The Anti-Corruption Commission (ACC) has requested the Bangladesh Financial Intelligence Unit (BFIU) to freeze bank accounts of eight subsidiaries of S Alam Group amid ongoing investigations into allegations of laundering $1 billion to Singapore, the British Virgin Islands, Cyprus, and other countries.

The request was sent from the ACC headquarters on Monday (December 30).

According to ACC, reports suggest that the S Alam Group has stopped operatons of its eight companies and that are: Refined Sugar Industries, S Alam Cold Rolled Steels, Infinity CR Strips Industries, S Alam Steel, M Alam Cold Rolled Steels NOF, Cheman Ispat, Galco Steel, and S Alam Bag Limited.

The ACC fears funds in these companies' accounts could be transferred at any time, necessitating immediate action to freeze them.

BDST: 1758 HRS, DEC 30, 2024
MSK