Cyprus court freezes 2-storey residence belonging to S Alam, wife: Report
On 19 May, the order was issued following an application by Cyprus's anti-money laundering unit Mokas, under Dhaka's legal assistance procedures
Higlights:
- Cyprus court froze a property linked to S Alam and his wife
- The order followed a request from Bangladeshi authorities
- Investigators are probing bank fraud and money laundering allegations
- Authorities suspect funds were moved abroad through offshore networks
- S Alam denied wrongdoing and launched an international legal challenge
A Cyprus court, the district court of the capital city Nicosia, has frozen a two-storey residence in Parekklisia of Cyprus belonging to businessman Md Saiful Alam and his wife, following a request from Bangladeshi authorities as part of an ongoing investigation into bank fraud and money laundering, reports Cyprus Mail and Cyprus Inform.
On 19 May, the order was issued following an application by Cyprus's anti-money laundering unit Mokas, under Dhaka's legal assistance procedures.
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Saiful, founder and chairman of the S Alam Group, acquired Cypriot citizenship in 2016 through the country's now-defunct "golden passports" scheme.
According to documents submitted to Cypriot authorities, Bangladeshi investigators are examining allegations of fraudulent lending, unlawful asset accumulation and money laundering linked to a network of companies and financial transactions between 2009 and 2024.
A day after the freeze order, a Bangladeshi court sentenced Saiful and ten relatives and associates to five months' imprisonment in connection with a loan of about €6 million granted by Islami Bank to a subsidiary of the S Alam Group.
Authorities in Dhaka say companies linked to Saiful secured substantial loans from several financial institutions, including Islami Bank Bangladesh and First Security Islami Bank, many of which later defaulted. Saiful, however, denies any wrongdoing.
Investigators are probing whether funds were transferred abroad through a network of companies and trusts registered in Cyprus, the British Virgin Islands and Jersey.
Saiful, represented by international law firm Quinn Emanuel, has argued his investments were funded through legitimate foreign sources and has initiated proceedings before the International Centre for Settlement of Investment Disputes, claiming measures against his assets violate international investment protection agreements.
