Dhaka, Feb 23 (V7N)-A Dhaka court has ordered the freezing of shares worth Tk8,133 crore belonging to the businessman Md Saiful Alam (S Alam) and his family members.
Following an application by the Anti-Corruption Commission (ACC), Dhaka Metropolitan Sessions Judge Md Jakir Hossain Galib's court issued the order on Sunday.
ACC Assistant Director Aminul Islam said that ACC Deputy Director Tahasin Monabil Haq had filed the application seeking to freeze the shares of the businessman's family.
After the hearing, the court granted the application, ordering the freezing of shares amounting to Tk8,133.56 crore owned by S Alam and his family members.
According to the ACC's petition, a task force has been formed to investigate allegations of money laundering against S Alam Group Chairman Saiful Alam and his family members.
The ACC's investigation has revealed that S Alam Group and its family members took loans from various banks under different names in violation of regulations, embezzled funds, and amassed a vast amount of wealth both domestically and abroad.
Furthermore, the ACC said it has found that this businessman and his family members are attempting to transfer, relocate, or dispose of their movable assets.
The ACC added that if these assets are transferred before the investigation is completed, recovering the money later would be extremely difficult.
“If the assets are transferred, the objectives of filing a case, submitting a charge sheet to the court, and ultimately confiscating the illegally acquired properties in favour of the government upon conviction will all fail. Therefore, it is necessary to freeze these assets,” the ACC's petition argued.
Following the fall of the government due to the student and public movement, various irregularities of the industrial conglomerate S Alam Group—previously known for its close ties with the ousted Awami League government—have come to light.
Multiple government agencies have launched investigations into allegations of financial irregularities, money laundering, and tax evasion against Chittagong-based S Alam Group Chairman Saiful Alam.
The ACC has also initiated an inquiry into allegations of illegal wealth accumulation.
END/MSS/AJ
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