WHAT IS MONEY LAUNDERING
ED alleges network of intermediaries sought to influence transfers, policy decisions in Punjab CMO
The Enforcement Directorate (ED) has alleged that a network of private intermediaries around the Punjab Chief Minister’s Office sought to influence government transfers, policy decisions, tenders, licensing and land approvals.
Punjab middleman's chats reveal 'payoffs' to 3 IAS & 1 IPS officer
The Enforcement Directorate is probing alleged cash dealings between Punjab-based intermediary Kirshanu Sharda and serving and retired public servants after recovering encrypted WhatsApp chats from his phone.
NRIs can now complete online KYC from the US, UK, UAE and other FATF-compliant countries
For Indian investors residing overseas, a new development brings good news. A recent circular from Sebi allows them to open investment accounts without needing to return to India. By permitting digital KYC submissions from various compliant countries, this initiative simplifies the process for non-resident Indians (NRIs) and overseas citizens of India (OCIs).
Trump says "a lot of people" objected to Vance's remarks blaming midterm defeat on Iran war
US President Donald Trump commented on Vice President JD Vance's remarks regarding the midterm elections and the Iran conflict. While many criticized Vance's analysis, Trump expressed his agreement, emphasizing their alliance remains strong. The President stated that military action against Iran is unlikely as negotiations continue, but did not rule it out completely.
Fake US officials, forged court orders and gold pick-ups: How a Hyderabad call centre targeted nearly 2 million citizens and stole Rs 261 crore
The Enforcement Directorate has uncovered a fake call centre syndicate that allegedly defrauded US citizens of millions. Investigators arrested seven individuals involved in this international money laundering operation. The syndicate impersonated US federal officials and pressured victims to pay money through various channels. Seized evidence includes forged documents and the personal information of numerous US nationals. The investigation continues to identify additional participants and trace the flow of illegal funds.
Who is Marisela Nuno? California woman, 53, charged with wire fraud and money laundering in $18 million COVID relief case
In a startling development, Marisela Nuno of Los Angeles has been indicted for allegedly frauding federal programs out of $18 million. She purportedly submitted misleading information across various applications aimed at pandemic relief. Currently facing three wire fraud charges and one related to money laundering, Nuno risks a lengthy prison term if convicted. The investigation into her actions underscores the serious issue of pandemic relief fund exploitation.
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SpiceJet’s meltdown: Rs 5,500 crore raised, but where did the money go?
SpiceJet's mounting financial crisis raises serious questions over the fate of more than Rs 5,500 crore raised in recent years, its unpaid dues, operational collapse and regulatory oversight. Despite repeated capital infusions, the airline faces mounting losses and possible bankruptcy, while questions persist over fund utilisation, management accountability and aviation safety.
Binance sees outflows stabilising as exchange returns online after $6.3 billion heist
Binance customers pulled $3.64 billion, or 2.1% of its assets, as the world's biggest cryptocurrency exchange resumed service after a security breach linked to North Korea saw $6.3 billion stolen from the platform last week.
Binance sees net outflows of $3.64 billion after resumption of withdrawals
On November 1, Binance reported net outflows of around $3.64 billion as withdrawals resumed after a pause. During this period, withdrawal volumes reached over $4.64 billion while deposits amounted to $1.01 billion. The exchange stated that the percentage of outflows represented 2.1% of its total assets. Despite the large outflows, Binance highlighted that deposit volumes remained substantial and withdrawal volumes began to stabilize.
FBI says North Korea behind $6 billion crypto theft from Binance
The FBI reported North Korea's involvement in a significant cyber heist from Binance. Binance announced that it is covering the losses with over $6.34 billion in company funds. Following the attack, the cryptocurrency market experienced a notable decline in prices, impacting major coins. The hackers, identified as TraderTraitor, are also linked to previous thefts and the notorious Lazarus Group.
What to know about the $6.3B hack on Binance, likely the biggest-ever crypto theft
Binance says hackers stole more than $6 billion in what is being described as the largest cryptocurrency heist on record, with blockchain intelligence firms linking the attack to North Korea’s TraderTraitor hacking unit. The exchange has set aside $6.34 billion to cover losses, frozen about $3 billion in affected assets with partners and says it will reimburse users while investigators trace the stolen funds.
