News

S'porean billionaire allegedly investigated by Bangladeshi authorities for laundering S$12.89 billion

His lawyers claimed that the allegations are part of a smear campaign against him.

clock

December 25, 2024, 05:48 PM

Telegram

Whatsapp

A Singaporean billionaire was reported to be under investigation by Bangladeshi authorities for various alleged financial crimes, including money laundering.

64-year-old Saiful Alam Masud, who was born in Bangladesh, is being investigated by the country's central bank, the Criminal Investigation Department (Bangladesh), the Anti-Corruption Commission and the Bangladesh Securities and Exchange Commission, The Straits Times reported.

He is the founder and chairman of S. Alam Group, a conglomerate that operates in multiple industries, including food, manufacturing, real estate, and telecommunications.

In response, Saiful Alam's lawyers from Singapore firm WongPartnership have said that the allegations are part of a smear campaign against him.

The lawyers said Saiful Alam and his family came to Singapore in 2009, became permanent residents in 2011 and received citizenship in 2023.

What exactly is Saiful Alam accused of?

According to Bangladesh's Criminal Investigation Department, Saiful Alam allegedly laundered 1.13 trillion Bangladeshi Taka (S$12.89 billion), including through Singapore.

This includes establishing a company in Singapore called Canali Logistics, supposedly with laundered funds.

He is also accused of using forged documents and false information to obtain loans from six banks in Bangladesh.

Bangladesh's current central bank governor, Ahsan Mansur, has also made several allegations against Saiful Alam pertaining to the country's banks, according to the Financial Times.

Family has also been accused of financial crimes

According to The Straits Times, Saiful Alam's wife, Farzana Parveen, aged 52, and their sons — Ahsanul Alam, aged 31, Ashraful Alam, aged 27, and Asadul Alam Mahir, aged 22 — are being investigated as well.

This includes a case filed by Bangladesh's Anti-Corruption Commission against Ashraful Alam and other parties for allegedly misappropriating 10.92 billion taka (S$124.3 million) from Islami Bank Bangladesh.

His wife and two older sons are also accused of being involved in money laundering activities by Bangladesh's Criminal Investigation Department.

As for Asadul Alam, he is being investigated for alleged tax evasion.

Why do Saiful Alam's lawyers say he has been targeted by a smear campaign?

According to Saiful Alam's lawyers, the claims of money laundering by their client, his family and his businesses have been made by private media companies in Bangladesh.

They were quoted by The Straits Times as saying:

"Mr 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."

They also pointed out that the interim government in Bangladesh, established following the fall of Prime Minister Sheikh Hasina's administration, has frozen the assets and accounts of the S. Alam Group in "an unlawful, arbitrary, and discriminatory fashion".

They added that this move has nearly brought the business of the S. Alam Group to a standstill.

His lawyers also claimed that their client has not been formally notified of any investigation by any authorities in Singapore or Bangladesh.

S. Alam Group has also said there is "no truth" to the claims made by Bangladesh's central bank governor, according to the Financial Times.

What did the Singapore government say?

In response to media queries, the Ministry of Home Affairs (MHA) replied that foreign jurisdictions can make a formal request to Singapore for mutual legal assistance if there is credible evidence under the Mutual Assistance in Criminal Matters Act.

The assistance under the act includes sharing information on the movement of assets and the enforcement of foreign confiscation orders.

MHA was also quoted as saying:

"Singapore authorities also work together with foreign authorities on issues of asset sharing and the return of assets on a case-by-case basis."

Top photo via S. Alam Group

Follow us on Facebook, Instagram, Twitter and Telegram to get the latest updates.

  • image
  • image
  • image
  • image

MORE STORIES

Events