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Actor <keyword id="19897962" type="General" weightage="100" keywordseo="Tamannaah-Bhatia" source="keywords">Tamannaah Bhatia</keyword>, who made waves with her recent cameo in Stree 2, is in the news again — but for a very unexpected reason this time. The actor was questioned by 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> (ED) in Guwahati on Thursday in connection with a high-profile <keyword id="19899231" type="General" weightage="20" keywordseo="money-laundering" source="keywords">money laundering</keyword> case involving the ‘<keyword id="19984854" type="General" weightage="20" keywordseo="HPZ-Token" source="keywords">HPZ Token</keyword>’ mobile app, where several investors were allegedly duped on the pretext of <keyword id="23296351" type="General" weightage="20" keywordseo="cryptocurrency-mining" source="keywords">cryptocurrency mining</keyword>. The 34-year-old actor’s statement was recorded under the <keyword id="19912399" type="General" weightage="20" keywordseo="Prevention-of-Money-Laundering-Act" source="keywords">Prevention of Money Laundering Act</keyword> (PMLA), according to the Press Trust of India (PTI). Bhatia allegedly received payments for making a "<keyword id="23595308" type="General" weightage="20" keywordseo="celebrity-appearance" source="keywords">celebrity appearance</keyword>" at an event linked to the app, though there were no incriminating charges against her. Initially called for questioning earlier, she deferred the summons due to professional commitments but appeared on Thursday, as per PTI. The money laundering probe is tied to an FIR filed by the <keyword id="21156024" type="General" weightage="20" keywordseo="cyber-crimes-unit" source="keywords">cyber crimes unit</keyword> of Kohima Police, where several accused were booked under the Indian Penal Code and Information Technology Act. The app in question, 'HPZ Token,' was reportedly used to deceive investors by promising hefty returns on Bitcoin and other cryptocurrency mining. For an investment of ₹57,000, investors were promised returns of ₹4,000 per day for three months, but payments were halted after the first round, and fresh funds were solicited. The ED’s investigation uncovered 299 entities involved, including 76 Chinese-controlled entities, accused of creating "shell entities" to launder funds. The agency seized assets worth ₹455 crore following searches across the country. This case is part of a broader crackdown on fraudulent online schemes and <keyword id="20454123" type="General" weightage="20" keywordseo="illegal-betting" source="keywords">illegal betting</keyword> tied to cryptocurrency investments. (With inputs from sources)

Why is actor Tamannaah Bhatia being questioned by the ED for a money laundering case?

The <keyword id="19895344" type="General" weightage="20" keywordseo="Enforcement-Directorate" source="keywords">Enforcement Directorate</keyword> alleged Saturday that the CPI(M) in <keyword id="19896018" type="General" weightage="20" keywordseo="Kerala" source="keywords">Kerala</keyword> was holding proceeds of <keyword id="19899231" type="General" weightage="20" keywordseo="money-laundering" source="keywords">money laundering</keyword>, as it attached a land parcel and <keyword id="20202062" type="General" weightage="20" keywordseo="bank-deposits" source="keywords">bank deposits</keyword> worth Rs 73 lakh of the political party in a <keyword id="19913348" type="General" weightage="20" keywordseo="probe" source="keywords">probe</keyword> linked to the Karuvannur Service Cooperative Bank "scam". Assets worth Rs 28.65 crore of various individuals and entities linked to the case have also been attached by the federal agency after a provisional order under the <keyword id="19912399" type="General" weightage="20" keywordseo="prevention-of-money-laundering-act" source="keywords">Prevention of Money Laundering Act</keyword> (PMLA) was issued. Official sources said the party may be nam<keyword id="19956083" type="General" weightage="20" keywordseo="ED" source="keywords">ed</keyword> as an accused in the next supplementary chargesheet to be filed in this case. If so, it will be the second political party to be arraigned as accused in a money laundering investigation after the Aam Aadmi Party. AAP has recently been named by the ED in the Delhi excise policy case. The CPI(M) vehemently denied the charges of wrongdoing and money laundering. The attached assets include 18 immovable properties, valued at Rs 28.65 crore, consisting of lands and buildings in Kerala of the beneficiaries of the "scam", including an immovable property worth Rs 10 lakh registered in the name of a district secretary of the Communist Party of India (Marxist) for a party office, the ED said in a statement. The attachment also includes eight movable properties, including a credit balance of Rs 63.62 lakh in eight "undisclosed" bank accounts of the CPI(M) local area committees in Thrissur, it added. The agency claimed that the CPI(M) received these funds from the beneficiaries as donations through the governing body and the party is "in possession of proceeds of crime" which has been invested in the purchase of immovable properties and credited to its five bank accounts in the Karuvannur Service Cooperative Bank Ltd. The bank is promoted by the party. The CPI(M) rejected the ED charges, saying it would legally and politically fight any move by the agency to arraign it in the case linked to the alleged multi-crore Karuvannur bank scam. Party state secretary M V Govindan alleged that the ED was trying to make opposition parties and their leaders accused in various cases due to political reasons. He also accused the central agency of attempting to create a smokescreen as it had failed to collect any evidence against the party. The ED believes that the land parcel attached by it was meant for the CPI(M) party office and was purchased using alleged kickbacks from the loanees or beneficiaries of the loans sanctioned by the Karuvannur Service Cooperative Bank. The agency has relied on the "confessional" statements of at least two accused in this case who claimed in their statements recorded before a judicial magistrate that the purported irregularities in the bank were orchestrated at the behest of CPI(M) Thrissur district committee leaders. The ED alleged that "bogus loans" were sanctioned by the Karuvannur Service Cooperative Bank on the same property multiple times without the knowledge of members of the society. "Investigation found benami loans were sanctioned to non-members against inflated property valuations in the names of other members and such loan funds were siphoned off and laundered by the accused beneficiaries," it said, adding that the loan amounts were disbursed in cash to avoid a money trail. "Such benami and illegal loans were sanctioned at the behest of the secretary and the governing body of the society in connivance with the then-bank manager, at the behest of the Thrissur district committee, CPI(M). "In return, the Thrissur district committee, CPI(M), collected money in the form of donations and salary cut from the beneficiaries and society committee members into their undisclosed and illegally opened bank accounts in the same society," the agency said. These funds, according to the ED, were utilised for the purchase of land worth Rs 10 lakh by the secretary of the Thrissur district committee of the CPI(M) for the construction of the party office, which has now been attached as proceeds of crime. Govindan said it has been a decades-long practice of registering the office and other assets of party units in the name of the respective district committees. What role does the party have in the office constructed by one of its local committees, he asked. But the ED is now trying to tarnish the image of the CPI(M) in the name of the assets of one such party unit, Govindan claimed. "We will fight it legally and politically. We haven't got any notice in this regard so far," he told reporters. The ED filed a chargesheet in this case against 55 accused entities in November last year. The money laundering case stems from 16 FIRs registered by the <keyword id="20086884" type="General" weightage="20" keywordseo="kerala-police" source="keywords">Kerala Police</keyword> (<keyword id="20146853" type="General" weightage="20" keywordseo="crime-branch" source="keywords">Crime Branch</keyword>) in Thrissur in 2010. Four people have been arrested by the ED in this case so far.

