On a sunny August morning, I was standing on the crossroads of Jalan Merlimau and Thomson Road in Singapore. The summer season solar beat down mercilessly as I hunted for the number plate of the massive three-storey mansion – a penthouse sprawled over 12,000 sq. feet.
Surprisingly, I could presumably per chance now not salvage any number plate.
Nevertheless it surely would possibly presumably per chance serene be No 3 Jalan Merlimau; the constructing appropriate next to it is No 5. I crossed the toll road to the high-upward push – that one is No 2. So there is now not any demand that the mansion opposite is No 3 Jalan Merlimau, which is owned by Bangladeshi oligarch Saiful Alam Masud, usually called S Alam, chairman of S Alam Community.
I glanced inner and seen traces of parked Porsches and Jaguars among other costly luxury vehicles.
I checked the contend with with Google. The a similar house I was standing in entrance of seemed on the camouflage – 3 Jalan Merlimau. Your total properties on Jalan Merlimau contain number plates in entrance of their gates, excluding No 3.
I hesitated to ring the bell, but factual then, the gate opened, and a young girl, who gave the influence to be a Filipino, and a Bangladeshi lady seemed with trash baggage. Appropriate by the gate sat a green and a blue bin.
I approached the girls and asked if it used to be No 3. They curtly stated “yes” and went abet inner.
Alongside came a team of Bangladeshi labourers who were working at a construction set apart apart on Thomson Road. I asked them within the event that they knew who lived within the house.
“S Alam of Chattogram,” one of them spoke back. “His total family is here. For those that await some time, you would possibly presumably per chance presumably also check up on them coming into and coming out in posh vehicles.”
Relief in my lodge room a couple of days ago, I was checking on the catch sites of the Singapore Land Authority (SLA) and the Accounting and Company Regulatory Authority (ACRA).
Moreover, one of S Alam’s shut friends used to be helping me rifle via document after document to name the owner of the 3 Jalan Merlimau mansion.
S Alam constructed the mansion in 2019 on 12,260 sq-toes, which is value at least S$30 million (Singapore dollars) on the sizzling market label, a unbiased like more than Tk300 crore.
From here, my investigation into the S Alam empire in Singapore started.
Over the following couple of days, I found an implausible amount of documents that set apart S Alam’s investments in staunch property and accommodations. His investments were furthermore reported within town disclose’s diverse media.
S Alam’s S$700m funding in Singapore
S Alam, who’s accused of syphoning off billions of bucks, started to attain a industry empire in Singapore by surroundings up diverse firms in his possess and his wife’s names within the supreme decade since 2009, per the ACRA.
The arena investigation conducted in Singapore by The Industry Long-established found that S Alam invested simply about S$700 million (a unbiased like Tk6,300 crore at recent dollar label) in buying three accommodations and retail disclose in a browsing mall.
The bought properties comprise three accommodations: Gargantuan Imperial Lodge Singapore in Puny India, which used to be rebranded as Hilton Garden Inn for simply about S$248 million; Holiday Inn Particular in Serangoon for simply about S$90 million; and Ibis Novena Lodge in Singapore’s Novena disclose for S$170 million.
Moreover, he bought retail disclose of 27,179 sq-toes – all on the first two levels of Centrium Square situated in Puny India near Mustafa Centre – for S$135 million.
Your total purchases were made via four firms, along with Canali Logistics (later renamed Wilkinson International), Canopus II, Toledo International, and Gargantuan Imperial Lodge.
S Alam used to be found linked with these four firms within the investigation by TBS.
Your total financial transactions are with United In a foreign nation Financial institution Restricted (UOB) in Singapore, per ACRA documents.
ACRA, which is a statutory board below the Ministry of Finance of the Singapore authorities, shows that S Alam, his wife Farzana Parveen, and his office staff are shareholders of those four firms registered in Singapore.
The Industry Long-established reporter visited all these places of work and situated proof of S Alam’s funding, which he made with out taking approval from the Bangladesh Financial institution. He transferred this money via hundi and over-invoicing of LCs (Letters of Credit), mainly against sugar imports, stated his office staff.
S Alam Community, which controls the domestic sugar market as one of an extraordinarily well-known suppliers, imports sugar mainly from a world provider provider company in Singapore.
Two top bankers from his two banks, Union and Islami banks – whose names we’re now not the utilization of as we would possibly presumably per chance per chance now not take a look at their involvement – were allegedly helping S Alam in laundering money via hundi and over-invoicing.
In the total registered documents of the four firms in Singapore, S Alam and his wife Farzana offered themselves as Cypriot nationals.
S Alam ragged two house addresses within the registration documents of the firms. Of the 2, primarily the most licensed house is 3 Jalan Merlimau, a three-storey private house constructed in 2019. ACRA documents present that S Alam transferred this property to the name of Zico Believe, and the switch used to be registered in April 2023.
