Latest news with #POC
Business Wire
18 hours ago
- Business
- Business Wire
Ostia Sciences Inc. Completes $1.46M Seed Round to Develop Microbiome Therapeutics Platform.
TORONTO--(BUSINESS WIRE)--Ostia Sciences Inc., a microbiome therapeutics company developing next-generation probiotics, today announced the successful close of its seed financing round, raising CAD $1.46 million as of December 31, 2024. We are advancing our phosphorylated lantibiotic-producing probiotic technology for microbiome-based health solutions to improve oral health and the quality of life of millions of patients around the world Share In addition to private investment, Ostia secured over $393,000 in non-dilutive grants, including $350,000 from Natural Products Canada (NPC) through its Proof-of-Concept (POC) program. The NPC POC funding will help advance Ostia's planned clinical trials, focusing on natural solutions for widespread conditions like gingivitis, halitosis, and treatment-related oral complications of head and neck cancer patients. 'Our progress reflects both strong investor confidence and essential support from Canadian innovation programs, enabling the commercialization of natural health solutions and helping millions of patients worldwide,' said Dr. Abdelahhad Barbour, CEO of Ostia Sciences. 'We now have the resources to optimize our manufacturing processes and move SALI-10 toward clinical validation.' With full ownership of its IP portfolio, an expanding team of advisors, and a robust discovery pipeline, Ostia Sciences is positioning itself as a leader in microbiome-based biotherapeutics. 'We're building more than just a product, we're creating a platform for targeted, microbiome-driven drug development,' said Dr. Michael Glogauer, Chief Scientific Officer. 'This funding brings us one step closer to transforming how we treat oral and respiratory diseases.'
Indian Express
5 days ago
- 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.
India Gazette
6 days ago
- Business
- India Gazette
ED attaches Rs 762.47 crore immovable assets in money laundering case
New Delhi [India], July 13 (ANI): The Enforcement Directorate (ED) has attached immovable properties valued at Rs 762.47 crore in connection with Rs 48,000 crore ponzi scheme case involving PACL Ltd, its directors, promoters, and associated entities, the agency said on Saturday. The properties, spread across Punjab, Haryana, Delhi, Maharashtra, and even Australia, have been seized under the provisions of the Prevention of Money Laundering Act (PMLA), 2002, said the ED in a statement. ED's Delhi zonal office took the action based on its investigation initiated following First Information Report (FIR) registered by the Central Bureau of Investigation under Sections 120-B and 420 of the Indian Penal Code (IPC), against PACL Ltd., PGF Limited, Late Nirmal Singh Bhangoo, and others. ED further said that the case pertains to large-scale fraudulent collective investment schemes by PACL that were structured to deceive and defraud investors. 'Through these deceptive schemes, the PACL, through its directors and others, collected and misappropriated around Rs 48,000 crore from unsuspecting investors, which is nothing but Proceeds Of Crime (POC),' said the federal agency. ED investigation revealed that the 'funds fraudulently collected from lakhs of gullible investors were systematically diverted and layered through multiple transactions to conceal their illicit origins. 'These tainted funds were ultimately utilized to acquire 68 immovable properties having current market value of Rs 762.47 crore (approximately) in the names of Late Nirmal Singh Bhangoo (one of the promoters of PACL), his family members, and entities related to PACL' said the ED. As per the ED, this was deliberately done to disguise the true nature of these assets and project them as legitimate properties, thereby attempting to mask the POC as lawful assets. (ANI)
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.
Tatler Asia
10-07-2025
- Entertainment
- Tatler Asia
A deeper dive into the vision behind the Philippine Pavilion at Expo 2025 Osaka
Still reverberating on the world stage, the profound messaging of the Philippine Pavilion at Expo 2025 Osaka continues to unfold anew—and soon, it shall do so, even further, within the nation's heart At Expo 2025 Osaka, the magnificent pavilions of 165 participating countries stand as bastions of national and cultural pride. An estimated 28.2 million visitors are expected to visit the artificial Yumeshima Island over the Expo's six-month run, seizing the chance to witness these thematic architectural marvels until the end of October. A true collaborative feat, the Philippine Pavilion has since drawn hundreds of thousands of visitors, from all corners of the globe, to a deeply layered and sensorially stimulating exploration of the Filipino narrative. See also: How Osaka Expo's leading architects redefined national pavilions 'The Philippine Pavilion is our invitation for the world to connect with the heart and soul of the Filipino people and to discover the many reasons to love the Philippines,' added Tourism Secretary Christina Garcia Frasco. 'We hope to inspire travellers to explore our 7,641 islands, experience the depth of our culture, marvel at the excellence of Filipino creativity and be moved by the stories of triumph and resilience of our communities.' Built around the theme 'Nature, Culture, and Community: Woven Together for a Better Future', the Pavilion responds to the Expo's call to design future societies by placing heritage and humanity at the heart of progress. It is the proud, diligent handiwork of multiple moving parts—the vision of the Philippine Organizing Committee (POC), led by the Department of Tourism and the Tourism Promotions Board (TPB), and that of the commissioned design team of Carlo Calma Consultancy, Inc as lead architectural firm and designer, Chochay Garcia as producer and creative director, architect Yuki Kanou as executive architect and lead project manager and Tellart as guest experience designer. Above Exterior view of the Philippine Pavilion at Expo 2025 Osaka They also partnered with renowned artists and cultural champions, like Kenneth Cobonpue and Francis Dravigny, who worked closely with over 200 weavers and artisans from across the country. 