About 9,000 border guards rose up against their superiors last Wednesday after army officers apparently rejected appeals from the border guards for increases in pay, food subsidies and holidays.
Following an initial promise of amnesty from the government if the mutineers came forward for talks, Alam led negotiations with Sheikh Hasina, the Bangladeshi prime minister, that helped end the 33-hour uprising.
Alam was assistant director of the Bangladesh Rifles at the time of the mutiny.
Authorities are still searching for more than 1,000 border guards who fled after ambushing their commanding officers during an annual meeting at their headquarters in Dhaka.
Those found guilty of plotting the revolt would be hanged, Nabojit Khisa, a police official, said.
Following a new military investigation into the incident, Bangladeshi authorities revised the number killed downwards from 80 to 69. The number of officers believed to be missing was reduced from 71 to six.
The civilian government has also launched its own parallel investigation.