After AAP, ED attaches land, bank deposits of CPI(M); says party holding proceeds of money laundering

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

New Delhi: <keyword id="21114628" type="General" weightage="20" keywordseo="Swiss-authorities" source="keywords" meta.keywordsubtype="org" meta.entityname="Swiss authorities" meta.hostid="153" meta.entityid="Swiss authorities">Swiss authorities</keyword> have frozen more than USD 310 million in funds across multiple Swiss bank accounts as part of <keyword id="19899231" type="General" weightage="20" keywordseo="money-laundering" source="keywords">money laundering</keyword> allegations into <keyword id="19955648" type="General" weightage="100" keywordseo="Adani-Group" source="keywords" meta.keywordsubtype="org" meta.entityname="Adani Group" meta.hostid="153" meta.entityid="Adani Group">Adani Group</keyword>, US-based short seller Hindenburg Research claimed citing media report - a charge that the conglomerate vehemently denied. In a post on X, Hindenburg cited "newly released Swiss criminal records reported by Swiss media outlet" to state that "Swiss authorities have frozen more than $310 million in funds across multiple Swiss bank accounts as part of a money laundering and securities forgery investigation into Adani, dating back as early as 2021." "Prosecutors detailed how an Adani frontman invested in opaque BVI/Mauritius &amp; Bermuda funds that almost exclusively owned Adani stocks," it said citing the report. Adani group rejected the allegations as baseless saying it had no involvement in any Swiss court proceedings. "We unequivocally reject and deny the baseless allegations presented. The Adani Group has no involvement in any Swiss court proceedings, nor have any of our company accounts been subject to sequestration by any authority," it said. It went on to state that "even in the alleged order, the Swiss court has neither mentioned our group companies, nor have we received any requests for clarification or information from any such authority or regulatory body. We reiterate that our overseas holding structure is transparent, fully disclosed, and compliant with all relevant laws." The allegations, it said, "are clearly preposterous, irrational, and absurd. We have no hesitation in stating that this is yet another orchestrated and egregious attempt by the same cohorts acting in unison to inflict irreversible damage on our group's reputation and market value." "The Adani Group remains steadfastly committed to transparency and compliance with all legal and regulatory requirements," it said, adding it "strongly condemns" the allegations. The Swiss media outlet Gotham City in its report stated that "A ruling by the Federal Criminal Court (FCC) reveals that the Geneva Public Prosecutor's Office was investigating alleged wrongdoing by the Indian conglomerate Adani well before activist investors from Hindenburg Research made the first accusations." "More than USD 310 million belonging to an alleged front man for billionaire <keyword id="19929098" type="General" weightage="20" keywordseo="Gautam-Adani" source="keywords">Gautam Adani</keyword> is sequestered in five Swiss banks," it said adding the Office of the Attorney General of Switzerland (OAG) took over the investigation after the case was revealed in the media. Hindenburg, which had in January last year alleged stock market manipulation and fraud, claimed that criminal court records show in detail how an Adani frontman invested in opaque BVI/Mauritius and Bermuda funds that almost exclusively owned Adani stock. Adani Group had denied all allegations Hindenburg made in its January 2023 report.

