Bangladesh probes Singaporean tycoon Saiful Alam of S. Alam Group

Bangladesh authorities are investigating Singaporean billionaire Saiful Alam Masud for alleged financial crimes, including money laundering, the Straits Times reported on Wednesday. He denied wrongdoing. 

Lawyers representing the 64-year-old tycoon, who was born in Bangladesh, stated that allegations of money laundering involving Alam, his family, and his businesses in Bangladesh were made by local private media outlets and are part of a targeted smear campaign, according to the newspaper.

Alam is confident he has conducted his businesses in “a proper and legitimate manner,” the lawyers said. 

Alam is the founder and chairman of the S. Alam Group, a conglomerate operating business including steel, cement, food, polypropylene, power, transport and real estate.

The newspaper said he is under investigation by the country’s central bank, the Criminal Investigation Department (Bangladesh), Anti-Corruption Commission and the Bangladesh Securities and Exchange Commission. Alam’s wife and their sons are the subject of several ongoing probes as well, it added.

The CID probe is of the alleged laundering of 1.13 trillion Bangladeshi taka ($9.5 billion), including through Singapore, the report said.

Alam’s lawyers said the family settled down in Singapore in 2009 and received Singapore citizenship in 2023, the newspaper reported. 

Alam’s group and WongPartnership, his lawyers, could not immediately be reached on a public holiday.