Singapore’s Financial Intelligence Unit seeks info on S Alam Group
The Financial Intelligence Unit (FIU) of Singapore has requested details about the Chattogram-based conglomerate S Alam Group and its owners, including information on their domestic and foreign assets, from Bangladesh's Financial Intelligence Unit (BFIU).
BFIU officials, speaking to The Daily Star on condition of anonymity, confirmed that the FIU recently contacted them via email.
For all latest news, follow The Daily Star's Google News channel. "We are preparing the details on S Alam Group and are ready to send this information to Singapore's FIU," the officials added.
A senior BFIU official said that the agency is responsible for exchanging information related to money laundering and terrorist financing with foreign counterparts.
The overseas assets of S Alam Group, including those in Singapore, came under scrutiny following recent media reports.
The Daily Star revealed last year that S Alam Group's owner, Saiful Alam, had built a business empire in Singapore worth approximately $1 billion, acquiring hotels, homes, retail spaces, and other properties over the past decade without permission from Bangladesh Bank.
S Alam controlled six banks and a financial institution in Bangladesh. However, following former Prime Minister Sheikh Hasina's resignation on August 5 amid political unrest, it lost control of these banks.
The central bank has since restructured their boards, and S Alam allegedly withdrew over Tk 1 lakh crore from them.
In response, the government, Bangladesh Bank, BFIU, and the Bangladesh Securities and Exchange Commission (BSEC) have taken strict measures against the controversial business conglomerate.
BFIU has frozen the personal accounts of individuals linked to S Alam Group, and banks have restricted transactions with the company.
On September 12, S Alam Group requested financial, social, and legal support from the government and the central bank to recover losses caused by the account freezes.
Some banks have begun unblocking S Alam Group's accounts, according to central bank officials.
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