The Nicosia District Court has frozen the Paphos property of Mohammed Saiful Alam, a Bangladeshi businessman and Cypriot citizen, amid a criminal investigation spanning allegations of money laundering exceeding €8 billion. The freeze on his two-storey home was ordered on May 19 following a formal request by Bangladeshi authorities, highlighting the severity of the case.

Alam, chairman and CEO of the S. Alam Group, was recently sentenced by a Bangladeshi court to five months in prison related to a €6 million unsecured loan scandal involving the purchase of buses that never materialized. The broader investigation accuses him and his associates of orchestrating extensive bank fraud, illegal asset accumulation, and laundering funds through multiple channels, including through Cyprus.

Notably, Alam obtained Cypriot citizenship via the now-defunct Cyprus Investment Programme, commonly known as the golden passport scheme, which was terminated in 2020. Reports indicate he has also applied to renounce his Bangladeshi citizenship amid ongoing legal scrutiny. Authorities continue to collaborate internationally to address the complex financial crimes under investigation.