A Dhaka court has ordered the seizure of 431.69 decimals of land and structures in Chattogram in the name of S Alam Group chairman Mohammad Saiful Alam and his affiliates.
Dhaka Metropolitan Senior Special Judge Sabbir Faiz delivered the order on Sunday in response to a petition filed by the Anti-Corruption Commission (ACC).
ACC public relations officer Tanzir Ahmed confirmed the ruling.
ACC deputy director Tahasin Monabil Haq filed the petition seeking seizure of the land and properties.
According to the petition, Saiful Alam, family members, and entities linked to them allegedly secured loans from different banks under various names and misappropriated the funds.
The ACC stated that the individuals later acquired substantial assets in county and abroad under their own names and through family members.
Investigators also reported that Saiful Alam and his family members had been attempting to transfer, dispose of, or conceal these assets.
The ACC warned that recovery of the funds would become difficult if such transfers took place before completion of the inquiry.
The application therefore sought urgent seizure of the land and structures linked to Saiful Alam, his family members, and associated entities to prevent dissipation of the assets before the investigation concludes.
