BFIU seeks bank account details of S Alam, family members
Purpose of this is to determine total loans the group took from banking sector, officials say
The Bangladesh Financial Intelligence Unit (BFIU) has sought information about the bank account details of S Alam Group Chairman Mohammed Saiful Alam and his family members.
In a letter sent to all banks and financial institutions on Friday, the central bank's intelligence unit sought information on all bank accounts held in the names of Saiful Alam, his wife Farzana Parveen, and their family members, jointly or in the name of business organisations within five working days.
Besides, the unit has requested information about any lockers or savings certificates held in their names.
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According to BFIU officials, the purpose of seeking this information is to determine the total amount of loans disbursed to the S Alam Group from the banking sector.
The BFIU has also sought access to bank account details of 18 individuals who have benefited from the S Alam Group.
Meanwhile, the National Board of Revenue (NBR) on Tuesday initiated an investigation into alleged VAT evasion by 18 companies under the S Alam Group. A special investigation team has been formed in this regard.
In June, tax officials discovered evidence of VAT evasion amounting to approximately Tk3,500 crore involving two of S Alam Group's companies: S Alam Vegetable Oil Limited and S Alam Super Edible Oil Limited, both based in Chattogram.
On the same day, a ban was imposed on the sale and transfer of shares from six banks held by 25 individuals and 56 companies, including members of the S Alam family. This restriction was enforced by the stock market regulator following a directive from the central bank.
Saiful Alam, a prominent businessman from Chattogram widely known as S Alam, is mostly based abroad.
Allegations suggest his family members have committed various financial crimes through different government agencies on his behalf.
Over the past seven and a half years, the S Alam Group and their associated Nabil Group from Rajshahi have reportedly withdrawn nearly Tk50,000 crore from the Islamic Bank alone.
The S Alam Group controls six commercial banks in the country, as well as several financial institutions and insurance companies across various sectors.
S Alam Group, is known as a close business associate of the ousted Awami League government and its leader, former prime minister Sheikh Hasina.
