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Filipino Times
06-07-2025
- Filipino Times
Crypto investment scam mastermind nabbed in India
A Dubai-based hotelier accused of orchestrating a multi-million-dirham cryptocurrency scam has been arrested in India, as reported by Khaleej Times. Authorities in Faridabad, Haryana, confirmed the suspect's arrest, calling him a 'big catch' in a sweeping cyber fraud investigation. The 39-year-old businessman, who previously ran a four-star hotel in Dubai Marina, allegedly played a key role in a fake crypto investment scheme that promised huge returns and duped thousands of victims. The Enforcement Directorate (ED) reported that over Rs2.2 billion (Dh956 million) in illicit funds were funneled through fake bank accounts, converted into cryptocurrency, and transferred to overseas handlers, with the suspect keeping a significant share. The accused fled to Dubai in 2022 when the investigation began, and only recently returned to India after a court allowed it under the condition he cooperate with investigators. Authorities say he continued to operate online scams alongside his hospitality ventures, sending 70% of stolen funds to a Dubai-based partner. He was tracked through a forged payment gateway account, making him the 12th arrest in this large-scale financial fraud case. The investigation continues as police search for his associate and other accomplices.
Time of India
23-06-2025
- Time of India
Elderly couple attacked, grocery shop robbed, cops suspect gang
1 2 Pune: A 70-year-old woman ended up with a fractured leg and her husband (75) was also injured after three men barged into their house and attacked them with iron rods before fleeing with 60g of gold jewellery worth Rs3 lakh at Kathapur village in Ambegaon taluka, about 77km from the city, in the early hours of Saturday. A case related to armed robbery and similar other charges was registered by the Pargaon police in rural Pune. The police are investigating the likely involvement of a gang that committed another robbery at Ale Phata a day before to this incident. Assistant inspector Netaji Gandhare of the Pargaon police said the elderly couple, Ganesh Jadhav and his wife, Kamal, were residents of Ganesh Vasti in Kathapur. The three men entered their house by breaking the grilles of a window at the backside. They woke up the couple and tried to snatch the woman's gold jewellery. "When the victim started resisting them, the trio thrashed her with iron rods. Kamal Jadhav's leg suffeerd a fracture in the attack. They also thrashed her husband with the iron rod, causing injuries to his back," Gandhare said. He said the men then snatched Kamal's gold jewellery worth Rs3 lakh and fled. "After they left, Navnath Jadhav contacted neighbours, who admitted them to a hospital in Pargaon," he said. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Free P2,000 GCash eGift UnionBank Credit Card Apply Now Undo Gandhare said the victim, Navnath Jadhav, informed the police that the trio had covered their faces with handkerchiefs. The police found a chappal and a pullover near the victim's house. "Teams from Pargaon police and the local crime branch have begun investigations. We have collected CCTV footage from different locations. Our investigations are on," Gandhare said. Cops probe gang angle A day before, four men abducted the security guards of a wholesale grocery shop in Ale Phata, and later their accomplices made off with Rs50,000 from the counter and cigarettes worth Rs2.2 lakh from the shop. The shopowner lodged a complaint with the Ale Phata police. An officer from the Ale Phata police said four men reached the complainant's shop in the early hours of Friday. They forced the security guard into their car, covered his eyes with a cloth and continued to drive. They brutally thrashed the guard and later abandoned him at Bota village in Sangamner taluka in Ahilyanagar district. "Their accomplices broke into the shop and made off with cash and cigarettes, collectively worth Rs2.7 lakh. The theft came to light after the guard called the owner," the officer said. An officer from the Pune Rural police's crime branch said the police were investigating if the same gang was involved in both cases. "We have started collecting CCTV footage and working on some clues," he said.
