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Vancouver Sun
17-07-2025
- Business
- Vancouver Sun
B.C. wants luxury property linked to alleged money launderer forfeited
The wife of alleged international money launderer Paul King Jin made a series of suspicious transactions through a shell company to buy a luxury riverfront penthouse in Richmond, the B.C. government says in a new lawsuit. The director of civil forfeiture wants the property, currently listed for sale for almost $5.9 million, handed over as proceeds of crime. The director's suit, filed July 11, is the fourth connected to Jin and his wife, Xiaoqi (Apple) Wei — targets in B.C.'s largest-ever money laundering investigation. Start your day with a roundup of B.C.-focused news and opinion. By signing up you consent to receive the above newsletter from Postmedia Network Inc. A welcome email is on its way. If you don't see it, please check your junk folder. The next issue of Sunrise will soon be in your inbox. Please try again Interested in more newsletters? Browse here. Three other continuing civil forfeiture lawsuits involve almost $28 million worth of Lower Mainland real estate, as well as millions in cash and other assets. The latest statement of claim lists the numbered company that owns the condo — 1218314 BC Ltd. — as the sole defendant. It says the company was set up in 2019 as a 'front or shell company and does not conduct any legitimate business.' '1218314 is and was used by various individuals to launder the proceeds of crime and to circumvent obligations under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act,' the director said in his claim. The company bought the penthouse condo at 1301-6633 Pearson Way in 2020 for $4,248,000 'with no mortgage registered on title.' But even when the building was under construction between 2015 and 2018, Wei was funnelling cash into the purchase of the unit, the lawsuit said. When police executed search warrants at Wei and Jin's other properties in October 2015, they found an offer to purchase and agreement of purchase and sale, two deposit receipts relating to the property and the floor plan for the 3,600-square-foot unit. The statement of claim said Wei signed a bank draft for $478,000 for the waterfront property on July 22, 2015, and paid another $478,000 on March 24, 2016. 'On or about July 22, 2016, a third deposit for the property was made by a bank draft for $239,000 dated July 15, 2016, remitted by Y.Z. Zhang, who is X. Wei's relative,' the lawsuit said. On Jan. 8, 2020, $250,000 was wired to 1218314 from a bank account held by 1080158 BC Ltd. with the memo 'project expenses.' At the time, Wei was a director of 1080158. The 1218314 company had 'no legitimate business relationship' with 1080158, the director alleged. '1080158's draft, cheque and wire transfers do not align with its business activities and are consistent with receiving and laundering the proceeds of crime.' On April 1, 2020, a cheque for $80,000 was issued to 1218314 from the 1080158 bank account with the memo 'rent payment.' The lawsuit restates the many allegations levelled against Jin and Wei — that they 'engaged in large-scale money laundering activities involving licensed casinos, illegal gaming houses, an unlicensed financial institution, extortion and loan sharking since in or about 2012.' It noted that during the October 2015 searches, the RCMP seized 'promissory notes, gaming chip invoice transaction records, shift schedules, payroll ledgers, invoices and other ledgers, and over $4,300,000 in bundled cash in a safe at one of the residences.' Neither Jin nor Wei has been charged criminally in the unprecedented police probe, dubbed E-Pirate. No statement of defence has yet been filed in the latest case. The government suit said the condo should be forfeited because it's 'an instrument of unlawful activity.' The alleged crimes include possession of the proceeds of crime, money laundering, conspiracy and failure to declare taxable income. The luxury waterfront condo, with four bedrooms and five bathrooms, boasts soaring ceilings, 'uninterrupted panoramic views' and resort-style amenities, according to the real estate listing. It was advertised for sale last week with the asking price more than $600,000 over the assessment value. kbolan@ Bluesky: @
Indian Express
14-07-2025
- Business
- Indian Express
ED arrests top executive of Sahara Group, broker in money laundering case
The Enforcement Directorate (ED) on Sunday said that it has arrested Anil Vailaparampil Abraham, Executive Director of Sahara Group's Chairman Core Management (CCM) Office, and Jitendra Prasad Verma, a long-time associate and property broker of the Sahara Group, from Kolkata in a case of money laundering involving Sahara India and its group entities. According to ED officials, Abraham played a 'key role' in coordinating and facilitating the sale of Sahara Group properties, many of which involved substantial unaccounted cash components that were siphoned off. 'Verma was actively involved in executing several of these property transactions and knowingly assisted in routing large cash proceeds generated from these sale transactions, thereby contributing to the concealment and dissipation of Proceeds of Crime (POC),' the ED official stated. According to the ED, 'incriminating documents' were recovered during the search operations. 'Such evidence suggested that the properties of the Sahara Group were being disposed of one by one in a clandestine manner. It was also found from the various digital evidence that these two persons — Abraham and Verma — had played a key role in the disposal of such properties and assisting the promoters of Sahara Group in siphoning off the funds,' said the official, adding the promoters were found to be involved while remaining outside India. Abraham and Verma were produced before a court on Saturday and sent to ED custody till July 14. The ED began its probe after over 500 FIRs were registered against various Sahara Group entities, with more than 300 involving scheduled offences under the PMLA, alleging large-scale cheating of depositors through forced redeposits and denial of maturity payments. The ED found that Sahara Group was operating a Ponzi scheme through entities like HICCSL, SCCSL, SUMCS, SMCSL, SICCL, SIRECL, SHICL, and others by luring depositors and agents with promises of high returns and commissions. 'Despite financial incapacity, the group continued to collect fresh deposits, part of which was siphoned off for benami assets and personal expenses,' the ED said.
