A court in Cyprus has ordered the freezing of a property owned by Bangladeshi businessman Mohammed Saiful Alam and his wife as part of an ongoing investigation into alleged bank fraud and money laundering being pursued by Bangladeshi authorities.
According to reports, the order was issued by the Nicosia District Court on May 19 following a request submitted through mutual legal assistance channels.
The application was filed by Cyprus` anti-money laundering unit, Mokas.
The frozen asset is a two-storey residence located in Parekklisia, a town in Cyprus.
The action follows a request from investigators in Bangladesh who are examining financial transactions and business activities linked to Saiful Alam and associated entities between 2009 and 2024.
Authorities are investigating allegations involving fraudulent loan approvals, unlawful asset accumulation and money laundering.
Documents submitted to Cypriot authorities indicate that the inquiry focuses on a network of companies and financial transactions spanning several jurisdictions.
Investigators are examining claims that businesses linked to the S Alam Group founder obtained large loans from financial institutions, including Islami Bank Bangladesh PLC and First Security Islami Bank.
Authorities are looking into whether funds obtained through those loans were later transferred overseas through various corporate structures.
Bangladesh`s central bank governor has previously stated that more than €8 billion may have been transferred out of the country in connection with the broader investigation.
Authorities believe assets potentially linked to the case could be located in Cyprus, Singapore and other countries.
Part of the investigation also involves ACLARE International, a Cyprus-based company acquired by Saiful Alam in 2016. Investigators are examining whether the company played a role in transactions connected to the movement of funds under review.
Court documents further reference a network of companies and trusts registered in Cyprus, the British Virgin Islands and Jersey.
Authorities are seeking to establish ownership structures and trace financial activities related to those entities.
Saiful Alam has denied any wrongdoing.
Through legal representatives from international law firm Quinn Emanuel, he has maintained that his investments were financed through legitimate foreign sources and that the allegations against him are unfounded.
He has also initiated proceedings before the International Centre for Settlement of Investment Disputes, arguing that actions affecting his assets violate international investment protection agreements.
Saiful Alam obtained Cypriot citizenship in 2016 through the country`s former investor citizenship programme, commonly known as the "golden passport" scheme, which has since been discontinued.
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