Swiss authorities freeze $310 mn allegedly linked to front man of Adani group, Adani Group rejects allegations

<ul class="summary-list"><li>TD Bank shares fell 8% after it pleaded guilty to anti-money-laundering charges and agreed to pay a $3 billion fine.</li><li>The charges involved a scheme by Chinese cartels bribing TD employees at bank branches in New York and New Jersey.</li></ul>Shares of <a target="_blank" class="" href="https://markets.businessinsider.com/stocks/td-stock">TD Bank</a> dropped as much as 8% on Thursday after it pleaded guilty and agreed to pay a $3 billion fine stemming from charges over its anti-money-laundering practices.The penalty is the largest ever anti-money-laundering fine imposed on a bank by US officials, eclipsing the nearly $2 billion fine HSBC paid in 2014 for transferring billions of dollars on behalf of Mexican drug cartels.Canada-based TD Bank's US unit also accepted an asset limit set by the Office of the Comptroller of the Currency regarding how big its asset size can grow.The bank cannot grow past its current $370 billion in asset size for as long as the asset cap is in place.This is the first time an asset cap has been levied against a bank since 2018 when Wells Fargo accepted an asset limit due to its fake account-opening scandal."The OCC's coordinated and comprehensive action, including the imposition of an asset cap, will ensure that the bank focuses on building proper controls commensurate with its risk profile," acting Comptroller of the Currency <a target="_blank" class="" href="https://www.occ.gov/news-issuances/news-releases/2024/nr-occ-2024-116.html">Michael Hsu said.</a>The charges stem from an investigation that revealed TD Bank didn't have proper anti-money laundering practices in place.The lack of controls enabled a money laundering scheme to take place by Chinese drug cartels that were linked to fentanyl sales.The Chinese criminal operation involved bribing bank employees at TD branches in New York and New Jersey, allowing hundreds of millions of dollars in fentanyl sales to be laundered.TD Bank's settlement includes the Department of Justice, FinCEN, the Federal Reserve, and the OCC.In a statement in August, TD Bank CEO Bharat Masrani said, "We recognize the seriousness of our U.S. AML program deficiencies and the work required to meet our obligations and responsibilities is of paramount importance to me, our senior leaders, and our boards."Masrani has since said he will retire from the company in April.TD Bank stock has since pared its gains to about 6%, trading at $59.88 at 1:29 p.m. in New York.TD did not immediately respond to a request for comment.

TD Bank falls 8% after it faces $3 billion fine and growth caps over charges of enabling fentanyl-linked money laundering scheme

In a major step toward protecting students and their families, the Indian government has issued new guidelines aimed at curbing misleading advertisements by coaching centres. The Centre's crackdown addresses exaggerated claims like “100% selection” or “guaranteed job security” — promises that often lead to disappointment among students who invest time and money expecting a near-certain outcome. <h2>Protecting consumers, not shutting down coaching</h2>On Wednesday, the Central Consumer Protection Authority (CCPA) rolled out these guidelines in response to numerous complaints from the National Consumer Helpline. According to <keyword id="20003684" type="General" weightage="20" keywordseo="consumer-affairs" source="keywords">Consumer Affairs</keyword> Secretary Nidhi Khare, the government’s goal is not to shut down coaching centres but to ensure their ads don’t “undermine consumer rights.” “We have seen coaching centres deliberately concealing information from prospective students,” Khare said. “Therefore, we have come out with the guidelines to provide guidance to people involved in the coaching industry.” So far, the CCPA has issued 54 notices to violators and imposed penalties of around Rs 54.60 lakh. <h2>What’s prohibited?</h2>The guidelines lay out strict boundaries on what coaching centres can — and cannot — say in their ads. Here’s what the guidelines address: <ul><li>False Claims: Ads should not make unsubstantiated promises about “100% selection” or “100% job security.”</li><li>Course Details: No exaggerating or omitting information about courses, their duration, or outcomes.</li><li>Faculty Credentials: Qualifications of teachers must be presented accurately, with no fake credentials.</li><li>Fees and Refunds: All fees and refund policies must be transparent.</li><li>Selection Rates and Ranks: Coaching centres cannot claim high selection rates or exam rankings without proof.</li></ul>Additionally, they are not allowed to use successful candidates’ names, photos, or testimonials in ads without written consent from these individuals. Khare advised students to double-check the information provided by coaching centres. “Many UPSC students clear prelims and mains on their own and take only interview guidance from coaching centres,” she explained, encouraging students to verify the course details actually taken by successful candidates. The guidelines go beyond the broad term “coaching.” They define coaching as academic support, education, guidance, study programs, and tuition — but they exclude counselling, sports, and creative activities. The purpose of this definition is to keep the focus on academic and career-oriented programs, which are most prone to misleading ads. <h2>Full disclosure and consequences for violators</h2>Transparency is now mandatory, as coaching centres must display disclaimers and reveal essential course details. Facilities, infrastructure, and resources must be represented accurately, along with any required approvals or recognitions from authorities like AICTE or UGC. Khare, who also serves as the CCPA chief, stressed that coaching centres should accurately present the service, resources, and infrastructure provided. For instance, if they advertise “fully-equipped classrooms,” the guidelines require this to be an honest description. These guidelines come as a supplement to existing laws and are enforceable under the Consumer Protection Act. This means violators will face penalties, potentially similar to the Rs 54.60 lakh already imposed by the CCPA. The government hopes these new standards will push coaching centres to keep their ads honest, helping students and families make better-informed decisions. (With inputs from agencies)

