A Dhaka court on Monday ordered the seizure of 28 acres of land owned by S Alam Group Chairman Mohammad Saiful Alam and individuals associated with his entities.

Vacation Judge Md Abdullah Al Mamun of the Dhaka Metropolitan Senior Special Judge’s Court passed the order following a petition filed by the Anti-Corruption Commission (ACC).

According to the petition, an inquiry is ongoing to examine the allegations of money laundering against Saiful Alam, his affiliated entities, and persons connected to those entities.

It was found that they allegedly took loans from various banks under different names through illegal means, misappropriated the funds, and amassed assets both at home and abroad in their own names.

They are attempting to transfer or dispose of their immovable properties during the investigation. If the assets are transferred before the inquiry concludes, recovering them later would become extremely difficult, the plea added.