Metropolis Desk-
The High Court directed authorities to investigate allegations against S Alam Group owner Mohammad Saiful Alam of amassing large amounts of properties abroad, including a $1 billion business empire in Singapore, without permission from Bangladesh Bank.
The Anti-Corruption Commission, Bangladesh Financial Intelligence Unit, and Criminal Investigation Department have been directed to conduct the inquiry and submit reports within two months.
The court also issued a rule requiring authorities to explain why their failure to prevent Alam’s alleged activities should not be declared illegal.
The investigation reveals that Alam built a business empire worth at least $1 billion in Singapore without any record of taking any permission from Bangladesh Bank to invest or transfer funds abroad.