The house is factual adjacent to Thomson Road, which is undergoing construction work. Many Bangladeshis work at this construction set apart apart.
When talking with this visiting reporter, a worker who went there from Gazipur stated he has been working for five years on the construction set apart apart. He has viewed the construction of S Alam’s 3 Jalan Merlimau house. All Bangladeshi workers know about S Alam and his family, who’re staying on the house. S Alam’s three sons and their family participants were viewed living in this house.
The house is surrounded by CCTV cameras, and the house number used to be removed. This reporter talked with a Filipino man who lives at 2 Jalan Merlimau, a house.
In a informal dialog with this reporter, he stated that he seen the residents of this house the utilization of very luxurious vehicles love Jaguars and Porsches. He used to be stunned to check up on how effectively off Bangladeshi of us are.
Sooner than this, they ragged one other house contend with in registration documents, which is a house situated on 2A Lincoln Road, #29-10 Park Infinia At Wee Nam, Singapore.
The reasonable size of those condos is 1,500 sq-toes, and the market label is completely about S$4 million, a unbiased like more than Tk30 crore, per TBS findings.
When asked about the Singapore authorities’s stance on Bangladeshis accused of cash laundering taking refuge in Singapore, Josephine Teo, the county’s minister for Digital Constructing and Records, stated they is now not going to lift any action till they are reported to Interpol.
Teo, who’s furthermore Singapore’s 2nd minister for Home Affairs, stated they’ll cooperate with the Bangladesh authorities to lift abet accused money launderers supreme if there is an extradition treaty.
TBS called and texted S Alam numerous cases, looking out for his feedback on the allegations raised against him, but he didn’t reply.
Canali Logistic
In 2009, S Alam disclose up Canali Logistics, furthermore acknowledged as Wilkinson International, by issuing 3 crore fashioned shares value S$30 million, a unbiased like Tk270 crore at recent market prices, as paid-up capital.
S Alam holds 2.10 crore shares, and his wife Farzana holds 9,00,000 shares, per the ACRA document. The paid-up capital used to be deposited with UOB Financial institution in Singapore.
The predominant activities of the corporate are listed as shipping agencies (freight), shipping and logistics, and lodge funding.
S Alam and Farzana are directors of the corporate as Cypriot electorate, and Thajudeen Nasirudeen, an Indian national, used to be appointed as secretary.
S Alam and Farzana each listed their contend with as 2A Lincoln Road, #29-10 Park Infinia At Wee Nam, Singapore. The office contend with of Canali Logistics is 10 Collyer Quay, #10-01, Ocean Financial Centre, Singapore.
Nevertheless, no office below this name used to be demonstrate within the Ocean Financial Centre when this reporter visited.
With Canali Logistics, S Alam bought retail disclose of 27,179 sq-toes in 2014 – all on the first two levels of Centrium Square situated within the Puny India district, near the well-liked browsing market Mustafa Centre.
The near of the 19-storey constructing used to be done in 2020, and the Ocean Financial Centre directorate has 49 units on the first two levels of the market, the reporter confirmed after visiting the property.
Gargantuan Imperial Lodge
S Alam furthermore bought Lodge Gargantuan Chancellor on Belilios Road, furthermore in Puny India, via the Gargantuan Imperial Lodge company in 2015. This lodge used to be rebranded as Hilton Garden Inn.
S Alam, his wife, is the director, and Thajudeen Nasirudeen is the secretary of this company, per the ACRA document.
Wilkinson International is the shareholder of the corporate, keeping 3.8 crore shares value S$38 million, a unbiased like Tk340 crore at recent dollar prices.
The office contend with of Canali Logistics is furthermore ragged for the Gargantuan Imperial Lodge company.
S Alam and his wife up thus a long way their house contend with in 2019 within the corporate document to expose 3 Jalan Merlimau, Singapore.
Toledo International
S Alam owns Holiday Inn Particular Singapore Serangoon in Jalan Besar, which he equipped via Toledo International.
This company used to be registered in Singapore in 2016, issuing 1 crore shares value S$10 million, a unbiased like Tk90 crore. The financial transactions of this company are furthermore confirmed with UOB Financial institution in Singapore.
Thajudeen Nasirudeen is furthermore the secretary of this company, and Toledo Ventures Restricted holds the total shares of this company. The contend with of Toledo Ventures is listed within the British Virgin Islands.
The Industry Long-established traced S Alam’s involvement with Toledo International, as he ragged the Toledo office as his private office situated at 105 Cecil Facet toll road, #06-01, The Octagon, Singapore.
When visiting the office, The Octagon’s receptionist confirmed that the Toledo office is on the sixth ground and that S Alam ragged to with regards to this office incessantly. Many Bangladeshis furthermore came to talk to him. Nevertheless, S Alam has now not been in this office for the supreme 3-4 months, as he has one other office.
