S'pore billionaire probed in Bangladesh for allegedly laundering $13b
Singaporean billionaire Mr Saiful Alam Masud, 64, is reportedly under investigation by Bangladeshi authorities for alleged financial crimes, including money laundering, totaling an estimated $12.89 billion.
Originally from Bangladesh, Mr Alam is being probed by multiple agencies, including the country's central bank, the Criminal Investigation Department (CID), the Anti-Corruption Commission (ACC), and the Bangladesh Securities and Exchange Commission.
Mr Alam is the founder and chairman of S. Alam Group, a conglomerate with interests in food, manufacturing, real estate, and telecommunications.
His lawyers, from Singapore law firm WongPartnership, have dismissed the allegations as a smear campaign, asserting that Mr Alam has always conducted his business in compliance with all legal and regulatory frameworks.
Bangladesh’s CID alleges that Mr Alam laundered the $12.89 billion, including through Singapore. One claim involves the establishment of a Singapore-based company, Canali Logistics, allegedly funded with laundered money. Mr Alam is also accused of using forged documents and providing false information to secure loans from six Bangladeshi banks.
Ahsan Mansur, Bangladesh’s central bank governor, has further alleged Alam’s involvement in financial misconduct within the country’s banking sector.
Mr Alam’s family members are also under investigation. His wife, Farzana Parveen, 52, and their sons — Ahsanul Alam, 31, Ashraful Alam, 27, and Asadul Alam Mahir, 22 — face accusations of money laundering and other financial crimes.
The family became Singapore permanent residents in 2011 and citizens in 2023.
Mr Ashraful Alam is implicated in a case filed by the ACC for allegedly misappropriating 10.92 billion taka ($124.3 million) from Islami Bank Bangladesh. Madam Parveen and the two older sons are also accused of laundering money, while the youngest son, Mr Asadul Alam, is being investigated for alleged tax evasion.
Mr Alam’s lawyers argue that the allegations are politically motivated, driven by private media companies in Bangladesh. They claim the interim government, which took power after the fall of Prime Minister Sheikh Hasina’s administration, has unlawfully frozen S. Alam Group's assets and accounts, effectively crippling its operations.
The lawyers emphasised that Mr Alam has not received formal notification of any investigation from authorities in Singapore or Bangladesh.
S. Alam Group has denied the allegations, stating that there is “no truth” to the claims made by Bangladesh’s central bank governor, according to reports by the Financial Times.
Singapore’s Ministry of Home Affairs (MHA) stated that foreign jurisdictions can request assistance under the Mutual Assistance in Criminal Matters Act if credible evidence is provided. This assistance may include sharing information about asset movements and enforcing foreign confiscation orders. MHA added that Singapore works with foreign authorities on asset sharing and recovery on a case-by-case basis.
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