S. Alam Group founder and chairman Saiful Alam Masud is being investigated by Bangladesh Bank. - S ALAM GROUP
SINGAPORE: A Singaporean billionaire is being investigated by the authorities in Bangladesh over a range of financial crimes, including money laundering, allegations that his lawyers say are part of a smear campaign.
Bangladesh-born Saiful Alam Masud, 64, is being investigated by the country’s central bank, Bangladesh Bank, the Criminal Investigation Department (Bangladesh), Anti-Corruption Commission and the Bangladesh Securities and Exchange Commission.
His wife, Farzana Parveen, 52, and their sons, Ashraful Alam, 27, and Ahsanul Alam, 31, are the subject of several ongoing probes as well.
The authorities there are also investigating the family’s associates, particularly those linked to the S. Alam Group.
Alam is the founder and chairman of the group, which is involved in industries as diverse as food, manufacturing, energy, transportation, real estate and telecommunications.
In August, Bangladesh’s Criminal Investigation Department launched a probe into Mr Alam and his associates for allegedly laundering 113,245 crore Bangladeshi taka (S$12.89 billion) abroad, including through Singapore.
This was announced in a press statement that same month.
The law enforcement agency accused Alam of using forged documents and false information to procure loans from six banks in Bangladesh.
In relation to Singapore, Bangladesh’s Criminal Investigation Department claims that the businessman had established a company here called Canali Logistics with allegedly laundered funds.
Bangladesh’s Criminal Investigation Department also accuses Parveen, Ahsanul Alam and Mr Ashraful Alam of being involved in money laundering activities.
The businessman’s lawyers from Singapore firm WongPartnership said the allegations that Alam, his family and his businesses in Bangladesh had engaged in money laundering have been made by private media companies there.
They said that the claims are part of a smear campaign.
His lawyers said: "Alam is confident that he has, at all times, conducted his businesses in a proper and legitimate manner in accordance with the laws and regulations of the respective jurisdictions which they operate in.”
They added that the assets and accounts of the S. Alam Group have been frozen by the interim government and Bangladeshi state agencies in “an unlawful, arbitrary and discriminatory fashion”.
“This has adversely affected the business operations of the S. Alam Group, which have almost come to a standstill,” the lawyers said.
“It is likely that the businesses will have to cease operations within the next month or two, which also potentially means the loss of jobs for 200,000 employees.”
All four members of the family were born in the country’s second-largest city, Chittagong.
According to documents from investigative journalism group Organised Crime and Corruption Reporting Project, they obtained Cypriot citizenship in 2016 via the Golden Visa programme, an investment-for-citizenship initiative.
Alam’s lawyers said the family settled down in Singapore in 2009 and became permanent residents here in 2011. They received Singapore citizenship in 2023.
The Straits Times sent queries to Singapore’s Ministry of Home Affairs (MHA) about the allegations, and also asked if it has received requests for legal assistance from the Bangladeshi authorities.
Without commenting on the allegations, the ministry said foreign jurisdictions can make a formal request to Singapore for mutual legal assistance if there is credible evidence of links between assets and offences committed.
“Under the Mutual Assistance in Criminal Matters Act (Macma), Singapore can provide mutual legal assistance to foreign jurisdictions, including through information sharing on the movement of assets and the enforcement of foreign confiscation orders,” said MHA.
“Singapore authorities also work together with foreign authorities on issues of asset sharing and the return of assets on a case-by-case basis.”
Alam’s lawyers said their client has not been formally notified of any investigations by any of the authorities in Singapore and Bangladesh.
They added that there have been concerted attacks by the interim government and Bangladeshi state agencies since the ouster in August 2024 of the government of Ms Sheikh Hasina.
Major business conglomerates in Bangladesh, including the S. Alam Group, have been targeted, added the lawyers.
The couple’s youngest child – Asadul Alam Mahir, 22 – is being separately probed for alleged tax evasion.
Hasina was twice the prime minister of Bangladesh, serving in the post for more than 20 years, with her most recent tenure being from January 2009 to August 2024.
During that period, an average of US$16 billion (S$21.55 billion) may have been illegally siphoned out of the country annually, according to a White Paper commissioned by interim leader Muhammad Yunus which was released on Dec 1.
The Bangladesh Securities and Exchange Commission told ST it had “formed a committee... to conduct a detailed inquiry into whether there have been any irregularities related to the capital market perpetuated by Saiful Alam... his wife, daughter’s husband, relatives and other institutions’ activities which were under his control directly or indirectly”.
