Latest news with #BillsofLading
New Indian Express
02-05-2025
- New Indian Express
67-year-old Singapore citizen arrested in Rs 10 crore international timber fraud in Delhi
NEW DELHI: A 67-year-old Singapore citizen, Mukesh Gupta, was arrested in connection with a Rs 10 crore international fraud involving the supply of timber from New Zealand to India, police said on Wednesday. Gupta, an OCI (Overseas Citizen of India) cardholder, was accused of duping M/s Chaudhary Timber Industries Pvt. Ltd. (CTIPL). The case was registered in July 2022 following CTIPL's complaint, which stated that Gupta, representing M/s Amrose Singapore Pte. Ltd., had entered into an agreement to supply timber. However, forged Bills of Lading and fake shipping documents were submitted to the bank, leading to the release of Rs 10 crore, despite no shipment taking place. According to Additional CP (EOW) Amrutha Guguloth, investigations confirmed the BLs were fake through verification with the ship owner, agent, and insurer. Gupta had evaded questioning citing medical issues but was finally arrested on April 22. He was found to have fabricated documents and misused company names and seals to fraudulently secure payments against Letters of Credit.
The Print
01-05-2025
- Business
- The Print
Singapore based Indian held in Rs 10 crore international trade scam
According to the complaint, the firm had entered into an agreement with Gupta's company for timber imports from New Zealand and made payments through Letters of Credit (LC). However, the shipment never arrived, police said in a statement. The accused, Mukesh Gupta, Managing Director of a private limited company was arrested on April 22 following a complaint filed by a Delhi-based firm for defrauding them in a timber import deal. New Delhi, May 1 (PTI) The Economic Offences Wing (EOW) of the Delhi Police has arrested a 67-year-old Singapore citizen for his alleged involvement in the case of Rs 10 crore international trade fraud involving forged shipping documents, an official said Thursday. Investigations revealed that Gupta submitted forged Bills of Lading (BLs) and fabricated shipping documents to a bank in Singapore which forwarded them to the bank located in Connaught Place. Acting on these fraudulent papers, the bank released around Rs 10 crore, despite no cargo being shipped, the statement read. Teams verified the documents with shipment agencies, all of whom denied any such shipment. The ship named in the documents had not carried any such consignment to India, confirming the BLs were completely fictitious, it said. The fake documents were seized from the bank's branch and formed a crucial part of the evidence. Gupta had repeatedly evaded investigation by citing health issues, but he joined the probe and was taken into custody, read the statement. Following his arrest, Gupta was remanded to one day of police custody on April 29. During interrogation, he provided vague and misleading responses and was subsequently remanded to judicial custody until May 14. He was confronted by representatives from the shipping firm, who confirmed that their company's name and seal had been used fraudulently. The accused's modus operandi involved forging BLs, invoices, and insurance documents using the names of legitimate international entities to obtain illicit funds against LCs, without delivering any goods. The EOW has officially notified the High Commission of Singapore in Delhi about his arrest as per diplomatic protocol. Further investigation into the case is ongoing, the statement added. PTI BM BM HIG HIG This report is auto-generated from PTI news service. ThePrint holds no responsibility for its content.
Hindustan Times
01-05-2025
- Business
- Hindustan Times
Singapore based Indian held in ₹10 crore international trade scam
New Delhi, The Economic Offences Wing of the Delhi Police has arrested a 67-year-old Singapore citizen for his alleged involvement in the case of ₹10 crore international trade fraud involving forged shipping documents, an official said Thursday. The accused, Mukesh Gupta, Managing Director of a private limited company was arrested on April 22 following a complaint filed by a Delhi-based firm for defrauding them in a timber import deal. According to the complaint, the firm had entered into an agreement with Gupta's company for timber imports from New Zealand and made payments through Letters of Credit . However, the shipment never arrived, police said in a statement. Investigations revealed that Gupta submitted forged Bills of Lading and fabricated shipping documents to a bank in Singapore which forwarded them to the bank located in Connaught Place. Acting on these fraudulent papers, the bank released around ₹10 crore, despite no cargo being shipped, the statement read. Teams verified the documents with shipment agencies, all of whom denied any such shipment. The ship named in the documents had not carried any such consignment to India, confirming the BLs were completely fictitious, it said. The fake documents were seized from the bank's branch and formed a crucial part of the evidence. Gupta had repeatedly evaded investigation by citing health issues, but he joined the probe and was taken into custody, read the statement. Following his arrest, Gupta was remanded to one day of police custody on April 29. During interrogation, he provided vague and misleading responses and was subsequently remanded to judicial custody until May 14. He was confronted by representatives from the shipping firm, who confirmed that their company's name and seal had been used fraudulently. The accused's modus operandi involved forging BLs, invoices, and insurance documents using the names of legitimate international entities to obtain illicit funds against LCs, without delivering any goods. The EOW has officially notified the High Commission of Singapore in Delhi about his arrest as per diplomatic protocol. Further investigation into the case is ongoing, the statement added.
