Bangladeshi media reports say that this money was taken for the purchase of 134 buses. However, those buses were never actually bought.
The investigations in Bangladesh are not limited to this case alone. The request sent by Bangladesh to Cyprus states that authorities are also investigating large loans taken by S Alam–linked companies from multiple financial institutions. Among these institutions are Islami Bank Bangladesh Limited and First Security Islami Bank.

Bangladeshi authorities have further stated that many of those loans later became defaulted. Investigators are now examining whether the loan funds were transferred abroad through a network of companies and financial institutions spread across different countries.

The governor of Bangladesh’s central bank has publicly stated that there are allegations that more than 8 billion euros were taken out of the country in this case. Bangladeshi authorities believe that the assets related to the investigation may be scattered across Cyprus, Singapore, and other countries, the news report stated.

An investigation is also underway into a Cyprus-registered company called Eclare International. Mohammad Saiful Alam acquired Eclare International in 2016 after purchasing Eclare Investment Limited. Authorities in Bangladesh are examining whether the company was used in transactions involving the funds under investigation.