Billionaire Saiful Alam Masud Investigated for Money Laundering

Bangladesh is investigating Singaporean billionaire Saiful Alam Masud for alleged financial crimes, including money laundering, which his lawyers claim are part of a smear campaign. Alam, who was born in Bangladesh and is the founder of the S. Alam Group, is accused of laundering approximately 1.13 trillion Bangladeshi taka (about $9.5 billion) through various means, including Singapore. His wife and sons are also under investigation, as allegations suggest they were involved in using forged documents to secure loans from banks in Bangladesh. The central bank, Criminal Investigation Department, Anti-Corruption Commission, and the Bangladesh Securities and Exchange Commission are all involved in the probes. Alam's lawyers argue that the allegations made by local media have led to the unlawful freezing of the family's assets, threatening the future of the S. Alam Group and potentially endangering 200,000 jobs. Alam and his family received Singapore citizenship in 2023 after settling there in 2009.