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Bangladesh probes Singaporean tycoon for financial crimes
The Straits Times
|December 25, 2024
Billionaire's wife and two sons also being investigated; his lawyers call allegations a smear campaign
A Singaporean billionaire is being investigated by the authorities in Bangladesh over a range of financial crimes, including money laundering, allegations that his lawyers say are part of a smear campaign.
Bangladesh-born Saiful Alam Masud, 64, is being investigated by the country's central bank, Bangladesh Bank, the Criminal Investigation Department (Bangladesh), Anti-Corruption Commission and the Bangladesh Securities and Exchange Commission.
His wife, Ms Farzana Parveen, 52, and their sons, Mr Ashraful Alam, 27, and Mr Ahsanul Alam, 31, are the subject of several ongoing probes as well.
The authorities there are also investigating the family's associates, particularly those linked to the S. Alam Group.
Mr Alam is the founder and chairman of the group, which is involved in industries as diverse as food, manufacturing, energy, transportation, real estate and telecommunications.
In August, Bangladesh's Criminal Investigation Department launched a probe into Mr Alam and his associates for allegedly laundering 113,245 crore Bangladeshi taka (S$12.89 billion) abroad, including through Singapore.
The law enforcement agency accused Mr Alam of using forged documents and false information to procure loans from six banks in Bangladesh.
In relation to Singapore, Bangladesh's Criminal Investigation Department claims that the businessman had established a company here called Canali Logistics with allegedly laundered funds.
Bangladesh's Criminal Investigation Department also accuses Ms Parveen, Mr Ahsanul Alam and Mr Ashraful Alam of being involved in money laundering activities.
The businessman's lawyers from Singapore firm WongPartnership said the allegations that Mr Alam, his family and his businesses in Bangladesh had engaged in money laundering have been made by private media companies there.
They said that the claims are part of a smear campaign.
This story is from the December 25, 2024 edition of The Straits Times.
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