Cyprus Freezes Property of Bangladeshi Tycoon Facing €8bn Laundering Probe

Cyprus freezes property of Bangladeshi tycoon facing €8bn laundering probe

The Nicosia district court has frozen a property in Parekklisia owned by Bangladeshi businessman Mohammed Saiful Alam and his wife following a request submitted by Bangladeshi authorities as part of an ongoing criminal investigation into alleged bank fraud and money laundering. The freezing order was issued on May 19 after an application by the anti-money laundering unit (Mokas). The request was made through mutual legal assistance procedures in…

Bangladeshi tycoon with Cypriot passport faces asset freeze and jail term

A Nicosia court has frozen the Paphos property of Bangladeshi businessman Mohammed Saiful Alam, who acquired Cypriot citizenship through the now-defunct Cyprus Investment Programme, as Bangladesh pursues a sweeping criminal investigation against him that includes allegations of money laundering totalling more than €8 billion. The Nicosia District Court issued the freezing order on May 19 after the Unit for Combating Money Laundering and Financia…