Express Tribune
22-06-2025
- Business
- Express Tribune
Govt urged to rethink new taxes
Listen to article E-commerce and chain store strategists have demanded the government rationalise the proposed taxes on online and registered businesses in order to maintain the pace of documentation in the retail sector and promote financial inclusion in the economy. They urged the government to refrain from burdening taxpayers with additional taxes and duties to encourage the formalisation of retail and online businesses, which will promote the generation of long-term and sustainable dividends for the economy. They also called on the government to pause the immediate enforcement of these policies, and instead initiate a structured dialogue with stakeholders to co-create pragmatic and growth-friendly tax policies. Pakistan E-Commerce Association (PEA) Karachi Chapter President Shoaib Bhatti said that the proposed tax measures in the financial bill will severely risk the e-commerce sector, disrupting both established and small businesses by imposing an excessive compliance burden all at once. He urged the government to avoid imposing the additional 2% withholding sales tax on e-commerce and retail sectors, which are already paying 18% general sales taxes. In comparison, informal retail segments in major shopping centres and bazaars are not paying taxes at all, he said. Pakistan's e-commerce sector has grown over 35% annually in the past five years, with over 100,000 small online sellers active as of today, supporting the incomes of over a million people nationwide, added Bhatti. Increasing the tax burden on this segment, he said, will be tantamount to slowing down its growth and contribution to the national economy. According to estimates, the total market size of the e-commerce sector is estimated to be Rs2.2 trillion ($7.7 billion), which is still under 2% of the national GDP and up to 4% of the retail segment. Chainstore Association of Pakistan (CAP) Chairman Hasan Javed remarked that the new tax will create an imbalance between documented and undocumented retail and online segments, as one pays an overall 20% GST and the second one will pay merely 2%, hence promoting a cash economy. "Established online and chain stores are already paying 15-16% provincial taxes to the government, and an additional 5% federal levy will increase their cost of doing business. Therefore, we appeal to the provincial government to reduce the tax rate at their end," he remarked. The proposed tax measures place heavier obligations on e-commerce than on the traditional retail and wholesale sectors. Rather than encouraging formalisation, these measures could push businesses back into informality — or out of operation entirely, he said. The Finance Bill introduces multiple taxes and complex procedures across all related businesses, with no stakeholder consultation or phased rollout, which could adversely hit the sector. What's more, a number of e-commerce stores shut down in the past two years due to tough competition among players and higher logistics and operating costs. Saad Shah, CEO Ucaaz, said established e-commerce and chain stores have been highly regulated with tax compliances and equipped with payment systems, however, increasing the burden of tax and levies on these stores will not be favourable for them. He pointed out that various online and chain stores not only offer high-quality branded products to customers, but also offer them handsome discounts on products due to their efficient business models which attract footfall and generate tax revenues for the government, unlike grocery shops in major retail and wholesale markets in big cities. The e-commerce sector is developing a growing and inclusive ecosystem that also generates jobs for the youth, and provides entrepreneurial and investment opportunities for the masses. Disrupting this sector will ultimately hurt all stakeholders, stated Shah.
