Court orders freezing of S Alam family’s Tk 8,133cr shares

A Dhaka court has ordered to freeze shares, owned by S Alam Group owner Mohammed Saiful Alam and his family members, worth more than Tk 8,133 crore of different companies and profit against the shares.

Dhaka Metropolitan Senior Special Judge Zakir Hossain Galib passed the order on Sunday (February 23).

Court sources said the Anti-Corruption Commission (ACC) Deputy Director Tahasin Munabil Haque filed a plea seeking freeze the shares of S Alam Group.

According to the statement, a task force team has been formed to investigate the allegation of money laundering against the alleged perpetrator, Mohammad Saiful Alam.

During the investigation, it was found that the S Alam Group and its affiliated entities and individuals had illegally taken loans from various banks under their names and amassed a huge amount of wealth.