A Dhaka court on Sunday ordered the freezing of Tk 81.33 billion in bank deposits belonging to businessman S Alam and his family amid an ongoing money laundering investigation.

Dhaka Metropolitan Senior Special Judge Zakir Hossain Galib issued the order following a petition from Anti-Corruption Commission (ACC) Deputy Director Tahasinul Munabil Huq. The funds were found in 227 accounts across various banks and financial institutions.

According to the ACC, S Alam Group Chairman Mohammad Saiful Alam and his associates allegedly took loans from different banks, misappropriated the funds, and accumulated significant wealth both locally and abroad. Investigators believe the accused may attempt to transfer or conceal assets, prompting the freeze to prevent further financial movements.

Earlier, on February 12, the court had ordered the freezing of shares worth Tk 51.09 billion in 42 companies owned by Saiful Alam and his family. Additionally, on January 30, authorities seized 175 bighas of land valued at Tk 3.68 billion under their names.

The ACC continues its probe into the allegations, with authorities emphasizing that securing these assets is crucial for a fair legal process.