This is the first time the bank filed a case to recover a loan from S Alam
The letter and Saiful Alam’s threat to pursue international arbitration mark his most serious pushback yet against Bangladesh’s interim government.
Islami Bank Bangladesh plans to sell the S Alam Group’s stake in the bank to realise dues of around Tk 10,000 crore from the controversial conglomerate.
A “staffer of S Alam Group” took out Tk 118 crore from Union Bank without any approval or following any banking norms, indicating how the controversial business conglomerate used the bank.
At least six tax officials, including the then tax commissioner, were involved in extending undue favour to two sons of controversial businessman Mohammed Saiful Alam to legalise undisclosed money worth Tk 500 crore, an investigation by the tax intelligence has found.
S Alam Group and its linked companies account for more than 86 percent of the disbursed loans of Global Islami Bank (GIB), one of the six Shariah-based lenders that were controlled by the Chattogram-based business giant.
S Alam Group owner Mohammed Saiful Alam’s 2022-2023 tax file is a puzzle. In that tax year, he declared personal assets worth Tk 2,532 crore, but did not show any personal bank loans from Bangladesh or his foreign income.
S Alam Group’s takeover of the Islami Bank to drain the healthiest bank of the country had left investors and customers in shock. It did not stop there.
The High Court today sought to know updated information about the probe into money laundering allegations against S Alam Group. The court asked the Anti-Corruption Commission (ACC) lawyer Shaheen Ahmed to place the information before it on September 29.
This is the first time the bank filed a case to recover a loan from S Alam
The letter and Saiful Alam’s threat to pursue international arbitration mark his most serious pushback yet against Bangladesh’s interim government.
Islami Bank Bangladesh plans to sell the S Alam Group’s stake in the bank to realise dues of around Tk 10,000 crore from the controversial conglomerate.
A “staffer of S Alam Group” took out Tk 118 crore from Union Bank without any approval or following any banking norms, indicating how the controversial business conglomerate used the bank.
At least six tax officials, including the then tax commissioner, were involved in extending undue favour to two sons of controversial businessman Mohammed Saiful Alam to legalise undisclosed money worth Tk 500 crore, an investigation by the tax intelligence has found.
S Alam Group and its linked companies account for more than 86 percent of the disbursed loans of Global Islami Bank (GIB), one of the six Shariah-based lenders that were controlled by the Chattogram-based business giant.
S Alam Group owner Mohammed Saiful Alam’s 2022-2023 tax file is a puzzle. In that tax year, he declared personal assets worth Tk 2,532 crore, but did not show any personal bank loans from Bangladesh or his foreign income.
S Alam Group’s takeover of the Islami Bank to drain the healthiest bank of the country had left investors and customers in shock. It did not stop there.
The High Court today sought to know updated information about the probe into money laundering allegations against S Alam Group. The court asked the Anti-Corruption Commission (ACC) lawyer Shaheen Ahmed to place the information before it on September 29.
The overseas assets of S Alam Group, including those in Singapore, came under scrutiny following recent media reports.
