Transcom CEO Simin, five others acquitted

A Dhaka court on Monday acquitted Simin Rahman, CEO of Transcom Group, her mother Shahnaz Rahman, and four others in a high-profile share fraud case involving alleged embezzlement of company shares.

Chief Metropolitan Magistrate Mohammad Mostafizur Rahman ruled that there was insufficient evidence to frame charges and discharged all six accused.

The case was filed on February 22, 2024, with Gulshan Police Station by Shazreh Haq, Rahman's sister. The complaint alleged that a 2020 board meeting was fabricated to transfer shares owned by their late father, Latifur Rahman.

According to the complaint, the disputed meeting approved the transfer of 23,600 shares - including 14,160 to Simin Rahman and 4,720 each to her brother Arshad Waliur Rahman and Shazreh Haq. The attendance sheet reportedly contained signatures of family members who were not present, raising allegations of forgery. It was also alleged that share transfer documents submitted to the Registrar of Joint Stock Companies and Firms (RJSC) did not comply with legal requirements, including the physical presence of both donor and recipient.

Investigators from the Police Bureau of Investigation (PBI) later submitted a charge sheet against the six individuals, citing irregularities such as the use of non-judicial stamps issued years later and the absence of proper notifications or approvals for the board meeting.

During the hearing, prosecutors argued that witness statements and documentary evidence indicated forgery. However, defense lawyers maintained that the allegations lacked substantive proof. The court sided with the defense, observing that proceeding without sufficient evidence would amount to a misuse of state resources.