No More False Promises: Government sets rules to prevent misleading and exaggerated coaching centre ads

New Delhi [India], March 6 (<keyword id="19904948" type="General" weightage="20" keywordseo="ani" source="keywords">ANI</keyword>): The Enforcement Directorate (ED) has filed a prosecution complaint against 299 accused persons and entities (including 76 Chinese-controlled entities) and two other entities controlled by other foreign nationals in an ongoing money laundering case, the agency said on Wednesday. The case is linked to the duping of gullible investors who were promised astronomical returns on investing money (claimed to be used for mining bitcoins and other crypto Currencies) for which an app-based token by the name of "<keyword id="19984854" type="General" weightage="20" keywordseo="hpz-token" source="keywords">HPZ Token</keyword>" was used. The prosecution complaint filed before a Special Prevention of Money Laundering Act (PMLA) court in Nagaland's Dimapur named 299 accused persons and 78 entities. Out of the total entities named in the prosecution complaint, 76 are Chinese-controlled entities (in which 10 directors are of Chinese origin) and two other entities are controlled by other foreign nationals. The court took cognizance of the offence of money laundering in the prosecution complaint on Tuesday after finding that a prima-facie case has been made under PMLA, 2002, against the said 299 accused persons. ED initiated an investigation based on an FIR registered by Cyber Crime Police Station, <keyword id="20214444" type="General" weightage="20" keywordseo="kohima" source="keywords">Kohima</keyword> (Nagaland) under various sections of the Indian Penal Code, 1860 and the <keyword id="20003647" type="General" weightage="20" keywordseo="information-technology-act" source="keywords">Information Technology Act</keyword>, concerning the duping of gullible investors who were promised astronomical returns on investing money [claimed to be used for mining of bitcoins and other cryptocurrencies], for which an app-based token by the name of "HPZ Token" was used. The ED investigation revealed that various bank accounts and merchant IDs were opened by various shell entities having dummy directors and proprietors only for the rotation and layering of proceeds of crime representing funds fraudulently received for illegal online gaming betting and investment in <keyword id="19899404" type="General" weightage="20" keywordseo="bitcoin" source="keywords">Bitcoin</keyword> mining. For an investment of Rs 57,000, returns of Rs 4,000 per day for three months were promised but money was paid only once and thereafter, fresh funds were sought. Earlier, ED conducted search operations at 44 locations throughout the country and an amount of Rs 176.67 crore, maintained by shell entities in various banks and virtual accounts, was frozen. Further movable and immovable properties to the extent of Rs 278.70 crore held in the name of dummy entities were attached. Total seizure and attachment stand at Rs 455.37 crore in the case so far. (ANI)

ED files prosecution complaint against 299 accused, 76 Chinese-controlled entities in a money laundering case

Mumbai, The <keyword id="6357808" type="General" weightage="20" keywordseo="enforcement-directorate" source="Orion">Enforcement Directorate</keyword> is conducting searches at some places linked to <keyword id="16811721" type="General" weightage="20" keywordseo="asset-manager-franklin-templeton" source="Orion">asset manager Franklin Templeton</keyword> and its former and current executives in Mumbai and Chennai as part of a money laundering investigation, officials said. The federal agency is looking to gather more evidence as part of its investigation against the company and its promoters under the Prevention of Money Laundering Act (PMLA), they said. In November 2020, capital markets regulator Sebi issued a show-cause notice to the company following its April 2020 decision to wind up six debt schemes having Rs 25,000 crore of assets under management (AUM) from 3 lakh investors, citing liquidity challenges because of the pandemic. Eventually, the company was asked to pay Rs 5 crore as penalty, return over Rs 450 crore collected as 22-month investment management and advisory fees, and was banned from launching new debt schemes for alleged irregularities in running the six debt schemes. The Chennai police economic offences wing (EOW) subsequently registered an FIR to probe these alleged irregularities. The ED case of money laundering stems from this complaint. In 2021, Sebi restricted the heads of the asset manager - Vivek Kudva and Roopa Kudva - from accessing the securities market and from buying, selling or otherwise dealing in securities, directly or indirectly, or being associated with the securities market in any manner, whatsoever, for a period of one year.

