Cyprus Freezes Assets Linked to S. Alam Group
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The Nicosia District Court in Cyprus has ordered the seizure of assets belonging to Bangladeshi businessman Mohammed Saiful Alam, known as S. Alam, and his wife, following a formal request from Dhaka authorities. The judicial action is part of an ongoing criminal investigation into widespread bank fraud and international money laundering.
Cypriot authorities granted the seizure as part of a probe into allegations that S. Alam, who secured Cypriot citizenship in 2016 through the country’s controversial “Golden Passport” investment scheme, orchestrated a massive financial fraud operation. Investigators are currently reviewing evidence of systemic loan irregularities and the illicit transfer of more than €8 billion out of Bangladesh between 2009 and 2024.
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The court’s decision in Nicosia follows an escalating legal crackdown on the business magnate. Subsequent to the freezing of his assets abroad, legal proceedings within Bangladesh resulted in a criminal conviction and sentencing against him. The move marks a significant development in the broader effort by Bangladeshi officials to recover funds allegedly siphoned from the nation’s banking sector over the past decade and a half.
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