Latest news with #Hawala
Hans India
03-06-2025
- Hans India
TGANB apprehends Nigerian drug dealer, seizes drugs worth Rs 1.25 cr
Hyderabad: The Telangana Anti-Narcotic Bureau (TGANB) apprehended a Nigerian drug peddler who was in possession of psychotropic drug Cocaine and Ecstasy pills. Police seized drugs worth Rs 1.25 crore from his possession. The arrested person was identified as Emmanuel Bediako Alias Maxwell (34). Police seized 150 grams of Cocaine, 1,100 Ecstasy pills and two mobile phones from him. Sunny and Onyeisi Romanus Ikechukwu of Nigeria are absconding. According to police, Maxwell visited India three times. For the third visit, his total commission was around Rs 1.17 crore (210 million Nigerian Nairas). During his first visit to India, from November 2013 to July 2022, he visited Bangalore on medical visa using his original name Omyeisi Esomchi Kenneth, but never went to Bangalore and it was fake. From there he went to Goa, as per the instructions given by his cousin Romanus and stayed there. As long as he stayed in India, he was operating a mobile phone and carried on his drug business. During 2013 to 2022, he had sold drugs worth more than 2 crore. His commission was 20 per cent and earned almost Rs 40 lakh (72 million Niaras) during this period. In August 2021, he went back to Nigeria. For the second time, on December 25, 2023, he arrived at Delhi on medical visa for Bangalore on the name of Ezuruike Chirotam Valentine. But he never went to Bangalore, and instead went to Goa and did drug business along with Romanus and went back to Nigeria in the month of July-2024. In seven months, he earned Rs 20 lakh. Police said that in his third visit in January 2025, Romanus advised Maxwell to go to India on Ghana passport by another name and deposited 2,000,000 Nairas in his bank account and asked him to go to Ghana and meet a person who will prepare his travel documents to India. On January 25, 2025, he came to Delhi, India on medical visa by using Ghana passport on the name of Bediako Emmanuel. After landing at Delhi, again he went to Goa and stayed there. He dealt with pure Cocaine and MDMA. He sold the pure Cocaine for a price of Rs 25,000 per gram and each Ecstasy pill for a price of Rs 6,000. K Madhu Mohan Reddy, DSP TGANB said that in 2024-2025 till his arrest, he laundered money to the tune of 103 million Nigerian Nairas which was his commission for the sale of drugs. The drugs sold in India would be around 500 million Nigerian Nairas. The drugs that were being sold by the Nigerian drug cartels came from abroad and the drug money and profits were sent to Nigeria through an extensive money laundering channel involving an Indian Hawala operator and a Nigerian stationed in Mumbai. He had provided almost 150 bank transactions to his boss Romanus, his wife and his brother in law, totaling about 103 million Nigerian Nairas. A few days back, Romanus instructed him to expand the business beyond Goa and suggested doing it in Hyderabad as there is a high customer base. He came to his friend's house in Sainikpuri and brought drugs to develop the network of local peddlers and consumers. On information, the sleuths of TGANB apprehended the accused in Sainikpuri.