Who are the hackers suspected in Binance's $6.3 billion crypto theft? Are they state-backed groups?
Binance's $6.3 billion hack: The $6.3 billion theft from Binance, the world's largest cryptocurrency exchange, has drawn attention to North Korea's suspected role in major cyberattacks. Blockchain intelligence firms believe a North Korean hacking group called TraderTraitor was behind the incident. However, Binance has not confirmed the identity of the attackers, and investigations are still underway.
Phantom children, inflated food bills and a Somali restaurant: How a Minnesota nonprofit leader built a network for the $250 million COVID-19 food aid fraud scandal
A federal program in Minnesota aimed at feeding children was exploited for $250 million in fraud. Investigators found that individuals submitted fake meal counts and claimed reimbursements for meals not served. Aimee Bock, leader of Feeding Our Future, was convicted and is serving a nearly 42-year sentence. Salim Said, co-owner of Safari Restaurant, was sentenced to 30 years in prison for his involvement.
What to know about Brazil's Bolsonaro's departure to the US after his electoral defeat
Flavio Bolsonaro, a Brazilian senator, fled to Miami with his family after losing the presidential election. He had been under investigation for corruption and faced passport seizures ordered by the Supreme Court. His father, Jair Bolsonaro, had previously claimed electoral fraud without providing evidence. Despite allegations of voter suppression, the electoral results were widely accepted by political leaders around the world.
Own property in UAE? Income Tax Department nudges taxpayers to declare undisclosed assets under FAST-DS 2026, know who needs to act and what they can do
UAE property owners have received communication from the income tax department regarding undisclosed assets. Taxpayers are prompted to assess their foreign assets in relation to their tax status. Those eligible can use the FAST-DS 2026 scheme before the deadline. Failure to disclose such assets may result in severe penalties or taxation. It is important to review and act upon this nudge to avoid repercussions.
Mochatrade raises $5.5 million to bring US stock trading closer to Indian traders
Mochatrade has raised $5.5 million in funding to enhance its trading platform for Indian users. The platform allows users to trade US stocks without needing a US brokerage account. It also permits Indian traders to manage funds in rupees, simplifying the entire trading experience. Future plans include introducing contracts linked to pre-IPO companies and other features.
Sanjay Raut writes to Shah, seeks ED probe into Jarange's audio clip on 'Rs 500 crore' payout
Sanjay Raut has urged Union Home Minister Amit Shah to investigate a significant allegation involving Manoj Jarange. The allegation pertains to a supposed payment of Rs 500 crore linked to Maratha quota activist Jarange. Raut emphasized the necessity for clarity on the source and destination of this large sum. Both Eknath Shinde and Shrikant Shinde have denied the involved allegations related to this payment.
Experts divided over Justice Kaul's criticism of ex-CJI Chandrachud's approach to judicial appointments
Sanjay Kishan Kaul has raised concerns regarding the judicial appointment approach of former Chief Justice D Y Chandrachud. Legal experts have expressed differing opinions on Kaul's criticisms, with some defending Chandrachud's tenure and others supporting Kaul. Senior advocates have highlighted issues related to judicial independence and the allocation of sensitive cases during Chandrachud's administration. While some praise his leadership, others suggest he was deferential to the government.
Ex-SC judge SK Kaul criticises ex-CJI Chandrachud, says he was ‘too deferential to govt’ on judicial appointments
Sanjay Kishan Kaul expresses concerns about the approach taken by ex-CJI D Y Chandrachud regarding judicial appointments. He highlights a specific meeting where a sixth candidate was proposed without proper collegium discussion. Kaul suggests that Chandrachud's practices could compromise judicial independence and future appointments. Further, he raises issues about previous discussions with the government influencing these decisions.
Congress cites ex-SC judge's memoir to flag 'serious questions' on independence of judiciary under Modi govt
The Congress has questioned judicial independence under the Modi government, citing a yet-to-be-released memoir by former Supreme Court judge Justice Sanjay Kishan Kaul. Jairam Ramesh flagged reported concerns over government involvement in judicial appointments and the reassignment of a bench hearing a money laundering law case.
