Several court orders in 2023 brought relief to some people accused of laundering large sums of money. The most notable case involved S Alam Group. The High Court directed the Anti-Corruption Commission (ACC) and other relevant authorities to investigate the allegations. However, this order was later suspended by the Chamber Judge of the Appellate Division of the Supreme Court.

The Chamber Judge of the Appellate Division on August 23 ordered to maintain till January 8 in 2024 the status quo upon the subject matter of the High Court order that asked the authorities concerned to conduct inquiry into the allegations against S Alam Group owner Mohammad Saiful Alam regarding the transfer and investment of huge amount of money abroad without permission from the Bangladesh Bank.

Interestingly, during the hearing, the Chamber Judge questioned the issue with conducting an inquiry into the allegations against S Alam Group, saying, “What is the problem if an inquiry takes place? Where is the mistake of the court (High Court)? The High Court was satisfied and issued an order.”

Previously, on August 6, the High Court on a Suo motu (on its own motion) move directed ACC, the Bangladesh Financial Intelligent Unit (BFIU) and the Criminal Investigation Department (CID) of Police were asked to comply with the direction. These entities were asked to submit an inquiry report to the HC within two months.

According to a media report, Saiful Alam has established a business empire in Singapore worth at least about $1 billion, with no records of authorization from the Bangladesh Bank for overseas investments or fund transfers. Notably, S Alam Group is not among the 17 companies officially permitted by the Bangladesh central bank to invest abroad.

The officer investigating the theft from the Bangladesh Bank’s account with Federal Reserve Bank of New York has sought time from the court 75 times to complete their dealings. The court concerned is giving him time as often as he wants. Finally on November 9, the court asked the officer to submit the probe report by December 31, 2023.

The officer investigating the theft from the Bangladesh Bank’s account with the Federal Reserve Bank of New York has requested time extensions from the court 75 times to complete their dealings. The court has consistently granted these extensions. Finally, on November 9, the court set a deadline of December 31, 2023, for the submission of the investigation report.

On February 4, 2016, hackers broke into the central bank’s system and generated 70 fake payment orders to the Federal Reserve Bank of New York amounting to $1.94 billion. The NY Fed’s security system flagged the payment orders but only five of them fell through and $101 million was released.

On March 15, 2016, Joint Director of Accounts and Budgeting Department of Bangladesh Bank Zobayer Bin Huda filed a case with Motijheel Police Station under the money laundering prevention act. The Criminal Investigation Department of police is now handling the case.

In another development, former Chairman of Basic Bank Sheikh Abdul Hye Bachchu – who is believed to have masterminded the bank's Tk 45 billion loan scam – still remains untouched by both the law enforcement agencies and the Anti-Corruption Commission (ACC) even after six months of the submission of charge sheets in 58 cases. The charge sheets were submitted in the court in June this year.

ACC lawyer Khurshid Alam Khan said Abdul Hye Bachchu is a fugitive in the eye of law. However, the lawyer could not confirm whether Bachchu is absconding inside or outside the country.

When the charge-sheets were submitted in the court of Dhaka Metropolitan Senior Special Judge, a prayer was also made there to issue an arrest warrant against Bachchu. However, no arrest warrant has been issued by the court yet, said the lawyer.

The ACC lawyer added that if the court wants to issue an arrest warrant directly, it can, otherwise it can also issue an arrest warrant after hearing the charge-sheets.

Lawyer Mir Ahmed Ali Salam, another counsel for the ACC, said arrest warrants will be issued directly against the accused when the court takes the charges into cognisance.

The charge sheets may be taken into cognisance in January, also said the lawyer.

Bachchu on August 9, after the submission of the charge sheets, filed a petition with the High Court seeking anticipatory bail in 58 cases filed over money embezzlement through loan scams. However, the HC is yet to hold any hearing on the plea, said ACC lawyer Khurshid Alam Khan.

Lawyer Mir Ahmed Ali Salam remarked that there is no scope to seek anticipatory bail after submission of the charge sheets.

He noted that only 2/3 out of 147 accused are now behind bars, with the majority, including Bachchu, still at large.

 

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