Bangladesh
Bangladesh court orders seizure of S Alam Group shares amid corruption, money laundering claims
A Dhaka court has ordered the seizure of over 321 million shares worth Tk 35.63 billion (US$293.7 million) held by Bangladesh-born Singaporean tycoon Saiful Alam Masud and his family.
The Anti-Corruption Commission revealed attempts to transfer the shares amid ongoing investigations into massive money laundering and embezzlement allegations.

DHAKA, BANGLADESH: A Dhaka court has ordered the seizure of over 321 million shares held by Mohammed Saiful Alam Masud, owner of the S Alam Group, and his family members.
The shares, spread across 24 companies, are valued at 35.63 billion Bangladesh taka (approximately US$293.7 million).
Bangladesh media reported that the court of Dhaka Metropolitan Senior Special Judge Md Zakir Hossain issued the order on Thursday (16 January), following a petition filed by the Anti-Corruption Commission (ACC).
The ACC claimed that Saiful Alam and his family were attempting to transfer the shares amidst ongoing investigations into allegations of corruption and financial irregularities.
Freeze Orders and Investigations
The seizure of shares follows a series of legal actions against the S Alam Group and its owners.
On 14 January, the same court ordered the freezing of 68 bank accounts belonging to Saiful Alam and his family.
In addition, the court directed the confiscation of 16 properties owned by the group.
The ACC has been investigating the S Alam Group for allegedly exploiting banking loopholes to secure massive loans and laundering money.
On 10 January, the ACC filed a case against 54 individuals, including two sons of Saiful Alam, over the alleged embezzlement of Tk11.14 billion (approximately US$91.83 million) from the Jubilee Road branch of Islami Bank Bangladesh PLC in Chattogram city.
The ACC’s investigation revealed that Saiful Alam had established 18 shell companies in the British Virgin Islands between 2011 and 2024, bypassing the required approval from Bangladesh’s central bank.
S Alam claims Singapore citizenship shields against Bangladesh Bank ‘intimidation’
In a written statement submitted to the court, the ACC disclosed allegations of laundering US$1 billion to countries such as Singapore, the British Virgin Islands, and Cyprus.
Saiful Alam and his family reportedly relied on their Singapore citizenship and protections under a 2004 bilateral investment treaty between Bangladesh and Singapore to shield themselves from allegations of financial misconduct.
Last year, Bangladesh Bank Governor Ahsan H Mansur accused Saiful Alam of syphoning Tk1.2 trillion (approximately US$10 billion) from the banking sector.
Mansur alleged that Alam used inflated invoices and shareholder loans to gain control of major banks, with assistance from military intelligence. Mansur described the scheme as “the biggest, highest robbing of banks by any international standards.”
In response, Saiful Alam and his family issued a letter emphasising their Singapore citizenship and warning of potential arbitration under the International Centre for Settlement of Investment Disputes.
They also threatened legal action against Mansur for alleged damage caused to the S Alam Group.
2023 investigative report exposes S Alam Group’s US$1B Singapore empire
The ACC’s actions were also influenced by an investigative report published by The Daily Star on 4 August 2023.
The report, titled “S Alam’s Aladdin’s Lamp”, uncovered that the S Alam Group had built a business empire worth US$1 billion in Singapore without Bangladesh Bank’s approval.
The report highlighted Saiful Alam’s acquisition of multiple properties in Singapore over the past decade and alleged efforts to conceal the origins of the funds used in these transactions.
In October last year, Dhaka court imposed a travel ban on Alam, his wife, and 11 family members.
In September, the Suspicious Transaction Reporting Office (STRO), Singapore’s financial intelligence unit, reportedly requested detailed information on the assets of the controversial S Alam Group, both in Bangladesh and overseas.
The Financial Times noted that Alam’s letter’s threat of international arbitration arises amid other challenges facing the interim government led by Nobel laureate Muhammad Yunus.
Bangladesh’s Professor Yunus urges Singapore to help recover laundered funds and cut migration costs

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