In a striking revelation, Simin Rahman, CEO of Transcom Group, and her son Zareef Ayat Hossain, the company’s Head of Strategy and Transformation, are at the center of a financial controversy involving a lavish apartment in Dubai valued at around Tk19 crore. Nestled in the opulent Palm Jumeirah area, this luxury property has come under scrutiny, with reports suggesting it was acquired through laundered funds.
Crescent Road in Balqis Residence, where the apartment is located, is renowned for its exclusivity and stunning oceanfront views. Priced at 50.7 lakh dirhams, the property’s acquisition raises serious questions, particularly since Bangladesh Bank has no record of the transaction or the funds used for purchase.
Sources allege that Simin Rahman and her family have cultivated substantial wealth overseas by laundering money from Bangladesh to high-end locales like Dubai. While Bangladesh Bank has permitted 17 domestic businesses to invest abroad, Transcom Group is notably absent from this list, casting doubt on the legality of their foreign assets.
Although the central bank has relaxed restrictions for certain sectors, such as airlines and IT, Transcom Group has no affiliations in these domains, further complicating their financial standing. A senior Bangladesh Bank official, speaking on the condition of anonymity, stressed that any Bangladeshi entity or individual seeking foreign investment must secure central bank approval. Furthermore, expenditures exceeding $12,000 annually abroad require justification—yet no such approvals for Transcom Group have been documented.
As investigations by the Bangladesh Financial Intelligence Unit (BFIU) and the Anti-Corruption Commission (ACC) loom, there is mounting pressure to scrutinize these foreign investments.
Simin Rahman, who ascended to the role of CEO following the death of her father, Latifur Rahman—Transcom’s founder—oversees a conglomerate that includes influential media outlets like Prothom Alo and The Daily Star. Allegations suggest she has exploited the reach of these publications to engage in significant irregularities and corruption on both domestic and international fronts.
As the story unfolds, the implications of these allegations could have far-reaching consequences for both the individuals involved and the broader landscape of corporate governance in Bangladesh.
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