Latest news with #Dubai-based
Time of India
an hour ago
- Business
- Time of India
Delhi High Court denies bail to cryptocurrency scam accused citing economic implications
New Delhi: Delhi High Court on Monday highlighted that dealings in cryptocurrency have profound implications on the country's economy by way of "dissolution of recognised money into the dark, unknown and untraceable money". Denying bail to a man accused of running a cryptocurrency-based scam, the court noted that a huge number of people had been defrauded. "The allegations against the accused in this multi-victim scam are quite serious, more so in light of his antecedents of involvement in as many as 13 more cases of similar nature," Justice Girish Kathpalia observed, rejecting the bail plea of the businessman in a cheating case related to cryptocurrency. You Can Also Check: Delhi AQI | Weather in Delhi | Bank Holidays in Delhi | Public Holidays in Delhi Umesh Verma was arrested in Dec 2020 and was currently out on interim bail in the matter. The court directed Verma, accused in the case against the Dubai-based cryptocurrency company, Pluto Exchange, to surrender before the investigating officer or the trial court. In its order, the court said his act of collecting money even after the de-recognition of cryptocurrency showed mala fide action. It pointed out that the accused is alleged to have duped 61 investors after "painting a rosy picture" of getting them returns of 20-30% on their investments in cryptocurrency, a process which he continued against the gullible people even after the de-recognition of cryptocurrency. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Is it legal? How to get Internet without paying a subscription? Techno Mag Learn More Undo "The deep pockets of the accused, coupled with the nature and expanse of the offence in the present case and 13 more cases with the consequential possibility of long incarceration, lend credence to the apprehension of prosecution that the accused is a flight risk," the judge added. The court underlined multiple factors that convinced it to deny bail to Verma, such as the complexity and expanse of the economic crime alleged against him, the continuance of collection of investments in the business of cryptocurrency by Verma from credulous investors, "swayed by the mirage of 20% to 30% profit assured by the accused/applicant, despite the de-recognition of cryptocurrency; blatant misuse of the mediation system by the accused/applicant by alluring execution of mediation settlements and not complying with the same despite adjournments across more than two years before the predecessor benches. " The court also noted that the accused was a "serious flight risk" and the probe against him is still on, with more and more victims coming to light.
Yahoo
5 hours ago
- Business
- Yahoo
Syria signs $800m Tartous port deal with UAE firm DP World
Syria has finalised an $800m agreement with Dubai-based DP World to redevelop its Tartous port in a bid to speed up post-war reconstruction. State news agency SANA said the deal was signed in Damascus on Sunday between DP World and the General Authority for Land and Sea Ports, in the presence of Syrian President Ahmed al-Sharaa. Syrian officials described the deal as a key step towards modernising the country's logistics infrastructure. 'This strategic move will bolster our port operations and logistics services,' SANA quoted an unnamed official as saying. Since the fall of former President Bashar al-Assad in December, Syria's new leadership has been pushing to re-establish economic ties with international companies and bring the war-torn country back into the global market. Speaking after the signing, DP World CEO Sultan Ahmed bin Sulayem said Syria's economic potential remained strong, noting the Tartous port could play a central role in reviving local industry. 'Syria possesses valuable assets,' he said, 'and Tartous is an essential hub for trade and exports. We aim to transform it into one of the world's leading ports.'DP World manages dozens of port facilities across Europe, Africa and Asia and has been expanding its reach in the Middle East. Qutaiba Badawi, who heads Syria's port authority, said the agreement marked more than just a commercial venture. 'We are laying the groundwork for a new era of maritime development, positioning Syria again on the international economic stage,' he said. The Tartous deal follows several high-profile contracts signed in recent months. In May, Damascus entered a 30-year agreement with French shipping company CMA CGM to operate Latakia port. That same month, Syria inked a $7bn energy deal with a coalition of Qatari, Turkish, and US firms to revive the country's power sector. Earlier this month, the United States said it will revoke its designation of Hayat Tahrir al-Sham as a 'foreign terrorist organization' as Washington softens its approach to post-war Syria. Last month, US President Donald Trump issued an executive order lifting several longstanding sanctions on Syria, which Washington said would support the country's reconstruction. The US Treasury noted the decision would ease restrictions on companies considered vital to Syria's rebuilding and governance. Western sanctions had hampered reconstruction efforts for years, further crippling an economy already shattered by more than a decade of civil war and human rights abuses under al-Assad's rule.
