SINGAPORE, Dec 25 – Bangladesh has launched an investigation into a Singaporean billionaire over a range of financial crimes, including money laundering.
His lawyers, however, claim the move is part of a smear campaign.
Bangladesh-born Saiful Alam Masud, 64, is being investigated by the country’s central bank Bangladesh Bank, Bangladesh’s Criminal Investigation Department (CID), the Anti-Corruption Commission (ACC), and the Bangladesh Securities and Exchange Commission.
His wife, Farzana Parveen, 52, and their sons, Ashraful Alam, 27, and Ahsanul Alam, 31, are the subject of several ongoing probes as well.
His family’s associates, particularly those linked to the S. Alam Group too, are under scrutiny.
Alam is the founder and chairman of the group, which is involved in diverse industries such as food, manufacturing, energy, transportation, real estate and telecommunications.
In August, the CID launched a probe into Alam and his associates for allegedly laundering S$12.89 billion (RM44.4 billion) abroad, including through Singapore.
Alam is accused of using forged documents and false information to procure loans from six banks in Bangladesh.
The CID also claims that the businessman established a company in the island state called Canali Logistics with allegedly laundered funds – as well as Farzana, Ahsanul and Ashraful of being involved in money laundering activities.
Alam’s lawyers, from Singapore firm Wong Partnership, however said that the allegations were made by private media companies in Bangladesh as part of a smear campaign.
They stated that assets and accounts of the S. Alam Group have been frozen by the interim government and Bangladeshi state agencies in “an unlawful, arbitrary and discriminatory fashion”.
They claimed the move has adversely affected the business operations of the S. Alam Group which might have to cease operations within the next month or two — potentially causing the loss of jobs for 200,000 employees.
All four members of the family were born in the country’s second-largest city, Chittagong.
Investigative journalism group Organised Crime and Corruption Reporting Project report that the family obtained Cypriot citizenship in 2016 via the Golden Visa programme, an investment-for-citizenship initiative.
Alam’s lawyers said the family settled down in Singapore in 2009 and became permanent residents in 2011, receiving Singapore citizenship in 2023.
In response to a query by The Straits Times, Singapore’s Ministry of Home Affairs (MHA) said foreign jurisdictions can make a formal request to Singapore for mutual legal assistance if there is credible evidence of links between assets and offences committed.
Alam’s lawyers say their client has not been formally notified of any investigations by any of the authorities in Singapore and Bangladesh.
The youngest member of the family, Asadul Alam Mahir, 22 – is being separately probed for alleged tax evasion.
The publication reported that the Bangladesh Securities and Exchange Commission stated that it had formed a committee to conduct a detailed inquiry into whether there have been any irregularities related to the capital market perpetuated by Alam, his family and relatives and other institutions’ activities which were under his control directly or indirectly.
In October, Bangladesh Bank governor Ahsan Mansur made a series of allegations in the Financial Times targeting the billionaire Alam, his family and their positions in banks in the country.
In June 2023, Ahsanul was elected chairman of the board of directors of Islami Bank Bangladesh, a position he previously held at Union Bank.
His brother-in -law Belal Ahmed, was appointed chairman of Social Islami Bank that same year, having previously been vice-chairman of Global Islami Bank, with his wife having occupied the same post.
Alam and Farzana also held key posts at First Security Islami Bank.
By September, Alam and his family no longer had any control of banks they were involved in after the central bank restructured the boards.
In August, the ACC resumed its probe into Alam and his associates for alleged money laundering following the change of government.
IIt summoned officials from various banks in the following months in relation to investigations into alleged embezzlement involving the S. Alam Group and its associates.
On Dec 19, the ACC filed a case against Alam and others for allegedly misappropriating 1,092 crore taka (RM207.48 million) from Islami Bank Bangladesh, according to local media outlets.
A court in Bangladesh issued a travel ban on Alam and members of his family, following a request from the ACC in October.
Entities linked to Alam also bought Ibis Singapore Novena in 2019 for nearly S$170 million (RM586.5 million) and Holiday Inn Express Singapore Serangoon for an undisclosed sum a year earlier, according to BT.
Alam’s property investments extend beyond the Causeway to Malaysia, with the 2016 purchase of Renaissance Kuala Lumpur Hotel and Convention Centre for RM765 million via a company formerly known as Canali Logistics Sdn Bhd, according to BT and The Edge.
The same company was also listed online as the owner of Four Points by Sheraton Kuala Lumpur, City Centre in 2023.
