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Gandhinagar: The <keyword id="19895344" type="General" weightage="20" keywordseo="Enforcement-Directorate" source="keywords" meta.keywordsubtype="org" meta.entityname="Enforcement Directorate" meta.hostid="83" meta.entityid="Enforcement Directorate">Enforcement Directorate</keyword> on Thursday conducted multi-city searches in Gujarat in connection with a <keyword id="19899231" type="General" weightage="20" keywordseo="money-laundering" source="keywords">money laundering</keyword> case linked to a GST "fraud" in which eight people, including a journalist, were arrested recently by the state police, official sources said. About 23 premises in cities of Rajkot, Junagadh, Ahmedabad, Bhavnagar and Veraval were being raided by the federal agency after a case was filed under the Prevention of Money Laundering Act (PMLA), the sources said. Premises linked to arrested journalist <keyword id="23517167" type="General" weightage="20" keywordseo="Mahesh-Langa" source="keywords">Mahesh Langa</keyword>, who works with <keyword id="21256671" type="General" weightage="20" keywordseo="The-Hindu" source="keywords" meta.keywordsubtype="org" meta.entityname="The Hindu" meta.hostid="83" meta.entityid="The Hindu">The Hindu</keyword> newspaper, were also being covered. The money laundering case stems from an FIR of the Ahmedabad Police Crime Branch. The city Crime Branch registered the FIR against several persons and entities after getting a complaint from the Central GST over an alleged scam involving shell firms set up to defraud the government through <keyword id="23577822" type="General" weightage="20" keywordseo="bogus-input-tax-credits" source="keywords">bogus input tax credits</keyword> and fraudulent transactions. Langa along with seven others was arrested after the Central GST found some suspicious transactions in bogus firms floated in the name of his wife and father using forged documents. After the registration of the FIR, the Crime Branch and Gujarat's Economic Offences Wing raided 14 locations across the state, including in Ahmedabad, Junagadh, Surat, Kheda and Bhavnagar. According to the Crime Branch, more than 200 fraudulently created firms worked across the country in an organised manner to defraud the government exchequer by availing bogus input tax credits and forged documents and identities were used to create these firms for tax evasion.

ED conducts raids in Gujarat in GST fraud case

Actor <keyword id="19915080" type="General" weightage="100" keywordseo="Shilpa-Shetty" source="keywords">Shilpa Shetty</keyword> and her businessman husband <keyword id="19895826" type="General" weightage="20" keywordseo="Raj-Kundra" source="keywords">Raj Kundra</keyword> have moved the <keyword id="19905533" type="General" weightage="20" keywordseo="Bombay-High-Court" source="keywords" meta.keywordsubtype="org" meta.entityname="Bombay High Court" meta.hostid="153" meta.entityid="Bombay High Court">Bombay High Court</keyword> challenging ED's notices directing them to vacate their house in Mumbai's <keyword id="19933318" type="General" weightage="20" keywordseo="Juhu" source="keywords">Juhu</keyword> area and a farmhouse in Pune in connection with a money-laundering case. The pleas came up for hearing on Wednesday before a division bench of Justices Revati Mohite Dere and Prithviraj Chavan. The court issued notice to the <keyword id="19895344" type="General" weightage="20" keywordseo="Enforcement-Directorate" source="keywords" meta.keywordsubtype="org" meta.entityname="Enforcement Directorate" meta.hostid="153" meta.entityid="Enforcement Directorate">Enforcement Directorate</keyword> (ED) and posted the matter for hearing on Thursday. Their petitions challenge ED notices dated September 27 issued to Shetty and Kundra directing them to evict their residential premises here and a farmhouse in Pune within ten days in connection with a money-laundering case linked to an alleged <keyword id="23486542" type="General" weightage="20" keywordseo="Bitcoin-fraud" source="keywords">Bitcoin fraud</keyword>. The couple's advocate Prashant Patil said that Shetty and Kundra received the <keyword id="20675198" type="General" weightage="20" keywordseo="eviction-notices" source="keywords">eviction notices</keyword> only on October 3. He termed the notices arbitrary and illegal and sought them to be quashed. According to the pleas, there is no grave urgency for the petitioners to vacate their premises and that the issuance of such eviction notices was uncalled for. "The petitioners are also seeking relief on humanitarian grounds as the premise in question is their residential premise in which they have been staying with their family of six members for almost two decades," the petitions said. The pleas also sought HC to stay the effect of the eviction notices. As per the pleas, the ED had in 2018 lodged a complaint against one <keyword id="21346793" type="General" weightage="20" keywordseo="amit-bhardwaj" source="keywords">Amit Bhardwaj</keyword> and others for an alleged Bitcoin fraud and on charges of <keyword id="19899231" type="General" weightage="20" keywordseo="money-laundering" source="keywords">money laundering</keyword>. Both Shetty and her husband have not been named as accused in the case. The ED, during its probe, had summoned Kundra for questioning on several occasions. Kundra had appeared before the agency after each summons, the pleas said. In April 2024, Shetty and Kundra received a notice based on an order passed by the ED provisionally attaching their assets including their residential premise in Juhu that had been purchased by Kundra's father in 2009. Both Shetty and Kundra submitted their response to the notice. "However, in contravention to the provisions of law, the adjudicating authority confirmed the provisional attachment order on September 18, 2024. This order clearly states that the attachment is confirmed only till the conclusion of trial and is subject to its outcome," the pleas said. "The petitioners (Shetty and Kundra) on October 3 received two notices dated September 27, 2024, directing them to vacate their residential premises and the farmhouse," the petitions said. The petitions said no eviction order/notice can be issued prior to conviction. The pleas added that their residential premise has no connection with the scheduled offence or any proceeds of crime. The petitions further claimed that Kundra had absolutely no connection with the alleged fraud.

