The revenue authorities said that Tk1.09 lakh crore was deposited in accounts across six banks associated with various businesses and family members of Md Saiful Alam, chairman of S Alam Group.
These accounts currently hold Tk26,000 crore, according to sources at the National Board of Revenue (NBR). The figures are still being finalized as some banks have yet to submit their transaction details.
The banks involved include Islami Bank, EXIM Bank, Al-Arafah Islami Bank, First Security Islami Bank, National Bank, and Bangladesh Commerce Bank, five of which were previously under S Alam's control.
However, after the fall of the Sheikh Hasina government on 5 August and the appointment of Ahsan H Mansur as the governor, these banks have been restructured.
On 14 August, Income Tax Zone-15, under the NBR, requested 91 banks and non-banking financial institutions to provide account details related to S Alam, his family members, and affiliated businesses.
About a month later, significant transactions were discovered within these accounts.
Ahsan Habib, commissioner of Tax Zone-15, stated that bank account searches have been initiated for S Alam’s family members and associated businesses. He mentioned that the process of gathering detailed information is ongoing but declined to information.
An anonymous senior official from Income Tax Zone-15 revealed that deposits totaling Tk1.09 lakh crore have been found so far, including loans and sales.
"We are still determining the exact portion of loans," the official added.
Additionally, the official noted that S Alam’s family members and related businesses currently hold Tk26,000 crore in these accounts.
When asked about the period covered, the official stated that data is typically requested for the past five years but includes earlier periods in this case.
Earlier, under the Income Tax Ordinance, tax authorities could only request bank transaction details for the previous five years. However, the new Income Tax Act, passed in 2023, has removed this time limit, allowing the tax department to request information from any period in the past.
In addition to the NBR, the Bangladesh Financial Intelligence Unit (BFIU), government intelligence agencies, and other entities are also investigating various irregularities involving the S Alam Group.
Recently, after the reconstitution of Islami Bank's board—previously controlled by S. Alam—Obayed Ullah Al Masud was appointed as its new chairman.
Following a meeting with the central bank governor on 5 September, Masud said S Alam Group has taken more than half of the total loans disbursed by the Islami Bank Bangladesh Limited.
At the end of June, the bank's disbursed loans stood at more than Tk1.74 lakh crore.
Moreover, the Criminal Investigation Department (CID) of police has launched a preliminary investigation into allegations that S Alam Group's Chairman Saiful Alam Masud and his family laundered a massive Tk1.13 lakh crore abroad through deceptive tactics and informal money transfer channel — hundi.
CID officer Azad Rahman from its CID media wing said on 31 August that the Financial Crime Unit of the department is conducting the investigation.
There are allegations that the business group benefited from banks by securing thousands of crores of taka.
A report titled "How S Alam Group took advantage of Islami Bank to take out Tk45,000cr loan" was published on a leading daily on August 15 revealed that the group secured thousands of crores in loans, including for a closed factory, non-existent companies, and even a tin shop, from the bank.
BDST: 2110 HRS, SEP 9, 2024
