds were used to establish a company named ‘Canali Logistic Private Limited’ in Singapore with a paid-up capital of approximately 24.574 billion BDT. Additionally, using forged documents, fraudulent practices, and deception, they took loans amounting to 95,000 crore BDT from six banks for foreign investment and export-import activities, which were then laundered abroad.
It is alleged that through shell companies and offshore banking, approximately 18,000 crore BDT was fraudulently transferred abroad.
The CID has initiated the investigation under the Money Laundering Act and relevant regulations against Saiful Alam, his wife Farzana Parveen, and their children Ahsanul Alam and Ashraful Alam, along with other associated individuals.
Messenger/Shahed
