Bangladeshi authorities are conducting a multi-agency investigation into Singaporean billionaire Saiful Alam Masud for alleged financial crimes, including money laundering, Bloomberg reports, citing the Straits Times.
The probe comes amid allegations that the tycoon and his family have been involved in illicit financial activities.
Alam, 64, who was born in Bangladesh, is the founder and chairman of the S. Alam Group, a large conglomerate with diverse interests spanning steel, cement, food, polypropylene, power, transport, and real estate. He has denied any wrongdoing, asserting that his businesses have been conducted “in a proper and legitimate manner.”
According to the Straits Times, the investigations are being carried out by several agencies, including the country’s central bank, the Criminal Investigation Department (CID), the Anti-Corruption Commission, and the Bangladesh Securities and Exchange Commission. Furthermore, Alam’s wife and sons are also reportedly the subject of several ongoing probes.
The CID investigation is reportedly focused on allegations of laundering 1.13 trillion Bangladeshi taka (some $9.5 billion), with some of the alleged activity involving Singapore. Alam’s lawyers have refuted the allegations, claiming they are part of a targeted smear campaign orchestrated by local private media outlets.
Alam’s legal team, representing him through Singapore-based firm WongPartnership, stated that the family settled in Singapore in 2009 and obtained Singaporean citizenship in 2023.
Neither S. Alam Group nor WongPartnership could be reached for comment on the matter as it was a public holiday at the time of the report.
