Bangladesh Financial Intelligence Unit has finally frozen the bank accounts of S Alam Group chairman Saiful Alam and his associates, amid allegations of corruption, asset accumulation, and money laundering against him.
BFIU recently directed all banks and financial institutions to freeze transactions linked to these accounts.
While many businesses had their accounts frozen much earlier, S Alam 鈥� the most controversial bank聽 scammer 鈥� benefited from inexplicable delays.
BFIU requested for the account details of S Alam group chairman Saiful Alam and his associates on August 8, but mysteriously took over a month to take action.
When asked, Bangladesh Bank鈥檚 spokesperson, Husne Ara Shikha, offered no clear reason for the delay, while internal sources pointed at former BFIU deputy director Rafikul Islam for stalling the process.
Rafikul had previously claimed that there were no bank accounts in the names of S Alam and his family members when questioned about the delay in freezing their assets.
During this delay, significant funds were withdrawn from these accounts, adding to suspicions. Only after substantial withdrawals, the BFIU finally has frozen the accounts.
The BFIU eventually froze transactions for accounts held by Saiful Alam, Mohammed Abdullah Hasan, Osman Goni, Abdus Samad, Shahana Ferdous and Badrun Nessa Alam under the Money Laundering Prevention Act of 2019.
The unit has also ordered banks to submit all account-related documentation, including KYC forms and transaction histories.
The BFIU has also frozen bank accounts of Nabil Group chairman Jahan Box Mandol and managing director Aminul Islam and their family members.
The BFIU in a letter on Sunday instructed banks to freeze the transactions of Jahan Box Mondol and his wife Anuara Begum, as well as Aminul Islam, his wife Mosammat Israt Jahan, their son Ejaz Abrar, and daughter Afra Ebnat for 30 days.
It also directed the suspension of transactions from accounts belonging to their businesses. Additionally, in case of their having any lockers at the banks, their access would be restricted for 30 days.
Nabil Group is considered to be closely associated with S Alam Group, and allegedly withdrew large amount of loans in anonymous names.
Under the protection of the Awami League government, S Alam Group allegedly withdrew around Tk聽2 lakh crore from the banking system, a substantial part of which is suspected to have been laundered abroad.
This wave of account freeze comes in the wake of prime minister Sheikh Hasina鈥檚 resignation and flight to India on August 5, following student-led protests.
After the political shift, Bangladesh Bank dissolved the boards of eight banks owned and controlled by S Alam Group.