Enforcement Directorate conducts searches against Franklin Templeton in Mumbai, Chennai

<ul class="summary-list"><li>A British-Chinese woman has been sentenced to more than six years in prison for money laundering.</li><li>Police seized 61,000 bitcoins — now worth more than $4 billion — from Jian Wen's home in 2018. </li></ul>A British-Chinese woman has been sentenced to more than six years in prison for her part in a <a target="_blank" href="https://www.businessinsider.com/category/bitcoin">bitcoin</a> money laundering scam.<a target="_blank" href="https://www.businessinsider.com/bitcoin-crypto-fraud-scam-money-laundering-jian-wen-uk-2024-3">Jian Wen, 42, was initially found guilty</a> at London's Southwark Crown Court on March 20, <a target="_blank" rel=" nofollow" href="https://www.cps.gov.uk/cps/news/specialist-cps-team-involved-uks-largest-bitcoin-seizure">the UK's Crown Prosecution Service (CPS) said in a press release at the time.</a>She was sentenced to 80 months in prison on Friday.Wen first came to the attention of authorities after she made a series of attempts to buy luxury homes in London from 2017 to 2018. The three properties were valued at £23.5 million ($29.7 million), £12.5 million ($15.8 million), and £4.5 million ($5.7 million).The subsequent investigation culminated in police seizing devices containing 61,000 bitcoins — currently worth more than $4 billion — in 2018, in what was the UK's largest-ever crypto seizure.The funds are said to have come from an investment fraud operation in China led by her "employer," Yadi Zhang.In her <a target="_blank" href="https://www.judiciary.uk/wp-content/uploads/2024/05/Wen-Sentencing-Remarks.pdf">sentencing remarks</a>, Judge Sally-Ann Hales, KC, said that more than 128,000 investors pumped 40 billion Renminbi (roughly $5.6 billion) into the scheme."Some of the proceeds of this fraud were exchanged for bitcoin, loaded onto a cryptocurrency wallet and smuggled out of China on a laptop," she added.According to the CPS press release, Wen was convicted of converting "significant amounts" of the bitcoin into cash and other assets on her boss's behalf.Despite declaring an income of just £12,800 (around $16,200) and £5,979 (roughly $7,600) in 2015 and 2016, Wen moved into a six-bedroom property in London in 2017, paying over £17,000 (around $21,600) a month.Wen and her boss claimed to run an international jewelry business, with Wen acting as the "front person." They also paid for Wen's son to move to the UK from China to attend a private school and purchased two properties in Dubai.But her attempts to purchase extravagant London homes triggered anti-money laundering checks, and the sales stalled as she could not explain the source of the funds.Wen was not accused of involvement in the original fraud, but Hales told Wen that she was "in no doubt that by 22 June 2019, you knew, rather than merely suspected, that you were dealing in the proceeds of crime."In March, Andrew Penhale, chief prosecutor, said: "Bitcoin and other cryptocurrencies are increasingly being used by organized criminals to disguise and transfer assets so that fraudsters may enjoy the benefits of their criminal conduct.""This case, involving the largest cryptocurrency seizure in the UK, illustrates the scale of criminal proceeds available to those fraudsters," he added.

Former Chinese takeaway worker jailed for money laundering after police seized 61,000 bitcoins — currently worth $4 billion      

The Enforcement Directorate has issued fresh summons to American millionaire <keyword id="271260" type="General" weightage="90" keywordseo="neville-roy-singham" source="Orion">Neville Roy Singham</keyword> for questioning in connection with a <keyword id="6355008" type="General" weightage="20" keywordseo="money-laundering" source="Orion">money laundering</keyword> investigation linked to online news portal <keyword id="10731773" type="General" weightage="70" keywordseo="newsclick" source="Orion">NewsClick</keyword>, official sources said Thursday. The businessman, who is accused of spreading Chinese propaganda in India, is stated to be currently based in Shanghai, China. The <keyword id="12163" type="General" weightage="30" keywordseo="ed" source="Orion">ED</keyword> has issued fresh summons to <keyword id="213658" type="General" weightage="100" keywordseo="singham" source="Orion">Singham</keyword> under the provisions of the Prevention of Money Laundering Act (PMLA). This is a fresh notice issued to him after the agency got issued Letters Rogatory (LR) from a local court seeking to record his statement, the sources said. The summons have been sent to Singham on his email id and through the Chinese government channels, after the ED routed them through the Ministry of External Affairs (MEA). This is understood to be second summons issued to Singham by the ED after one was issued last year after the investigation was launched in 2021. Singham's name hit the headlines again few months back in a New York Times article. The Delhi Police, following this news piece and some "evidence" shared by ED, had also filed a FIR against him and the founders of NewsClick after this news report came to light. In a statement issued to The Hindu newspaper in October, Singham had said that the language used in the FIR filed by the Special Cell of Delhi Police "strongly suggests" that the claims were "influenced by misinformation from an article published by The New York Times." "The NYT intentionally chose not to publish all the factual rebuttals that I provided to them on July 22, 2023, prior to their publication date," Singham had charged. He also rejected the allegation of fraudulent infusion of funds through a "complex web of several entities" as mentioned in the FIR and in the NYT article. The New York Times report claimed that NewsClick was part of a global network that received funding from Singham, who allegedly works closely with the Chinese government media machine. The Enforcement Directorate had first raided the premises of NewsClick in Saidulajab area of the national capital in September, 2021 on charges of money laundering. The agency has recorded the statements of more than 25 people in this case, including that of NewsClick founder and Editor-in-chief Prabir Purkayastha. It last year attached a flat in south Delhi's Saket worth Rs 4.52 crore, which is linked to Purkayastha apart from fixed deposits worth Rs 41 lakh as part of this investigation. NewsClick had said the allegations being made against it "by certain political actors and sections of the media are unfounded and without basis in fact or law".