Business Recorder
19-06-2025
- Business
- Business Recorder
Pakistan salaried class rejects govt's claim of giving relief in income tax
Representatives of the Salaried Class Alliance of Pakistan (SCAP) said on Thursday the government had done a 'number juggling' and given almost no relief in income tax to the salaried individuals in the budget proposals for the fiscal year 2025-26. In a press conference at the Karachi Press Club on Thursday, they pointed out that the tax authorities have targeted to collect Rs540 billion in income tax from employees working in regulated sectors in FY26, compared to Rs550 billion to be received in the outgoing FY25. 'The Rs10 billion relief to the entire working class nationwide is a so-called relief. This is number juggling,' said Bilal Farooq Rizvi, a member of the SCAP. 'We reject the government's claim of relief to the salaried class people (in the budget 2025-26),' he said. According to the Federal Board of Revenue (FBR) reports, the income tax collection from salaried class people would be Rs550 billion in FY25, higher by Rs112 billion compared to FBR's set target for the outgoing year. Numbers speak: Sindh agriculturalists spend more on vehicle registration, pay less in income tax According to the budget proposals for FY26, the tax rate for those earning Rs600,001 to Rs1.2 million has been slashed to 2.5% from 5%. Individuals earning between Rs1.2 million and Rs2.2 million will pay 11%, down from 15%, along with a drop in the fixed tax component from Rs30,000 to Rs6,000. For the Rs2.2 million to Rs3.2 million bracket, the rate has been reduced to 23% from 25%, and the fixed tax lowered from Rs180,000 to Rs116,000. For those earning above Rs3.2 million annually, the rates remain unchanged. The 30% tax on incomes up to Rs4.1 million and 35% for those earning more continues. However, fixed taxes for the two slabs have been reduced to Rs346,000 and Rs616,000 from Rs430,000 and Rs700,000 respectively. A slight relief has also been provided in the form of a 1 percentage point cut in the surcharge, down to 9% from 10% for individuals earning more than Rs10 million a year. Adeel Khan, another SCAP member, claimed 'the income tax collection from salaried people has jumped 7 to 8-time in the past 3 to 4-year, increasing to Rs550 billion in FY25 compared to Rs70-80 billion a few years ago.' Budget 2025-26: Pakistan govt offers tax relief to salaried class, but representatives unhappy The government has targeted salaried class people to achieve the FBR tax collection target of Rs14.1 trillion in FY26, 'as it knows this is the soft target and they will not restore to violent protests and sit-ins and will neither block roads like political parties and shopkeepers do to get their demands accepted,' he added. Khan said the government provided a meager relief of a maximum of Rs7,000 a month in income tax to the people appearing in middle income groups, reducing their monthly tax burden to merely 'Rs493,000 a month in FY26 from Rs500,000 a month paid in FY25'. The employees working in the formal sectors were given a minimum relief of only Rs20,000 a month in income tax to the people falling in the middle income brackets. 'The provided so-called relief is no relief. This would make almost no difference in our lives,' he said. SCAP member Iesha Fazal said, 'The provided relief is insignificant. This is tantamount to playing with the salaried class people. This is a joke. We reject it'. They appealed to the authorities concerned to reduce the income tax rates by at least 2.5% for all the taxable slabs, including the individuals falling in the upper income brackets. The government can still make changes in its proposals, as the Parliament is yet to give its official nod to the proposed budget and Finance Bill 2025. 'Pakistan salaried class paid 5 times more taxes than exporters, retailers in outgoing FY25' Another SCAP member Rizwan Hussain said they would file a case in a court of law to get the due relief in income tax if the government approved the proposed tax rates as it was in the Finance Bills 2025. He reiterated SCAP's old demand of removing the super tax completely, which the government reduced by 1% to 9% in the budget proposals for FY26. Hussain also demanded relief in taxes on investment in mutual funds and similar investment products FY26.
Business Recorder
18-06-2025
- Business
- Business Recorder
PTI says ‘federal budget favours elite, ignores masses'
