TDS Desk:

The Criminal Investigation Department (CID) of police have launched an inquiry into the allegations of laundering Tk1.13 lakh crore abroad through deception, fraud and hundi against S Alam Group’s Chairman Saiful Alam Masud, his wife and his children.

The Financial Crime Unit of CID is conducting the inquiry, Azad Rahman from CID media.

According to sources at the Financial Crime Unit, Saiful Alam, his wife Farzana Parvin and his two sons have laundered money in various countries, including Singapore, Malaysia and Cyprus.

They bought many moveable and immovable properties and invested in those countries with this money.

What is the true value of S Alam Group’s assets?

The sources said S Alam had established a company named Canaly Logistic Private Limited worth Tk245.74 crore in Singapore with the help of the laundered money.

He also laundered Tk95,000 crore abroad after taking the money from six Bangladeshi banks under various names showing export-import businesses and investments through forgery and deception, sources at the unit said.

S Alam has also laundered Tk18,000 crore through offshore banking via a foreign shell company.

According to the sources, S Alam, his wife, and his children have unitedly committed these financial crimes with the help of many people related to his business interests.

“We have started to inquire about the money laundering allegations against S Alam. We will also start an inquiry into allegations against Beximco Group within a few days,”  an official of the unit said, seeking anonymity.

“CID will let everyone know about this matter through a press briefing either Saturday [31 August] or tomorrow [1 September],” he added.