The earnings authorities luxuriate in chanced on that Tk1.09 lakh crore luxuriate in been deposited in accounts across six banks held by a diffusion of industrial entities and relatives of Md Saiful Alam, chairman of S Alam Group.
These accounts at the moment protect a steadiness of Tk26,000 crore, in step with sources at the National Board of Earnings (NBR). These figures are no longer final as some banks are nonetheless submitting transaction particulars, they acknowledged.
The banks enthusiastic are Islami Financial institution, EXIM Financial institution, Al-Arafah Islami Financial institution, First Safety Islami Financial institution, National Financial institution, and Bangladesh Commerce Financial institution. Of these, 5 luxuriate in been previously beneath S Alam’s management.
On the different hand, following the drop of the Sheikh Hasina executive on 5 August and the appointment of Ahsan H Mansur as the governor, these banks luxuriate in passed thru restructuring.
On 14 August, Earnings Tax Zone-15, beneath the NBR, requested 91 banks and non-banking monetary institutions to provide yarn particulars of S Alam, his relatives, and all linked industrial entities.
A pair of month later, they uncovered indispensable transactions within these accounts.
Ahsan Habib, commissioner of Tax Zone-15, suggested TBS, “Now we luxuriate in got issued searches on the bank accounts of S Alam’s relatives and a diffusion of industrial entities beneath the community. The strategy of collecting detailed knowledge is ongoing.”
On the different hand, he declined to provide extra particulars.
A senior real from Earnings Tax Zone-15, on the condition of anonymity, suggested The Industry Common that they’ve unearthed deposits of Tk1,09,000 crore in these banks to this level, including loans and gross sales.
“On the different hand, we are nonetheless determining how a lot of that quantity consists of loans,” the real added.
He extra acknowledged, “We additionally chanced on that S Alam’s relatives and industrial entities at the moment protect a steadiness of about Tk26,000 crore in these accounts.”
When requested in regards to the timeframe for this knowledge, the tax real acknowledged, “We in most cases query knowledge for the previous 5 years. On the different hand, in this case, knowledge from earlier sessions is additionally included.”
Previously, beneath the Earnings Tax Ordinance, tax authorities would possibly per chance maybe well handiest query bank transaction particulars for the earlier 5 years. On the different hand, the brand new Earnings Tax Act, passed in 2023, has removed this closing date, allowing the tax department to question knowledge from any duration within the previous.
Assorted probes in opposition to S Alam
To boot to the NBR, the Bangladesh Financial Intelligence Unit (BFIU), executive intelligence agencies, and a diffusion of entities are additionally investigating a diffusion of irregularities keen the S Alam Group.
Honest just as we speak, after the reconstitution of Islami Financial institution’s board—previously controlled by S. Alam—Obayed Ullah Al Masud was as soon as appointed as its new chairman.
Following a meeting with the central bank governor on 5 September, Masud acknowledged S Alam Group has taken greater than half of the total loans disbursed by the Islami Financial institution Bangladesh Little.
At the tip of June, the bank’s disbursed loans stood at greater than Tk1.74 lakh crore.
Furthermore, the Prison Investigation Division (CID) of police has launched a preliminary investigation into allegations that S Alam Group’s Chairman Saiful Alam Masud and his family laundered a huge Tk1.13 lakh crore in a single other country thru deceptive ways and informal money transfer channel — hundi.
CID officer Azad Rahman from its CID media wing suggested The Industry Common on 31 August that the Financial Crime Unit of the department is conducting the investigation.
There are allegations that the industrial community benefited from banks by securing hundreds of crores of taka.
A suppose titled “How S Alam Group took ultimate thing about Islami Financial institution to rob out Tk45,000cr loan” printed by The Industry Common on August 15 printed that the community secured hundreds of crores in loans, including for a closed manufacturing facility, non-existent companies, and even a tin store, from the bank.
