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الوسم: money laundering

  • India Opposition Party Claims Vindictive Account Freeze

    India Opposition Party Claims Vindictive Account Freeze

    A leader of the Trinamool Congress (TMC) accused federal investigators on Thursday of launching a politically motivated attack after authorities froze $46 million in its bank accounts as part of a money-laundering investigation.

    Critics and human rights organizations have accused Prime Minister Narendra Modi’s government of misusing law enforcement agencies to target political opponents.

    The Enforcement Directorate, India’s primary agency for financial crimes, announced on Wednesday that it was examining alleged illegal transactions involving the TMC, which governed West Bengal for 15 years before the BJP ousted it in May.

    Officials allege that between April 2023 and June of this year, $16.8 million was transferred from bank accounts linked to the TMC to an aviation company and related businesses. It is claimed that these funds were used to buy a private jet and a helicopter, which were later leased back to the party.

    The TMC denies any misconduct, stating that all funds have been fully and transparently disclosed to authorities.

    “Our party condemns the Enforcement Directorate’s decision to freeze our bank accounts as a politically motivated act. We strongly denounce this arbitrary and unlawful action,” the party said in a statement Wednesday. “Misusing investigative agencies to attack political rivals has become a hallmark of the BJP’s tactics and poses a serious threat to democratic institutions and fair play.”

    Over the past few years, several Indian opposition leaders have faced criminal probes, including Arvind Kejriwal, the former Delhi chief minister. Kejriwal spent months in jail in 2024 after being arrested over allegations that his administration took kickbacks in connection with liquor license allocations. He has denied any wrongdoing.

    Similarly, Jharkhand Chief Minister Hemant Soren, another opposition figure, was detained and jailed in 2024 on corruption charges which he also denies. The BJP insists that corruption investigations are conducted independently and according to the law.

  • Indian Agency Seizes $351M Anil Ambani Properties: Source

    Indian Agency Seizes $351M Anil Ambani Properties: Source

    India’s financial crime agency has temporarily frozen assets totaling 30.84 billion rupees ($350.87 million) connected to Reliance Anil Ambani Group amid a money-laundering probe, a government official revealed Monday.

    The investigation centers on loans the group, controlled by Mukesh Ambani’s younger brother, borrowed from India’s YES Bank from 2017 to 2019 — exceeding $568.86 million. The funds were invested but failed to generate any returns.

    Authorities have restricted transactions involving residential and land properties across Mumbai, Delhi, and Chennai, including Anil Ambani’s family home in Mumbai, the official added.

    Reliance Group has yet to comment publicly.

    Prosecutors allege that funds raised by Reliance Home Finance Ltd and Reliance Commercial Finance Ltd were part of a deliberate scheme to divert 30 billion rupees ($350 million). The loans were borrowed from YES Bank and funneled through shell companies.

    Investigators also claim that these loans were initially invested via mutual funds and routed through group-related entities in breach of regulations. It is further alleged that bribes were paid to YES Bank officials before loan disbursements, according to an earlier government report.

    The Enforcement Directorate highlighted issues such as weak borrower profiles, incomplete documentation, and misappropriation of funds, framing the case as one involving the diversion and laundering of public money.

    Additionally, the agency is examining Reliance Communications Ltd and its affiliates, where over 136 billion rupees ($1.55 billion) are purported to have been diverted through loan manipulation and fund rerouting.

  • Egyptian TikTok Star Suzy El Ordoneya Arrested in Major Money Laundering Case

    Egyptian TikTok Star Suzy El Ordoneya Arrested in Major Money Laundering Case

    Digital Phablet – TikTok star Suzy El Ordoneya detained over money laundering allegations.

    Also Read: Why TikToker Modahm was detained in Egypt—The shocking reason will surprise you
    The Ministry of Interior announced the detention of content creator “Suzy El Ordoneya,” also known as “Maryam A,” as part of a major crackdown on cybercrime and money laundering activities. The investigation linked her to large-scale laundering schemes generated from illegal online activities on social media platforms, particularly TikTok.

    Legal Penalties for Money Laundering

    Attorney Noha El-Gendy clarified in a statement to “News Room” that under Egyptian law, individuals convicted of money laundering face imprisonment for up to seven years and a fine of no less than five million Egyptian pounds, or the amount equivalent to the laundered funds, whichever is greater.

    Instagram — sozy__ayman1

    El-Gendy further noted that the penalties are applicable if the origins of the funds are unknown or obtained through unlawful means. Authorities are also empowered to freeze, seize assets, and return them to the state or relevant parties in accordance with legal procedures.

    Details of the Investigation

    The Anti-Money Laundering and Organized Crime Sector provided detailed insights into the case. Security officials revealed that the accused accumulated nearly 15 million Egyptian pounds through inappropriate and illicit content that violated public morals and social norms. Law enforcement was able to trace the source of the funds generated from her online activities.

