https://www.thedailystar.net/news/corruption/news/saiful-alam-8-others-sued-tk-548cr-embezzlement-and-money-laundering-case-3972916

Mohammad Saiful Alam, chairman of S Alam Group, and eight others have been sued over allegations of embezzlement and money laundering involving Tk 548 crore.

Akhter Hossain, director general of the Anti-Corruption Commission, today confirmed that the anti-graft body filed the case after primary investigation.

The other accused include Miftah Uddin, former EVP of Islami Bank Bangladesh; Mohammad Monirul Mawla, former managing director of the bank; Akij Uddin, former deputy managing director; Md Moshiur Rahman, managing director of Shob Meher Spinning Mills Ltd; Mohammad Shawkat Usman, director of Shob Meher Spinning Mills Ltd; Md Alomash Ali, proprietor of Top Ten Trading House; Bedarul Islam, proprietor of Gold Star Trading House; and Nurul Alam, proprietor of Alam Trading and Business House.

According to the ACC, the accused allegedly conspired to abuse their authority and breach trust to commit large-scale financial fraud.

The accused allegedly embezzled a total of Tk 548 crore and transferred or converted it into S Alam Group-affiliated companies, committing punishable offences under Sections 409, 109, and 420 of the Penal Code 1860, Section 5(2) of the Prevention of Corruption Act 1947, and Sections 4(2) and 4(3) of the Money Laundering Prevention Act 2012.

The documents obtained by the ACC show that on October 1, 2024, Tk 521.52 crore was withdrawn from Top Ten Trading House's account via debit vouchers and deposited into the accounts of several S Alam Group-affiliated companies, including S Alam Super Edible Oil Ltd and Sonali Traders. The ACC alleged that these transactions constitute a clear case of money laundering.