Yahoo
23-04-2025
- Business
- Yahoo
Improving Financing Flow: CZ Cuts Trade Financing Processing Time with Mizrahi Tefahot Bank in the UK by 95% with WaveBL Digital Documentation
WILMINGTON, Del., April 23, 2025 /PRNewswire/ -- The OpportunityAs a leading supply chain services company operating in the UK, CZ, sought to streamline its trade finance operations and reduce the time-intensive processes associated with paper-based trade documentation. Traditional trade processes often involve multiple parties, high administrative costs, and lengthy timelines. This creates friction in global trade, particularly for fast-moving commodities like sugar. The growing adoption of digital trade solutions, such as electronic Bills of Lading (eBLs), allowed CZ to embrace fully digital trade documentation, enabling faster financing, reduced costs, and greater operational efficiency. The Solution CZ successfully executed its first fully digital trade financing transaction using WaveBL. This milestone transaction showcased the power of end-to-end digital trade processes: Issuance of eBL: The Mediterranean Shipping Company (MSC) issued an electronic Bill of Lading (eBL) on WaveBL and transmitted it to CZ. Compilation of Supporting Documents: CZ added electronic versions of the necessary trade documents, such as invoices and letter of instructions to the bank, to the WaveBL platform. Document Submission to the Bank: CZ sent the eBL and supporting documents to Mizrahi Tefahot Bank LTD, UK via WaveBL for review and processing. Financing Approval: The bank validated the documents against compliance requirements and promptly provided financing to CZ. Document Transfer to Importer: The bank forwarded the complete set of electronic documents to the importer in Israel, ensuring a seamless and efficient transaction. This streamlined process eliminated the need for physical documentation, saving significant time and reducing administrative burden for all parties involved. By now, CZ, fully transformed the flow and completed dozens of transactions. The Impact CZ experienced transformative benefits from this digital-first approach: Faster Financing: Traditional transactions take several days to get to the bank, and take 15–25 days until reaching the importer. This is now completed in hours, enabling quicker access to working capital. Enhanced Security: Documents were transmitted securely via WaveBL's blockchain-backed platform, mitigating risks associated with physical document loss or forgery. Cost Savings: The elimination of paper documentation reduced courier costs, printing expenses, and administrative overhead. Seamless Collaboration: WaveBL's platform provided a unified space for collaboration between CZ, its financial institution, and MSC, ensuring all parties remained synchronized throughout the process. "This digitised way of working represents a turning point in how we approach trade finance. By adopting WaveBL's digital platform, we've cut processing time from weeks to hours while ensuring security and transparency at every stage. This success sets a strong foundation for leveraging digital trade documentation in future operations."— Tanya Epshteyn, Associate Director, Head of Structured and Trade Finance, CZ CZ's journey showcases how fully digital trade documentation can revolutionize the way businesses manage international trade. By leveraging WaveBL, CZ demonstrated the power of faster financing, reduced costs, and secure collaboration. This success sets a benchmark for companies across industries, proving that embracing digital trade solutions is essential for staying agile, efficient, and competitive in today's global market. The bank, Mizrahi Tefahot Ltd in the UK, by using the WaveBL platform, allows its customers access for a very efficient and friendly way to manage their trade documentation, increasing their satisfaction from the services they receive. "The type of deals that CZ manage with their bank showcase that electronic trade is not limited to Letters of Credit and Collection but is everywhere in the Global Trade Finance arena." says Ofer Ein Bar, VP Financial Institutions at WaveBL. "The use case of using electronic documents to shorten the preliminary processes to financing, and at the same time reduce costs with a friendly and efficient user experience is a game changer for Global Trade. It will help to resolve the huge gap of financing so needed to support the growth of global trade." Photo - For inquiries: Ofer Ein View original content: Sign in to access your portfolio
Associated Press
19-02-2025
- Business
- Associated Press
MineHub Introduces Document Upload Automation for Efficient Supply Chains
MineHub automates document uploads to simplify and streamline supply chain workflows Vancouver, British Columbia--(Newsfile Corp. - February 19, 2025) - MineHub Technologies Inc. (TSXV: MHUB) (OTCQB: MHUBF) ('MineHub' or the 'Company'), a leading provider of digital supply chain solutions for the commodity markets, is pleased to announce the launch of its Document Uploader feature. This innovative tool is designed to simplify and automate document management within the physical commodities supply chains, facilitating its customers' ability to optimize their operations by efficiently sharing and reconciling shipment-related documents. This feature enables faster responses to disruptions, enhancing overall operations resilience. Currently, essential documents such as Bills of Lading, Packing Lists, Certificates of Analysis, and Warehouse Releases are primarily shared via email. This outdated process introduces inefficiencies, risks for manual error, and slows down the