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Express Tribune
10 hours ago
- Business
- Express Tribune
SHC issues notice to IO over failure to respond in petition on Alvi account freeze
Pakistan Tehreek-e-Insaf (PTI) National Assembly Member Arif Alvi tabled the bill in the National Assembly last year seeking incorporation of Section 89-A PHOTO: PPI/FILE Listen to article The Sindh High Court (SHC) issued on Monday a show-cause notice to the inquiry officer (IO) for failing to respond to a petition filed by former president Dr Arif Alvi challenging the freezing of his and his family's bank accounts. The court observed that the IO had neither filed a reply nor appeared during proceedings. A constitutional bench, headed by Justice Muhammad Karim Khan Agha, directed the officer to appear at the next hearing on June 25 and explain the delay. At a previous hearing, the court had allowed Dr Alvi to withdraw up to Rs1 million from one of the frozen accounts for essential expenses. Other accounts belonging to him, his wife Samina Alvi, and son Awab, remain blocked. Barrister Ali Tahir, counsel for Dr Alvi, told the court that the National Cyber Crime Investigation Agency (NCCIA) had issued undated letters to private banks ordering the freeze under Section 25 of the Anti-Money Laundering Act 2010, and Section 5 of the FIA Act 1974. Read: Alvi allowed to withdraw up to Rs1m The petition argues that the freeze was politically motivated and lacked due legal process. The family alleges the account restrictions have placed them under financial strain. Last month, SHC had issued notices to the FIA's National Cyber Crime Wing and banks on a petition challenging the freezing bank accounts of Arif Alvi and his family. During the hearing, Barrister Ali Tahir, informed the court that the blanket freezing of the accounts of Dr Alvi and his family has caused an adverse impact leaving them unable to cover their daily expenses. The court, while hearing the matter, noted that notices would be sent to all relevant parties and their responses would be sought. In a brief exchange, the bench remarked that the counsel must have received a fee for representing the case. To which, Barrister Tahir clarified that he was handling the matter pro bono.
Yahoo
13-06-2025
- Business
- Yahoo
Shriram Group, Sanlam establish wealth management venture in India
Shriram Group has entered the wealth management sector through a partnership with South Africa's Sanlam Group, targeting India's affluent and high-net-worth individuals (HNIs). The 50:50 JV, named Shriram Wealth, aims to achieve Rs500bn ($5.84bn) in assets under advice (AUA) and recruit 500 wealth management professionals over the next five years. Shriram Wealth will offer a range of services, including mutual funds, alternative investment funds, portfolio management, lending solutions, protection plans, global investment opportunities, and legacy planning. Operations will begin in the top ten cities, with plans to expand to ten more cities within a year, focusing on both metropolitan and emerging Tier 2 and Tier 3 markets. The JV will cater to three client categories, including mass affluent clients with assets between Rs1m and Rs20m, high-net-worth individuals with assets from Rs20m to Rs250m and ultra-high-net-worth individuals with assets exceeding Rs250m. The management has recruited professionals with 15 to 20 years of experience in banking and non-banking sectors, aiming to leverage their client base and diverse product offerings to explore new demographics. Shriram Wealth managing director and CEO Vikas Satija said: 'Currently, only about 15% of financial assets in India are professionally managed, compared to 75% in mature global markets.' Last month, Sanlam formed a partnership with Shriram Asset Management Company (Shriram AMC), a division of the Shriram Group. Shriram AMC offers a range of financial services, including commercial vehicles, consumer finance, life and general insurance, stock broking, chit funds, and financial product distribution. "Shriram Group, Sanlam establish wealth management venture in India" was originally created and published by Private Banker International, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
Express Tribune
11-05-2025
- Express Tribune
Three get life terms in child abuse case
An Additional District and Sessions Judge in Taxila on Saturday sentenced three convicts to a total of life imprisonment, 21 years of additional imprisonment, and fines amounting to Rs4.5 million in a case involving the sexual assault of a 12-year-old boy, blackmail through an obscene nude video, and its circulation on social media. The court sentenced convict Haseeb Khan to life imprisonment and a fine of Rs500,000 for rape, along with an additional seven years of imprisonment and a Rs1 million fine under the PECA (Prevention of Electronic Crimes Act). Convict Abid received life imprisonment and a fine of Rs500,000 for rape, plus seven years in prison and a Rs1m fine under the PECA Act. Similarly, convict Abdul Samad was sentenced to life imprisonment and a fine of Rs500,000 for rape, along with seven years of imprisonment and a Rs1m fine under the PECA Act. The case was registered at Taxila Police Station in April 2024. Based on solid evidence and effective prosecution, the court awarded exemplary punishments to the convicts. In response to the verdict, Rawalpindi City Police Officer Syed Khalid Hamdani commended the SSP Investigation as well as the investigation and legal teams for their performance in ensuring justice was served.
