In a significant development, a Dhaka court has ordered a three-day remand for three high-ranking officials of Transcom Group, following their arrest in connection with alleged embezzlement, property occupation, and illicit share transfers within the company.
Dhaka Metropolitan Magistrate Md Rashidul Alam issued the remand order on Sunday, further intensifying the legal battle surrounding the conglomerate.
The accused individuals, identified as Abdullah Al Mamun, Corporate Finance Director, Abu Yousuf Mohammad Siddique, Manager, and Mohammad Mosaddek, Assistant Company Secretary, all affiliated with Transcom Group, face serious allegations of financial misconduct.
Confirming the court’s decision, Shah Alam, sub-inspector of Gulshan police station, shed light on the ongoing investigation into the matter.
The legal saga stems from three cases filed by Shahzreh Huq, daughter of Transcom Group’s late founder, Latifur Rahman. Allegations against her elder sister, current CEO Simeen Rahman, mother Shahnaz Rahman, current chairman, and Simeen’s son Zaraif Ayaat Hossain, Transcom’s head of transformation, revolve around a purported attempt to siphon off assets valued at approximately Tk10,000 crore through falsified documentation.
The plaintiff contends that irregularities surround the distribution of Latifur Rahman’s assets, including unauthorized property acquisition and improper share transfers, allegedly facilitated by the accused officials.
Key to the case is the disputed transfer of shares, with the plaintiff asserting that neither she nor her father endorsed the purported transactions, casting doubt on the authenticity of the documents presented.
Amidst mounting legal complexities, the Transcom Group scandal underscores the challenges faced by corporate entities in ensuring transparency and accountability, with the judiciary poised to unravel the truth behind the alleged financial improprieties.