In October, Bangladesh Bank governor Ahsan Mansur made a series of allegations in the Financial Times targeting Alam, his family and their positions in banks in the country.
Ahsanul Alam was in June 2023 elected chairman of the board of directors of Islami Bank Bangladesh, a position he previously held at Union Bank.
His sister Maimuna Khanam’s husband, Belal Ahmed, was appointed chairman of Social Islami Bank that same year, having previously been vice-chairman of Global Islami Bank, with his wife having occupied the same post.
Alam and Parveen also held key posts at First Security Islami Bank.
By September, Alam and his family no longer had any control of the banks they were involved in after the central bank restructured the boards.
In response to Mansur’s comments, Alam’s lawyers said: “It appears that the governor of the Bank of Bangladesh has made these baseless allegations in furtherance of the continuing targeted smear media campaign against Alam and other prominent businessmen.”
They also pointed out that in February 2024, the Appellate Division of the Supreme Court of Bangladesh discharged rulings by the High Court Division, which had ordered investigations by various Bangladeshi state agencies.
However, the Appellate Division also ruled that the Anti-Corruption Commission, Criminal Investigation Department and Bangladesh Financial Intelligence Unit can take legal steps on the matter of their own volition.
In August, the Anti-Corruption Commission resumed its probe into Alam and his associates for alleged money laundering following the change of government.
In the ensuing months, the commission summoned officials from various banks in relation to investigations into alleged embezzlement involving the S. Alam Group and its associates.
On Dec 18, Alam’s American lawyers from the California-headquartered Quinn Emanuel Urquhart & Sullivan sent a letter to the Bangladeshi government, highlighting their client’s nationality.
The lawyers said the actions taken by the Yunus administration have “destroyed, in whole or in part”, the Alam family’s investments and violated a trade agreement signed between Singapore and Bangladesh in 2004.
But the allegations continued.
On Dec 19, the Anti-Corruption Commission filed a case against Ahsanul Alam and others for allegedly misappropriating 1,092 crore taka from Islami Bank Bangladesh, according to local media outlets.
A court in Bangladesh also issued a travel ban on Alam and members of his family, following a request from the Anti-Corruption Commission in October.
The businessman’s lawyers in Singapore said in relation to the travel ban: “Alam, his wife and two of his sons are Singapore citizens. They are not Bangladeshi citizens.”
Accounting and Corporate Regulatory Authority (Acra) records show that Canali Logistics was set up by Alam and Parveen in 2009. Alam’s lawyers said that was the year they settled in Singapore.
In 2014, the company bought Hotel Grand Chancellor in Little India for $248 million. The hotel has undergone multiple name changes and is now known as Hilton Garden Inn Singapore Serangoon.
According to a Business Times report two years later, the company, which changed its name to Wilkinson International in 2017, acquired all the retail space of Centrium Square, also in Little India, for $135 million.
The director and secretary of Wilkinson International until 2018 was Shahedul Huq.
The former director of Union Bank in Bangladesh was later charged in his native Bangladesh with accumulating illegal wealth but fled to the US, according to news reports.
Huq, who was a Singapore permanent resident, also had appointments in several other companies previously linked to Alam.
On Huq,Alam’s lawyers in Singapore said: “Alam discovered that Huq had mismanaged funds in a manner inconsistent with the company’s policies.
“On Alam’s request, Huq resigned.”
Entities linked to Alam also bought Ibis Singapore Novena in 2019 for nearly $170 million and Holiday Inn Express Singapore Serangoon for an undisclosed sum a year earlier, according to BT.
Alam’s property investments extend beyond the Causeway to Malaysia, with the 2016 purchase of Renaissance Kuala Lumpur Hotel and Convention Centre for RM765 million (S$231.6 million) via a company formerly known as Canali Logistics Sdn Bhd, according to BT and The Edge.
The same company was also listed online as the owner of Four Points by Sheraton Kuala Lumpur, City Centre in 2023.
ST visited the listed residence of Alam and Parveen in the Novena area on several occasions. Previous Acra filings listed their address as a condominium, also in Novena.
While the pair were not spotted, several luxury cars were seen entering and exiting the multi-storey house, including three Rolls-Royces and a Porsche.
The businessman’s lawyers in Singapore did not respond to ST’s query on the family’s current whereabouts.
They said: “Given the absence of the rule of law and due process in Bangladesh... Alam harbours legitimate concerns over his safety and security if he were to travel to Bangladesh.” - The Straits Times/ANN