The Independent
01-04-2025
- Politics
- The Independent
India's top court raps state government over ‘inhuman' bulldozer demolitions
India's Supreme Court on Tuesday pulled up the government of the country's most populous state for its "unconstitutional" and "inhuman" demolition of houses. A two-judge bench of the court criticised the government of Uttar Pradesh, led by prime minister Narendra Modi's Hindu nationalist Bharatiya Janata Party, as well as local authorities in Prayagraj city for demolishing five homes in 2021. 'These cases shock our conscience," justice AS Oka and justice Ujjal Bhuyan said. The court ordered the government to pay Rs1m (£9,000) in compensation to each of the house owners. "Residential premises of the appellants have been high-handedly demolished," the judges said. "There is something called right to shelter, due process of law." State officials claim that demolitions only target illegal buildings, but human rights groups accuse the government, led by a saffron-clad Hindu religious leader named Adityanath, of weaponising what has come to be popularly known as "bulldozer justice" against the minority Muslim population. The counsel for the five petitioners argued the government had wrongly demolished their houses claiming they were constructed on land that belonged to gangster-politician Atiq Ahmed, who was shot dead by the state police in 2023. 'This affixing business must be stopped. They have lost their houses because of this,' justice Oka said, referring to the government's practice of affixing notices on properties listed for demolition, Live Law reported. The court had previously pulled up the Uttar Pradesh government for "shocking" and rampant demolitions in Prayagraj city without following due legal procedure. After ruling against arbitrary government action against suspects or convicts of an offence, the top court had, in November 2024, laid down guidelines for demolishing private property, including issuing a prior notice and videographing the process. "It is not a happy sight to see women, children and aged persons dragged to the streets overnight. Heavens would not fall on the authorities if they hold their hands for some period," the court said. Amnesty International reported in February that authorities had unleashed bulldozers to raze the properties of dissenters and protesters in the capital New Delhi and neighbouring Uttar Pradesh. The aim of the demolition drive was to destroy Muslim-owned shops, the rights group said after investigating 62 of the 128 demolitions documented in five states between April and May 2022. At least 617 people were rendered homeless or deprived of their livelihoods as a result, the investigation found. The international rights group said Muslim properties were 'discriminatorily targeted' without any due process.
Express Tribune
13-03-2025
- Express Tribune
Chinese 'human trafficker' jailed
A local court on Thursday sent a Chinese national on a 14-day judicial remand to Adiala Jail for allegedly marrying off poor and helpless Pakistani girls to Chinese nationals and trafficking them to China under the pretense of offering lucrative jobs. Senior Civil Judge Waqar Hussain Gondal rejected the request of the Federal Investigation Agency (FIA)'s investigative team for a five-day physical remand of M A Shagai. The FIA's Anti-Human Trafficking Cell had arrested the Chinese national, who, along with six other human traffickers, was involved in facilitating deals with Chinese nationals. The accused had arranged a deal with the parents of a young girl, Shabana Basheer, for Rs1 million but only gave the girl's parents Rs150,000 while coercing them into signing a contract for Rs1m. The girl was being taken to China under the pretense of marriage to the Chinese accused. However, during the inquiry, the details of the scam were uncovered, leading to the arrest of the accused and the seizure of all documents and passports. FIA has initiated actions to arrest the six other human traffickers involved in this scheme, including Nazia, Ayesha, Abdul Rahman, Muhammad Noman, and Paul. These individuals facilitated deals between Chinese nationals and the victims' families. The parents of victim Shabana Basheer were deceived into believing that their daughter would marry a Chinese national and receive a good job in China. Further investigation is ongoing, and more revelations are expected as FIA continues to reach out to the families of other girls trafficked through this scheme.