The Irish Sun
11-07-2025
- The Irish Sun
Niece swindled aunt and uncle out of £150k life savings to splash out on 5* hotel stays and swish designer clothes
A NIECE swindled her elderly aunt and uncle out of their £150,000 life savings to fund her lavish lifestyle. Lucy Paginton funded luxury holidays and trips to five star hotels using money she had pilfered from relatives Frank Hillier, 88, and Mary, 90. 4 Lucy Paginton, 28, targeted her uncle Jack Hillier, 88, and aunt Mary, 90 Credit: WNS 4 The mum-of-one spent time at the five-star Celtic Manor resort in Newport Credit: Getty The 28-year-old, of Newport, South Wales, was raised by the couple "like a daughter" since the age of two. Cardiff Crown Court heard they spoiled her throughout her life, forking out on holidays, buying her gifts and leasing cars on her behalf. Pensioner Mrs Hillier told how both her and her husband had become "unwell" dealing with the stress and upset after the shocking betrayal. The mum-of-one spent time at the five-star Read more News In 2017, Paginton asked her aunt and uncle for their help to buy a house. But rather than using the money to put down a deposit, she kept the money they had given her. To continue her deception, Paginton then forged several documents including correspondence from Halifax bank and Redrow house builders. Prosecutor Thomas Stanway told the court: "A plan was agreed that they would pay the deposits for two properties. Most read in The Sun "Paginton would live in one house and her aunt and uncle in the other. "The property the Hilliers lived in would then pass over to her after they had died. "When one considers Miss Paginton's bank statements one can see that in effect the payments were simply made to fund her lifestyle. "There were visits to the Celtic Manor Resort, payments to Flannels, a high-end designer clothing shop. My disabled mum said she was in love with US soldier but she'd actually given conman £169k - she's one of 1,000s of Brits being targeted "There were also payments to various travel companies noted within her bank statements." In a victim impact statement, Mrs Hillier told how the betrayal had hurt more because the couple had showed Paginton "so much love". She said: "It hurts because she lied to us and we showed her so much love, gave her holidays, money and she never went without. "We were willing to buy her a house but she decided to steal from us instead. "It's affected my mental health and my husband's physical and mental health. "Every night going to bed I find it difficult to sleep and we're constantly worried about the case. "The stress of it all has made us unwell." The court heard she had gained £150,555 from her fraud. 4 Following a ruling at Cardiff Crown Court, Paginton was ordered to pay just £1 because she had no available assets Credit: Getty But at a Proceeds of Crime hearing, Paginton was ordered to pay just £1 because she had no available assets. Mrs Hillier explained that the couple made sure their niece didn't get away with her crimes, but insisted they still loved her. She added: "We have lost everything we have worked hard for and family have distanced themselves from us. "We couldn't let her get away with this and can't believe she did this. "We still love the defendant but she hurt us and broke our trust. "We hope to get justice from this case and make Lucy realise the consequences of her actions. She was jailed for four years and eight months in January after pleading guilty to seven counts of fraud at Newport Crown Court. During her sentencing, Judge Carl Harrison said: "Your victims thought highly of you, they trusted you and they loved you. "It was that love and trust that led them to falling victim to your repeated dishonest behaviour. "For four years you cynically and repeatedly abused the trust that Frank and Mary Hillier placed in you to enrich yourself and defraud them. "They described it as being a living hell. They are an elderly couple who should be looking forward to their future . "Their lives have been ruined by your selfish actions." 4 Paginton funded luxury holidays and trips to five star hotels using money she had pilfered from her doting relatives Credit: Alamy
NDTV
11-07-2025
- Business
- NDTV
Probe Agency Restores Properties Worth Rs 55.85 Crore In Era Infra Fraud Case
