Latest news with #RazaNaqvi
Time of India
3 days ago
- Business
- Time of India
2 convicted to 5 years in 68cr bank fraud case
Mumbai: A magistrate's court on Thursday convicted and sentenced two men, Raza Naqvi (38) and Varun Rana (41), to five years of rigorous imprisonment for their involvement in a sophisticated financial fraud amounting to Rs 68.22 crore against Shinhan Bank in 2020. Naqvi and Rana were found guilty of flouting norms by sending Rs 68 crore in two months to companies in the US and Singapore. The fraudulent scheme involved crediting significant amounts into accounts in Mumbai (M/s ID Technologies Private Limited) and Delhi (M/s Liqus Tradex Private Limited). Instructions were then given to immediately remit equivalent sums in foreign currency, primarily to Singapore and the US. The fraud, which took place between Sept and Dec 2020, came to light after Shinhan Bank's New Delhi branch received a notice from the Cyber Cell, Odisha Police, regarding suspicious activities in M/s Liqus Tradex Pvt Ltd's account. This prompted an internal inquiry by the bank's Compliance Department, which uncovered high-volume, high-value domestic transactions inconsistent with the account holder's profile. Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Direct shopping From Adidas Franchise Store... Adidas Buy Now Undo Further investigations revealed that the photographs on identity documents (Aadhaar and PAN cards) submitted for opening accounts for both M/s Liqus Tradex Pvt. Ltd (New Delhi) and M/s ID Technologies Pvt Ltd (Mumbai) were identical, despite bearing different names. While another accused, Sumit Verma, was acquitted, two others, Anuj Kumar Chand and Sunita Devi, remain absconding. Public prosecutor Pravina Patil argued that it is a white-collar crime and had a significant effect on society. In a 60-page judgment, the magistrate stated that evidence from prosecution witnesses established that Raza Naqvi appeared before Shinhan Bank officials and participated in the account opening process of M/s ID Technologies Pvt Ltd by falsely identifying himself as Santosh Kumar. "Subsequently, this account was used to carry out large-scale foreign remittances amounting to Rs 68 crore, based on documents and representation believed to be genuine by bank officials. ..," additional chief judicial magistrate RD Chavan said. The magistrate said that prosecution evidence proved that accused Varun Rana posed as Jogendrasingh and represented himself as a director of M/s ID Technologies Pvt Ltd to Shinhan Bank. "Real Jogendra Singh has categorically denied having opened any such account…," the magistrate said. Get the latest lifestyle updates on Times of India, along with Eid wishes , messages , and quotes !
Express Tribune
25-04-2025
- Express Tribune
Medical devices, e-cigarettes worth Rs14 crore seized at Karachi port
Listen to article Pakistan Customs has thwarted an attempt to smuggle goods worth Rs14 crore through misdeclaration at Karachi's Qasim International Container Terminal (QICT), officials said Friday. According to Deputy Collector Raza Naqvi, the consignment was declared under the Export Facilitation Scheme (EFS) as aluminium foil scrap, but examination revealed it contained a range of undeclared high-value items, Express News reported. These included medical equipment, e-cigarettes, vape flavours, and lithium batteries. The 40-foot container, imported from Malaysia, was cleared through the Green Channel at QICT. Customs acted on a tip-off and seized the container immediately after it exited the terminal. Documentation showed a declared weight of 81,950 kilogrammes of aluminium foil. 'After a thorough examination, the consignment was found in clear violation of EFS rules,' Naqvi confirmed. Officials registered a case against the importer, M/s Domestic Industries, and confiscated the goods. Further investigations are ongoing.
Express Tribune
05-03-2025
- Business
- Express Tribune
Huge quantity of smuggled US almonds seized
Pakistan Customs Enforcement Karachi has uncovered a massive smuggling of American almonds under the guise of beans, in which duty taxes worth over Rs3.6 billion were evaded. According to Deputy Collector Customs Enforcement Raza Naqvi, a tip-off was received that an importer named M/s AR Brothers was smuggling a large quantity of shelled American almonds under the guise of beans from Jebel Ali, Dubai, and transferring them to their warehouses. Acting on this intelligence, Collector Customs Enforcement Moinuddin Wani ordered the seizure of all incoming containers of beans. The Anti-Smuggling Organisation (ASO) team intercepted and seized two containers from Karachi International Container Terminal (KICT) that had been cleared via the Web Based One Custom (WeBOC) Green Channel and were being shifted to Rehman Warehouse, Falcon Logistics Complex, Hub River Road. Additionally, two more containers were recovered from Haroonabad SITE Area warehouses. Later, the ASO also seized two more containers at the KICT exit gate, which had already been cleared. Authorities revealed that a total of 155 tons of shelled American almonds, 50 tons of beans, 15 tons of various vegetable seeds, and 200 cartons of US-manufactured sling film were recovered from these five containers. The authorities registered a case and confiscated all smuggled goods.
