The Bangladesh Bank remains in the dark regarding the exact amount of loans taken by S Alam Group, a conglomerate that allegedly seized control of six banks with the backing of the ousted Awami League regime.

The Bangladesh Financial Intelligence Unit (BFIU) has written to banks and financial institutions, requesting detailed information on the loans taken by Md Saiful Alam, commonly known as S Alam, and his business entities.

“We currently lack complete information on the total loans taken by S Alam Group,” BB Governor Ahsan H Mansur, which was recently appointed by the interim government, told The Mirror Asia. 

"But it will take some time to determine the full extent of their debt. Work is ongoing in this regard."

Founded in 1985 by S Alam, a relative of former Awami League politician Akhtaruzzaman Chowdhury Babu and former land minister Saifuzzaman Chowdhury, S Alam Group and its subsidiaries reportedly borrowed Tk 95,331 crore from six banks between 2017 and June 2023. Of the figure, 79 percent was borrowed from Islami Bank.

BB officials believe that S Alam Group's total debt could exceed Tk 2 lakh crore when accounting for loans taken from multiple banks, including National, Sonali, and Janata banks. They allege that every loan was acquired in violation of standard banking practices.
Sheikh Hasina resigned as Prime Minister on August 5, following a student-led coup, marking the end of 16 years of Awami League’s misrule. 

After the regime change, S Alam's close associates attempted to cover up the group's financial activities. However, on August 19, BB imposed restrictions on the loan distribution of six banks under S Alam's control.

The banks controlled by S Alam include Islami Bank Bangladesh, First Security Islami Bank, Al-Arafah Islami Bank, Social Islami Bank, Global Islami Bank, and Union Bank. Additionally, S Alam also took control of Bangladesh Commerce Bank and National Bank.

The interim government is now working to free all the banks from the notorious grip of S Alam Group, along with Beximco, which is also blamed for contributing to the collapse of the country's banking sector.