Luxury in Dubai: Transcom CEO and Son's Palm Island Assets Unveiled
The property, situated in the renowned Palm Jumeirah area, is said to have been purchased with laundered funds.
Simin Rahman, CEO of Transcom Group, and her son Zareef Ayat Hossain, the company’s Head of Strategy and Transformation, are reported to own an opulent apartment in Dubai valued at around Tk19 crore. This property, located in the prestigious Palm Jumeirah area, is alleged to have been acquired through laundered funds. Additionally, the pair is said to own luxury vehicles in the UAE.
Sources suggest that Simin Rahman and her family have accumulated substantial wealth abroad by funneling laundered money from Bangladesh to high-end cities worldwide, including Dubai.
The apartment, situated on Crescent Road in the exclusive Balqis Residence area of Palm Jumeirah, is valued at 50.7 lakh dirhams (roughly Tk19 crore). Despite this considerable investment, Bangladesh Bank has no record of the transaction or the funds used for its acquisition.
Although Bangladesh Bank has authorized some local businesses to invest abroad, with 17 companies receiving approval, Transcom Group is not among them. Consequently, the assets owned by Simin Rahman and her son abroad are deemed illegal or acquired with laundered money.
The central bank has also relaxed restrictions for certain industries, such as airlines and IT, allowing specific transactions without prior approval. However, Transcom Group does not operate in these sectors.
A senior Bangladesh Bank official, speaking on condition of anonymity, clarified that any Bangladeshi business or individual wishing to invest abroad must obtain central bank approval. Additionally, individuals spending over $12,000 annually abroad must provide justification. No such approvals have been granted to Transcom Group for foreign investments, and the authorities are unaware of the Dubai property.
The Bangladesh Financial Intelligence Unit (BFIU) and the Anti-Corruption Commission (ACC) are expected to investigate these overseas investments and take appropriate actions.
Transcom Group owns major media outlets, including Prothom Alo under Media Star Limited and The Daily Star under Mediaworld. Simin Rahman assumed the role of CEO after the death of her father, Latifur Rahman, the founder of Transcom. Allegations claim that she has used the influence of these publications to engage in significant corruption and irregularities, both in Bangladesh and abroad.
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