Palm Island Luxury: Transcom CEO and son’s Dubai assets revealed

Simin Rahman, CEO of Transcom Group, and her son Zareef Ayat Hossain, Head of Strategy and Transformation at the company, own a lavish apartment in Dubai valued at approximately Tk19 crore. The property, located in the prestigious Palm Jumeirah area, was reportedly acquired using laundered money. Additionally, the duo reportedly owns luxury vehicles in the UAE.

Sources indicate that Simin Rahman and her family have amassed significant wealth abroad by laundering funds from Bangladesh to elite cities around the world, including Dubai.

The apartment is situated on Crescent Road in Balqis Residence, a highly exclusive and expensive area of Palm Jumeirah, known for its luxury and oceanfront views. The property is valued at 50.7 lakh dirhams (approximately Tk19 crore). Despite this significant investment, the Bangladesh Bank has no record of the transaction or the funds used to acquire it.

Bangladesh Bank has granted some domestic businesses permission to invest overseas. According to the latest data, 17 companies have received this approval, but Transcom Group is not among them. The wealth owned abroad by Simin Rahman and her son is therefore considered illegal or purchased with laundered funds.

The central bank has also eased restrictions for specific sectors, such as airlines and IT, allowing them to conduct certain transactions without prior approval. However, Transcom Group has no businesses in these sectors.

A senior official at Bangladesh Bank, speaking anonymously, emphasized that any Bangladeshi business or individual requiring foreign investments must obtain central bank approval. Moreover, individuals spending over $12,000 annually abroad must justify the expenditure. 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 foreign investments and take necessary actions.

Transcom Group owns prominent media outlets, including Prothom Alo under Media Star Limited and The Daily Star under Mediaworld. Simin Rahman became the CEO of the group after the passing of her father, Latifur Rahman, the founder of Transcom. Allegations suggest that she has leveraged the influence of these publications to engage in extensive irregularities and corruption both domestically and internationally.