Singaporean Tycoon Sentenced in Bangladesh for Financial Crime; Lawyers Cry Foul

SINGAPORE – A naturalised Singaporean has been sentenced by a court in Bangladesh to five months’ jail over a financial crime, with lawyers for the billionaire decrying the ruling as “invalid” and “in breach of the rules of natural justice”. Saiful Alam Masud, his wife Farzana Parveen, 54, and their son Ahsanul Alam, 32, were sentenced in Chattogram, where they were born, in May for the non-repayment of an 84.49 crore Bangladeshi taka (S$8.8 million) loan from Islami Bank Bangladesh – a financial institution he previously controlled. All three are Singaporeans. Several associates of Alam, and other members of his family, have also received the same sentence. The tycoon’s lawyers from Singapore firm WongPartnership told The Straits Times that Alam, Parveen and Ahsanul Alam were sentenced in absentia. The lawyers added that their client had learnt about the matter via the media and was “not in a position to participate in the proceedings” as he was not formally notified or served. “The Bangladesh courts have passed orders against our client in his absence, and without giving him an opportunity to respond or present his case,” the lawyers said. “Our client is therefore of the view that any court orders arising from these proceedings are without basis, invalid and were issued in breach of the rules of natural justice and amount to a grave depravation of justice.” They said the company at the centre of the loan default – OG Travels Ltd – is not part of or otherwise related to the S Alam Group. It is also not owned by the billionaire, they added. Alam is the founder and chairman of the S. Alam Group, which is involved in industries as diverse as food, manufacturing, energy, transportation, real estate and telecommunications. Alam, or entities linked to him, also owns several hotels and a commercial property in Singapore and Malaysia. The 66-year-old, his associates and family members have been the subject of financial crime probes conducted by successive Bangladeshi governments following the ouster of former prime minister Sheikh Hasina in August 2024. Following the fall of the Hasina administration, the authorities in Bangladesh launched probes into Alam’s affairs, and froze some of his assets. Said his lawyers: “Following the change in the government of Bangladesh on Aug 5, 2024, however, the bank accounts of various entities associated with S Alam Group were deliberately frozen without prior notice or opportunity for discussion. “As a result, the affected entities were effectively prevented from servicing their loan obligations.” Asked when Alam last returned to Bangladesh, and his current whereabouts, his lawyers said: “Mr Alam has legitimate concerns for his safety and security should he travel there.” They declined to comment on personal residence or movement. Interpol notice In September 2025, local media reported that a court in Bangladesh ordered the Anti-Corruption Commission to request Interpol Red Notices against Alam and two of his brothers. A Red Notice is a request to law enforcement worldwide to locate and arrest individuals wanted for prosecution or to serve a sentence. In June, Bangladeshi Finance Minister Amir Khosru Mahmud Chowdhury said that 10 Interpol Red Notices were issued against individuals involved in alleged money laundering cases. He did not reveal their identities. Alam’s lawyers said that they are not aware of any Red Notice issued against their client, adding that “there is no basis for any such notice to be issued”. On May 25, the Prime Minister’s Office announced that the government had seized immovable assets worth 4,264 crore Bangladeshi taka belonging to the S Alam Group. Days later, the Cyprus Mail reported that a court there had frozen a two-storey property owned by Alam and his wife, following a request by the Bangladeshi authorities. They couple had obtained Cypriot citizenship in 2016 via the now-defunct Golden Visa programme, an investment-for-citizenship initiative. They became Singapore permanent residents in 2011, before receiving citizenship in 2023. Alam’s lawyers declined to comment on the reported freezing of accounts or seizure of assets connected to their client in Bangladesh or overseas. They said they have sought redress against the Bangladeshi authorities by filing an international arbitration claim with the World Bank’s International Centre for Settlement of Investment Disputes in Washington in October 2025. Alam’s American lawyers from Quinn Emanuel Urquhart & Sullivan wrote in the claim that their client is the victim of a “targeted campaign of arbitrary asset freezing, confiscation and value destruction” and is seeking “very substantial damages, estimated in the hundreds of millions”. Alam’s lawyers from WongPartnership told ST that “the arbitration is pending”. ANN/The Straits Times