Singaporean financial intel seeks info on S Alam Group

Singapore's financial intelligence unit – Suspicious Transaction Reporting Office – has reached out to Bangladesh Bank's Financial Intelligence Unit (BFIU), seeking details about the assets—both domestic and international—of Chattogram-based conglomerate S Alam Group and its owners. 

BFIU officials, speaking anonymously, confirmed that the request came via email. 

"We are preparing the necessary details on S Alam Group and are ready to share the information with the Singaporean agency," one of the officials said.

The official said the BFIU is responsible for sharing information related to money laundering and terrorist financing with foreign partners and they were preparing detailed information on S Alam Group and its owners and subsequently will send them to Singapore. 

Saiful Alam, the owner of S Alam Group, had quietly built a business empire in Singapore valued at around $1 billion. Over the past decade, he acquired hotels, homes, retail spaces, and other properties, allegedly without permission from Bangladesh Bank.

S Alam Group previously controlled six banks and a financial institution in Bangladesh. However, after former Prime Minister Sheikh Hasina's resignation on August 5 amid political unrest, the group lost control of these banks. 

Bangladesh’s central bank has since restructured their boards, and it is alleged that S Alam withdrew over Tk 1 lakh crore from these institutions.

In response, the government, Bangladesh Bank, BFIU, and the Bangladesh Securities and Exchange Commission (BSEC) have imposed stringent measures against the group. The BFIU has frozen personal accounts linked to S Alam Group, and banks have restricted transactions with the company.

On September 12, S Alam Group appealed for financial, social, and legal assistance from the government and the central bank to mitigate losses caused by the account freezes. Some banks have reportedly begun unblocking the company's accounts, according to central bank officials.