    According to their findings, Suzy El Ordoneya attempted to conceal the true origin of her earnings by purchasing residential properties and using them ostensibly for legitimate purposes.

    Behaviors and Social Media Activity

    The Ministry of Interior stated that the suspect maintained social media accounts where she posted videos that blatantly went against societal morals and norms in an effort to illegally amass significant wealth.

    While she was being referred to investigative authorities, legal proceedings were initiated against Suzy El Ordoneya. Authorities continue to pursue individuals engaging in online activities that threaten societal stability or infringe on fundamental social principles.

    Instagram post example

    According to reports, her illicit earnings totaling nearly 15 million Egyptian pounds stemmed from content deemed immoral and offensive by societal standards. The authorities were able to track her financial trail back to her online content.

    The investigation continues, and security forces remain committed to targeting online activities that undermine social order and safety. Anyone involved in such unlawful online behavior is subject to arrest and prosecution under Egyptian law.

  • India Calls Google, Meta Executives for Money Laundering Inquiry

    India Calls Google, Meta Executives for Money Laundering Inquiry

    A 3D printed representation of Facebook’s new logo as Meta is shown alongside the Google logo in this illustration. — Reuters/File

    • Government sources allege Google and Meta are facilitating illegal activities.
    • Authorities will investigate funds from betting apps that reached these platforms.
    • Company representatives are expected to appear before the regulatory agency on July 21.

    NEW DELHI: India’s financial crime investigation agency has summoned executives from tech giants Google and Meta to its headquarters on Monday in response to allegations of money laundering linked to online betting applications, as reported by two government sources.

    The Enforcement Directorate (ED) is looking into whether these platforms have facilitated the advertising and promotion of betting apps, according to the first source.

    The scheduled date for the appearance at the agency’s headquarters in New Delhi is July 21, the source confirmed.

    The second government source accused Google and Meta of promoting illegal activities via their platforms, despite a government warning against the advertising of any form of betting.

    The investigation will include scrutiny of the funds these companies received from betting applications, and whether they have promoted or advertised other betting platforms, added the second source.

    Both sources requested anonymity as they are not authorized to speak to the media.

    As of now, Google and Meta have not responded to requests for comment made by Reuters.

    According to India’s information and broadcasting ministry, betting and gambling present “significant financial and socio-economic risks for consumers, particularly for youth and children.” In a 2022 advisory, the ministry warned against the promotion of offline or online betting through advertisements in the broader public interest.

    This news was initially reported by the domestic news agency ANI.

  • Malaysia Dismisses 1MDB Money Laundering Charges Against Najib

    Malaysia Dismisses 1MDB Money Laundering Charges Against Najib

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    Prison officers escorting former Malaysian Prime Minister Najib Razak as he leaves the courthouse during a recess in Kuala Lumpur, Malaysia, April 4, 2024. — Reuters

    • Najib’s attorney mentions that the prosecution can re-file the accusations.
    • Najib is “no longer” under the threat of dire consequences.
    • He is still waiting for a judgment in the most significant trial he faces.

    KUALA LUMPUR: Malaysia’s High Court has released imprisoned former Prime Minister Najib Razak from money laundering charges in an ongoing case related to the disgraced state investment fund 1Malaysia Development Berhad (1MDB), according to his attorney on Friday.

    Najib has been incarcerated since August 2022 after being convicted of corruption and money laundering concerning funds embezzled from SRC International, a prior subsidiary of 1MDB. Authorities from both Malaysia and the United States estimate that approximately $4.5 billion was siphoned off in a complex international scheme.

    Additionally, he is confronting three distinct money laundering allegations tied to 27 million ringgit (about $6.4 million) allegedly misappropriated from SRC.

    The case had faced numerous delays since 2019, leading the Kuala Lumpur High Court to approve Najib’s request for a discharge that isn’t classified as an acquittal (DNAA) on Friday, his lawyer Muhammad Shafee Abdullah informed reporters.

    Muhammad Shafee characterized the ruling as fair, noting that the prosecution retains the option to re-file the charges when they are prepared to move forward.

    “So, he isn’t waiting in limbo or, as they say, no longer has a sword of Damocles hanging over him,” he explained.

    The attorney-general’s office did not respond immediately to a request for comments.

    This ruling marks the second time charges linked to 1MDB against Najib have been dismissed. Last year, a court granted another DNAA request due to procedural setbacks in a corruption case involving the former prime minister and Malaysia’s previous finance chief.

    In 2023, he was also found not guilty of separate charges involving tampering with a government audit related to 1MDB.

    Najib is still waiting for a decision in his most significant trial concerning the 1MDB scandal, with the court set to hear closing arguments in October.

    He has denied all allegations against him and is seeking to serve the remainder of his prison sentence under house arrest while encouraging the government to acknowledge a royal order that he claims would permit this.