workflow. MineHub's Document Uploader modernizes this process by automating the identification and upload of these documents directly to the platform, ensuring they are associated with the correct shipment or order. The Document Uploader's initial scope focuses on shipment documents, the most frequent and impactful use case. By leveraging identifiers such as Shipment or Bill of Lading IDs in email subjects or file names, the system automatically organizes documents, creating a seamless audit trail and enhancing operational efficiency. Andrea Aranguren, CEO of MineHub, stated, 'Efficient document sharing is vital to our supply chain operations, yet many teams still struggle with outdated manual processes that lead to errors and delays. Our Document Uploader is designed to tackle these challenges head-on by automating workflows, reducing mistakes, and freeing businesses to focus on strategic initiatives that drive growth while ensuring supply chain integrity remains robust. This innovation not only enhances current operational efficiency but also sets a foundation for even more advanced tools in the future, helping our customers stay ahead of the digital transformation curve.' Key features of Document Uploader include: Automated Upload: Documents are identified and uploaded using shipment-specific identifiers, reducing manual intervention. Notifications: Relevant parties receive email updates when there are new documents uploaded. Centralized Management: Provides customers with a centralized location of all relevant document data, improving accessibility and traceability. Seamless Audit Trail: The system maintains a clear record of document uploads, enhancing transparency and compliance. MineHub plans to expand the Document Uploader's capabilities to include invoice and contract documents in future updates, further streamlining operations across the supply chain. By integrating automated document processing into its platform, MineHub continues to empower customers with tools that enhance visibility, streamline workflows, and deliver actionable insights. This launch underscores MineHub's continued dedication towards digitizing the commodities industry. About MineHub MineHub is the digital supply chain platform for the commodity markets, making raw material supply chains more efficient, resilient and sustainable. MineHub provides enterprise-grade digital solutions that connect buyers, sellers, laboratories and financiers within physical commodities supply chains in a digitally integrated workflow powered by data that is useable, shareable, verifiable and unforgeable. Users of MineHub solutions are in full control of their supply chains, enabling them to optimize their use of resources, respond better and faster to disruptions, and provide a better customer service. Global enterprises already use MineHub solutions as part of their logistics, compliance, trade management and financing operations. Andrea Aranguren CEO, MineHub Technologies Inc. For further information regarding MineHub, please email [email protected] or visit our website at Tel: (778) 373-3747 Cautionary Note Regarding Forward-Looking Statements Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. This news release contains statements that are considered 'forward-looking information' within the meaning of applicable Canadian securities legislation ('forward-looking statements') with respect to MineHub including, but not limited to, statements with respect to MineHub's future operational plans, the timing of such plans and anticipated customers. Forward-looking statements are statements that are not historical facts are generally, but not always, identified by the words 'expects', 'plans', 'anticipates', 'believes', 'intends', 'estimates', and similar expressions, or that events or conditions 'will', 'would', 'may', 'could' or 'should' occur. Although MineHub believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance, are subject to risks and uncertainties, and actual results or realities may differ materially from those in the forward-looking statements. Such material risks and uncertainties include, but are not limited to, the Company's ability to raise sufficient capital to fund its operations, applications and for general working capital purposes, changes in economic conditions or financial markets, changes in laws or regulations that could have an impact on the Company's operations, dependence on its key management personnel and market competition. Other risk factors are identified in the Company's management discussion and analysis, available on the Company's SEDAR+ profile at There may be other risk factors not presently known that management believes are not material that could also cause actual results or future events to differ materially from those expressed in such forward-looking statements. Although the Company has attempted to identify risk factors that could cause actual actions, events or results to differ materially from those disclosed in the forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. Also, many of the factors are beyond the control of the Company. Accordingly, readers should not place undue reliance on forward-looking statements or information. The forward-looking information is made as of the date included herein, and the Company assumes no obligation to publicly update or revise such forward-looking information. Forward-looking statements are based on the reasonable beliefs, estimates and opinions of MineHub's management on the date the statements are made. However, except as required by law, the Company undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors should change.
