CID starts investigation against S Alam Group under Money Laundering Act

The owner of S Alam Group. The Financial Crimes Unit of CID has started an investigation against Saiful Alam and his accomplices through fraud, fraud, over-invoice, under-invoice and syndicated crime for smuggling around Tk 1 lakh 13 thousand 245 crore abroad.

This information was informed in a message sent from CID today Saturday.

It is said that, from various sources, the suspects including S Alam canceled their Bangladeshi citizenship and took PR in Bangladesh within just one day and laundered money from Bangladesh to Europe including Singapore, Malaysia and Cyprus to purchase immovable and immovable assets in the name of individuals and organizations related to their interests. He managed the business.

He established a company called 'Canali Logistics Private Limited' with a paid-up capital of about 245 crore 74 lakh taka in Singapore with the smuggled money. Apart from this, he has smuggled 95 thousand crore rupees from six banks anonymously for the purpose of import-export and investment of goods abroad with the help of fake documents, fake forgery and fraud.

Fraudulently smuggled about 18 thousand crores of rupees abroad through offshore banking by opening a shell company (namely Sarva Swa Institute) abroad.

S Alam, his wife Farzana Parveen, sons Ahsanul Alam and Ashraful Alam, along with other persons related to their interests, were initially found to have committed the crime of money laundering in a syndicate. CID has initiated investigation in this regard as per Money Laundering Act and Rules.

Bangladesh /SBT