A court here on Monday ordered the seizure of an additional 28 acres of land registered in the names of S Alam Group Chairman Saiful Alam and his associated individuals and entities.
Mohammad Abdullah Al Mamun, Judge of the Dhaka Metropolitan Senior Special Judge Court, issued the order in response to an application filed by the Anti-Corruption Commission (ACC).
According to the application, a joint investigation team was recently formed to look into allegations of money laundering against Saiful Alam Masud, the Managing Director of S Alam Group, his related entities, and associated individuals.
During the investigation, it was discovered that Saiful Alam Masud, along with his family members and related entities, obtained loans from various banks illegally—both in their own names and under fictitious names—and embezzled the funds to acquire substantial assets both domestically and internationally.
The ACC stated that information gathered from various sources suggests that Saiful Alam Masud and his family members are attempting to transfer or dispose of the relevant immovable properties. If the assets are moved before the investigation is completed, recovering the money will be extremely difficult. As a result, these properties must be seized as soon as possible.
On December 11, the same court ordered the seizure of 1,936 acres of land in Chattogram registered to Saiful Alam Masud and his associates.
