Saiful Alam Masud is seen in a company profile photo. Photo courtesy of S. Alam Group
A Singaporean billionaire is being investigated by Bangladesh authorities for alleged financial crimes, including money laundering.
Bangladesh-born Saiful Alam Masud, 64, is being probed by the Bangladesh Bank, the Criminal Investigation Department (Bangladesh), and anti-corruption and securities authorities, The Straits Times reported.
Alam has denied the allegation and his lawyers called the investigation a “smear campaign.”
The founder and chairman of conglomerate S. Alam Group, which has interests in food, manufacturing, energy, transportation, real estate and telecommunications, is accused of using forged documents and false information to procure loans from six banks in Bangladesh.
He allegedly established a company in Singapore to laundered the illegally secured funds.
Alam’s lawyers said the allegation have been made by private media companies in Bangladesh.
They said that the claims are part of a smear campaign.
“Alam is confident that he has, at all times, conducted his businesses in a proper and legitimate manner in accordance with the laws and regulations of the respective jurisdictions which they operate in.”
The investigation has caused S. Alam Group assets to be frozen, which halts most of its operations, and could result in the loss of jobs for 200,000 employees, the lawyers added.
Alam’s wife and two sons are also subject of several ongoing probes.
His family settled down in Singapore in 2009 and received Singapore citizenship in 2023.
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