'At its core, Woven is not just the name of the Philippine Pavilion—it is the story of how this project came to life,' shared Margarita Nograles, TPB chief operating officer and secretary general of the POC. 'What you see at Expo 2025 Osaka is a collective achievement. It is the weaving together of ideas, traditions and people, grounded in the shared desire to tell the Filipino story with authenticity and soul. Crafted Immersion Most striking, perhaps, about the Pavilion is its thoughtfully designed façade: a moving mosaic of handwoven panels, housing 212 indigenous textiles, ranging from T'nalak to piña. This single endeavour brought together 2,331 artisans from 121 communities, many of whom are beneficiaries of the TPB's Community-Based Tourism (CBT) programmes. This itself is a statement, said Carlo Calma. 'We wanted the structure itself to breathe and move with the stories it holds. It reflects who we are as Filipinos—always in motion, always evolving, always expressive.' Above Tourism Secretary Christina Garcia Frasco in SOCCSKSARGEN Above Architects Justine Jugueta, Carlo Calma and Yuki Kanou Additionally, rather than treating scaffolding as mere temporary support, engineers evaluated their yield strength to adapt them into structural components. 'The habitable space within the scaffolding was transformed into a dynamic architectural element where the live performances take place,' explained Calma. Until recently, artists from Ballet Philippines carried out these performances, bringing warmth and vibrancy to the Pavilion and ensuring there's always something unique to look forward to. Inside, the treasure trove of our rich heritage continues to unfold. The curated space is anchored by its 18 woven art pieces, each hanging from above and representing a region of the Philippines. Painstakingly created over six months by master artisans blending traditional and unconventional materials—abaca, cotton, upcycled fruit packaging material, even chicken feathers— these evocative works portray lush landscapes, crystalline waters, colourful festivals and culinary traditions. Each comes alive with integrated light, sound and projections that draw guests into the heart of every region. Above Each region of the Philippines is represented by a woven art piece inside the Pavilion Above Marga Nograles with weavers at Lake Sebu 'One of the most powerful tools we've built into the Pavilion is the integration of QR codes linked to each of the handwoven art pieces,' Nograles additionally shared. These codes lead visitors to deeper stories— and ultimately, to curated travel itineraries available on the Travel Philippines app. This will hopefully translate the global reception into actual visits to our shores. Also showcasing the fusion of tradition and technology, Dancing with Nature is another highlight of the interior space, transforming visitors from mere observers into participants. Through generative algorithms, guests' movements ripple into emerald fronds, dissolve into iridescent swimming fish or blossom into vibrant petals. This interactive installation, developed in collaboration with Tellart, reinforces the Pavilion's core message—that harmony begins with connection. More from Tatler: Reimagining the narratives of the past: the UP Vargas Museum highlights works by Lee Paje and Ampannee Satoh Beyond this, the Pavilion will offer tactile pleasures and tastes as tangible cultural experiences. The Habi Gift Shop invites visitors to run their fingers over unique keepsakes, each one a testament to Filipino artistry. For those seeking respite, especially amidst the bustle of the Expo, the Hilot Wellness Space promises the soothing touch of traditional Filipino healing massages. And finally, the Hain Takeout Counter beckons with the aromatic promise of homegrown flavours, from the rich, savoury notes of adobong manok sa gata to the delightful sweetness of halo-halo . Above Live performances are held daily at the Philippine Pavilion 'The Pavilion is a long-term investment in our communities, culture and the artisans who keep our heritage alive,' Nograles tells Tatler . The government is committed to strengthening the CBT across the Philippines, supporting them through capacity building workshops and promoting market access that connects them to broader audiences. The TPB COO adds, 'Our goal is to ensure that the Pavilion serves not as a culmination, but as a launchpad—elevating these communities and ensuring they continue to thrive long after the Expo concludes.' With sustainability as a clear cornerstone of the POC's vision, the Philippine Pavilion is designed to outlive the festivities of the Expo 2025 Osaka. Its key elements, including the grand frontage, are poised for a second act at the National Museum of the Philippines, where they will be repurposed and displayed for years to come. 'I think it is important for the spirit and significance of the Pavilion to endure meaningfully within our national narrative,' articulates Jeremy Barns, the museum's director-general. 'It is not only by breathing new life into its physical elements—the artworks, the structure, its design—but also the ideas, aspirations and cultural expressions it embodies. More than an architectural structure, the pavilion is a statement of identity, creative and artistic excellence and, most of all, resilience.' By hosting its homecoming, the National Museum amplifies the Pavilion's message with fresh meaning and relevance long after its debut on the world stage. What could have been a fleeting spectacle now secures its place as a continuous wellspring of inspiration and national pride. The partnership between the POC and this particular government trust is strikingly deliberate and robust, underpinned by their shared zeal to honour, preserve and promote our cultural heritage on the global stage while fostering open access for all Filipinos. Nograles captured it best when she professed her hope that visitors come away with a true sense of how deep, diverse and alive Filipino culture is. 'No amount of technology can replace human warmth, and that's where the Philippines shines,' she shared. 'Our strength lies in our people— their stories, their creativity, their hospitality. Through immersive storytelling, whether at the Pavilion or across our islands, we honour those narratives and invite the world to not only learn about the Philippines but to feel it.' 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