Kuwait Times
6 hours ago
- Business
- Kuwait Times
Crypto exchanges rushed to list Trump's coin
NEW YORK: Crypto exchange Coinbase assures users on its website that it puts any new digital coin through 'rigorous' vetting before allowing it to trade. It's an at-times lengthy process meant to protect customers by examining the people connected to the project and the risk of market manipulation or other scams. With President Donald Trump's crypto token, $TRUMP, Coinbase made up its mind in just one day. The $TRUMP token, which launched three days before his inauguration in January, is a meme coin. Based on cultural fads or celebrities, these coins have no intrinsic value and – past experience has shown – are prone to large price swings that can leave investors with losses. A Reuters analysis of crypto market data and industry announcements found that, compared to other recent large meme coins, the biggest crypto exchanges took Trump's to market with unusual speed, despite stating they vet risky coins thoroughly to protect small investors. Some also approved the listing in spite of the high share of coins concentrated in the hands of Trump and his partners, which would normally represent a red flag because of the risk that dumping of tokens by insiders could collapse the price and hurt other investors, some executives said. After reaching an all-time high of $75.35 on April 19, just two days after its launch, $TRUMP crashed to the $7 range by early April, leaving many holders nursing losses. It was trading around $9.55 Thursday. 'When the president of the United States launches a meme coin, I thought I might as well put some money inside,' said Carl 'Moon' Runefelt, a Dubai-based crypto investor who runs a bitcoin trading channel on YouTube called the 'Moon Show.' Runefelt said he bought $300,000 worth of the meme coin in tranches at between $50 and $60: 'It's probably one of my worst trades, unfortunately.' The Reuters analysis showed that eight of the 10 largest crypto exchanges by market share listed the coin within 48 hours of its release. The ninth, Coinbase, added $TRUMP to its listings roadmap on January 18 – indicating it had decided to accept it - and listed the coin three days later. The tenth, Upbit, listed $TRUMP on February 13. That was much faster than they've done on average with the biggest meme coins. Reuters examined how long it took the same 10 exchanges - Binance, Bitget, MEXC, OKX, Coinbase, Bybit, Upbit, and HTX - to list the four other largest meme coins launched since 2022. These, measured by market cap on May 29, are Pepe, Bonk, Fartcoin and dogwifhat. All 10 exchanges listed Pepe and Bonk. Nine listed dogwifhat, and seven listed Fartcoin. On average, the 10 exchanges took 129 days to list those coins. For $TRUMP, they took an average of four. Asked for comment about why they listed $TRUMP so quickly, Bitget, MEXC, OKX, Coinbase and Upbit all said they had not cut any corners with their vetting process. The other five exchanges did not respond to Reuters' questions. Three – Bitget, Coinbase, MEXC – said they moved fast to respond to overwhelming demand for the $TRUMP coin. 'The crypto space was buzzing with the hype and, as any other token with a growing craze, it was imperative to add TRUMP,' Gracy Chen, Bitget's CEO, said in a statement. Chen said the fact that Trump himself announced the coin on his social media accounts 'should kind of solve the compliance issue,' citing the fact that 'he's the president of the United States.' Reuters found no suggestion that Trump or anyone related to his businesses exerted pressure on the exchanges. In response to a request for comment, a White House press official told Reuters the president's assets had been placed in a family trust: 'There are no conflicts of interest because the president isn't managing the assets. Any insinuation that there is a conflict of interest is irresponsible.' The official referred specific questions about the meme coin to the Trump Organization, which did not respond to Reuters. Coinbase said the $TRUMP token got no special exceptions and the exchange followed its normal process when listing the coin. Paul Grewal, Coinbase's chief legal officer, said many people had to work over the weekend to get the listing done quickly, but no steps were skipped. 'Given the information that was shared publicly, we were confident that users could engage with the token positively and safely,' Grewal told Reuters. Coinbase listed $TRUMP as an 'experimental' token to indicate it comes with 'certain risks, including price swings,' according to the company's website. — Reuters
