The Anti-Corruption Commission has filed three separate cases against 15 individuals, including S Alam Group Chairman Mohammad Saiful Alam and Proshanta Kumar Halder, former managing director of Reliance Finance Limited (now Aviva Finance), over the alleged embezzlement and laundering of approximately Tk 270 crore from non-bank financial institutions.
Mohammed Saiful Alam and his family have acquired vast wealth at home and abroad, using money siphoned off through loans taken in the name of front companies
The Anti-Corruption Commission has filed two cases accusing S Alam Group owner Mohammed Saiful Alam and his wife Farzana Parveen of amassing illegal wealth worth Tk 1,539.85 crore.
S Alam Group owner Mohammed Saiful Alam has initiated a legal effort as a Singaporean citizen to recover financial losses he claims were caused by the Bangladeshi government freezing his assets and harming his investments, The Financial Times reports.
Over a hundred officials from 11 branches of First Security Islami Bank Limited in the Chattogram region and city held a sit-in today in front of S Alam House in the port city demanding debt repayment.
A top official, requesting anonymity, said that the new board of the bank uncovered irregularities in loan disbursement at 24 branches and found evidence linking the 194 officials to these loan scams.
The bank also intends to invite its former foreign shareholders, including Al Rajhi and the International Finance Corporation, to re-engage with the institution
He also said that legal action would be taken against the S Alam Group chairman and other officials for their alleged crimes in the banking sector
In a bid to ensure tax compliance, the government has blocked the transfer of shares of seven corporate giants that thrived under the Awami League government.
Chattogram-based conglomerate S Alam Group and garment manufacturer Nassa Group were given interest waivers amounting to Tk 2,544 crore bypassing banking rules, in a testament to the outsize influence oligarchs had on the banking sector during the Awami League-led government of the past 15 years.
The tax zone 15 of the tax administrator sent letters to 91 banks and financial institutions
We congratulate the chief justice for his forthright identification of one of the main issues of concern for Bangladesh’s future: corruption.
Banshkhali Chhatra Oikya Forum calls a dawn-to-dusk hartal in the upazila of Chittagong for Wednesday protesting Monday's incident that left four people killed in “police firing”.
