The Criminal Investigation Department (CID) has initiated an investigation into allegations that Saiful Alam alias S Alam, the head of S Alam Group, and his associates are involved in laundering Tk113,245 crore abroad.
According to a press release sent to the media by the CID, there are allegations of organized crime, fraud, forgery, and involvement in hundi operations against S Alam and his associates.
The CID's Financial Crime Unit has started investigating the alleged involvement of S Alam and his associates in the embezzlement of the money through foreign transfers.
The CID reports that, according to media publications, S Alam and the suspected individuals have reportedly exploited fraud and forgery to revoke their Bangladeshi citizenship and, within a day, obtain permanent residency (PR) in Bangladesh.
They are accused of laundering money from Bangladesh through Singapore, Malaysia, Cyprus, and Europe, using it to acquire both movable and immovable assets through themselves and related entities.
According to the CID, S Alam and his associates have established a company named Canal Logistic Private Limited in Singapore with a paid-up capital of $2.23 million using the laundered money.
They are also alleged to have misappropriated Tk95,000 crore by taking loans from six banks under the pretense of importing and exporting goods and investing abroad.
Additionally, they are accused of using nominal companies to launder Tk18,000 crore abroad through offshore banking.
The CID states that S Alam, his wife Farzana Parveen, son Ahsanul Alam, Ashraful Alam, and other associated individuals are implicated in money laundering crimes.