In a significant step towards restoring the Proceeds of Crime (POC) to rightful claimants, the Directorate of Enforcement (ED) has restored assets valued at Rs 55.85 crore to the Successful Resolution Applicant in the case of Era Infra Engineering Limited. The restoration comes in connection with a bank fraud case involving loans worth Rs 650 crore availed by Era Infra Engineering Limited from UCO Bank, of which Rs 250.70 crore was allegedly siphoned off. The CBI had registered an FIR (RCBD1/2018/E/0007) on April 12, 2018 against the company, its promoter Hem Singh Bharana, and others under IPC sections 120-B, 420, 467, 468, 471 and provisions of the Prevention of Corruption Act. ED's probe revealed that the company fraudulently diverted substantial loan amounts to its group entities in violation of the loan agreement. The account was subsequently classified as Non-Performing Asset (NPA) on July 7, 2013. During the course of the investigation, ED had provisionally attached assets under three separate orders issued in 2019 and 2020, which included two Tunnel Boring Machines, bank account balances, and other movable and immovable properties. A Prosecution Complaint seeking confiscation of these assets was filed on March 3, 2021. With the company undergoing resolution, the National Company Law Tribunal (NCLT) approved a resolution plan by SA Infrastructure Consultants Pvt. Ltd. on June 11, 2024. Subsequently, the new management filed an application before the Hon'ble Special Court, New Delhi, seeking restoration of the attached properties in line with the approved plan. Considering the facts and the resolution process, the ED agreed to restore the assets, and the Special Court ordered the return of properties worth Rs 55,85,96,157 to the new management of Era Infra Engineering Ltd. This move underscores the ED's commitment to ensuring that illicit assets are recovered and repatriated to legitimate stakeholders. The agency reaffirmed its dedication to fighting financial fraud and safeguarding public funds through continued enforcement action under the Prevention of Money Laundering Act (PMLA), 2002.
Hans India
10-07-2025
- Business
- Hans India
ED restores assets worth Rs 3.82 crore to Waqf Board
Bengaluru: In a significant move to restore the Proceeds of Crime (POC) to the rightful claimants, the Enforcement Directorate (ED), Bengaluru Zonal Office, has taken a significant step by releasing properties valued at Rs 3.82 crore to the Karnataka Waqf Board in a money laundering case. The money from the Waqf Board released for fixed deposits was utilised to purchase a Mercedes-Benz car, and a further amount was transferred to a trading corporation. According to an official statement of the ED issued on Tuesday, the agency initiated an investigation on the basis of an FIR filed against two Vijaya Bank officials and Syed Siraj Ahmed, a First Division Assistant with the Waqf Board. In this case, the Waqf Board issued two cheques amounting to Rs 4,00,45,465 to open Fixed Deposit accounts at Vijaya Bank. However, instead of opening the fixed deposits, the money was siphoned off by transferring it to fictitious entities, the ED stated. Further, Rs 4 crore was transferred to M/s. Verkeys Realities Pvt Ltd, which spent Rs 1.10 crore purchasing a Mercedes car from Ghatge Motors Pvt Ltd. Further, Rs 2,72,74,444 was transferred back to the account of M/s. Ajay Sharma Trading Corporation, the ED stated. Upon uncovering these illicit financial transactions and the proper money trail of Proceeds of Crime (POC), the ED issued a Provisional Attachment Order (PAO) totalling Rs 3,82,74,444, the ED said. On March 31, 2017, ED filed a Prosecution Complaint (PC) before the Special PMLA Court in Bengaluru, against six individuals and entities, including M/s. Verkeys Realities Pvt Ltd, the statement said. In line with the PMLA and its core objective of ensuring the restitution of POC to the legitimate victims, the ED did not raise any objections when the Additional Sessions Judge considered the release of the funds to the Karnataka State Wakf Board—the rightful claimant in this case, the ED said. On July 1, 2025, in a further demonstration of its commitment to justice, ED facilitated the release of the entire amount. A banker's cheque of Rs 3,82,74,444 was handed over to Jeelani H. Mokashi, CEO (Additional Charge), of the Karnataka State Wakf Board, the ED said. This marks a significant step forward in the ED's ongoing mission to restore the misappropriated funds to those who have been wronged, the ED said. This release underscores the ED's commitment to ensuring justice for victims of financial crimes. ED remains resolute in its dedication to combating money laundering and ensuring that the Proceeds of Crime are returned to their rightful owners, the ED stated.
