A complex economic espionage case
Special and exclusive report from Iran Gate on a complex economic espionage case, revealing the dimensions of one of the largest espionage and financial corruption cases in the UAE. Malek Borazjani, known as Malek Elahi and under the alias Abu Khalil in the UAE.
Based on received information and documents, including a letter attributed to Malek Borazjani’s father.
Malek Borazjani, known as Malek Elahi, has been the CEO of Jabal Damavand General Trading LLC in Dubai for years, a company introduced as a subsidiary of Saba Jihad Holding and belonging to the National Pension Fund.
According to received information, Malek Elahi’s role is not limited to managing this company, and he practically acts as the eyes and ears of some pension fund managers in Dubai. Malek Elahi is known in the UAE under the alias Abu Khalil and is said to have connections and interactions with some of the country’s security agencies under the guise of commerce.
Acquisition of 51% of the company shares with suspicious documents
Jabal Damavand company was established in Dubai in 1977. At that time, according to UAE regulations, registering such a company required an Emirati sponsor. Accordingly, 51% of the company’s shares were registered in the name of Jumaa Sultan Al Muhairi from Abu Dhabi police forces.
After Al Muhairi’s death, it is said that Malek Elahi took control of this 51% using forged or unauthentic documents. Notably, according to available information, some National Pension Fund managers still believe that Jumaa Sultan Al Muhairi is alive.
After Jabal Damavand company was placed on the US sanctions list in 2024, Malek Elahi registered another company named Jabal Khalil Damavand at the same address as the previous office. The 100% ownership of the new company is also registered in his name.
Gathering information and exerting pressure on Iranian managers
According to informed sources, Malek Elahi usually stations himself at Costa Coffee during exhibitions and trips by Iranian managers to Dubai, taking photos and videos of managers from government institutions and their companions. These images are then used to report, exert pressure, or remove certain managers.
In one instance, the former CEO of Saba Jihad, who had traveled to Dubai with his secretary, was followed to the Hyatt Gharhoud hotel. The captured images and videos were handed over to the National Pension Fund’s security, and it is said that this issue played a role in the managerial changes at Saba Jihad.
This incident occurred while the former CEO was investigating the origins of Malek Elahi’s assets, including three Mercedes-Benz G-Class vehicles, each estimated to be worth over one million dirhams. His villa is also located in the Dubai Hills Estate, Club Villas complex.
Iranian Hospital in Dubai and the disappearance of 26 million dirhams
Malek Elahi’s name has also been mentioned in the case of the closure of the Iranian Hospital in Dubai. It is claimed that he played a role in this incident in collaboration with some Red Crescent managers and the hospital’s then-director.
One night before the hospital’s closure, an amount of 26 million dirhams was withdrawn from the Iranian Hospital’s account at First Abu Dhabi Bank or FAB. The fate of this amount remains unclear, and the role of those involved in its transfer requires independent judicial and financial review.
Six million dollars of Pegah’s export revenue and property purchases
Malek Elahi was also responsible for managing a portion of the export revenues of Pegah Iran company. According to received information, approximately six million dollars of export revenues were not returned to the country at one point.
At the same time, properties with the following specifications were registered in the name of Malek Elahi:
A property in Silicon Oasis 1 valued at 741,000 dirhams. A property in Rees Tower valued at 1,496,868 dirhams.
After it became apparent that the structure of the Islamic Republic would not collapse during the war, these properties were transferred from Malek Elahi’s personal name to Jabal Khalil Damavand General Trading LLC. Since 100% of this company’s shares are in his name, the National Pension Fund effectively has no direct access or ownership of these assets.
Since 2019, Malek Elahi has also obtained a license to operate as a real estate consultant. It is said that he received the equivalent of five percent of the transaction value as commission in the form of three bank checks from Adib Bank for transferring the properties from his personal name to Jabal Khalil Damavand company.
Transfer of trustee information from Bank Shahr to an Emirati security officer
In continuation of this case, information about Malek Elahi’s connection with the trustee case of Bank Shahr in Dubai has been raised. In late March 2026, he met with a person named S.A., introduced as a CID officer in Dubai, at the ME Dubai hotel in the Business Bay area. During this meeting, information related to the trustee of Bank Shahr in the Deira Dubai New Baniyas Tower area and also information about Seyed Mohammad Mehdi Ahmadi was provided to this officer.
In April 2026, a property in the City Walk area was registered in the name of Malek Elahi. The previous owner of this property was Mansour Abdullah Al Hashimi. The sales document contains the phrase ‘Full Cash Payment,’ which could indicate a complete cash payment or the possibility of property transfer in the form of an unconventional agreement.
On the last day of April 2026, Dubai CID officers raided the trustee office of Bank Shahr, seizing about 13 million dirhams and arresting two office employees. Only eight days after this operation, another property in City Walk Dubai valued at 2,419,800 dirhams was registered in the name of Malek Elahi.
The timing proximity of these transactions with the information transfer and security operations raises serious questions about the origin of the properties and the nature of relationships between the parties.
Connection with the 700 million dollar oil sale case
Malek Elahi is present on many days at Chaplin Cafe located on Mohammed Bin Rashid Boulevard in Dubai, managing part of his communications from there. The owner of this cafe is introduced as Majid Adibi, who partners with Majid Taj, the brother of Mehdi Taj.
These individuals’ names have been mentioned in a case where Saeed Sadeqiniko is also introduced as a related individual. According to received information, this network pressures government managers by obtaining information and documents from Malek Elahi to delay addressing the case of not returning approximately 700 million dollars from oil sales to the Chinese refinery Danzhiko.