ISLAMABAD: The opposition Pakistan Tehreek-e-Insaf (PTI) on Tuesday sharply criticised the federal budget for 2025-26, branding it 'the worst in the country's history' and accusing the government of favouring the elite while neglecting ordinary citizens. Leading PTI's charge during the ongoing budget debate in the National Assembly, acting PTI chairman Barrister Gohar Ali Khan criticised the absence of new development projects, accusing the government of failing to introduce economic reforms or curb inflation. He described the budget as misleading, arguing that the reported 3.5 per cent inflation rate was far from reality. 'If that figure were accurate, the State Bank wouldn't maintain an 11 per cent policy rate.' Budget 2025-26: Pakistan targets 4.2% growth as Aurangzeb presents proposals 'for a competitive economy' He compared Pakistan's $62 billion federal budget to India's Uttar Pradesh state, which he claimed had a budget of $97 billion, highlighting inefficiencies and waste in government spending, including the presence of 16 directors general in Customs compared to India's five. Barrister Gohar proposed tax relief measures, such as exempting individuals earning up to Rs2.2 million annually from income tax and abolishing stamp duty on property in Islamabad. He strongly opposed a proposed amendment to Section 169, which would require taxpayers to deposit 50 per cent of disputed amounts to obtain stay orders. 'This strips taxpayers of their basic right to appeal,' he said. Criticising the National Assembly's performance, he claimed it failed to meet even basic legislative standards, often convening for less than half an hour, and called the Rs15 billion allocation for the Assembly excessive compared to India's Rs5 billion for its much larger parliament. Gohar also criticised Defence Minister Khawaja Asif for his silence when Punjab lawmakers approved a salary increase for themselves. He accused the minister of resorting to political rhetoric only after the issue gained traction in the federal capital, rather than taking any concrete steps to halt what he described as an unjustified pay hike. He called for an end to what he described as abuse of power and expressed concern over reduced health and education budgets. 'There's not even a mention of artificial intelligence in the recent presented budget,' he regretted, praising the PTI's previous IT sector initiatives, which he claimed played a strategic role in past confrontations with India. The PTI leader said the budget had been tailored to suit powerful interests, pointing to reduced tariffs on imported vehicles as evidence. He urged the government to adopt a more inclusive approach by considering opposition proposals, citing the example of former Indian Prime Minister Manmohan Singh, who in the 1990s incorporated recommendations from his predecessor Atal Bihari Vajpayee as a gesture of bipartisan cooperation. In contrast, several lawmakers from the ruling coalition and allied parties defended the budget. Minister for Water Resources Mueen Watto hailed it as 'ideal,' claiming it reflected prudent financial management. He claimed improved economic indicators such as declining inflation, increased foreign reserves, and rising remittances. Addressing India's decision to suspend the Indus Waters Treaty, he assured lawmakers that Pakistan would safeguard its water rights and announced Rs130 billion for expanding water storage infrastructure, including the Diamer-Bhasha, Mohmand, and Kurram-Tangi dams. Minister for Kashmir Affairs and Gilgit-Baltistan Amir Muqam said the budget included relief measures for employees and other vulnerable groups. Syed Aminul Haq echoed government claims of economic recovery, adding that global financial institutions had recognised Pakistan's fiscal improvements. However, criticism also emerged from within the House. Lawmakers across parties highlighted areas of concern, particularly under-funding in health and education. Shahida Begum, Shahida Akhtar Ali of JUI-F, and Sehar Kamran expressed dissatisfaction with the low budgetary allocation to these sectors. 'The government should allocate at least four per cent of GDP to education and health,' Akhtar Ali said, also noting that PTV employees had gone unpaid for three months. Shazia Marri of the PPP rejected the proposed 18 per cent tax on solar panels and the carbon levy, while criticising the government's failure to raise the minimum wage. 'Employees' concerns are being ignored,' she said. Shahram Khan Tarakai of PTI also opposed the solar panel tax, while Sadiq Ali Memon of PPP demanded it be scrapped and the minimum wage raised to Rs50,000. Misbah Uddin and Anwar Ali Taj said the tribal districts had been overlooked in the budget and called for an updated Benazir Income Support Programme (BISP) survey to include more deserving beneficiaries. Syed Hussain Tariq and Abdul Aleem Khan underscored the importance of supporting the agricultural sector and achieving core economic goals. Mohammad Ahmed Chattha advocated for motorway links to Wazirabad, while Ahmed Saleem Siddiqui proposed developing coastal tourism and the ship-breaking industry. Tehmina Daultana of ruling PML-N urged greater support for women, while Nikhat Shakeel Khan demanded better public transport in Karachi and poverty reduction measures. Mian Khan Bugti praised the Rs250billion allocation for Balochistan and the focus on connectivity projects. Meanwhile, Muhammad Ilyas Chaudhry pushed for incentives for overseas Pakistanis to invest in the country. Shaista Khan paid tribute to the armed forces and federal leadership for their 'strong response' to Indian aggression, while accusing the PTI-led Khyber Pakhtunkhwa government of corruption and failing to deliver basic services. Copyright Business Recorder, 2025
