On a tree-lined street in North London, known as "Billionaire's Row," a series of nearly empty mansions sit hidden behind high fences and closed security gates. Behind the facades of these homes on The Bishops Avenue lies a network of companies and financial relationships stretching from Tehran to Dubai and Frankfurt. According to western intelligence sources, the ultimate ownership of many of these investments leads, through a web of shell companies, to one of the most powerful men in the Middle East: Mojtaba Khamenei, the second son of Iran’s Supreme Leader.
An extensive financial network
The 56-year-old cleric, successor to his father, Ayatollah Ali Khamenei, reportedly oversees a vast investment empire. According to individuals familiar with the activities, Mojtaba Khamenei avoids appearing as a direct owner of assets; however, he has participated directly in major business deals, some dating back to at least 2011. His financial network spans from Persian Gulf shipping to Swiss bank accounts and luxury real estate in Britain worth over £100 million. Sources speaking anonymously state that through this web of companies, funds totaling billions of dollars were channeled into Western markets, despite the US sanctions imposed on Mojtaba Khamenei in 2019.
The portfolio includes luxury properties in some of London's most expensive districts—one of which was purchased in 2014 for £33.7 million—as well as a villa in a Dubai area dubbed the "Beverly Hills of Dubai" and luxury hotels in European cities from Frankfurt to Mallorca. Funds for these transactions appear to have been transferred through bank accounts in the UK, Switzerland, Liechtenstein, and the UAE, according to documents and sources cited by Bloomberg. The money primarily originates from Iranian oil sales. None of the examined documents show assets in the name of Mojtaba Khamenei; instead, many purchases appear under the name of Iranian businessman Ali Ansari, who was placed under British sanctions in October.
The image of a modest life versus hidden wealth
State media in Iran portray the Supreme Leader and his family—part of the revolutionary movement that overthrew the monarchy in 1979—as people who live modestly and piously. There are no clear indications that the family uses these overseas assets for a luxury lifestyle. However, the existence of this hidden wealth contradicts the image of austerity projected by the regime, especially during a period where poverty is rising in Iran and social discontent has led to widespread protests.
The role of Ali Ansari
A central figure in the financial network is businessman Ali Ansari, a construction tycoon. Last year, British authorities characterized him as a "corrupt Iranian banker and businessman," imposing sanctions for providing financial support to the Islamic Revolutionary Guard Corps (IRGC), the powerful guard body that reports directly to the Supreme Leader. Ansari rose from a working-class family northwest of Tehran to become one of the most significant private sector businessmen in Iran. His business network includes the massive Iran Mall complex, wholesale markets, and the private Ayandeh Bank, which collapsed in 2025 amidst scandals and debt. According to sources, Mojtaba Khamenei played a significant role in both the bank's operation and the shopping mall project.
Company network and fund transfers
As Ansari's business network expanded, so did his role as Mojtaba Khamenei’s financial intermediary abroad. Through companies and banking relationships in Europe, profits from oil exports were allegedly channeled into a complex web of firms in the United Arab Emirates. These include companies such as Ziba Leisure, Isle of Man-based Birch Ventures, and A&A Leisure, as well as UAE-based firms like Midas Oil Industries FZC and Midas Oil Trading DMCC. Officially, Iranian oil sales are conducted through the National Iranian Oil Company. However, due to international sanctions, much of the trade is carried out through opaque networks of front companies, middlemen, and unofficial traders.
The international dimension of investments
In one instance, a UAE-based company was used as an intermediary for fund transfers through the Abu Dhabi Islamic Bank to Ziba Leisure. Documents show the company was founded in 2014 with directors Ali Ansari and British-Iranian businessman Moris Mashali. In 2016, Ansari acquired a Cypriot passport, which allowed him to open new bank accounts and companies in Europe while simultaneously masking his political ties to Iran.
Political and economic implications
The Supreme Leader's family is also at the heart of one of Iran’s most powerful economic organizations, known as Execution of Imam Khomeini’s Order (SETAD), which manages billions of dollars in real estate, businesses, and charitable foundations. Mojtaba Khamenei’s offshore investment activity is of a smaller scale, but its existence reveals how the Iranian elite managed to transfer funds abroad despite the tightening sanctions regimes of recent decades.
At the same time, political pressures in Iran are mounting. The collapse of Ayandeh Bank sparked new criticism against Ali Ansari from political circles, while MPs like Amir-Hossein Sabeti requested the Judiciary compel him to cover the bank's losses. This is because the systemic risk could truly destabilize financial centers like London. The case illuminates how financial networks linked to Iran’s political leadership managed to establish a significant presence in Western markets, despite international sanctions and increasing geopolitical tension.
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