Business Recorder
03-06-2025
- Business
- Business Recorder
Pakistan in serious talks with Russia on steel mills issue
ISLAMABAD: Pakistan is in serious talks with Russia to set up a new steel mills or restore the Pakistan Steel Mills (PSM) in Karachi to fulfill local demand. This was stated by the Special Assistant to the Prime Minister (SAPM) on Industry and Production Haroon Akhtar Khan in a chat with Business Recorder, saying that both the countries, in the past few months, have held two fruitful meetings on the subject and are moving ahead on the matter. The SAPM, responding to a question, said that 'technical experts are analysing the state of the present machinery of PSM and if 50 percent machinery is useable, the government is surely going to restore the PSM with Russian cooperation'. He said that the PSM owned 18,660 acres of land, out of which, 710 acres is under consideration for the setting up a new steel plant. Pakistan, Russia agree to establish new steel mills in Karachi According to officials, although Pakistan is rich in iron ore, with estimated reserves of 1.887 billion tons, it still imports about $2.7 billion worth of steel every year. Officials said that domestic steel production is not enough to meet all demand, with a supply gap of 3.1 million tons last year. The proposed steel plant site is strategically located near Port Qasim, which will help reduce transportation costs of raw materials, thereby, providing a competitive advantage. The SAPM further said that to safeguard the interests of the business community the government is to introduce some amendments in the Securities and Exchange Commission of Pakistan (SECP). He added that the homework on amendments to the SECP law has been completed, a new clause will be added, amendment to the law regarding the investigation of the financial monitoring unit are also under consideration, in the name of suspicious transactions, the matter is being confused by sending it to investigative agencies without investigation. He said that the investigating agencies including National Accountability Bureau (NAB), Federal Investigation Agency (FIA) and other anti-corruption departments will have to seek permission from SECP before launching any investigation against any business entity or individual. Khan said that if there is suspicion of terror financing and money laundering, then after investigation, it should be sent to the relevant agency. Talking about the remittances and other payment transfers through banking channels, the SAPM said such payments are already reaching the country through reliable and proper channels, so there should not be any need to investigate the sources. However, illegal channels such as Hawala and Hundi must not be allowed. He said that to promote and encourage the investment in the country the government is considering to waive off additional fines and surcharges on investment in industrial sector, but it will take a little time. He said that his ministry has finalised the industrial package to run closed industrial units in the country and increase business activities. He said that for the first time in the country, the government has decided to introduce bankruptcy law. The purpose of the law is to enable the owners of closed industrial units to obtain loans from banks. Khan said that instead of auctioning bankrupt industrial units, the law will allow banks to give loans to such units, so, that they can restore themselves. Copyright Business Recorder, 2025
Business Recorder
03-06-2025
- Business
- Business Recorder
Serious talks with Russia on steel mills issue
ISLAMABAD: Pakistan is in serious talks with Russia to set up a new steel mills or restore the Pakistan Steel Mills (PSM) in Karachi to fulfill local demand. This was stated by the Special Assistant to the Prime Minister (SAPM) on Industry and Production Haroon Akhtar Khan in a chat with Business Recorder, saying that both the countries, in the past few months, have held two fruitful meetings on the subject and are moving ahead on the matter. The SAPM, responding to a question, said that 'technical experts are analysing the state of the present machinery of PSM and if 50 percent machinery is useable, the government is surely going to restore the PSM with Russian cooperation'. He said that the PSM owned 18,660 acres of land, out of which, 710 acres is under consideration for the setting up a new steel plant. Pakistan, Russia agree to establish new steel mills in Karachi According to officials, although Pakistan is rich in iron ore, with estimated reserves of 1.887 billion tons, it still imports about $2.7 billion worth of steel every year. Officials said that domestic steel production is not enough to meet all demand, with a supply gap of 3.1 million tons last year. The proposed steel plant site is strategically located near Port Qasim, which will help reduce transportation costs of raw materials, thereby, providing a competitive advantage. The SAPM further said that to safeguard the interests of the business community the government is to introduce some amendments in the Securities and Exchange Commission of Pakistan (SECP). He added that the homework on amendments to the SECP law has been completed, a new clause will be added, amendment to the law regarding the investigation of the financial monitoring unit are also under consideration, in the name of suspicious transactions, the matter is being confused by sending it to investigative agencies without investigation. He said that the investigating agencies including National Accountability Bureau (NAB), Federal Investigation Agency (FIA) and other anti-corruption departments will have to seek permission from SECP before launching any investigation against any business entity or individual. Khan said that if there is suspicion of terror financing and money laundering, then after investigation, it should be sent to the relevant agency. Talking about the remittances and other payment transfers through banking channels, the