Shilpa Shetty and Raj Kundra's money laundering case takes new turn as they challenge the ED's eviction notices

In its first ever raids in the Union Territory of <keyword id="19905190" type="General" weightage="20" keywordseo="Ladakh" source="keywords">Ladakh</keyword>, the <keyword id="19895344" type="General" weightage="20" keywordseo="Enforcement-Directorate" source="keywords" meta.keywordsubtype="org" meta.entityname="Enforcement Directorate" meta.hostid="261" meta.entityid="Enforcement Directorate">Enforcement Directorate</keyword> on Friday conducted searches as part of its <keyword id="19899231" type="General" weightage="20" keywordseo="money-laundering" source="keywords">money laundering</keyword> probe linked to a cryptocurrency fraud case in which investors lost more than Rs 7 crore worth of deposits, officials said. The agency's zonal office here raided at least six premises in Leh town of Ladakh, Jammu in J-K and Sonipat in Haryana in the case against A R Mir and others. It is alleged that 2,508 investors deposited more than Rs 7.34 crore in a fake cryptocurrency business in the name of "<keyword id="22638371" type="General" weightage="20" keywordseo="Emollient-Coin-Limited" source="keywords" meta.keywordsubtype="org" meta.entityname="Emollient Coin Limited" meta.hostid="261" meta.entityid="Emollient Coin Limited">Emollient Coin Limited</keyword>". They, however, did not get any returns or currency back, and these funds were laundered by the business' promoters to purchase land assets in Jammu. The money laundering case stems from a March 2020 FIR registered in Leh and some other complaints filed in the Union Territory (UT) of Jammu and Kashmir (J-K) against Mir and Ajay Kumar Choudhary. Police in Leh in their FIR stated that an inquiry was conducted by a committee formed by the local district magistrate against Mir and his agents who were running the "fake" cryptocurrency business (Emollient Coin Limited) from a office located at the Anjuman Moin-Ul-complex, opposite SNM Hospital, in Leh. The committee sealed this office during inquiry on charges of "cheating many innocent individuals by assuring them to double their investment", according to the FIR. The accused lured people of the UT of Ladakh and some other places to purchase "Emollient Coin" using cash or transferring money into bank accounts, according to Enforcement Directorate (ED) officials. The depositors were also duped in the name of "Bitcoins" with the assurance of returns up to 40 per cent with a lock-in period of 10 months, the probe agency said. Investors were dished out a commission of up to seven per cent of the investment made by the people on their reference in the business, thereby forming a multi-level marketing chain, the ED found. A total of 2,508 people invested Rs 7,34,36,267 in the investment plan offered by Mir and the company (Emollient) floated by him that was incorporated in September 2017 and had its registered office in London. A man, Henry Maxwell, living in the UK capital, was its director. The company had two promoters in India -- Naresh Gullia and Channi Singh. The company was "deliberately" dissolved in March 2019, and Mir along with Choudhary launched a real estate business and acquired lands in Jammu from the funds generated by the fake cryptocurrency trade, according to the ED. SEE ALSO:<a href="https://www.businessinsider.in/stock-market/webstories/ola-electric-ipo-price-band-to-risk-factors-all-you-need-to-know/slidelist/112185870.cms" target="_blank"></a> <a href="https://www.businessinsider.in/stock-market/webstories/ola-electric-ipo-price-band-to-risk-factors-all-you-need-to-know/slidelist/112185870.cms" target="_blank">Ola Electric IPO – Price band to risk factors, all you need to know</a><a href="https://www.businessinsider.in/tech/mobile/news/nothing-phone-2a-plus-with-dimensity-7350-pro-chipset-launched-in-india-starting-at-29999/articleshow/112164963.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/news/nothing-phone-2a-plus-with-dimensity-7350-pro-chipset-launched-in-india-starting-at-29999/articleshow/112164963.cms" target="_blank">Nothing Phone (2a) Plus with Dimensity 7350 Pro chipset launched in India starting at ₹29,999</a><a href="https://www.businessinsider.in/tech/mobile/news/indian-smartphone-shipments-decline-by-2-in-q2-2024-xiaomi-retakes-the-throne/articleshow/112162312.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/news/indian-smartphone-shipments-decline-by-2-in-q2-2024-xiaomi-retakes-the-throne/articleshow/112162312.cms" target="_blank">Indian smartphone shipments decline by 2% in Q2 2024, Xiaomi retakes the throne</a>