Fresh summons issued to Singham in NewsClick money laundering case

<ul class="summary-list"><li>The power grid is too old and simple for the growth of extreme weather, <a target="_blank" href="https://www.businessinsider.com/electric-car-ev-sales-prices-problem-transportation-2024-1">EVs</a>, and renewable energy.</li><li>Chattanooga's utility built a $280 million smart grid, creating $2.7 billion in economic value.</li></ul>It pays to be smart and Chattanooga, Tennessee, has put a whole new meaning to the phrase. The city is home to one of the nation's most advanced <a target="_blank" href="https://www.businessinsider.com/texas-power-grid-failure-economist-galbraith-left-leaning-utility-deregulation-2021-2">power grids</a>.The local utility, called EPB of <a target="_blank" href="https://www.businessinsider.com/moving-to-tennessee-pros-cons-nashville-memphis-chattanooga-2023-2">Chattanooga</a>, spent $280 million to refurbish its power system with smart technologies to make a "smart grid."In its first 10 years, the project generated $2.7 billion worth of economic value, according to an EPB-funded <a target="_blank" href="https://assets.epb.com/media/Lobo%20-%20Ten%20Years%20of%20Fiber%20Infrastructure%20in%20Hamilton%20County%20TN_Published.pdf">study</a>. That's not a bad return on investment.<h2>The US grid needs its own internet</h2><div type="image" title="worker in hardhat wearing harness stands on large metal frame above a wide river with homes on the other side" height="1500" width="2250" msid="109795973" hostid="261" sizebytes="151842"></div>Smart grids like this offer a cleaner, safer, and more efficient future with lower <a target="_blank" href="https://www.businessinsider.com/why-texas-residents-hit-with-soaring-electric-bills-winter-storms-2021-2">electric bills</a> and fewer blackouts — which is great because the way our energy system has operated for the past century isn't going to cut it for the next one.In most places, energy starts with a giant coal-fired power plant. From there, <a target="_blank" href="https://www.businessinsider.com/chpe-transmission-line-hydropower-renewable-energy-electrical-grid-2024-4">transmission lines zip the electricity</a> to a substation, which lowers the voltage and pumps it into distribution lines to homes and businesses.<div type="image" title="Traditional Grid flowchart" height="2400" width="3560" msid="109795974" hostid="261" sizebytes="194952"></div>Electricity flows one way, from the power plant to your home, and it doesn't do much else. It's simple — and that was fine for a long time. But it's becoming a problem as the <a target="_blank" href="https://www.businessinsider.com/florida-residents-moving-leaving-climate-change-refugees-hurricanes-flood-2023-2">climate crisis</a> complicates our energy supply.Increasingly extreme weather events are battering our electrical infrastructure and <a target="_blank" href="https://www.businessinsider.com/blackouts-power-outages-more-common-climate-change-electric-grid-infrastructure-2023-3">causing outages</a> that cost American businesses an estimated $150 billion a year, <a target="_blank" href="https://www.energy.gov/ne/articles/department-energy-report-explores-us-advanced-small-modular-reactors-boost-grid">according</a> to the US Department of Energy.Meanwhile, climate solutions put their own pressure on the grid. Wind farms and <a target="_blank" href="https://www.businessinsider.com/new-passive-income-side-hustle-selling-electricity-neighbors-solar-panels-2023-12">solar panels</a> feed energy into the system inconsistently, making it harder to pace supply with the day-to-day fluxes of electricity use.Renewables also complicate things by sheer numbers — rather than from 12,000 power plants, in just a few decades, the US could be drawing its power from 1 million dispersed sources, from hydropower dams to rooftop solar panels.At the same time, electrification, including the <a target="_blank" href="https://www.businessinsider.com/ev-electric-car-ford-mustang-mach-e-road-trip-charging-2021-8">rise of electric vehicles</a>, is increasing demand.<div type="image" title="A hand plugging in an EV charger" height="3477" width="4786" msid="109795975" hostid="261" sizebytes="418508"></div>To cope, experts say, <a target="_blank" href="https://www.businessinsider.com/live-off-the-grid-tiny-house-no-electricity-2023-12">the grid</a> needs its own internet, stat. They're calling for a digitized "smart grid.""It's imperative," Kevin Schneider, the chief engineer studying power systems at the <a target="_blank" href="https://www.businessinsider.com/ai-discovers-new-material-to-reduce-lithium-use-in-batteries-2024-1">Pacific Northwest National Laboratory</a>, told Business Insider.Without <a target="_blank" href="https://www.businessinsider.com/texas-energy-companies-remotely-raised-smart-thermostats-temperatures-2021-6">smart technologies</a>, the grid will be inefficient, leading to economic losses and slowing the transition to clean energy. An outdated grid could also fall victim to more and more blackouts."If people are really asleep at the wheel, and we keep pushing further, eventually you can get to the hyperbole of a third-world power system," Schneider said.The American Society of Civil Engineers gave <a target="_blank" href="https://www.businessinsider.com/construction-jobs-housing-skilled-trades-infrastructure-electricians-future-work-opportunities-2023-11">US energy infrastructure</a> a C-minus grade in 2021, citing poor reliability and increasing threats from severe weather.But a Chattanooga-like transformation nationwide could save us all money, reduce <a target="_blank" href="https://www.businessinsider.com/fast-fashion-environmental-impact-pollution-emissions-waste-water-2019-10">carbon emissions</a>, and prevent blackouts.<h2>What is a smart grid?</h2>A key job of any power grid is to balance electricity supply and demand. Too much power could damage the system. Not enough could leave some people in the dark.A smart grid automates this balancing act using a system of meters, sensors, controllers, and computers.<div type="image" title="Smart Grid Flowchart" height="2400" width="3560" msid="109795976" hostid="261" sizebytes="288888"></div>Smart grids can also help businesses, factory operators, or homeowners make better-informed decisions about when and how to use energy, whether they want to save money, reduce emissions, or both."It can send information along with electricity," Joshua Rhodes, a research scientist studying smart grids at the University of Texas at Austin, told BI.For example, "it can control a fleet of air conditioners and maybe can turn them off for 15 minutes at a time" to optimize energy costs, he said.<h2>How Chattanooga made its grid smart</h2><div type="image" title="utility worker wearing safety goggles and yellow hard hat standing in a cherry picker holds onto power line cable next to utility pole above a green lawn in front of house among green trees" height="1500" width="2250" msid="109795977" hostid="261" sizebytes="345380"></div>EPB of Chattanooga first needed a system to communicate with all the smart devices it would install. It couldn't make significant upgrades to its system without it."Everything that you looked to do, the limitation was communications," David Wade, the CEO of EPB of Chattanooga, told BI.