The Nicosia district court has frozen a property in Parekklisia of Cyprus, owned by Bangladeshi businessman Mohammed Saiful Alam and his wife, following a request from Bangladeshi authorities as part of an ongoing investigation into alleged bank fraud and money laundering, Cyprus Mail and Cyprus Inform reported.
The freezing order was issued on May 19 after an application by Cyprus’s anti-money laundering unit Mokas, under mutual legal assistance procedures initiated by Dhaka.
The property is a two-storey residence in Parekklisia.
Saiful, founder and chairman of the S Alam Group, acquired Cypriot citizenship in 2016 through the country’s now-defunct “golden passports” scheme.
According to documents submitted to Cypriot authorities, Bangladeshi investigators are examining allegations of fraudulent lending, unlawful asset accumulation and money laundering linked to a network of companies and financial transactions between 2009 and 2024.
A day after the freezing order, a Bangladeshi court sentenced Saiful and ten relatives and associates to five months’ imprisonment in connection with a loan of about €6 million granted by Islami Bank to a subsidiary of the S Alam Group.
Authorities in Dhaka allege companies linked to Saiful secured substantial loans from several financial institutions, including Islami Bank Bangladesh and First Security Islami Bank, many of which later defaulted. Saiful, however, denies any wrongdoing.
Investigators are probing whether funds were transferred abroad through a network of companies and trusts registered in Cyprus, the British Virgin Islands and Jersey.
Saiful, represented by international law firm Quinn Emanuel, has argued his investments were funded through legitimate foreign sources and has initiated proceedings before the International Centre for Settlement of Investment Disputes, claiming measures against his assets violate international investment protection agreements.