ED undertakes first-ever searches in Ladakh in crypto fraud case

<ul class="summary-list"><li>Fourteen states filed separate lawsuits Tuesday alleging TikTok harms children's mental health.</li><li>NY AG Letitia James helms the effort and has tapped senior counsel Kevin Wallace as lead litigator.</li></ul>Fresh off the success of <a target="_blank" class="" href="https://www.businessinsider.com/trump-massive-ny-fraud-fine-has-ballooned-during-appeal-2024-9">a $454 million fraud verdict </a>against former President Donald Trump, New York Attorney General Letitia James has now picked her most prominent Trump litigator to take on her next big target — TikTok.On Tuesday, <a target="_blank" class="" href="https://ag.ny.gov/press-release/2024/attorney-general-james-sues-tiktok-harming-childrens-mental-health">14 states filed separate lawsuits </a>against the popular, Chinese-owned social media app, alleging it profits from damaging children's mental health.James' office laid the groundwork for this bi-coastal TikTok litigation throughout much of this year, networking with other attorneys general while building <a target="_blank" class="" href="https://www.governor.ny.gov/news/governor-hochul-joins-attorney-general-james-and-bill-sponsors-sign-nation-leading-legislation">a legal framework </a>and <a target="_blank" class="" href="https://ag.ny.gov/sites/default/files/2024-07/dej_nyc_rpa_3704_web.pdf">a Manhattan-based staff </a>led by Kevin C. Wallace, a veteran AG senior enforcement counsel.Wallace has been something of a stealth David to James' Goliath targets, including her <a target="_blank" class="" href="https://law.justia.com/cases/federal/appellate-courts/cadc/21-7078/21-7078-2023-04-27.html">ultimately failed</a> anti-trust efforts against (a pre-Meta) Facebook between <a target="_blank" class="" href="https://ag.ny.gov/press-release/2020/attorney-general-james-leads-multistate-lawsuit-seeking-end-facebooks-illegal">2020</a> and <a target="_blank" class="" href="https://ag.ny.gov/press-release/2022/attorney-general-james-leads-multistate-coalition-continuing-fight-end-facebooks">2022</a>.Wallace was at James' side in 2022 as she announced she had sued Trump for larding his annual financial statements with billions of dollars in fraudulent exaggerations of his worth.Wallace twice went head-to-head with Trump himself. He questioned Trump pretrial in an April 2023 deposition, during which the verbose former president <a target="_blank" href="https://www.businessinsider.com/trump-busy-saving-world-from-nuclear-holocaust-commit-business-fraud-2023-8">insisted he was too busy</a> "saving millions of lives" as president to commit business fraud. At one point, Wallace complained of Trump: "We're going to be <a target="_blank" href="https://www.businessinsider.com/trump-rambled-fraud-deposition-lawyer-well-be-here-all-night-2023-8">here until midnight </a>if your client answers every question with an eight-minute speech."Wallace went on to deliver <a target="_blank" class="" href="https://www.businessinsider.com/trump-trial-ag-shows-previously-unseen-deposition-that-showed-family-deny-fraud-2023-10">opening