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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

<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

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

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.

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

<ul class="summary-list"><li>Rapper Sean Combs and crypto fraudster <keyword id="20003002" type="General" weightage="20" keywordseo="Sam-Bankman-Fried" source="keywords">Sam Bankman-Fried</keyword> are sleeping in the same jail dormitory.</li><li>Combs, known as <keyword id="20236268" type="General" weightage="100" keywordseo="Diddy" source="keywords">Diddy</keyword>, has been in the <keyword id="23241522" type="General" weightage="20" keywordseo="Brooklyn-jail" source="keywords">Brooklyn jail</keyword> since last week on <keyword id="20069055" type="General" weightage="20" keywordseo="sex-trafficking" source="keywords">sex trafficking</keyword> charges.</li></ul>Crypto fraudster Sam Bankman-Fried just got a new roommate. Sean Combs, the rapper known as Diddy, and Bankman-Fried are bunking in the same dormitory of a Brooklyn jail, said a person familiar with the situation who spoke on condition of anonymity because they were not authorized to talk publicly about the housing arrangement. Their identity is known to Business Insider. Combs has been held at <keyword id="23228804" type="General" weightage="20" keywordseo="Metropolitan-Detention-Center" source="keywords" meta.keywordsubtype="org" meta.entityname="Metropolitan Detention Center" meta.hostid="261" meta.entityid="Metropolitan Detention Center">Metropolitan Detention Center</keyword> for almost a week after being denied bail on federal sex trafficking and racketeering charges. Bankman-Fried has been imprisoned at the same jail since last year. He is serving a 25-year sentence on fraud charges after stealing $8 billion from customers of his FTX crypto exchange. He funneled money into his crypto-trading fund Alameda Research, venture capital investments, political donations, and used it for personal spending. The pair are among roughly 20 inmates housed in the area, which is reserved for those who need special security, including high-profile defendants, people familiar with the situation told NBC News. Other high-profile inmates, like disgraced pop singer R. Kelly and sex offender Ghislaine Maxwell —who has ties to Jeffrey Epstein— have previously been held in MDC. The jail holds around 1,200 detainees, and has a reputation for tough conditions. Last week, Combs's lawyers called it too "horrific" for a defendant pre-trial, and a lawyer for an inmate who died there after a fight this summer once said it is overcrowded and understaffed, calling it "hell on earth." Combs' lawyers have since changed course, saying he "can't say enough good things about the MDC, which has been responsive to our and his needs," according to comments obtained by the New York Times. Correction: September 25, 2024 — An earlier version of this story misattributed details about the purpose of the part of the jail where Sam Bankman-Fried and Sean Combs were being held and how many people were being held there. Those details were attributed to unnamed sources in a report from NBC News and did not come from a source who spoke with Business Insider or sources who spoke with The New York Times. Jacob Shamsian contributed reporting.

Diddy and crypto fraudster SBF are sharing a dorm-style room in a Brooklyn jail

<ul class="summary-list"><li>Scammers are targeting voters with fake registrations, surveys, and donation requests.</li><li>The scams often involve pressure tactics and requests for personal financial information.</li></ul>It's almost time for the <a target="_blank" class="" href="https://www.businessinsider.com/kamala-harris-donald-trump-15-days-swing-states-polling-2024-10">2024 presidential election</a>, and scammers are out in force.The three most common scams around elections are <a target="_blank" class="" href="https://www.businessinsider.com/how-avoid-election-scams-stay-safe-from-voter-registration-fraud-2024-8">voter registration scams</a>, fake surveys and polls, and political donation scams, experts say.In all of these scams, the National Association of Secretaries of State says that scammers generally contact potential victims by phone or email, pretending to be a legitimate entity, like a political action committee or a state agency.The best way to spot an election scam in any of these instances is to stop and see if the person reaching out to you is asking for personal financial information. If they are, it's likely a scam.Other signs that a donation request from a PAC could be fake are if they push you to donate quickly or if the website doesn't provide any contact information, NASS says.According to the Federal Trade Commission, scammers commonly use "pressure" to get victims into uncomfortable situations. They will use phrases such as "act now!" to introduce a time element so that you don't have time to think about your actions."Pressuring you to act now is always a sign of a scam," the FTC says.Fake surveys and polls that prey on people's heightened emotions during election seasons are also common, NASS says. Signs that a survey or poll could be fake are if they offer compensation or prizes for participation or if they ask about controversial topics "to rile you up."To spot a fake voter registration message, check to make sure that the information you are receiving is coming from your official state or local election official, the agency says. Another common sign that a voter registration message could be a scam is if the messenger says you must pay to complete your voter registration.The FTC recommends reporting any unsolicited texts or calls from someone who says they need your Social Security Number or financial information to register you to vote. If you think you may be the victim of a scam, you can visit the <a target="_blank" href="https://consumer.ftc.gov/features/identity-theft">FTC's identity theft recovery page</a> to report the fraud.To register to vote, or to find out if your Social Security Number is required for voter registration in your state, the FTC says to contact your local election office or check the US Election Assistance Commission's National Voter <a target="_blank" href="https://www.eac.gov/sites/default/files/eac_assets/1/6/Federal_Voter_Registration_ENG.pdf">Registration Form</a>.

You Searched For "Fraud" and got 6 results

ED conducts raids in Gujarat in GST fraud case

PTI

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

Natalie Musumeci

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

PTI

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

Divyanshi Sharma

Diddy and crypto fraudster SBF are sharing a dorm-style room in a Brooklyn jail

Kelly Cloonan

Here are the most common election scams and how to keep yourself safe

Kenneth Niemeyer

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