Latest news with #economicoffender
Khaleej Times
06-07-2025
- Khaleej Times
Dubai hotelier accused of Dh950 million crypto scam arrested in India
A Dubai hotelier accused of running a fake investment scheme worth over Dh950 million has been arrested in India. Faridabad Police, in the northern Indian state of Haryana, confirmed the arrest to Khaleej Times on Saturday, describing it as a 'big catch'. The 39-year-old suspect, who reportedly ran a four-star hotel in Dubai Marina, was allegedly the key figure behind the HPZ Token scam — a fraudulent cryptocurrency scheme that duped thousands of Indians with promises of unrealistically high returns. Khaleej Times is withholding the man's name for legal reasons. He was declared a fugitive economic offender by an Indian court earlier this year — a designation later made public by the Enforcement Directorate (ED). The ED said it has identified laundered proceeds of over Rs2.2 billion (Dh956 million) in the HPZ Token case. The suspect allegedly used his Dubai businesses to move illegal funds out of India via payment gateways, then convert them into cryptocurrency, and hand over the crypto to Chinese handlers after taking a cut. 'He was arrested in Delhi's Rohini Sector 11 area and is on police remand,' Faridabad Police PRO Yashpal Yadav told Khaleej Times on Saturday. "It's a big catch." He said the suspect was tracked through a payment gateway account that had received a portion of the defrauded money. 'The bank account was opened with forged credentials,' Yadav added. The accused had reportedly moved to Dubai in 2022, shortly after the ED launched its investigation into the HPZ Token racket. According to Faridabad Police, he returned to India around three weeks ago after the Punjab and Haryana High Court quashed a lookout circular against him but ordered him to cooperate with investigators. Police said the man and his business partner were running a parallel cyber fraud operation alongside their hospitality ventures. 'He kept 30 per cent of the funds and routed the remaining to his Dubai-based partner, who managed the other end of the network,' Yadav said. The arrest follows a complaint filed in January 2024 by a Faridabad-based engineer who was duped in a fake stock market investment scheme promoted on social media. The victim is said to have transferred Dh880,000 to 11 different bank accounts, all linked to the scam. Faridabad Police said the man is the 12th person arrested in the case. Investigators are now trying to locate his associate and three others. 'We are in the process of issuing a lookout circular against his partner so he can be arrested if he enters India,' Yadav said. The HPZ Token scam has emerged as one of India's largest tech-enabled financial frauds. Victims were lured into downloading a mobile app and investing in so-called crypto-mining schemes. Early fake profits were shown to build trust, only for the funds to vanish once larger amounts were invested. The ED has so far frozen or attached assets worth Rs497 crore (Dh216 million) linked to the case and uncovered over 200 shell companies allegedly created by the suspect and his associates to conceal the money trail.
Times of Oman
16-05-2025
- Business
- Times of Oman
UK Court rejects Nirav Modi's fresh bail petition: CBI
New Delhi: In a significant development, the High Court of Justice, King's Bench Division, London, on Thursday rejected a fresh bail petition filed by Nirav Deepak Modi. Modi, who has been lodged in a UK prison since March 19, 2019. He is wanted in India for his involvement in the Rs 6,498.20 crore Punjab National Bank fraud case. In a press release issued on Thursday, the Central Bureau of Investigation (CBI) stated, "Fresh Bail Petition filed by Nirav Deepak Modi was rejected today by the High Court of Justice, King's Bench Division, London. The bail arguments were strongly opposed by the Crown Prosecution Service advocate who was ably assisted by a strong CBI team consisting of investigating and law officers who travelled to London for this purpose." "Central Bureau of Investigation (CBI) could successfully defend the arguments which resulted in rejection of the bail. Nirav Deepak Modi is in UK prison since 19th March 2019. It may be recalled that Neerav Modi is a fugitive economic offender who is wanted for Trial in India in a Bank fraud case of CBI for defrauding Punjab National Bank for Rs. 6498.20 crore," the release added. The CBI further said that his extradition has already been approved by the High Court of the UK in favour of the Government of India. "This is his 10th bail petition since his detention in UK which was successfully defended by CBI through Crown Prosecution Service, London," CBI said. India has been working for the extradition of Nirav Modi, who was arrested in March 2019 by British authorities in London. Nirav Modi and his uncle Mehul Choksi are the main accused in the PNB scam. The Enforcement Directorate (ED) had in 2018 registered a Prevention of Money Laundering Act (PMLA) case against Nirav Modi, Mehul Choksi and others in the Punjab National Bank (PNB) fraud case. During the investigation, several searches were conducted which led to the seizure of diamonds, gold, pearls and precious and semi-precious stones. In December 2022, Nirav Modi lost his plea to move the UK Supreme Court against his extradition to India on charges of fraud and money laundering. The diamantaire had fled India in 2018 before details of his "involvement in large-scale fraud" at the Punjab National Bank became public.