statements</a> and <a target="_blank" class="" href="https://www.businessinsider.com/gloves-off-shoes-off-trump-fraud-trial-closings-weirdest-moment-2024-1">closing arguments</a> when the lawsuit went to trial in Manhattan last year. And when Trump was <a target="_blank" class="" href="https://www.businessinsider.com/chatty-trump-has-hard-time-yes-no-questions-witness-stand-2023-11">subpoenaed to the stand</a> a month into the trial, it was Wallace who questioned him.<div type="image" title="New York Attorney General Letitia James announced her $250 million civil fraud suit against Donald Trump and his company with assistant attorneys general Andrew S. Amer, center, and Kevin C. Wallace, right." height="1667" width="2500" msid="114059665" hostid="261" sizebytes="279058"></div>Tuesday's lawsuits against TikTok allege separately, but in like language, that the app's calculatedly addicting qualities cause severe mental health and even physical harm to young users.Around-the-clock notifications disrupt their sleep, the "autoplay" feature provides an endless stream of videos, and "beauty filters" encourage young girls to "fix" their appearances, the James lawsuit alleges."Young people have died or gotten injured doing dangerous TikTok challenges and many more are feeling sad, anxious, and depressed because of TikTok's addictive features," James wrote in a press release.An attorney who represents TikTok in multiple adolescent addiction and personal injury lawsuits did not immediately return a request for comment Tuesday afternoon.The TikTok lawsuit may be another of the kind of yearslong litigation marathons that James' office hasn't shied from since she first took office in 2019.Her investigation into the National Rifle Association and its <a target="_blank" class="" href="https://www.businessinsider.com/return-of-wayne-lapierre-2nd-nra-trial-fights-resume-role-2024-7">former executive Wayne LaPierre</a> began six years ago, and resulted in a 2020 lawsuit and $5.4 million Manhattan jury judgment that is still in post-trial litigation.The Trump fraud investigation began in 2018, and also isn't over yet. The $454 million judgment is <a target="_blank" class="" href="https://www.businessinsider.com/at-trump-friendly-hearing-judges-question-454m-ny-fraud-verdict-2024-9">under appeal</a>, with a decision expected any time in the coming weeks.TikTok's lawyers may be interested to know that Wallace in particular, does not shy from yearslong litigation. In April, he signed <a target="_blank" class="" href="https://www.documentcloud.org/documents/24538496-nyag-v-trump-wallace-response-on-monitor-20240409">a letter</a> to Trump's fraud judge warning that James' office is still investigating if the former president <a target="_blank" class="" href="https://www.businessinsider.com/trials-over-but-letitia-james-not-done-with-donald-trump-2024-4">withheld evidence</a>, a matter that, like the appeal, remains pending.

Lawyer who twice grilled Trump in NY fraud case now helps lead a 14-state war on 'addictive' TikTok  

