How a man from Chattogram's Raozan built a real estate empire in Ajman

Jasim Uddin, a native of Raozan in Chattogram, has built a real estate empire in Ajman, United Arab Emirates. Once a trader of used car parts in the Middle East, he later began purchasing land and constructing residential buildings, which he sold to affluent buyers — most of them Bangladeshis.

These details emerged from the Ajman office of Yunus Real Estate, a company named after Jasim’s father. The firm is registered with the relevant authorities in the UAE. Despite his prominent role in real estate, Jasim remains relatively unknown among the Bangladeshi expatriate community. His rapid rise and substantial investments in Ajman have raised serious questions.

According to Bangladesh Bank, Jasim never obtained permission to legally transfer funds abroad for investment. However, there is speculation that some influential Bangladeshis may have used him as a proxy to invest in Middle Eastern real estate. Under the UAE’s post-2019 investment visa policy, an investment of Tk 65 million qualifies one for a renewable 10-year residency permit — with the identities of investors kept confidential.

While Bangladeshi investment in Gulf real estate is not new, it has increased significantly since the 2019 policy change.

Jasim Uddin’s real estate activity in Ajman first came to attention about two years ago. Investigations in both the UAE and his hometown Raozan have revealed key details.

In February 2023, rows of nearly identical modern buildings were observed in an industrial area of Ajman. A total of 26 buildings were counted, many bearing “For Rent” or “For Sale” signs. One of the buildings displayed the sign of Yunus Real Estate. An employee named Obaidur at the office confirmed, “Our sir is Bangladeshi. Jasim Sir, from Raozan in Chattogram, owns this.”

The buildings were branded under the name JR Residence. Staff at Yunus Real Estate showed catalogs of these apartments and pointed out nearby amenities such as schools and shopping malls, claiming that many Bangladeshi buyers had purchased flats there.

Yunus Real Estate also owns several other buildings in Ajman. A Bangladeshi food delivery worker in the area said, “All these buildings belong to Jasim from Bangladesh. People around here even refer to this entire area by his name now.”

The exact number of flats per building is unclear, but brochures for JR Residence-9 and JR Residence-10 suggest each has 20 units. When this reporter contacted real estate agents in Ajman pretending to be a buyer, it was learned that the apartments were priced between 1.5 to 2.5 million dirhams — equivalent to approximately Tk 50 to 85 million.

Several Bangladeshi businessmen in Ajman and Dubai said that Jasim had initially worked in used car parts and later became involved in illegal gold smuggling. Through these activities, he reportedly established connections with influential businessmen and a former minister from Chattogram. Around 2019, he began making substantial investments in Ajman’s real estate sector, later expanding into other areas of Ajman and Dubai under the name Yunus Group.

Records from a government office in Ajman confirm that Yunus Real Estate is owned by Mohammad Jasim Uddin and Mohammad Yunus. Their registered agent number is 2978.

According to Yunus Real Estate’s website, the group also operates JR Contracting, a construction company housed in the same building.

A Bangladeshi businessman in Dubai, speaking on condition of anonymity, said, “Jasim’s rise was explosive after 2019.”

Bangladeshi bankers identify the UAE as a major hub for informal money transfer, or hundi. It is also the second-largest destination for Bangladeshi migrant workers.

In 2019, the UAE introduced the Golden Visa to attract wealthy foreigners. Under this scheme, an investment of 2 million dirhams (around Tk 66 million) qualifies the investor and their immediate family for a renewable 10-year residency permit.

In January 2023, the EU Tax Observatory, citing data from the US-based Center for Advanced Defense Studies (C4ADS), reported that 459 Bangladeshis had secretly purchased property in Dubai. By 2020, they owned a total of 972 properties, valued at over Tk 315 million (approximately Tk 40 billion).

*More to follow...

Bangladesh Bank has no record of Jasim Uddin receiving approval for any outward remittance for investment abroad.

In February, Bangladesh Bank Executive Director and spokesperson Arif Hossain Khan told Prothom Alo, “We have only approved outward remittance for business purposes — not for purchasing houses or apartments.”

Raozan, home to many migrant families, is one of the top remittance-earning upazilas in the country. It is widely known that some locals are involved in hundi operations and gold smuggling.

In 2022, Jasim Uddin’s brother-in-law, Ashraful Haque, was charged in a case involving the smuggling of over 11 kilograms of gold. He left the country shortly afterward.

Raozan has over 20 bank branches in the Noapara Bazar area alone, and 52 branches across the upazila’s 246 sq km. Although its population is under 400,000, Raozan recorded the second-highest legal remittance inflow in Bangladesh after Dhaka — amounting to USD 2.36 billion in FY 2023–24.

Islami Bank handles the largest volume of remittances nationally. Its newly opened Patharghata branch in Noapara also serves Jasim’s locality. When asked about him, Branch Manager Mohammad Nurul Afsar said, “I’ve heard he owns several CNG stations and is known for his charitable work.”

Two years after visiting Ajman, this reporter travelled to Raozan on 21 January. During a bus ride from Chattogram, when asked about Jasim Uddin, a local named Abul Hashem replied in the local dialect, “You mean CNG Jasim? He’s now known as Gold Jasim.”

Hashem added that Jasim had built a large mosque at great expense and often helps locals by constructing homes or offering cash support. “People here consider him a good man,” he said.

Near the Sammahaldar Para Government Primary School stands Jasim Uddin’s ancestral home. In front of it is a striking, modern mosque — constructed on the site of an older one.

According to Dainik Purbokone (22 April 2022), the mosque was built at a cost of Tk 200 million, modelled on Arab architecture. It was funded by the Yunus-Almas Foundation, named after Jasim’s parents, Mohammad Yunus and Almas.

Locals say the foundation provides three months’ worth of food annually to 10,000 families, builds semi-permanent homes for over 100 families, and supports numerous weddings. During the Covid-19 pandemic, it donated an ambulance to the Noapara area.

Jasim’s philanthropic activities in Raozan are overseen by Yasin Ali. When asked about Jasim’s financial sources, Yasin told Prothom Alo, “He used to run CNG filling stations in Bangladesh. Later, he started a real estate business in Ajman. He’s now a big businessman. He built a mosque here and helps many people. I manage these efforts, but I don’t know anything beyond that.”

Despite several attempts, Jasim Uddin could not be reached for comment. Yasin Ali initially agreed to help arrange a response, but later declined.

Jasim is the third of four brothers. His eldest brother, Mohammad Rafiq, moved to the UAE in 1990 and began trading used car parts from Sharjah. Jasim later joined him in the business. In 2003, Jasim launched a petrol pump business in Bangladesh under the name Yunus Filling Station, followed by additional outlets on Kaptai Road and in Rangunia. He also owns a shop called Yunus Traders in Chattogram’s Gausia Market, which sells car accessories. The shop was initially managed by his brother Abu Taher and is now run by another brother, Moktar Hossain. Attempts to meet them at the shop were unsuccessful.

Dr. Iftekharuzzaman, Executive Director of Transparency International Bangladesh (TIB), told Prothom Alo, “There is every reason to question whether someone like Jasim could have acquired such wealth through legal means. It’s possible that someone with influence is using him as a front. These assets could have been funded through hundi or gold smuggling.”

He added, “Bangladeshi law enforcement agencies are capable of investigating the sources of these funds. The Bangladesh Financial Intelligence Unit (BFIU), in collaboration with relevant UAE authorities, can trace this money — if there is the will to do so.”

*This report, originally published in Prothom Alo print edition in Bangla, has been rewritten in English by Farjana Liakat