* Withdrawal of Tk 100 crores from the seized account is no better, Masood, Managing Director of ‘E-Learning and Earning Limited’

A sensational allegation has been made against Masood Alam, Managing Director of ‘E-Learning and Earning Limited’, of withdrawing about Tk 100 crores from the seized bank accounts by ignoring the strict instructions of Anti-Corruption Commission (ACC) and Bangladesh Financial Intelligence Unit (BFIU). Banks and administrative circles have started uproar over the transfer of huge amount of money against Masood Alam, who is known as a close associate of former Minister of State for Sports Zahid Ahsan Russel, in disregard of the Anti-Money Laundering Act.
According to sources, a total of Tk 48 crore has been deposited in the bank of Masud Alam’s organization in two phases under the ‘e-learning and earning’ project under the Ministry of Youth and Sports. 24 crore bill is paid in each step. However, the ACC and BFIU had earlier ordered the freezing of the bank accounts of Masood Alam, his wife and family members due to suspicious transactions. But with the connivance of some unscrupulous officials of the banking sector, the deposited bills based on June 30 and September 30 were withdrawn. Allegedly, a large part of the collected money was smuggled to former state minister for sports Zahid Ahsan Russell and former secretary Mejbah Uddin, who is in jail.
After this incident CR Case No-499/2025 and Special Powers Act including Sections 143, 147, 148, 326, 307, 114 and 109 of the Penal Code have been filed. Those involved in the investigation say that there are very few examples of disobeying government orders to withdraw money from seized accounts. It is believed that Masud Alam was able to commit such a reckless act because he was under the umbrella of influential circles.
The investigation turned up more explosive information. Allegedly, Masud Alam’s organization paid a bribe of about 10 crores to current youth and sports adviser Asif Mahmud Sajib Bhuiyan’s then APS Moazzem Hossain to get a government project worth 300 crores. In addition, the project director. Abdul Hamid Khan is also accused of taking improper advantage. political influence,IT experts have opined that such big projects have been given to substandard organizations due to bribery and high-level lobbying.
Masud Alam’s past is also quite controversial. It is known that he was once associated with Chhatra League politics. Around 70 cases have been filed against him for incitement, murder and destruction of government property during the student-Janatar agitation that took place last July. He was even mentioned in serious charges like genocide. However, even during the new government, he continued to work on the ‘e-learning and earning’ project, which raised questions in the administrative circles as well.
From the business side, Masood Alam is known as the leader of ‘Promise Group’. Earlier he was accused of stealing huge amount of money from common people by opening MLM business named ‘Nagdahat Bangladesh Limited’. Later he formed a syndicate by opening about 15 companies including ‘Promise Mart’, ‘Promise Asset’, ‘Promise Tech’.
His activities are also mysterious in terms of wealth. In the affidavit he submitted while contesting for the post of chairman in the Gosairhat upazila election of Shariatpur in April 2024, his net worth is Tk 9 crore 95 lakh 31 thousand and his annual income is only Tk 21 lakh. But according to ACC’s initial estimate, the actual assets are several times higher than the affidavit. He cunningly concealed huge wealth.
ACC has already banned Masood Alam and his wife from traveling abroad. All banks, financial institutions and sub-registry offices of the country have been summoned for details of their assets. Suspected officers of Promise Group have been kept under surveillance.
It has been seen on the ground that the official phone numbers of ‘E-Learning and Earning Limited’ are closed and the activities are at a standstill. IT industry insiders say that Masood Alam’s organization has already faced allegations of fake bill vouchers, substandard training and misappropriation of funds. However, giving Rs 300 crore projects to controversial institutions and allowing money to be withdrawn from impounded accounts is a major threat to the financial security of the state.
In the investigation, ACC and BFIU officials said,The concerned officials of the banks are being interrogated to find out how the money was withdrawn from the seized account. If the truth is found, strict legal action will be taken against those involved.
Sources also said that Masood Alam’s influential political connections continue to give him financial and administrative control. Political umbrellas have made it possible to move such large sums of money through the regulatory framework of the state. Despite the vigilance of law enforcement agencies and the banking sector, this strategy has been carried out with the help of some unscrupulous officials and influential parties.
In the wake of the allegations against Masood Alam, tension has been noticed among political circles and administrative officials. Experts say that such an event will have a negative impact on the country’s financial security and project implementation system. While the response from the government has been limited so far, all eyes are on the announcement of the results of the ACC and BFIU investigations.
IT experts feel that allowing substandard firms to participate in major projects reflects a form of institutionalized corruption involving bribery and influential lobbying. They warn that misappropriation of project funds, substandard training, and failure to provide necessary equipment can become commonplace under such management.
Masood Alam’s activities are not limited to personal embezzlement; It is also characterized by political influence, administrative weakness and failure of financial control system. Cases filed in his name, bank account freezes and asset probes are now testing the strength of the country’s law and order and economic structures.
According to sources, most of the projects implemented by Masood Alam’s company ‘E-Learning and Earning Limited’ are questionable due to allegations of low quality training, fake bills and unnecessary expenses. Besides, during the implementation of the project, the issue of obtaining benefits through political lobbying has also come up in the investigation.
Actions by ACC and BFIU, cooperation of banks and high-level monitoring of the government are now looking into all aspects of the case. The lawyers concerned say,Strict legal action will be taken against those involved if proven true, which will set a strong precedent for similar crimes.
Economic analysts believe that such an event can have a long-term impact on the country’s financial system. Extortion of money from government projects with the connivance of influential people can not only cause economic damage but also undermine public confidence in the policy-making and administrative processes of the state.
Due to Masud Alam’s connections and influence, this event had a huge political and social impact. The general public, especially those who were supposed to receive training or project benefits, have suffered. The government’s actions in this incident, the effectiveness of fighting corruption and maintaining law and order are now at the center of the country’s discussion.
The situation is further complicated by Masood Alam’s long political and business connections. From Chhatra League politics to the spread of wealth through the Promise Group, and his involvement in government projects, all aspects of the investigation are being scrutinized.
According to the preliminary investigation by ACC and BFIU, Masood Alam and his family members have resorted to withdrawing huge amount of money despite frozen bank accounts. The investigation revealed details of collusion with bank officials, which are under high-level government surveillance.
At present, a ban has been issued on Masood Alam’s foreign travel. All banks, financial institutions and sub-registry offices in the country have been summoned for details of their assets. Officials of Promise Group have also been kept under surveillance.
Overall, Masood Alam’s work proves that political influence,How administrative weaknesses and lack of financial control systems can help an individual or organization to capture the economic resources of the state. This incident is seen as a big warning for the anti-corruption and economic security system of the country.