<ul class="summary-list"><li>The US Supreme Court heard Nvidia's arguments against a class action securities fraud lawsuit.</li><li>Nvidia is accused of misleading shareholders about cryptocurrency mining-related sales.</li></ul>The US Supreme Court on Wednesday heard arguments in a case in which <a target="_blank" class="" href="https://www.businessinsider.com/nvidia-ceo-ai-employees-workers-2024-11">Nvidia</a> is trying to dodge a securities fraud lawsuit brought by shareholders. But some of the justices expressed concern over the chip giant's assertions.Nvidia petitioned the nation's highest court after a lower court permitted a 2018 class action lawsuit alleging that the company and its CEO <a target="_blank" class="" href="https://www.businessinsider.com/nvidia-huang-softbank-masayoshi-son-tech-stock-buyout-ai-microchips-2024-11">Jensen Huang</a> misled investors about its cryptocurrency mining-related sales to move ahead.Attorneys for Nvidia argue that the plaintiffs in the lawsuit, led by a Swedish investment management firm, have not met the stricter pleading standards laid out by the 1995 Private Securities Litigation Reform Act.The decision by the US Court of Appeals for the Ninth Circuit to allow the lawsuit to proceed "creates an easy road map for plaintiffs to evade the Reform Act," Nvidia attorney Neal Katyal argued before the justices.The Private Securities Litigation Reform Act or PSLRA was designed, in part, to curtail frivolous securities lawsuits."When a stock drops, all they have to do is find an expert with numbers that contradict the company's public statements, then allege the company keeps records that executives look at, and then argue those records would have matched the hired expert's numbers," said Katyal, who argued that the plaintiff's complaint relies on expert opinion and lacks company documents.When asked by Justice Clarence Thomas what the plaintiff's complaint would look like in order to comply with the PSLRA, Katyal said it would have to answer "what did the CEO know" and "when did he know it.""I guess my concern is that you appear to be requiring for plaintiffs to actually have the evidence in order to plead their case," said Justice Ketanji Brown Jackson, adding, "part of my concern is that you seem to be wanting a bright line that says the contents of the documents are necessary."Justice Sonia Sotomayer said that she was "concerned" by Nvidia's petition to the court and told Katyal, "We often don't grant cert to error correct.""I'm not actually sure what rule we could articulate that would be clearer than our cases already say," Sotomayer said.Chief Justice John Roberts said the aspect that concerned him about both sides' arguments was that it was "a little black and white.""If I think that the positions on both sides are a little too absolute, how do you find sort of the sweet spot in terms of when the PSLRA is satisfied?" Roberts asked."It can't be just a little bit of direct evidence because that statute was intended to do something," Roberts said. "On the other hand, it seems to me, you can't insist on only the direct evidence before a complaint goes forward. So if I don't think it's black and white, how do I decide where the balance is?"A Nvidia spokesperson told BI the company "appreciated the opportunity to answer the Court's detailed questions this morning. We brought this case to the Supreme Court to protect shareholders and the economy from groundless lawsuits, and look forward to the Court's resolution of this matter."In his arguments, Deepak Gupta, an attorney representing the plaintiffs, said the PSLRA "demands particularity.""Everyone agrees you can't circumvent the statute with conclusory allegations or unsubstantiated expert opinions," Gupta said."But that's not what happened here," said Gupta. "On falsity, the Court of Appeals holding expressly rested on a combination of facts showing that a substantial part of gaming revenues came from crypto."This included accounts from former employees, detailed accounts of internal data and meetings, expert analysis, and "Huang's eventual acknowledgment of the crypto hangover, which sent the stock tumbling 28%," said Gupta.A district court previously dismissed the plaintiffs' class action lawsuit and the Ninth Circuit reversed that decision.The plaintiffs allege in their brief to the Supreme Court that in 2017 when Nvidia's sales of graphic processing units (GPUs) were surging, the company and Huang "knew those record sales were due in substantial part to demand from cryptocurrency miners.""But for more than a year, Huang denied that mining-related sales were driving NVIDIA's revenue growth because he knew that the securities market looked askew at GPU sales to miners, which are notoriously cyclical," the brief says."Huang's strategy fell apart in late 2018, when cryptocurrency prices collapsed, GPU purchases by miners withered, and demand for GeForce GPUs shrank dramatically," the brief says. "NVIDIA then finally admitted that — contrary to Huang's previous denials—its record revenue growth had been largely due to mining-related demand for GeForce GPUs."Nvidia's attorneys argued in its petition to the Supreme Court that on public calls with investors, company executives "made clear that they believed crypto miners were buying both GeForce GPUs and Crypto SKUs.""This case aptly demonstrates the danger of allowing plaintiffs to guess at the pleading stage what internal company reports could have said," the petition says. "Plaintiffs speculate that internal NVIDIA sales reports would have reflected the amount of gaming segment revenue driven by sales to miners rather than to gamers."It adds, "But there is no basis in Plaintiffs' allegations to assume that this information was available to NVIDIA."In 2022, Nvidia agreed to pay the Securities and Exchange Commission $5.5 million to settle charges for "inadequate disclosures" regarding the impact of crypto mining on the company's gaming business. Nvidia agreed to pay the penalty without admitting or denying the SEC's findings.A decision from the Supreme Court is expected by June.

