Court orders seizure of Tk368cr land of S Alam, family
Tk100cr fraud case filed against S Alam in Ctg
A Dhaka court today ordered the authorities concerned to attach a total of 175 bighas of land, worth Tk368.25 crore, owned by businessman Mohammed Saiful Alam Masud, known as S Alam, and his family members.
Dhaka Metropolitan Sessions Judge Md Zakir Hossain Galib passed the order, allowing a plea filed by the Anti-Corruption Commission (ACC).
Meanwhile, a case was filed with a Chattogram court against S Alam and five others for allegedly embezzling Tk100 crore through fraudulent means.
Keep updated, follow The Business Standard's Google news channel
Nazmee Nowroz, owner of La Aristocracy restaurant in the port city, filed the case with the court of Chattogram Metropolitan Magistrate Kazi Shariful Islam.
"The court accepted the plaintiff's statement and directed the Criminal Investigation Department (CID) to investigate it," her lawyer Subhankar Ghosh said.
He added that through deceit and forgery, S Alam, his father-in-law, sister-in-law, and other co-conspirators embezzled Tk100 crore from his client.
"When she demanded the money, they threatened to kidnap and kill her," said Ghosh.
The primary accused in the case is S Alam, the former chairman of First Security Islami Bank. His father-in-law Ali Zahur, sister-in-law Jesmin Arshed, personal assistant Akij Uddin, and the former vice president of the bank's Prabartak intersection branch, Mohammad Zakaria, are also named as defendants.
According to the case statement, S Alam took loans totalling Tk100 crore from First Security Islami Bank by forging Nowroz's signature, misappropriating most of the funds.
Between 2019 and 2022, the fraud occurred, according to the complaint. When Nowroz demanded the money in 2024, she faced threats of violence.
There are allegations that business ventures by Nowroz – La Aristocracy restaurant, Nilima Nil Agro and Nowroz Enterprise – owe three branches of First Security Islami Bank a total of Tk234 crore as unpaid loans, along with interests, as of October this year.
Earlier on 7 October 2024, the court imposed a travel ban on S Alam Group owner Mohammed Saiful Alam, his wife Farjana Pervin and 11 other members of his family. That order was passed by Dhaka Metropolitan Sessions Judge Mohammad Ash Shams Zaglul Hossain.
Alam's family members who were barred from travelling abroad are his sons Ashraful Alam and Ahsanul Alam; brothers Morshedul Alam, Sahidul Alam, Rashedul Alam, Abdus Samad, Osman Gani, and Mohammad Abdullah Hasan; sister-in-law Shahana Ferdous; Ferjana Begum; and Mishkat Ahmed.
