S. Alam
From Wikipedia, the free encyclopedia
Mohammed Saiful Alam Masud Chowdhury (commonly known as S. Alam) is a Bangladeshi-born Singaporean[1] businessman and the founder and chairman of the S. Alam Group of Industries, a major industrial conglomerate in Bangladesh, operating businesses in banking, energy, steel, cement, food, shipping, and real estate sectors.[2] Masud has been the subject of allegations involving large-scale loan irregularities, including accusations of embezzlement, money laundering, and misuse of banking systems. He has been accused of siphoning off a total of $234 billion from the country in foreign currency with the help of associates linked to the government of Sheikh Hasina.[1]
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1960 (age 65–66)
Bangladesh (before 2023)
S. Alam | |
|---|---|
এস. আলম | |
Alam in 2016 | |
| Born | Mohammed Saiful Alam Masud Chowdhury 1960 (age 65–66) |
| Citizenship | Singapore (2023-present) Bangladesh (before 2023) |
| Occupation | Businessperson |
| Organization | S. Alam Group of Industries |
| Known for | Large scale money laundering |
| Parents |
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| Relatives | Akhtaruzzaman Chowdhury Babu (maternal uncle) Saifuzzaman Chowdhury (cousin) |
Biography
Alam was born in 1960 in Patiya Upazila, Chattogram. His mother's name is Chemon Ara Begum, and his father's name is Mozaherul Anwar. He is the fourth of twelve siblings, including seven brothers and five sisters.[3] He is the nephew of Akhtaruzzaman Chowdhury Babu.[4]
On 10 October 2022, Alam, his wife Farzana Parveen, and their three sons—Ahsanul Alam, Ashraful Alam, and Asadul Alam Mahir—surrendered their Bangladeshi passports. The same day, they were granted permanent residency in Bangladesh as foreign nationals, facilitated by the Ministry of Home Affairs under directives from senior government authorities. Analysts suggest that it may have been intended to ease money laundering and limit legal accountability in case of future scrutiny.[5] Alam received his Singaporean citizenship in 2023.[6]
Career
Alam started his career in 1980 as an agent of corrugated iron sheet with the help of his maternal uncle Babu and later ventured into transportation business. He later expanded his business into steel, cement, food, and energy sector.[4] In 2004, the S. Alam Group took control of First Security Islami Bank from Sikder Group and Masud became the bank's chairman.[4]
After the victory of Awami League in 2014 general elections, he became very close to the Prime Minister Sheikh Hasina. Between 2016 and 2017, he gradually gained control over Islami Bank, Social Islami Bank, National Bank, and Commerce Bank. Union Bank, Global Islami Bank, and Al-Arafah Islami Bank also came under his family's control.
Corruption and money laundering
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Taking advantage of the banks owned by Alam and the political affiliation with Sheikh Hasina's Government, nearly 200,000 crore taka was allegedly withdrawn from nine banks and financial institutions. The S. Alam family accumulated wealth across several countries, using the names of family members, children, and sons-in-law to take loans, implicating the entire family in irregularities.[4]
An investigation by independent British news media The Financial Times estimated the total amount embezzled by Alam and his associates to be worth US$234 billions.[7]
A field investigative report by The Business Standard in September 2024 alleged that Alam had invested US$700 millions in three hotels and a retail space in a shopping mall in Singapore by illegally siphoning out foreign currency from Bangladesh.[8]
Following the publication of the report, the Singapore's Financial Intelligence Unit sought information from Bangladesh Financial Intelligence Unit (BFIU) about the S. Alam Group and its owner.[9][10]
In 2023, the High Court of Bangladesh directed the government to investigate allegations that Alam unlawfully invested Tk 11,000 crore (about $1 billion) in Singapore and other countries.[11] In 2025, Anti-Corruption Commission of Bangladesh filed several cases against Alam over allegations of large-scale money laundering during the tenure of Awami League government.[12]
In several cases against S. Alam, the court ordered the confiscation of assets owned by him and his family both in Bangladesh and Singapore.[13][14][15][16]
Arbitration case against the Government of Bangladesh
In October 2025, Alam initiated an arbitration proceeding against the Government of Bangladesh at the World Bank’s International Centre for Settlement of Investment Disputes (ICSID). Filed under the 2004 Bangladesh–Singapore bilateral investment treaty, the case alleged that government actions—such as asset freezing and confiscation—caused significant financial losses to the S. Alam group and the family.[17]
In February 2026, the Government of Bangladesh appointed a British law firm to represent the government in the arbitration case filed by Alam.[18]
