Arrest and Property Freeze of Bangladeshi Businessman
May 28, 2026
The case of Mohammed Saiful Alam, a businessman from Bangladesh, highlights the implications of the Cyprus Investment Program. Alam was sentenced to five months in prison, and Cypriot authorities froze his property in Parekklisia. Bangladeshi authorities allege he is involved in money laundering amounting to 8 billion euros. He is also being investigated for serious financial irregularities and illegal activities. This case underscores the challenges and risks associated with foreign investments in Cyprus.