Global Crackdown: Cyprus Court Orders Seizure of S. Alam and Wife’s Properties Over Money Laundering Probe

In a major legal blow to controversial Bangladeshi tycoon Mohammed Saiful Alam (founder and chairman of S. Alam Group), the Nicosia District Court in Cyprus has ordered the freezing of assets owned by him and his wife.

The judicial action targets a two-story residential property in the Parekklisia area, following a formal Mutual Legal Assistance (MLA) request from Bangladeshi authorities tied to a massive criminal investigation into bank fraud and money laundering. Notably, Saiful Alam acquired Cypriot nationality in 2016 through the country's controversial and now-defunct 'Golden Passport' scheme.

According to official case documents, Bangladeshi investigators are probing an extensive financial network operating between 2009 and 2024, accused of orchestrating fraudulent loans and illicitly siphoning off funds. The central bank governor publicly revealed that over €8 billion is suspected to have been laundered abroad through interconnected shell companies across Cyprus, Singapore, and the British Virgin Islands. Defending the corporate tycoon, legal representatives from Quinn Emanuel asserted that all investments originated from legitimate foreign resources, prompting S. Alam to approach the International Centre for Settlement of Investment Disputes (ICSID), claiming the asset freeze violates global investment protection treaties.