Mobsters in Italy are exploiting social media to normalise their image, mythologise their culture and even to launder money, a study of 6,200 TikTok posts found https://t.co/dPT4uBwsLQ ...

Legal & Regulatory - U.S Attorney for the Southern District of Georgia announced the seizure and forfeiture of over $1.18 million in cryptocurrency [1] - The cryptocurrency is linked to a global fraud and money laundering ring [1]

Core Viewpoint - Reliance Power asserts that the recent arrest of Amar Nath Dutta has no impact on its business operations or financial performance, claiming to be a victim of fraud and forgery [1][7]. Group 1: Arrest and Investigation - Amar Nath Dutta, a consultant, was arrested by the Enforcement Directorate (ED) for allegedly submitting forged bank guarantees worth over ₹68 crore to assist a Reliance Power subsidiary in qualifying for a tender [1][8]. - Dutta is said to have coordinated with Ashok Pal, the former CFO of Reliance Power, and Partha Sarathi Biswal, managing director of Biswal Tradelink Pvt Ltd, who were previously arrested in the same case [2][8]. - The ED's investigation is part of a broader probe into alleged money laundering and loan fraud involving Reliance Group, with Anil Ambani summoned for questioning regarding a separate bank loan fraud case [4][8]. Group 2: Financial Performance - Reliance Power's shares surged by 7.8% to ₹42.30 following the company's clarification regarding the arrest [7]. - For Q1 FY26, Reliance Power reported a consolidated net profit of ₹44.68 crore, a recovery from a loss of ₹97.85 crore in the same quarter the previous year [6][8]. - Revenue from operations decreased by 5.3% year-on-year to ₹1,885.58 crore, while total income fell by 2% to ₹2,025 crore [6][8]. - Despite the year-on-year profit recovery, net profit dropped 64% sequentially from ₹125.57 crore in the March quarter [7][8].

The chairman of a private Turkish bank was detained after authorities accused him of “loan sharking” and money laundering https://t.co/PqatponIde ...

Core Viewpoint - The Enforcement Directorate (ED) has arrested a third individual in connection with a money laundering investigation involving Reliance Power, linked to the issuance of a fraudulent bank guarantee worth ₹68 crore [1][2]. Group 1: Arrests and Investigations - Amar Nath Dutta, a consultant from Kolkata, was arrested under the Prevention of Money Laundering Act (PMLA) and is in ED custody until November 10 [2]. - Previous arrests include Ashok Kumar Pal, former CFO of Reliance Power, and Partha Sarathi Biswal, Managing Director of Biswal Tradelink Pvt Ltd [2]. - Dutta allegedly played a significant role in arranging fake bank guarantees alongside Pal and Biswal [3]. Group 2: Details of the Fraud - The fraudulent bank guarantee of ₹68.2 crore was submitted to the Solar Energy Corporation of India Ltd (SECI) on behalf of Reliance NU BESS Ltd, a subsidiary of Reliance Power [4]. - The guarantee was falsely issued by FirstRand Bank in Manila, which does not have a branch in the Philippines, leading to a loss of over ₹100 crore for SECI [4]. - Biswal Tradelink is accused of operating a scheme to issue fake bank guarantees to corporate clients for a commission of approximately 8% [5]. Group 3: Background and Company Response - The money laundering case originated from an FIR filed by the Delhi Police's Economic Offences Wing (EOW) in November 2024, alleging large-scale forgery and cheating [6]. - The fraudulent activities included the use of a deceptive email domain resembling that of the State Bank of India to mislead recipients [7]. - Reliance Power claims to be a victim of fraud and has filed a criminal complaint against the accused parties, asserting that Anil Ambani has not been involved with the company for over three and a half years [8].

Core Viewpoint - The Enforcement Directorate (ED) is investigating a money laundering case involving Reliance Power, linked to the submission of a fake bank guarantee of ₹68.2 crore to the Solar Energy Corporation of India Limited (SECI) [1][9]. Group 1: Arrests and Investigations - Amar Nath Dutta was arrested under the Prevention of Money Laundering Act (PMLA) and has been remanded to four days of ED custody [1] - Former Reliance Power CFO Ashok Kumar Pal and Partha Sarathi Biswal, MD of Biswal Tradelink, were also arrested as part of the investigation [1][9]. Group 2: Fake Bank Guarantee Details - The case involves a bank guarantee submitted by Reliance NU BESS Limited, a subsidiary of Reliance Power, which was found to be fake [2][9]. - Biswal Tradelink allegedly operated a scheme to provide fake bank guarantees for business groups, charging a commission of 8% [5][9]. Group 3: Company Statements and Claims - Reliance Power has stated that it is a victim of fraud and has made disclosures regarding the case to the stock exchange [6][9]. - The company emphasized that Anil Ambani has not been on the board of Reliance Power for over 3.5 years and is not involved in this matter [5][9]. Group 4: Investigation Findings - The ED found that the bank guarantee submitted by Reliance NU BESS Ltd. was from FirstRand Bank in Manila, which does not have a branch in the Philippines [6][9]. - Biswal Tradelink was described as a "mere paper entity," with its registered office located at a residential property belonging to a relative of Biswal [8][10].

Germany’s finance watchdog slapped JPMorgan with a €45 million fine after it discovered shortcomings in the Wall Street giant’s systems for preventing money laundering https://t.co/ns12Dzv1IP ...

British police have seized more than £12 million ($15.6 million) of dinosaur skeletons after agreeing a settlement with a Chinese national suspected of being part a huge money laundering scandal. https://t.co/eQgBfYkSsZ ...

The U.S. Treasury sanctioned eight bankers, two companies, and 53 crypto wallets for laundering stolen funds to back North Korea's weapons programs. https://t.co/Pxn7nVw4W6 ...

The U.S. Treasury sanctioned eight individuals and two entities linked to North Korea’s laundering of crypto and IT worker funds, used to finance its nuclear and missile programs. The action targets bankers and companies in China and Russia tied to over $3 billion in stolen crypto from DPRK cybercrime operations. https://t.co/ARLsGa6sEm ...