The Financial Crimes Unit of Criminal Investigation Department (CID), Dhaka, has begun its investigation against S Alam Group owner Md Saiful Alam and his associates, over allegations that they laundered Tk 1,13,245 crore abroad by hundi through fraud, forgery, over-invoicing, under-invoicing, and organised crime.
Citing various sources, a press release issued Saturday read that the suspects, including S Alam, cancelled their Bangladeshi citizenship and took Permanent Residency (PR) while in country within a day and laundered money from Bangladesh to Europe, Singapore, Malaysia, and Cyprus, to purchase immovable/immovable assets in the names of themselves, related individuals and institutions.
He has established a company named “Canali Logistics Private Ltd” with a paid-up capital of around Tk 245.74 crore in Singapore with the laundered money. Apart from this, S Alam, anonymously, took loans worth Tk 95,000 crore from six different banks for the purpose of import-export and investment of goods abroad by creating fake documents, forgery and fraud, the release read.
By opening various shell companies abroad, he fraudulently laundered about Tk 18,000 crore abroad through offshore banking.
According to the release, initial investigations show S Alam, his wife Farzana Parveen, sons Ahsanul Alam and Ashraful Alam, along with other people related to their interests, have committed money laundering offences.
CID has initiated investigation in this regard as per the Money Laundering Prevention Act, 2012 and other regulations.
