The Dhaka Metropolitan Senior Special Judge Court on Thursday ordered the Anti-Corruption Commission to freeze 64 bank accounts, shares and insurance policies of S Alam Group chairman Mohammed Saiful Alam, and his family members in Singapore.
The court鈥檚 acting judge Ibrahim Mia passed the order following a petition submitted by ACC deputy director Tahsin Monabil Haque.
The court ordered the ACC to freeze 64 bank accounts and shares of 10 companies of Saiful Alam and his family members in Singapore.
Of them, a total of 40 bank accounts and several insurance policies in the name of Saiful Alam have been frozen in Singapore.
Apart from this, four bank accounts of Saiful鈥檚 wife Farzana Parveen, as well as investments totalling approximately 6.80 crore Singapore dollars in two companies jointly owned by the couple, have also been blocked.
Saiful Alam is listed as a director and shareholder in four foreign companies, while his wife Farzana holds similar positions in another four companies.
The couple鈥檚 son, Ashraful Alam, has investments and accounts in two financial institutions and serves as a director and shareholder of another company.
Another son, Ahsanul Alam, is listed as a director and shareholder of one company and holds a total of eight bank accounts and insurance policies in Singapore.
Saiful鈥檚 son-in-law Ahmed Belal holds two bank accounts, daughter Maimuna Alam has an insurance policy and precious metal assets worth 53,400 Singapore dollars, and the youngest son, Asadul Alam Mahir, holds one bank account.
Noting that the family acquired these assets through illegal means and laundered money abroad, the ACC sought a court order to ensure the assets are neither transferred nor destroyed during the ongoing probe.
When asked about the matter, ACC prosecutor Mir Ahmed Ali Salam said, 鈥楾he asset freezing order is sent to the relevant country. After that, as per legal process, the legal authority of the country concerned enforces the order.鈥�
On July 9, the same court ordered the freezing of 53 bank accounts of Saiful Alam and his affiliated entities, containing over Tk 113 crore.
On June 24, the court ordered the seizure of a two-storey villa in Limassol, Cyprus, and the freezing of a $3,50,000 investment in Hazec International Pte Ltd in the British Virgin Islands, along with shares in 18 other offshore companies, including Peacock Property Holdings.
The court also froze six trust funds under Jersey Trust Company owned by Saiful Alam.
On April 23, the court ordered the ACC to seize 159 acres of land valued at Tk 407 crore, and it on April 17 ordered the commission to freeze 1,360 bank accounts holding over Tk 2,619 crore in Bangladesh of the business group.
On March 10 and April 9, the court ordered the ACC to seize 1,090 bighas of land of the group, while 374 bank accounts of close associates of Saiful Alam were frozen on the same day in April.
Earlier on February 23, the court froze shares valued at over Tk 8,133 crore of the S Alam Group.
On February 3, it seized property worth Tk 368 crore, and on February 12, it froze more than 437 million shares valued at Tk 5,109 crore of the S Alam Group.
