Mohammed Saiful Alam, also known as S. Alam, is a Cypriot citizen and one of the most powerful and controversial business figures in Bangladesh. He is the founder and chairman of S. Alam Group, a conglomerate with interests spanning food, energy, transport and, most notably, banking.
In recent years, his name has been at the centre of one of the largest financial and banking scandals in Asia. Following a request from Bangladeshi authorities, Cyprus’s anti‑money laundering unit (MOKAS) has launched an investigation into his activities.
Building a business empire
S. Alam Group was founded in 1985, initially focusing on commercial transport before rapidly expanding into essential goods production, including sugar and edible oil. Through the group, Alam gained control of several major private and Islamic banks in Bangladesh, including Islami Bank Bangladesh and Social Islami Bank, significantly increasing his economic and political influence.
Allegations and prosecution
After the fall of former prime minister Sheikh Hasina’s government in August 2024, with which Alam was closely associated, authorities launched legal and financial action against him.
He faces accusations of embezzlement and capital flight. Bangladesh’s central bank alleges that he used shell companies and large loans to siphon billions of dollars out of the country. The bank’s governor described the case as “the largest bank heist by international standards”.
Courts in Bangladesh have ordered the freezing of his bank accounts, the seizure of shares in hundreds of companies and the confiscation of land assets worth hundreds of millions of dollars.
In May 2026, a Bangladeshi court sentenced Alam and members of his family to five months in prison for failing to repay large loans from Islami Bank.
Citizenship shift and ICSID appeal
Alam and his family have left Bangladesh and now reside abroad. Having renounced their Bangladeshi citizenship, they obtained Singapore nationality and also hold Cypriot citizenship, acquired in 2016.
Using his new status, Alam has filed a case before the World Bank’s International Centre for Settlement of Investment Disputes, arguing that the freezing of his assets, including those in Cyprus, violates international investment protection agreements.
Links to Cyprus
Alam’s connections to Cyprus are extensive and have come under scrutiny as part of the wider investigation.
He, his spouse Farzana Parveen and their two sons obtained Cypriot citizenship in 2016 through the now‑abolished investment programme. In 2020, he applied to renounce his Bangladeshi citizenship on the basis that he had acquired Cypriot nationality.
In subsequent legal proceedings, he appears as a Singapore citizen, though Bangladeshi authorities have not clarified whether he still holds Cypriot citizenship.
The businessman and his spouse are also reported to own a luxury two‑storey villa in Parekklisia, Limassol. In addition, Alam acquired the Cypriot company ACLARE Investment Ltd in 2016, later renaming it ACLARE International.
Asset freezes and investigations
Following a request from Bangladesh, a court in Dhaka ordered the seizure and freezing of his assets in Cyprus, as well as in the British Virgin Islands and Jersey.
MOKAS is actively involved, amid strong suspicions that Alam used the Cypriot banking system and property market as part of a wider financial network.
Investigations focus in particular on ACLARE International, which is suspected of being used as an investment vehicle through which funds linked to fraudulent trade financing practices were channelled abroad. Authorities allege more than 11 billion dollars may have been moved out of Bangladesh.
The Limassol property in Parekklisia has also been frozen under court order, preventing any sale, transfer or use.
International network and political fallout
Court documents suggest Alam operated a complex structure linking Cyprus with companies in the British Virgin Islands and multiple trusts in Jersey, facilitating the movement of funds across jurisdictions.
The case has reignited debate in Cyprus over the former investment‑for‑citizenship scheme, after it emerged that a figure accused of large‑scale financial wrongdoing had obtained EU nationality.
Alam’s response
Through the international law firm Quinn Emanuel, Alam maintains that his investments in Cyprus and elsewhere were made with legitimate overseas funds.
He alleges that Bangladesh’s interim government is conducting a targeted campaign against him and is seeking protection for his investments under the Bangladesh‑Singapore bilateral investment agreement.
