Staff Correspondent

A huge amount of illegal wealth of Transcom Group has been found in the elite city of Dubai in the United Arab Emirates with the money smuggled.

The group's Chief Executive Officer (CEO) Simin Rahman and his son, Transcom Group's Head of Strategy and Transformation Zareef Ayat Hossain, have a luxurious apartment worth at least 190 million taka.

There are also expensive cars. The investigation says that they have bought huge wealth in elite cities of various countries of the world including Dubai by smuggling money from the country.

Transcom's Simin and son's luxurious flat on the island of Dubai It has been revealed that the most well-known and luxurious artificial island in Dubai is Palm Jumeirah. The apartment of Simin Rahman and his son is located in Balqis Residence on Crescent Road, the most modern, seaside and very expensive road here. According to local sources, the price of their apartment is 50 million 70 thousand dirhams, which is about 190 million taka in Bangladeshi currency. Bangladesh Bank does not know any information about the purchase of this luxurious property abroad.

Bangladesh Bank sources said that the central bank has approved some domestic companies to invest abroad. According to the latest information, a total of 17 companies have received this approval. However, Transcom Group is not named in this list. The assets held abroad in the names of the company's CEO Simin Rahman and his son Zareef Ayat Hossain were purchased with illegal or smuggled money.

It is learnt that Bangladesh Bank has simplified the process of sending money abroad in certain sectors, so that the companies can operate their activities smoothly. Companies in the airlines and information technology (IT) sectors can now make transactions of a certain amount without prior approval from Bangladesh Bank. However, Transcom Group does not have any business in these sectors.

A Bangladesh Bank official, who did not want to be named, said that if any businessman or business group in Bangladesh needs to take money abroad, it will definitely require the approval of Bangladesh Bank. Besides, if a person spends more than $12,000 a year abroad, he must face accountability for it.

He also said that Bangladesh Bank has not yet approved any foreign investment in the Transcom Group's business. Bangladesh Bank is also not aware of the property they are talking about abroad. The Bangladesh Financial Intelligence Unit (BFIU) and the Anti-Corruption Commission will investigate and take action regarding this foreign investment.

According to Bangladesh Bank's instructions, a person can take a maximum of $12,000 abroad as travel expenses per calendar year. This can be taken once or in multiple installments. In addition, there are specific policies for sending foreign currency required for medical treatment and education, which are determined subject to Bangladesh Bank's approval.

Palm Jumeirah, where a luxurious apartment was found in the name of Simin Rahman and her son, is an artificial island in Dubai, which is considered the eighth wonder of the world.

It is known that Simin is in control of all the institutions after the death of his father, Transcom founder Latifur Rahman. Specially by showing his influence over the Daily Star and Prothom Alo, he is committing unlimited irregularities and corruption at home and abroad.