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.

Ashraful Alam and Asadul Alam Mahir, two sons of controversial businessman Mohammed Saiful Alam, deprived the state of Tk 75 crore in taxes by legalising Tk 500 crore in undisclosed income, documents obtained by The Daily Star have revealed.

How could two state institutions participate in this process?

Islami Bank, the largest private bank by deposits in 2017, was a lucrative target for Sheikh Hasina’s cronies when an influential business group with her blessing occupied it by force – a “perfect robbery” in Bangladesh’s banking history.

A video has gone viral where some BNP leaders of Chattogram were seen supervising the relocation of 14 luxury cars of Saiful Alam Masud, chairman of S Alam Group, and his family members from one place to another for safety

Islami Bank’s former managing director Abdul Mannan had not appeared or spoken publicly since S Alam Group took control of the bank in March 2017.

The S Alam Group is trying to sell properties that are not mortgaged to banks

Bangladesh Bank permitted Mohammed Saiful Alam and his family to seize multiple banks and funnel enormous sums as loans

The Bangladesh Bank yesterday instructed six S Alam-owned banks to stop any money going out of the accounts in the name of the Chattogram-based business giant, its associates’ companies and related persons.

The BFIU found Tk 99.7 crore at the accounts of four companies of Md Akiz Uddin, also a former deputy managing director of Islami Bank Bangladesh

The BFIU also sought information related to their loan accounts with guarantee and loan repayment

After seven years, S Alam Group’s control over Islami Bank ended yesterday after the Bangladesh Bank decided to dissolve the board of the country’s largest private sector bank that was heavily dominated by individuals linked to the conglomerate.

In a major development, three state agencies yesterday made a series of moves against the S Alam Group, its chairman Mohammed Saiful Alam, and his family members amid allegations of loan irregularities during the 15-year tenure of the recently ousted Awami League government.