How five Boeing 777s linked Madagascar's power elite to Iran
Mamy Ravatomanga, a former influential entrepreneur in Madagascar, is under scrutiny due to serious corruption charges surfacing during his trial. He faces allegations of money laundering and influence peddling tied to the irregular registration of Boeing 777 aircraft, suspected to be misregistered for transit to Iran. His lawyers challenge the accusations, pointing to discrepancies in witness statements, drawing global interest and involving agencies like the FBI.
Who is Louise Lucas? Virginia State Senator faces federal charges-here's what happened
Virginia state Senator Louise Lucas has been indicted on charges of marijuana trafficking and money laundering. Prosecutors allege she used her political influence to benefit her cannabis business and accumulate nearly $5 million in criminal proceeds. The indictment also includes her relatives, indicating broader involvement in the alleged operation. Lucas has vowed to contest the charges and not be intimidated or silenced.
WhatsApp stock tips: Nithin Kamath warns of more pump-and-dump schemes as ED freezes accounts worth Rs 200 crore
In a post on X, formerly Twitter, Kamath said such schemes remain a concern even in 2026, calling them one of the silliest ways for investors to lose money. He also warned that these cases could become more frequent as the market cycle advances, pointing to a rise in alleged pump-and-dump schemes operating through WhatsApp groups and influencers promoting stocks and initial public offerings (IPOs).
ED freezes trading accounts in scam tied to social media
Last week, the ED's Mumbai Zone conducted searches at 29 premises across six cities-Mumbai, Nashik, Ahmedabad, Gandhinagar, Surat and Bhavnagar-under the Prevention of Money Laundering Act (PMLA). The case relates to R M Drip and Sprinklers Systems and R&B Denims, the agency said. According to the ED, the two companies issued more than 35 million shares and convertible warrants through preferential allotments between April 2023 and March 2024. A substantial portion of the funds allegedly came from a small network of connected individuals, firms and lenders, it said.
United Kingdom considers a new investor visa for wealthy foreigners ahead of the October budget
The UK government is considering a new investor visa to attract wealthy individuals and support economic growth. Proposals include various investment thresholds and conditions to encourage foreign capital. The previous investor visa was closed in 2022 due to concerns over financial security and misuse of funds. Immigration lawyers suggest that the existing visa system does not meet the needs of wealthy applicants.
India refines 1,200 tonnes of gold but consumes 800-850 tonnes: How GIFT City could help unlock major export opportunity
India’s 1,200-tonne gold refining industry could unlock new export opportunities through GIFT City, following the introduction of responsible sourcing and audit guidelines by the International Financial Services Centres Authority (IFSCA). The framework sets standards for refiners seeking Good Delivery accreditation to trade gold through the India International Bullion Exchange (IIBX).
US Stock Market: Why have S&P 500, Dow Jones, Nasdaq suffered worst day since July at Wall Street?
US stock Market today: Much of Wall Street’s pain on Wednesday was due to drops for companies riding the AI frenzy to huge profit growth and stellar stock gains.
Bank of Baroda shares drop 3% after NMC Healthcare founder BR Shetty files $15 bn lawsuit; lender issues clarification
Bank of Baroda shares fell over 3% to Rs 230.40 on Wednesday following reports that NMC Healthcare founder BR Shetty filed a $15 billion lawsuit against the lender in the Bombay High Court alleging fraud. Bank of Baroda clarified to exchanges that it has not yet been served.
Greg Lui DOJ charges: California tech CEO linked to $300 million Nvidia GPU scheme allegedly routed through Malaysia and Singapore to China
Greg Lui was charged by the Department of Justice for allegedly exporting restricted computer servers to China. The indictment includes conspiracy to violate export control laws and money laundering. Lui and associates misrepresented shipments through Malaysia and Singapore to bypass regulations. It is claimed that over $300 million of advanced technology was involved in the scheme. If convicted, Lui faces significant prison time for these serious offenses.
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