Finance Minister Amir Khosru Mahmud Chowdhury has informed parliament that Bangladesh Bank has not issued any directive regarding the reopening or closure of S Alam Group, whose commercial operations remain suspended due to loan defaults.
The statement came in response to a query from opposition MP Hasnat Abdullah, who questioned how the Chattogram-based group could be considered for reinstatement without repaying its dues and whether any compromise had been reached.
Replying to a starred question, the minister said the Bank Resolution Act, 2026 has created new opportunities for stakeholders, including shareholders and investors. He emphasized that the reforms are not aimed at facilitating the return of any specific individual but at ensuring that funds are returned to the banking system.
Khosru highlighted that the recovery of assets illegally transferred abroad depends on sending Mutual Legal Assistance Requests (MLARs) under the Mutual Legal Assistance in Criminal Matters Act, 2012 to relevant countries.
A joint investigation team comprising officials from the Anti-Corruption Commission, Criminal Investigation Department, Central Intelligence Cell, customs, and intelligence agencies has filed cases in Bangladeshi courts over alleged money laundering by S Alam Group and Beximco Group.
MLARs have been sent to the British Virgin Islands, Cyprus, Jersey, and Singapore regarding S Alam Group, and to the United Kingdom and United Arab Emirates for Beximco Group.
Both civil and criminal proceedings are underway, supported by asset tracing through four international law firms. However, the minister noted that asset recovery is a complex and lengthy legal process, making it difficult to estimate recoverable amounts within the current or next fiscal year.
In a separate response, he said the Bangladesh Financial Intelligence Unit has frozen Tk 243.60 crore across 662 bank accounts and Tk 813.56 crore across 227 beneficiary owner (BO) accounts linked to individuals associated with S Alam Group.
The BFIU has also sent 11 intelligence reports to law enforcement agencies for further investigation. Based on these findings, a joint investigation team has been formed, which has filed 27 cases against S Alam Group in Bangladeshi courts, with charge sheets submitted in three cases.
According to the investigation, courts have seized fixed assets—including land, flats, and houses—worth Tk 4,264 crore within Bangladesh, along with shares worth Tk 6,692.34 crore linked to 2,680 bank accounts and Tk 24,810.88 crore tied to 171 companies.
Additionally, courts have ordered the seizure of one house, 62 bank accounts, and assets of 14 companies and six trust funds abroad worth Tk 3,222.70 crore.
Banks affected by the laundering of defaulted loan funds have signed non-disclosure agreements and initiated the process of appointing four international law firms on a “No Recovery, No Fee” basis to recover the funds.