A Dhaka court on Monday ordered the freezing of shares worth approximately Tk8,000 crore owned by S Alam Group chairman Mohammad Saiful Alam and 105 companies linked to him, following a petition by the Anti-Corruption Commission (ACC).
Dhaka Metropolitan Senior Special Judge Sabbir Faiz issued the order, said ACC spokesperson Akhtarul Islam.
ACC Deputy Director Tahsin Munabil Haque filed the petition, he said.
A joint investigation team was formed to probe allegations of money laundering against Saiful, his associated entities, and connected individuals.
The ACC said Saiful was reportedly attempting to transfer or dispose of shares in various joint-stock companies and firms, which could make recovery of funds difficult if completed before the investigation concludes.
Citing Sections 10 and 14 of the Money Laundering Prevention Act, 2012, and Rule 18 of the Anti-Corruption Commission Rules, 2007, the court deemed freezing the shares necessary.
