The Bangladesh Securities and Exchange Commission (BSEC) on Tuesday ordered its intermediaries to prevent Mohammed Saiful Alam (S Alam), his 25 family members, and their 56 companies from transferring and selling their shares in six banks.

S Alam owns all the mentioned banks: Islami Bank, Social Islami Bank, First Security Islami Bank, Global Islami Bank, Union Bank, and Bangladesh Commerce Bank. 

As per the Bangladesh Bank's request, the BSEC sent a letter instructing the Dhaka Stock Exchange, Chittagong Stock Exchange, and Central Depository Bangladesh to impose the bank share selling bar on the aforementioned individuals.

The letter also puts 56 companies, owned by S Alam and his 25 relatives, under the blacklist.

The Bangladesh Bank is currently scrutinising the loan irregularities of the six banks.