NCA freezes £90m of London property linked to former Bangladesh regime

The Guardian

23-05-2025

The UK's serious and organised crime agency has frozen almost £90m of luxury London property belonging to two men linked to the deposed ruler of Bangladesh.
In a development that comes after mounting pressure on the UK to assist Bangladesh in tracing assets linked to the former regime, the National Crime Agency (NCA) obtained nine freezing orders, official records show.
The orders prevent Ahmed Shayan Rahman and his cousin, Ahmed Shahryar Rahman, from selling property, including apartments in London's Grosvenor Square. The pair were named in a Guardian investigation into UK assets owned by allies of the Bangladesh's former autocratic ruler, Sheikh Hasina.
All properties are owned via companies in the British Virgin Islands, Isle of Man or Jersey, according to Companies House records, and were acquired for prices ranging from £1.2m to £35.5m.
The Rahmans are the son and nephew, respectively, of Salman F Rahman, a wealthy businessman who was arrested while allegedly attempting to flee during the student-led revolution that toppled Sheikh Hasina last year.
Salman F Rahman, who is facing corruption charges in Bangladesh, was Hasina's adviser on private industry and investment and was seen by many in the country as the most influential figure in the regime.
His son and nephew's properties featured in a joint investigation between the Guardian and the campaign group Transparency International last year, which revealed £400m worth of property owned by allies of Sheikh Hasina.
The properties frozen by the NCA include one in Gresham Gardens, north London.
Sheikh Rehana, who is Sheikh Hasina's sister and also the mother of the former UK City minister Tulip Siddiq, has lived at the property, according to the Financial Times, which first reported freezing orders on two of the properties, bought for £7.7m.
Duncan Hames, the director of policy at Transparency International UK, said: 'We urge UK law enforcement to continue their inquiries and to freeze all suspect assets without delay.'
An NCA spokesperson said: 'We can confirm that the NCA has secured freezing orders against a number of properties as part of an ongoing civil investigation.'
Investigations by the interim government of Bangladesh into the former regime have also resulted in authorities there issuing an arrest warrant for Tulip Siddiq, who stepped back as City minister in the light of the allegations. She has denied any wrongdoing.
The Guardian has approached lawyers for the Rahmans and Beximco, the family corporate empire founded by Salman Rahman, for comment.
A spokesperson for Ahmed Shayan Rahman earlier told the FT: 'Our client denies any involvement in any alleged wrongdoing in the strongest possible terms. He will of course engage with any investigation which takes place in the UK.'
They added: 'It is well known that there is political upheaval in Bangladesh, where numerous allegations are being made against many hundreds of individuals. We would expect the UK authorities to take this into consideration.'