An Iranian businessman, recently blacklisted by the United States for allegedly bankrolling a major oil-smuggling operation, holds luxury real estate worth £25 million in central London, newly obtained property records reveal.
On Tuesday, the U.S. Treasury’s Office of Foreign Assets Control targeted Hossein Ghorbani Zahed as part of a broader crackdown on a sanctions-evasion network led by oil magnate Mohammad Hossein Shamkhani. Treasury Secretary Scott Bessent described the move as part of “ongoing efforts to increase economic pressure on the Iranian regime” following renewed hostilities in the Strait of Hormuz.
Ghorbani Zahed, who also holds a Dominican passport, has been accused by OFAC of being a key financier for Shamkhani’s network, providing currency exchange services and access to foreign shell companies. The Treasury says he helped facilitate illicit shipping and sanctions evasion.
In a brief phone interview, Ghorbani Zahed denied the allegations, stating he had no business ties with Shamkhani, though he acknowledged a prior friendship. “I haven’t seen him for three years,” he said. “I’m trying to get a lawyer to talk to OFAC.”
Property records show that via his British Virgin Islands-registered firm, Golden Nest Group Ltd, Ghorbani Zahed owns three luxury apartments in a prestigious Knightsbridge development. The properties boast panoramic views of landmarks like Hyde Park. Purchased in April 2023 for £25 million, the assets were declared in the UK’s Register of Overseas Entities shortly after the government introduced new transparency rules targeting foreign property owners.
Ghorbani Zahed claimed the properties were for personal use and financed by profits from a zinc and copper mine he operates in Iran, selling to the local market. He did not provide further details about the mine.
The case follows a recent investigation that exposed how Shamkhani and his brother used Dominican passports—under false names—to conceal millions in Dubai real estate. Both passports have since been revoked by Dominica.