Bangladesh media outlets report Singapore’s request for S Alam Group’s asset details
Singapore’s Suspicious Transaction Reporting Office (STRO) has requested asset information on the S Alam Group, according to Bangladeshi media reports. This inquiry follows recent allegations of financial misconduct and undisclosed holdings abroad.
Published
40 mins ago
on
20 September 2024
By
The Online Citizen
The Suspicious Transaction Reporting Office (STRO), Singapore’s financial intelligence unit, has reportedly requested detailed information on the assets of the controversial S Alam Group, both in Bangladesh and overseas.
The request signals growing international scrutiny of the Chittagong-based conglomerate, which has been the subject of various financial and legal controversies in recent months, particularly after the fall of Bangladesh’s Sheikh Hasina government on 5 August 2024.
According to the Dhaka Tribune, the request was confirmed by an official from Bangladesh’s Financial Intelligence Unit (BFIU), who disclosed that the inquiry was communicated via email from STRO.
The official, speaking on condition of anonymity, stated, “We are preparing the details of the S Alam Group and are ready to send this information to STRO.”
The inquiry comes in the wake of media reports that allege S Alam Group possesses substantial undisclosed assets abroad, including significant holdings in Singapore.
Recent reports highlight that S Alam Group, chaired by Saiful Alam Masud, has invested heavily in Singapore, amassing a business empire valued at approximately S$700 million (Tk6,300 crore).
According to The Business Standard, the group has acquired properties including three hotels—Hilton Garden Inn, Holiday Inn Express, and Ibis Novena Hotel—along with 27,179 sq-ft of retail space in Centrium Square. These acquisitions were made under several companies registered in Singapore, with S Alam and his wife Farzana Parveen listed as directors.
Notably, S Alam’s lavish lifestyle has also drawn attention. A three-storey mansion on Jalan Merlimau, Singapore, built in 2019, is valued at S$30 million. The mansion, lacking a visible number plate, is known for its fleet of luxury cars parked within its gates.
According to construction workers and locals, the house, which spans 12,260 sq-ft, is a residence for S Alam’s family.
Following the regime change, Bangladesh Bank reconstituted the boards of the banks previously controlled by S Alam Group. The conglomerate now faces serious allegations, including claims that Tk1.13 lakh crore (approx. US$10 billion) was embezzled from these banks through fraudulent documents.
In response to these allegations, Bangladesh’s central bank, the government, the BFIU, and the Bangladesh Securities and Exchange Commission (BSEC) have launched a coordinated effort to investigate the group. Authorities have frozen the personal accounts of the group’s owners, while banks have imposed transaction restrictions on the company.
Despite these actions, S Alam Group has been actively seeking relief. On 12 September 2024, the group submitted a formal appeal to the government and Bangladesh Bank, requesting financial, social, and legal assistance to lift the freeze on their accounts and restore normal operations
