The Anti-Corruption Commission (ACC) has filed cases against Mohammad Saiful Alam, chairman of S Alam Group and former chairman of First Security Islami Bank Limited, and his wife, Farzana Parveen, a director of the same entities, for amassing Tk1,540 crore in undisclosed wealth, including properties and investments in multiple foreign countries.
ACC Director General (Prevention) Md Akhtar Hossain confirmed the development on Tuesday.
According to commission case report findings, Saiful Alam abused his position and influence to accumulate assets worth Tk796.28 crore beyond his legally declared income between 1999 and 2024.
As the chairman of a financial institution, he was classified as a public servant under the Bank Company Act 1991.
However, his income tax filings show that up until the fiscal year 2023-24, his total legally earned income stood at Tk256.35 crore.
In contrast, his overall expenditures and declared assets amounted to Tk1,052.64 crore, creating a massive discrepancy of Tk796.28 crore, which remains unaccounted for, the ACC said.
His wife, Farzana Parveen, who also held key positions in S Alam Group and First Security Islami Bank, is alleged to have accumulated Tk743.57 crore in undeclared wealth.
ACC investigations reveal that while her legal earnings amounted to Tk16.30 crore, her expenditures and assets soared to Tk759.87 crore.
However, the ACC investigation also uncovered evidence that both Alam and Parveen own property including real estate and financial investments abroad, particularly in Singapore, Cyprus, and the British Virgin Islands.
But these foreign assets were not disclosed in their tax filings, leading investigators to suspect large-scale money laundering operations, commission mentioned in the report.
In the case report, the commission claimed and believes these properties and investments were procured using illegally acquired funds siphoned from Bangladesh through undisclosed channels.
Following months of inquiry, the ACC officially approved the filing of corruption cases against the couple on Monday.
According to the commission report, investigators will now work to determine the precise valuation of their offshore assets and whether additional individuals were complicit in facilitating the alleged financial misconduct.
The commission has also said in the case report that if further evidence emerges linking other assets or accomplices to the case, additional legal proceedings will follow accordingly.