<a target="_blank" href="https://www.businessinsider.com/guides/tech/fiber-optic">Fiber optics</a> would do the trick — and allow EPB to start offering TV, internet, and phone services.With the prospect of revenue and a mission as a public utility to improve quality of life, the EPB board of directors approved a plan in 2008.With $169 million from a municipal bond issue for the project, workers started digging trenches and climbing poles to lay new fiber optic cables across Hamilton County.<div type="image" title="utility workers in hard hats handle thick bundles of fiber optic cable which a vehicle arm is lifting upward toward power lines" height="1500" width="2000" msid="109795978" hostid="261" sizebytes="398786"></div>The project was supposed to take 10 years, but a $111.5 million grant from the Department of Energy accelerated the process, basically cutting time to completion in half. The utility finished building its smart grid in 2012.In just four years, EPB had laid its fiber-optic network and linked it to more than 180,000 smart meters in customers' homes and businesses. It also installed about 1,200 automated smart switches, which open or close the flow of power in response to automated software or remote commands from human operators.The smart switches can rapidly reroute energy around fallen power lines that would otherwise cause a blackout. That means the system self-heals, restoring power in seconds.<div type="image" title="long bar-shaped black device with cylinder on top connected to power lines" height="1500" width="2250" msid="109795980" hostid="261" sizebytes="108992"></div>As a result, EPB has reported a 55% annual decrease in outage minutes, or about 19 million outage minutes a year.Previously, dispatchers had to drive to each switch to manually open or close it."It's making the same decisions that we were making as dispatchers and humans, only probably making them a multitude of times faster," Wade said.In the following decade, EPB spent another $115.5 million expanding its smart grid to new housing and commercial developments.<h2>Smart grids are more efficient</h2><div type="image" title="electricity substation illustration with machines smiling computer screens and power lines" height="1000" width="1000" msid="109795981" hostid="261" sizebytes="74260"></div>Because the smart grid automates the balance of supply and demand — helping ensure there's no more energy in the system than people are using at different times of the day — it's more efficient.That reduces energy waste and emissions.In the EPB-funded study period, 2014 to 2020, the EPB grid emitted 8,300 fewer tons of CO2 than it would have if it weren't smart. That's almost as much as <a target="_blank" href="https://www.businessinsider.com/taylor-swift-celebrities-ranked-on-private-jet-co2-emissions-2022-7">Taylor Swift's private jet emitted</a> in the first half of 2022.Those carbon savings came partly from reduced energy use and partly because of reduced truck miles since dispatchers no longer had to drive to every switch for every outage.It's not just blackouts. On a larger scale, a smarter grid could adapt better to the <a target="_blank" href="https://www.businessinsider.com/great-american-land-rush-land-housing-wind-power-solar-panels-2022-11">surge of renewables</a>.<div type="image" title="wind turbine in a field of turbines against blue sky mountains in the background" height="1533" width="2300" msid="109795983" hostid="261" sizebytes="246814"></div>For example, take the Pacific Intertie — a highway of transmission lines that carry hydropower from the Columbia River all the way down to Southern California. The system may need to send power in the other direction more often as solar energy proliferates in the state's south."We had a cold snap up north. It was relatively sunny down south, and suddenly power was flowing the other direction," Schneider said.Having software and automated equipment to handle that process could make it much more efficient and help the system quickly adapt to unforeseen changes.In other words, a smart grid is designed to do more than one thing."We're going to start to see more things like that, where the system was designed to do X, and we're seeing ABCDEFG," Schneider said.<h2>Smart grids can bring huge economic benefits</h2><div type="image" title="illustration of smiling houses with solar panels and wind turbines and cars plugged into electric charging stations" height="1000" width="1000" msid="109795984" hostid="261" sizebytes="78854"></div>Even Congress knows the nation needs a smart grid. In 2007, it directed the Department of Energy to start doling out grants to make it happen.That's the program that gave EPB a boost, and it has spent billions on smart-grid <a target="_blank" href="https://www.businessinsider.com/america-build-infrastructure-transportation-housing-regulation-environment-2023-11">infrastructure nationwide</a>.It seems like the kick start worked. In 2020, the department estimated that smart-grid investments would rise to $16.4 billion annually by 2026 — compared with about $6.4 billion in 2018.Though a smart grid requires a big up-front investment, it can save a lot of money down the line.<div type="image" title="utility worker in jeans sweatshirt and hardhat sits and controls a long arm that's raising a large rectangular metal device toward power lines above" height="1500" width="2250" msid="109795985" hostid="261" sizebytes="155530"></div>The study of EPB's smart grid, for instance, valued the benefits to each Hamilton County resident at about $646 a year in the project's first 10 years.That's because the project created more than 9,500 jobs, helped attract new businesses with cost-efficient energy and high-speed internet, and kept customers' electric bills lower than they would have been without the smart grid, the study found. Each household saved about $93 a year on electricity bills.Add it all up, and the smart grid with its fiber-optic internet provided $2.7 billion worth of economic value in its first 10 years, the study found.<h2>The future of our power system</h2>In an ideal future, each new wave of grid technology could integrate seamlessly into the smart system. Large-scale <a target="_blank" href="https://www.businessinsider.com/elon-musk-tesla-will-only-sell-solar-panels-with-powerwall-2021-4">energy storage</a> could provide backup to power communities when the sun isn't shining or the wind isn't blowing enough.Someday, smart appliances in your home could weigh your personal schedule against peak electricity demand and pricing, as well as timing for minimal carbon emissions, to calculate the perfect time to wash your dishes or heat your house. That could translate into major savings on your electricity bill and <a target="_blank" href="https://www.businessinsider.com/fossil-fuel-companies-spend-millions-to-promote-individual-responsibility-2021-3">your carbon footprint</a>."I think tomorrow's grid really becomes: How do you take that massive proliferation of devices and optimize those for the good of the whole?" Wade said.We're still far from that world, but some utilities are rising to the occasion. Nationwide, there are hundreds of microgrids — small, local areas that can operate independently of the larger grid if needed.In the case of a major blackout, they can lock themselves out of the larger grid and rely on their own solar panels or backup batteries. Microgrids are key to a larger smart grid and unprecedented energy resilience.Chattanooga is testing a microgrid around its police- and fire-department headquarters."Today, we are much better positioned than any utility I know of in adding distributed assets to the grid and creating microgrids," Wade said.He added: "It'll get smarter."

