Singaporean Tycoon Saiful Alam Masud Sentenced in Bangladesh Loan Case

A court in Bangladesh has sentenced naturalized Singaporean billionaire Saiful Alam Masud, his wife, and son to five months in prison for a financial crime, a ruling his lawyers have denounced as "invalid" and a "breach of the rules of natural justice."

The May sentencing by a court in their birthplace of Chattogram concerns the non-repayment of an 84.49 crore Bangladeshi taka (US$6.9 million) loan from Islami Bank Bangladesh, a lender previously controlled by Alam. Masud, 66, his wife Farzana Parveen, 54, and their son Ahsanul Alam, 32, are all Singaporean citizens. Several of Alam's associates and other family members received identical sentences.

In a statement, Singapore-based law firm WongPartnership confirmed that Alam, Parveen, and Ahsanul Alam were convicted and sentenced in absentia. The lawyers stated their clients learned of the case through media reports and were never formally notified or served with proceedings, leaving them "not in a position to participate in the proceedings."

"The Bangladesh courts have passed orders against our client in his absence, and without giving him an opportunity to respond or present his case," the lawyers said. "Our client is therefore of the view that any court orders arising from these proceedings are without basis, invalid and were issued in breach of the rules of natural justice and amount to a grave depravation of justice."

Alam is the founder and chairman of S. Alam Group, a major conglomerate with interests spanning food, manufacturing, energy, transportation, real estate, and telecommunications. Entities linked to Alam also own several hotels and a commercial property in Singapore and Malaysia.

The 66-year-old, along with relatives and associates, has been under investigation for financial crimes by successive Bangladeshi governments following the ouster of former Prime Minister Sheikh Hasina in August 2024. After the change in government, authorities launched probes into Alam's business affairs and froze some of his assets.

"Following the change in the government of Bangladesh on Aug. 5, 2024, however, the bank accounts of various entities associated with S Alam Group were deliberately frozen without prior notice or opportunity for discussion," his lawyers said. "As a result, the affected entities were effectively prevented from servicing their loan obligations."

When asked about Alam's current location and his last visit to Bangladesh, his lawyers noted, "Mr. Alam has legitimate concerns for his safety and security should he travel there." This follows September 2025 media reports that a court had ordered the country's Anti-Corruption Commission to seek Interpol Red Notices for Alam and two of his brothers. A Red Notice is a global request for law enforcement to locate and provisionally arrest a wanted individual.

Alam's lawyers said they were unaware of any Red Notice being issued, adding that "there is no basis for any such notice to be issued." Days after the reports, a court in Cyprus reportedly froze a two-story property owned by Alam and his wife at the request of Bangladeshi authorities.

The couple obtained Cypriot citizenship in 2016 through the country's now-defunct investment-for-citizenship program. They became Singapore permanent residents in 2011 and obtained Singaporean citizenship in 2023.