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Khaleej Times
3 hours ago
- Khaleej Times
Indian authorities issue watchlist order against Anil Ambani in Rs30-million fraud case
Anil Ambani, Chairman of the Reliance Group, is facing fresh legal trouble as the Enforcement Directorate (ED) has issued a lookout circular against him in connection with a suspected loan fraud worth Rs30 million (Dh1.2 million), according to a report by NDTV citing official sources. The move comes on the same day the businessman was summoned by the agency for questioning. He has been asked to appear before the ED on Tuesday (August 5). A lookout circular is typically issued by Indian authorities to prevent individuals from fleeing the country to dodge legal action. It is distributed to all immigration checkpoints — including airports and seaports — and alerts authorities to detain the individual if they attempt to leave Indian borders. The case under investigation involves loans granted by Yes Bank to Reliance Group companies between 2017 and 2019. The ED suspects that roughly Rs30,000,000 million (Dh1.2 million) was diverted from these loans. Officials believe there may have been a quid pro quo, as payments were allegedly made to Yes Bank's promoters shortly before the loans were approved. The ED on July 24 launched widespread raids at over 50 locations linked to the case. These raids, conducted under the Prevention of Money Laundering Act, reportedly continued for three days. Despite the mounting scrutiny, Reliance Power and Reliance Infrastructure issued statements to stock exchanges asserting that the ED's raids have had "absolutely no impact" on their business operations, financial health, or stakeholders. "The media reports appear to pertain to allegations concerning transactions of Reliance Communications Limited (RCOM) or Reliance Home Finance Limited (RHFL) which are over 10 years old," the companies had said. Expanding its investigation, the ED has also started probing a separate case involving an alleged fake bank guarantee worth Rs682 million (Dh28.7 million). According to officials, a company called Biswal Tradelink — which allegedly managed a network of shell companies — issued a fraudulent bank guarantee to the Solar Energy Corporation of India (SECI). The scam reportedly involved a spoofed domain (' made to closely resemble that of the State Bank of India (' which was then used to send fake emails and documents meant to mislead SECI and other entities.
Zawya
17 hours ago
- Zawya
Ambassador Gao Wenqi Attends the Working Meeting between Leaders of Export-Import Bank of China and Ministry of Finance and Economic Planning of Rwanda
AFRICA On July 31, Ambassador Gao Wenqi attended the working meeting betweenYang Dongning, Vice Governor of Export-Import Bank of China and Hon. Yusuf MURANGWA, Minister of Finance and Economic Planning of Rwanda. Both sides exchanged views on promoting the trade, economic and financial cooperation between China and Rwanda. Distributed by APO Group on behalf of Embassy of the People's Republic of China in the Republic of Rwanda. Disclaimer: The contents of this press release was provided from an external third party provider. This website is not responsible for, and does not control, such external content. This content is provided on an 'as is' and 'as available' basis and has not been edited in any way. Neither this website nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this press release. The press release is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Neither this website nor our affiliates shall be liable for any errors or inaccuracies in the content, or for any actions taken by you in reliance thereon. You expressly agree that your use of the information within this article is at your sole risk. To the fullest extent permitted by applicable law, this website, its parent company, its subsidiaries, its affiliates and the respective shareholders, directors, officers, employees, agents, advertisers, content providers and licensors will not be liable (jointly or severally) to you for any direct, indirect, consequential, special, incidental, punitive or exemplary damages, including without limitation, lost profits, lost savings and lost revenues, whether in negligence, tort, contract or any other theory of liability, even if the parties have been advised of the possibility or could have foreseen any such damages. © ZAWYA 2025
The National
17 hours ago
- The National
AI chip smuggling 'gets more airtime than it should', White House official says
The idea of high-performance AI chips being smuggled into potentially nefarious hands gets more attention than it should, a White House official has said. Michael Kratsios, who serves as director for the Trump administration's Office of Science and Technology Policy, said on Wednesday that there are a lot of misconceptions and misguided fears about the 'physical diffusion' of artificial intelligence technology developed by the US. 'We're not talking about like a bag of diamonds or something,' he said during a discussion at the Centre for Strategic and International Studies think tank about Mr Trump's recently announced AI Action Plan. Some politicians have expressed concerns about the potential for recently announced US AI partnerships overseas to be exploited by countries like China to try to acquire powerful American-made technology. 'These are like massive racks that are tonnes in weight and you're not going to put it on a forklift or back it into a truck, or something," he explained, adding that the idea of chip smuggling "probably gets more airtime than it should." Mr Kratsios also said the hypothetical scenario of the US partnerships with other countries leading to the misuse of data centres by countries like China for 'training runs' to access the centres was overblown. 'What you're most worried about is large-scale runs that are for training sophisticated models and those are actually pretty easy to flag,' he said, adding that the US will make sure to implement what's known in IT circles as Know Your Customer policies to prevent bad actors from gaining access to data centres powered by US technology. Mr Kratsios said that Mr Trump's predecessor, Joe Biden, put too many chip export restrictions on allies, and that the export of US technology to countries with peaceful AI aspirations was critical to an overall AI strategy. During Mr Trump's visit to the Gulf in May, he announced the US-UAE AI Acceleration Partnership framework that will eventually lead to the construction of a 5GW UAE-US AI Campus in Abu Dhabi. 'The [Biden administration] limits made no sense at all,' he said, referring to President Biden's policies aimed at limiting the powerful CPUs and GPUs available to certain countries. Those policies were largely aimed at preventing the diffusion of US technology to China. It proved controversial, with companies like Microsoft and Nvidia claiming the policies hurt US efforts more than helping. Some US AI companies like Anthropic, however, have sought to keep the export controls. 'In some cases, smugglers have employed creative methods to circumvent export controls, including hiding processors in prosthetic baby bumps and packing GPUs [graphics processing units] alongside live lobsters,' read an April policy letter from Anthropic. That letter later came under criticism over what some called the oversimplification of how AI data centres work. Regardless, in keeping with that theme of reversing the Biden export policy, the Trump White House recently announced plans that would allow for Nvidia to resume sales of its H20 graphics processing unit to China. That decision, however, has come under criticism from several technology analysts and politicians. A group of Democratic senators this week sent a letter to Commerce Secretary Howard Lutnick urging him to reverse course. At the CSIS event, Mr Kratsios said the concerns from Democratic senators were oversimplified, adding that the H20 was designed to comply with US concerns about giving China too much computing power, among other things. 'It's not a free-for-all sale,' he said, referring to White House's H20 announcement. 'Any sale that Nvidia wants to make to China is one that's going to require an export licence.' Mr Kratsios added that the Commerce Department's Bureau of Industry and Security would be evaluating each of those licence applications and 'weight the costs' before giving Nvidia approval.