SAPM said such payments are already reaching the country through reliable and proper channels, so there should not be any need to investigate the sources. However, illegal channels such as Hawala and Hundi must not be allowed. He said that to promote and encourage the investment in the country the government is considering to waive off additional fines and surcharges on investment in industrial sector, but it will take a little time. He said that his ministry has finalised the industrial package to run closed industrial units in the country and increase business activities. He said that for the first time in the country, the government has decided to introduce bankruptcy law. The purpose of the law is to enable the owners of closed industrial units to obtain loans from banks. Khan said that instead of auctioning bankrupt industrial units, the law will allow banks to give loans to such units, so, that they can restore themselves. Copyright Business Recorder, 2025
New Indian Express
30-05-2025
- Entertainment
- New Indian Express
Rajaputhiran Movie Review: Shines in character development, stumbles in narration
In director Mahaa Kandhan's Rajaputhiran, a major plot development is given away in the very first scene, a narrative flaw that undermines the impact of the film. While this presents a challenge, the film boasts many notable positives holding it together. The chief among them is the sparkling camaraderie between Prabhu and Vetri as father and son. Prabhu's character has groomed his son as a 'prince' from a young age, pampering him and never letting him feel the absence of his mother. However, when the boy grows up, he joins a Hawala racket as a money carrier, unbeknownst to his father, a decision that gains him some allies, friends, and many foes. Rajaputhiran's beauty lies in its simplicity, which is especially evident in the interactions between Vetri's and Prabhu's characters and the former and his love interest (Krishnapriya). What drives the love story at the centre of the film is not grand romantic gestures, sweeping promises or dramatic conflicts but rather the pleasantries between the two leads that radiate charm. The allure that emanates from these simple exchanges carries the film's romantic thread gracefully through its runtime. Director: Mahaa Kandhan Cast: Prabhu, Vetri, Krishnapriya, Komal Kumar
Hindustan Times
19-05-2025
- Business
- Hindustan Times
Supreme Court asks central government why crypto trading can't be regulated
The Supreme Court on Monday questioned the central government's prolonged inaction on regulating cryptocurrencies and said that the absence of a clear legal framework haS created a fertile ground for 'misuse.' The Court also reiterated that unregulated Bitcoin trading was 'nothing but a more polished form of Hawala,' an informal and illegal method of transferring money across countries. A bench of Justices Surya Kant and N Kotiswar Singh made the remarks while hearing a bail petition filed by Gujarat resident Shailesh Babulal Bhatt, who has been accused of cryptocurrency related fraud across multiple states. Though the bail plea itself was unrelated to broader policy matters, the bench to expressed its concern over the lack of regulation in the cryptocurrency sector. It also questioned why the Enforcement Directorate, the prosecuting agency in the case,felt the need to arrest Bhatt after completion of its probe when it had not arrested him while its investigation was ongoing. The bench reminded the union government that nearly 'two years ago,' the top court sought clarity on India's policy regarding virtual currencies. It added that banning cryptocurrencies outright would be unwise, as newer financial mechanisms were evolving in global trade, but that some form of regulation was a must. The government's failure to regulate the space, the apex court said, amounted to turning a 'blind eye' to a pressing issue. Also Read: Pune businessman falls prey to Bitcoin fraud, loses ₹23.24 lakh 'Nobody is saying to stop it since you have said earlier that cryptocurrency is not illegal and banning it will not be wise for the economy. Banning may be shutting your eyes to the ground reality. But what about regulating it?' While the Union's counsel. Additional Solicitor General Aishwarya Bhati sought time to secure instructions, the Court also raised concerns about the evidentiary challenges that law enforcement might face in the absence of a legal definition or framework for crypto assets. 'If tomorrow somebody asks, 'Prove what is this asset, how are we going to prove it?' We are not experts. Experts will have examine it, but some steps to regulate it are necessary. We are told crypto trading is very a Bitcoin might be worth lakhs and tomorrow it can mean nothing,' the bench said. Senior advocate Mukul Rohatgi, representing Bhatt, had earlier argued that Bitcoin trading was not illegal in India, particularly after the Supreme Court in 2020 struck down a Reserve Bank of India circular that had barred banks from facilitating crypto-related transactions. He had argued that Bhatt's arrest was unjustified in the absence of a law banning such activity. Currently, India imposes a flat 30% tax on profits from cryptocurrency transactions and a 1% tax deducted at source on every trade. However, cryptocurrencies such as Bitcoin and Ethereum are neither recognised as legal tender nor banned outright. RBI has repeatedly warned of the risks associated with crypto investments, even as it promotes the Digital Rupee, a central bank digital currency. A draft bill to regulate cryptocurrencies was prepared in 2021 but is yet to be tabled in Parliament. In July 2023, another bench of the Supreme Court directed the union government to clarify if it intended to 'set up a federal agency to investigate criminal cases involving cryptocurrencies.' At the time, the court had said it was 'unfortunate' that the Union government did not have either a law to regulate digital currencies or an expert agency to probe such matters.
