S Alam Group’s takeover of the Islami Bank to drain the healthiest bank of the country had left investors and customers in shock. It did not stop there.

The S Alam Group is trying to sell properties that are not mortgaged to banks

The Appellate Division of the Supreme Court today deferred for three weeks the hearing on whether the authorities concerned will probe allegations against the owner of S Alam Group of amassing property abroad without Bangladesh Bank's permission

S Alam Group on Monday submitted two petitions, one seeking to be made a party to a probe ordered by the High Court, and the other seeking a retraction of the probe and a gag order on media

The High Court yesterday directed the authorities to investigate the allegations against the S Alam Group owner of owning businesses abroad without Bangladesh Bank’s permission.

By investing only Tk 400 crore to establish a bank, the bank owners are able to control the deposits of thousands of crores of taka, decide where to invest it, and who to lend it to.

Prime Minister Sheikh Hasina has called for an investigation into the affairs of S Alam Group, which has been in the public discourse in recent times for its alleged excessive borrowing from the banking system in violation of rules.