The court has ordered the seizure of approximately 1,936 acres of land in the names of S Alam Group Chairman Mohammad Saiful Alam and his stakeholders in various areas of Chittagong.
Dhaka Metropolitan Sessions Judge Mohammad Abdullah Al Mamun, on leave, issued the order on Thursday following an application by the ACC.
According to ACC information, the estimated value of the seized property is more than Tk 16,940 crore.
ACC Deputy Director Tahasin Munabil Haque said in the application that the team formed to investigate money laundering allegations against S Alam Group and related individuals is conducting an investigation. The investigation revealed that loans were illegally embezzled from various banks in personal and institutional names and huge assets were built up in the country and abroad.
The ACC claims that there is a risk of these lands being transferred or lost during the ongoing investigation. That is why the court’s permission is being sought on an urgent basis to protect the assets.
The lands will remain seized for the time being by court order. There will be no opportunity to transfer or sell the assets until the investigation is completed.