Bangladesh sentences Singaporean billionaire over financial crime, lawyers say ruling ‘invalid’

Saiful Alam Masud, his wife, Farzana Parveen, 54, and their son, Ahsanul Alam, 32, were sentenced in May by a court in Chattogram, their birthplace, over the non-repayment of an 84.49 crore Bangladeshi taka (US$6.9 million) loan from Islami Bank Bangladesh, a financial institution previously controlled by Alam, according to The Straits Times.

All three are Singaporean citizens. Several of Alam’s associates and other family members also received the same sentence.

Lawyers from Singapore law firm WongPartnership said that Alam, Parveen, and Ahsanul Alam were convicted and sentenced in absentia.

They said their client learned of the proceedings through media reports and “was not in a position to participate in the proceedings” because he was never formally notified or served.

“The Bangladesh courts have passed orders against our client in his absence, and without giving him an opportunity to respond or present his case,” the lawyers said.

“Our client is therefore of the view that any court orders arising from these proceedings are without basis, invalid and were issued in breach of the rules of natural justice and amount to a grave depravation of justice.”

Alam is the founder and chairman of the S. Alam Group, a conglomerate with interests spanning food, manufacturing, energy, transportation, real estate, and telecommunications.

Alam, or entities linked to him, also owns several hotels and a commercial property in Singapore and Malaysia.

The 66-year-old, along with his relatives and associates, has been under financial crime investigation by successive Bangladeshi governments following the ouster of former Prime Minister Sheikh Hasina in August 2024.

After Hasina’s government fell, Bangladeshi authorities launched investigations into Alam’s business affairs and froze some of his assets.

“Following the change in the government of Bangladesh on Aug. 5, 2024, however, the bank accounts of various entities associated with S Alam Group were deliberately frozen without prior notice or opportunity for discussion,” his lawyers said.

“As a result, the affected entities were effectively prevented from servicing their loan obligations.”

Asked when Alam last traveled to Bangladesh and where he is currently staying, his lawyers said: “Mr. Alam has legitimate concerns for his safety and security should he travel there.”

In September 2025, Bangladeshi media reported that a court had ordered the country’s Anti-Corruption Commission to seek Interpol Red Notices for Alam and two of his brothers, according to The Business Standard.

A Red Notice is a request to law enforcement agencies worldwide to locate and provisionally arrest a person wanted for prosecution or to serve a sentence.

Alam’s lawyers said they were unaware of any Red Notice issued against their client, adding that “there is no basis for any such notice to be issued.”

Days later, the Cyprus Mail reported that a court in Cyprus had frozen a two-story property owned by Alam and his wife at the request of Bangladeshi authorities.

The couple obtained Cypriot citizenship in 2016 through the now-defunct Golden Visa investment-for-citizenship program. They became Singapore permanent residents in 2011 before obtaining Singapore citizenship in 2023.