The High Court (HC) on Sunday asked the authorities concerned to investigate the allegations brought against S Alam Group over "transferring money abroad and investing in foreign countries without permission from Bangladesh Bank."
It also directed to submit the report within two months.
The HC bench of Justice Md Nazrul Islam Talukder and Justice Khizir Hayat passed the sue moto rule when Barrister Syed Sayedul Haque Suman, a prominent lawyer of the Supreme Court, drew the attention of the court after attaching a report published by an English daily with the headline "S Alam's Aladdin's lamp," reports UNB.
The HC also asked the Anti-Corruption Commission (ACC) to submit a report to Bangladesh Bank and Bangladesh Financial Intelligence Unit after inquiring into whether there is any money laundering issue or whether S Alam Group took permission from Bangladesh Bank.
It also issued a rule asking the government to explain why the failure of the respondent to prevent the money laundering issue should not be declared illegal.
The HC issued another rule asking the government to explain why directives should not be given to investigate the allegations against S Alam Group and why necessary steps should not be taken against the person and organisation involved in the incident.
Earlier, on August 4, the English daily published a report titled "S Alam's Aladdin's lamp".
According to the report, S Alam Group owner Mohammed Saiful Alam has built a business empire in Singapore worth at least about USD 1 billion, although there is no record of him taking permission from Bangladesh Bank to invest or transfer any funds abroad.
The central bank has so far allowed 17 companies to invest outside the country, and the Chattogram-based business giant is not on that list, says the report.
Bd-pratidin English/Golam Rosul
