Confiscate S Alam’s Tk 368cr properties

A Dhaka court yesterday ordered the confiscation of 58 acres of immovable properties worth Tk 368 crore belonging to S Alam Group Chairman Mohammed Saiful Alam and his family in connection with allegations of laundering $1 billion to Singapore and several other countries.

The Anti-Corruption Commission (ACC) is conducting an inquiry into corruption allegations against S Alam and his family members.

Judge Md Zakir Hossain of the Metropolitan Senior Special Judge's Court in Dhaka passed the order after the ACC Deputy Director Md Abu Sayeed, head of the inquiry team, submitted an application in this regard.

ACC Public Prosecutor Mir Ahmed Ali Salam moved the applications on behalf of the anti-graft body.

In the application, the ACC official said it's necessary to get a confiscation order for the 58 acres of land located in Dhaka, Narayanganj and Chattogram, so that the ownership cannot transferred.

On January 16, the same court ordered the freezing of over 321 million shares in 24 companies owned by S Alam and his family members. The value of these shares stands at Tk 350 crore.

On January 14, the same court also ordered the confiscation of immovable properties worth Tk 200 crore and the freezing of 87 bank accounts owned by S Alam, his wife Farzana Parveen and 16 of his family members.

Earlier on October 7 last year, the court issued a travel ban on S Alam, his wife Farzana Parveen and 11 members of his family.