S Alam entities have Tk 26,000cr in six banks

Some entities of the much-talked-about S Alam Group and some family members of the group's founder Mohammed Saiful Alam have around Tk 26,000 crore in six banks, said insiders, citing data sent by the banks to the National Board of Revenue (NBR).

The six banks are Islami Bank Bangladesh, Al-Arafah Islami Bank, Exim Bank, Bangladesh Commerce Bank, National Bank and First Security Islami Bank.

As per the information sent by these banks, the firms -- namely S Alam Luxury Chair Coach Service and S Alam Cold Rolled Steel Ltd -- have transacted around Tk 109,000 crore mainly after the Covid-19 pandemic.

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How S Alam family grabbed multiple banks

A good amount of funds came as loans from banks to S Alam Cold Rolled Steel Ltd, said officials at the NBR.

Chattogram-based businessman Mohammed Saiful Alam's mother, Chemon Ara Begum, wife Farzana Parveen, and his brother Mohammed Abdullah Hasan are directors of the two entities.

Contacted, Ahsan Habib, commissioner of taxes, Tax Zone-15, said, "It is our routine duty to detect tax evasion and collect the taxes for the state. It is part of our routine duty."

Last month, the field office of the NBR asked banks to provide account details of Alam's family members to check if they have been paying their taxes properly.

Subsequently, the NBR wrote to 91 banks and financial institutions seeking the bank details. This was roughly after two weeks following a mass uprising toppled Sheikh Hasina's government.

Alam was close to the previous government and other regulatory agencies. But after the regime changes, the agencies moved to take measures, including searching the bank details of Alam, his 12 family members, and their companies.

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Islami Bank finally freed from S Alam Group

The Bangladesh Bank restructured the boards of six banks, which were dominated by the Chattogram-based businessman and his relatives.

In the letters, the NBR sought information about the bank accounts and credit cards of Alam's brother Hasan, his mother Chemon Ara Begum, and his wife Farzana.

Additionally, details about any personal or business accounts jointly held in the names of Alam's sister, daughter, or son were also sought.