Fashion United
9 hours ago
- Business
- Fashion United
Judge dismisses 25 million dollar NFT lawsuit against Dolce & Gabbana's US arm
A New York federal judge has dismissed a lawsuit against Dolce & Gabbana USA Inc. that had accused the retailer of abandoning a non-fungible token (NFT) project and failing to deliver on promised benefits. The case was originally filed in May 2024 by Luke Brown and later amended in September. The plaintiff had claimed that both Dolce & Gabbana USA and its Italian parent company Dolce & Gabbana SRL operated as 'effectively the same company'. The brand's Dubai-based partner UNXD and Italian firm Bluebear Italia, the creator of the NFT collection, were also named as defendants. In the latest court documents, the 25 million dollar lawsuit was found to be insufficient on the grounds that Dolce & Gabbana USA was the only US-based defendant cited, and was therefore not liable for the allegations against its parent firm. In the suit, Brown claimed that Dolce & Gabbana did not follow through on certain perks that were promised upon the purchase of an NFT from its 'DGFamily' collection. Among the benefits initially offered were that of physical clothing, access to events and digital outfits, all of which were supposed to be delivered each quarter. According to Brown, however, the brand had 'failed to provide the complete set of benefits' promised. Brown also accused Dolce & Gabbana of delaying the delivery of the NFTs by a week, causing their value to decrease by 5,800 dollars. The suit says the delays occurred when the brand failed to secure approval for certain assets from UNXD. Dolce & Gabbana USA filed to dismiss the suit in January 2025, stating that as it was a separate subsidiary to its Italian parent, which had allegedly established the NFT project, it could not be held accountable. Judge Naomi Reice Buchwald had determined that the suit lacked specific facts to prove the US entity was directly involved in the project, meaning that it was 'plainly insufficient to withstand D&G USA's motion to dismiss'. Buchwald added: 'The court finds that plaintiff has not adequately alleged that D&G SRL completely dominated D&G USA even if D&G SRL allegedly shared some employees and office space with D&G USA.'
Hi Dubai
11 hours ago
- Business
- Hi Dubai
Dubai Chambers Strengthens Industrial Ties with China through CMIF Partnership
Dubai Chambers has signed a strategic agreement with the China Machinery Industry Federation (CMIF) in Beijing to boost bilateral cooperation and attract Chinese industrial firms to Dubai, in line with the emirate's economic ambitions under the Dubai Economic Agenda (D33). The signing took place during a roundtable hosted by Dubai Chambers and CMIF, aimed at promoting advanced technology collaboration and supporting Chinese companies seeking regional expansion. The event gathered key players from sectors including automotive, construction, industrial machinery, and water purification. The Memorandum of Understanding was formalised in the presence of Mohammad Ali Rashed Lootah, President and CEO of Dubai Chambers, and Niansha Xu, Chairman of CMIF. It outlines plans to enhance economic ties, facilitate knowledge exchange, and encourage joint ventures across priority sectors. Lootah emphasised Dubai's commitment to creating long-term growth opportunities, noting that the partnership would support Chinese firms in leveraging Dubai's position as a global business hub. Under the agreement, Dubai Chambers will provide end-to-end support to CMIF member companies looking to establish operations in the emirate, while CMIF will assist Dubai-based firms in forming partnerships within mainland China. The collaboration also extends to trade exhibitions, business missions, and data exchange initiatives. The roundtable highlighted Dubai's increasing focus on innovation-led industries such as AI and robotics and reaffirmed Dubai Chambers' efforts to position the city as a launchpad for Chinese manufacturers targeting regional and global markets. News Source: Emirates News Agency