This reporter found the office to be empty. In a two-unit constructing, one unit is the Toledo office on the bottom. When this reporter rang the doorbell at this office, a woman came out from one other office and informed that S Alam has now not been coming to the office for a couple of months, as he is in a foreign nation now.
This reporter furthermore confirmed her Masud’s describe to verify if he is the a similar man. The lady confirmed it.
Canopus II
S Alam bought Ibis Novena lodge within the Novena disclose in Singapore in 2019 via one other lodge company, Canopus II, which is situated within the office of Canali Logistics.
Alpha Investment Partners sold the 241-room lodge via an off-market transaction.
S Alam bought the freehold property in Singapore’s heartland region for factual over S$705,000 per room of the 241-room lodge, as first reported by Singapore’s Industry Times.
This reporter furthermore communicated with the reporter of this Industry Times document and confirmed the acquisition of the lodge by S Alam.
How S Alam gagged media and pause investigation of his wealth in a foreign nation
The Criminal Investigation Division (CID) has launched an inquiry into the alleged laundering of Tk1,13,245 crore (roughly USD 10.7 billion) in a foreign nation by S Alam and his friends.
The Financial Crimes Unit of the CID initiated the investigation below the Cash Laundering Prevention Act, 2012, on 1 September following the ousting of Sheikh Hasina’s 16-year-long administration on 5 August.
Previously, at some stage within the Hasina regime, S Alam halted the investigation into his wealth in a foreign nation and gagged the media via a court docket thunder to ban reporting on money laundering by his team, lording his affect over the judiciary machine at some stage within the Hasina regime.
As an illustration, in a suo motu ruling, the High Court on 6 August 2023 ordered an investigation into the accusations against S Alam and his wife Farzana for unapproved foreign investments or money transfers.
The thunder adopted a media document on the laundering of about $1 billion by S Alam.
The bench, led by Justice Md Nazrul Islam Talukder and Justice Khizir Hayat, directed the Bangladesh Anti-Corruption Commission (ACC) and the Bangladesh Financial Intelligence Unit (BFIU) to behavior a thorough inquiry into the subject and submit a entire document inner two months from 6 August 2023.
Per week after the thunder, a factual stumble on used to be sent to the authorities, the editors of four national newspapers, and eight journalists from these dailies on 12 August 2023 when it comes to experiences printed about S Alam and his Community, and a mortgage given by Islami Financial institution.
The stumble on used to be served on Inam Ahmed, editor of The Industry Long-established, and newshounds Jebun Nesa Alo and Sakhawat Prince for the document “How a 24-year-out of date greenhorn is ‘blessed’ with a Tk900cr mortgage” printed on 27 November 2022.
Same notices were sent to Mahfuz Anam, editor and author of The Day-to-day Significant particular person, its then govt editor Syed Ashfaqul Haque, and journalists Partha Partim Bhattacharya and Zyma Islam. These were in step with the experiences “Tk 7,246 crore loans to 9 firms: BB probing breach of guidelines at Islami Financial institution” (29 November 2022) and “S Alam’s Aladdin’s lamp” (4 August 2023).
Prothom Alo’s editor and author Matiur Rahman, and journalist Sanaullah Sakib furthermore bought notices for the document “Islami Financial institution e Bhayangkar November” (24 November 2022).
The factual stumble on used to be furthermore sent to Nurul Kabir, editor of the Contemporary Age, and reporter Mostafizur Rahman for a document titled “S Alam Community lifts Tk30,000cr loans from IBBL by myself” printed within the day after day on 30 November 2022.
The stumble on warned that a writ petition would possibly presumably per chance be filed with the High Court looking out for mandatory therapies.
Ruining banks
S Alam allegedly laundered Tk95,000 crore in a foreign nation after acquiring loans from eight Bangladeshi banks below varied names, the utilization of unfounded claims of export-import businesses and investments.
Eight banks and two non-bank financial institutions within the nation were below S Alam Community’s protect watch over till the drop of Hasina’s regime.
Obayed Ullah Al Masud, the newly appointed Chairman of Islami Financial institution following the board’s reconstruction in August, stated that S Alam Community took more than half of of the total loans disbursed by the bank.
The bank disbursed a total of Tk1.74 lakh crore as of June this year, of which at least Tk90,000 crore used to be taken by S Alam Community, per the recent chairman’s observation.
Islami Financial institution, an extraordinarily well-known private industrial bank, used to be allegedly taken over by S Alam Community at gunpoint in 2017.
The amount of loans taken from supreme Islami Financial institution reflects the gravity of corruption in other banks conducted by the industry team. The once-wholesome Islami Financial institution fell into a severe liquidity crisis after being taken over by S Alam Community which capacity of well-known mortgage corruption.
