UK freezes £90m assets linked to Salman F Rahman’s son, nephew

The UK’s National Crime Agency (NCA) has frozen nearly £90 million worth of luxury London property connected to two individuals linked to the deposed Awami League regime, according to a report by British daily The Guardian.

The NCA secured nine freezing orders preventing Ahmed Shayan Rahman and his cousin Ahmed Shahryar Rahman from selling high-end properties, including flats in London’s prestigious Grosvenor Square.

Both men are relatives of Salman F Rahman, former private investment adviser to the ousted prime minister Sheikh Hasina.

Salman was arrested last year while attempting to flee the country following the ouster of the Sheikh Hasina government.

Official records show the frozen assets are owned through offshore firms registered in the British Virgin Islands, Isle of Man, and Jersey. Property values range from £1.2 million to £35.5 million. One of the properties is located in Gresham Gardens, north London, and was reportedly once occupied by Sheikh Rehana, Hasina’s sister and mother of former UK City Minister Tulip Siddiq.

This action follows increasing calls for the UK to support Bangladesh’s interim government in tracking illicit overseas assets tied to the former regime. A joint investigation by The Guardian and Transparency International last year revealed over £400 million in UK property owned by Hasina’s associates.

Duncan Hames of Transparency International UK urged British authorities to expand their inquiries and freeze all questionable assets without delay.

The NCA confirmed that the property orders were part of an ongoing civil investigation.

Meanwhile, the interim government has issued an arrest warrant for Tulip Siddiq, who recently stepped down from her ministerial role following mounting allegations. Siddiq has denied any wrongdoing.

A spokesperson for Ahmed Shayan Rahman said he “strongly denies any involvement in wrongdoing” and is prepared to cooperate fully with UK investigations. They also noted the political turmoil in Bangladesh, stating that “numerous allegations are being made against hundreds of individuals,” and urged UK authorities to consider the broader context.

Governor Mansur welcomes UK’s decision, urges continued global pressure

Meanwhile, Bangladesh Bank Governor Ahsan H Mansur on Saturday welcomed the UK’s decision to freeze assets reportedly linked to Shayan and Shahryar, describing the move as a “very encouraging” step in the country’s fight to recover stolen funds.

Speaking at the launch of the Credit Enhancement Scheme (CEC) by the Palli Karma-Sahayak Foundation (PKSF) in Dhaka, Mansur said, “This is a political commitment every government must uphold. We’ve taken a firm stance, and we’re seeing results.”

He credited growing international attention – particularly from British MPs, media outlets like The Financial Times, The Times, and Al Jazeera, and UK-based NGOs – with helping build momentum. “The National Crime Agency (NCA) is responding, but the pressure must continue,” he added.

Mansur stressed that freezing assets is only the first step. “These funds can’t be sold or transferred while we initiate legal proceedings. The recovery process takes time, but immobilising the assets now ensures they aren’t lost.”

He also noted that similar illicit assets have been traced to other countries. “I’ve just returned from Dubai and am planning visits to Singapore and London. We are also preparing an international conference to rally further support.”

The governor emphasised the moral duty of the global community to return misappropriated funds to Bangladesh. “This money belongs to our people. The international system must not allow thieves to hide behind legal loopholes.”

He warned that without sustained focus, momentum could be lost. “We must keep this issue alive politically and publicly. If we turn away, the assets – and the justice – could slip through our fingers.”

TIB welcomes UK action, urges global cooperation

Transparency International Bangladesh (TIB) also has applauded the UK’s National Crime Agency for freezing nearly £90 million worth of luxury assets linked to close associates of Bangladesh’s former authoritarian regime, marking a significant step in tackling money laundering.

TIB expressed hope that this development would strengthen mutual legal assistance between the UK and Bangladesh, speeding up investigations and enabling swift recovery of illicit assets. It urged other countries where Bangladeshi wealth is suspected to have been laundered to follow suit.

“We welcome this unprecedented action by the UK,” said TIB Executive Director Dr Iftekharuzzaman. “But this is only the tip of the iceberg. Many more, protected by the fallen regime, have laundered vast sums. This must not be treated as an isolated case.”

He stressed the need for broader cooperation, stating, “Countries including the United States, Switzerland, Canada, Australia, Singapore, Hong Kong, Malaysia, and the UAE, especially Dubai, have long served as safe havens for illicit wealth from Bangladesh. We call on them to act within their legal frameworks and mutual assistance agreements to seize and return stolen assets.”

TIB also urged the Government of Bangladesh to utilise international mechanisms to hold launderers accountable, calling for a concerted effort through legal and expert cooperation to identify, seize, and repatriate illicit funds.

The organisation emphasised that global collaboration is crucial to ending impunity for financial crimes and ensuring justice for the people of Bangladesh.