Some Supreme Court justices scrutinized Nvidia's attempt to dodge a securities fraud lawsuit

Cupertino based tech giant <keyword id="6354427" type="General" weightage="100" keywordseo="apple" source="Orion">Apple</keyword> is known for its reliability and has the trust of millions of people across the world. Apple offers warranty on all of its products and getting a claim is usually a hassle-free process in case something goes wrong with your product. However, two men living in the US took advantage of Apple’s warranty programme and duped the company of nearly $2.5 million, according to a New York Post report. <h2>Two men scam Apple</h2>The report added that federal authorities described the scam as “sophisticated” and it involved shipping thousands of fake phones to the tech giant under the guise of legitimate warranty claims. <keyword id="23471889" type="General" weightage="20" keywordseo="Haotian-Sun" source="keywords">Haotian Sun</keyword>, 33, and Pengfei Xue, also 33, both originally from China but residing in Maryland, US, masterminded the two-year con that swindled Apple out of an estimated $2.5 million. The Justice Department revealed on Thursday that the men managed to convince Apple that their counterfeit phones were the real deal, running the scam from 2017 to 2019. Sun received 57 months behind bars and was ordered to pay Apple over $1 million in restitution. Xue, on the other hand, will serve 54 months and owes nearly $400,000 to the company. <h2>How the scam unfolded</h2> According to the New York Post report, Sun and Xue orchestrated a steady flow of fake iPhones from Hong Kong into the U.S. They used spoofed serial numbers to trick Apple and its authorised service providers into believing the devices were still under warranty. Under Apple’s standard one-year warranty, customers can have their iPhones repaired or replaced if something goes wrong. Sun and Xue, however, sent in phones that were either no longer covered or entirely counterfeit. But that didn’t stop Apple from regularly swapping out the bogus phones for new, genuine ones. The company was replacing dozens of fraudulent devices in single shipments, unwittingly playing right into the scammers’ hands. To avoid getting caught, the duo used multiple aliases, fake identities, and set up new mailboxes, all in an effort to make their scam look as legit as possible. They hoped that by sending phones from different “people,” Apple wouldn’t connect the dots. It worked—for a while. <h2>How they got caught</h2> The report added that the elaborate scam began to unravel when Apple, suspecting foul play, tipped off federal authorities. A tipster alerted the feds, setting off a series of investigations that eventually lead to Sun and Xue’s downfall. Postal inspector Stephen Cohen detailed how law enforcement started intercepting packages linked to the duo and quickly realised thousands of <keyword id="20672052" type="General" weightage="20" keywordseo="counterfeit-iPhones" source="keywords">counterfeit iPhones</keyword> were flowing into the country. In a clever move, agents didn’t arrest the men immediately. Instead, they allowed the intercepted packages to continue to their intended destinations, while they quietly documented serial numbers of every single phone. With this evidence in hand, they worked with Apple to trace the shipments and identify the culprits. Once they had enough proof, the hammer dropped, and the scheme was over.

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ED conducts raids in Gujarat in GST fraud case

PTI

Shilpa Shetty and Raj Kundra's money laundering case takes new turn as they challenge the ED's eviction notices

PTI

ED undertakes first-ever searches in Ladakh in crypto fraud case

PTI

Lawyer who twice grilled Trump in NY fraud case now helps lead a 14-state war on 'addictive' TikTok

Laura Italiano

Some Supreme Court justices scrutinized Nvidia's attempt to dodge a securities fraud lawsuit

Natalie Musumeci

Apple was scammed of $2.5 million by two men, here is what happened

Divyanshi Sharma

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