Mohammed Saiful Alam and his family have acquired vast wealth at home and abroad, using money siphoned off through loans taken in the name of front companies

The Anti-Corruption Commission has filed two cases accusing S Alam Group owner Mohammed Saiful Alam and his wife Farzana Parveen of amassing illegal wealth worth Tk 1,539.85 crore.

S Alam Group owner Mohammed Saiful Alam has initiated a legal effort as a Singaporean citizen to recover financial losses he claims were caused by the Bangladeshi government freezing his assets and harming his investments, The Financial Times reports.

Over a hundred officials from 11 branches of First Security Islami Bank Limited in the Chattogram region and city held a sit-in today in front of S Alam House in the port city demanding debt repayment.

A top official, requesting anonymity, said that the new board of the bank uncovered irregularities in loan disbursement at 24 branches and found evidence linking the 194 officials to these loan scams.

The bank also intends to invite its former foreign shareholders, including Al Rajhi and the International Finance Corporation, to re-engage with the institution

He also said that legal action would be taken against the S Alam Group chairman and other officials for their alleged crimes in the banking sector

In a bid to ensure tax compliance, the government has blocked the transfer of shares of seven corporate giants that thrived under the Awami League government.

The NBR instructed the RJSC to immediately block any sales or transfers of shares, whether through donations or otherwise

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Ashraful Alam and Asadul Alam Mahir, two sons of controversial businessman Mohammed Saiful Alam, deprived the state of Tk 75 crore in taxes by legalising Tk 500 crore in undisclosed income, documents obtained by The Daily Star have revealed.

Some entities of the much-talked-about S Alam Group and some family members of the group’s founder Mohammed Saiful Alam have around Tk 26,000 crore in six banks, said insiders, citing data sent by the banks to the National Board of Revenue (NBR).

Chattogram-based conglomerate S Alam Group has taken more than half of the total loans disbursed by Islami Bank Bangladesh Ltd (IBBL), according to the bank’s newly appointed Chairman Md Obayed Ullah Al Masud

Belal Ahmed, the former chairman of Social Islami Bank Ltd (SIBL), and Zafar Alam, managing director, have been sued for allegedly attacking a bank employee

"I apologise if I hurt the feeling and sentiment of the country’s people with my oversight and unintended mistake,” he said..

Security officials at Chattogram Shah Amanat International Airport today detained a man said to be a close aide of the controversial business group S Alam, in connection with the Islami Bank loan scam. He was taken from a Dubai-bound flight.Md Ansarul Alam Chowdhury, managing director of Inheren

S Alam Group's control over First Security Islami Bank Ltd (FSIBL) ended today after the Bangladesh Bank reconstituted the board of the Shariah-based bank, which was heavily dominated by individuals linked to the Chattogram-based conglomerate..The central bank dissolved the previous 11-mem

The Bangladesh Securities and Exchange Commission (BSEC) today barred Mohammed Saiful Alam, founder of Chattogram-based conglomerate S Alam Group, his family members and companies they own from transferring and selling their shares in six banks.

The banks are: Islami Bank Bangladesh, First Security Islami Bank, Social Islami Bank, Union Bank, Global Islami Bank, and Bangladesh Commerce Bank

Chattogram-based conglomerate S Alam Group and garment manufacturer Nassa Group were given interest waivers amounting to Tk 2,544 crore bypassing banking rules, in a testament to the outsize influence oligarchs had on the banking sector during the Awami League-led government of the past 15 years.