Desk News: A Dhaka court has ordered the freezing of shares worth over Tk 5,109 crore, owned by S Alam Group’s Mohammad Saiful Alam and his family members, in 42 companies. The decision, made by Dhaka Metropolitan Senior Special Judge Zakir Hossain Galib, follows a request from the Anti-Corruption Commission (ACC).
The ACC is investigating allegations that Saiful Alam and his family laundered USD one billion to countries including Singapore, the British Virgin Islands, and Cyprus. The commission’s plea noted that Alam and his family control 437,850,227 shares, with a nominal value of Tk 5,109,679,260. To prevent the accused from transferring or disposing of the shares, the ACC sought the freezing order, arguing that any such action would undermine the investigation.
Additionally, a travel ban was imposed on Saiful Alam, his wife, children, and 13 other family members in October 2024.