Saiful Alam Masud, a Singaporean billionaire of Bangladeshi origin, is facing investigations in Bangladesh for alleged financial crimes, including money laundering. Authorities are examining his activities and those of his family members and associates linked to the S. Alam Group, a conglomerate with diverse interests in Bangladesh.
S. Alam Group founder and chairman Saiful Alam Masud is being investigated by Bangladesh Bank .SINGAPORE — A Singaporean billionaire is being investigated by the authorities in Bangladesh over a range of financial crimes , including money laundering , allegations that his lawyers say are part of a smear campaign.
Alam is the founder and chairman of the group, which is involved in industries as diverse as food, manufacturing, energy, transportation, real estate and telecommunications. The businessman's lawyers from Singapore firm WongPartnership said the allegations that Alam, his family and his businesses in Bangladesh had engaged in money laundering have been made by private media companies there.His lawyers said: "Alam is confident that he has, at all times, conducted his businesses in a proper and legitimate manner in accordance with the laws and regulations of the respective jurisdictions which they operate in.
Alam's lawyers said the family settled down in Singapore in 2009 and became permanent residents here in 2011. They received Singapore citizenship in 2023. "Singapore authorities also work together with foreign authorities on issues of asset sharing and the return of assets on a case-by-case basis."Alam's lawyers said their client has not been formally notified of any investigations by any of the authorities in Singapore and Bangladesh.
Hasina was twice the prime minister of Bangladesh, serving in the post for more than 20 years, with her most recent tenure being from January 2009 to August 2024. Ahsanul Alam was in June 2023 elected chairman of the board of directors of Islami Bank Bangladesh, a position he previously held at Union Bank.
However, the Appellate Division also ruled that the Anti-Corruption Commission, Criminal Investigation Department and Bangladesh Financial Intelligence Unit can take legal steps on the matter of their own volition. The lawyers said the actions taken by the Yunus administration have "destroyed, in whole or in part", the Alam family's investments and violated a trade agreement signed between Singapore and Bangladesh in 2004.On Dec 19, the Anti-Corruption Commission filed a case against Ahsanul Alam and others for allegedly misappropriating 1,092 crore taka from Islami Bank Bangladesh, according to local media outlets.
According to a Business Times report two years later, the company, which changed its name to Wilkinson International in 2017, acquired all the retail space of Centrium Square, also in Little India, for S$135 million.The former director of Union Bank in Bangladesh was later charged in his native Bangladesh with accumulating illegal wealth but fled to the US, according to news reports.
Money Laundering Bangladesh Bank Financial Crimes S. Alam Group Singapore Billionaire
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