Making the power grid 'smart' could save us all money and prevent blackouts. Chattanooga made the $280 million investment.

Binance Founder <keyword id="6222251" type="General" weightage="20" keywordseo="Changpeng-Zhao" source="Orion">Changpeng Zhao</keyword> (also known as CZ) on Wednesday announced that he will step down as the <keyword id="5645" type="General" weightage="20" keywordseo="ceo" source="Orion">CEO</keyword> of the world's largest cryptocurrency exchange, after pleading guilty to federal charges and agreeing to pay $4.3 billion in fines. Binance Holdings Limited (Binance), the entity that operates the world's largest cryptocurrency exchange, Binance.com, pleaded guilty and has agreed to pay over $4 billion to resolve the US Justice Department's investigation into violations. "Zhao, a Canadian national, also pleaded guilty to failing to maintain an effective anti-money laundering (AML) programme, in violation of the Bank Secrecy Act (BSA) and has resigned as CEO of Binance," the Justice Department said in a statement late on Tuesday. Richard Teng, Binance's former global head of regional markets, will be the exchange's new CEO, Zhao said in a post on X. "Binance is no longer a baby. It is time for me to let it walk and run. I know Binance will continue to grow and excel with the deep bench it has," Zhao added. "As a <keyword id="6388677" type="General" weightage="20" keywordseo="shareholder" source="Orion">shareholder</keyword> and former CEO with historical knowledge of our company, I will remain available to the team to consult as needed, consistent with the framework set out in our U.S. agency resolutions," he said. According to court documents, Binance admitted to prioritising growth and profits over compliance with US law. Binance was launched in 2017 and focused on attracting high-volume customers. Binance failed to implement controls and procedures to prevent <keyword id="6355008" type="General" weightage="20" keywordseo="money-laundering" source="Orion">money laundering</keyword> and also did not implement controls that would have prevented US customers from conducting transactions with customers in sanctioned jurisdictions. "Binance became the world's largest cryptocurrency exchange in part because of the crimes it committed - now it is paying one of the largest corporate penalties in U.S. history," said Attorney General Merrick B. Garland. "The message here should be clear: using new technology to break the law does not make you a disruptor, it makes you a criminal," Garland added. Zhao said in his post on X that he will now do some passive investing, being a minority token/shareholder in startups in areas of blockchain/Web3/DeFi, AI and biotech. "I can't see myself being a CEO driving a startup again. I am content being a one-shot (lucky) entrepreneur," he posted.

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