Tag: money laundering

  • Dubai Loaded: names of politicians, army officials with property, money in Dubai leaked

    Dubai Loaded: names of politicians, army officials with property, money in Dubai leaked

    Thousands of Pakistani citizens including more than a dozen retired military officials and their families own properties in upscale Dubai areas, according to data revealed by the Organised Crime and Corruption Reporting Project (OCCRP) Dubai Unlocked project.

    The leaked data provides a detailed overview of hundreds of thousands of properties in Dubai and information about their ownership or usage, largely from 2020 and 2022.

    Pakistan, a country going through a severe economic crisis, came out prominent among the countries with massive properties in Dubai.

    Among the thousands of Pakistanis who own these properties are around a dozen retired military generals, two retired air vice-marshals of the Pakistan Air Force, a serving inspector general of police (IGP), a retired president of the National Bank of Pakistan (NBP), a former chairman of the Oil and Gas Development Company (OGDCL), and a serving chairman of the Pakistan Council for Science and Technology.

    Politicians

    President Asif Ali Zardari’s three children, Hussain Nawaz Sharif, Interior Minister Mohsin Naqvi’s wife, Sharjeel Memon and his family members, Senator Faisal Vawda, four MNAs and half a dozen MPAs from the Sindh and Balochistan assemblies. Former Prime Minister Shaukat Aziz also appears on the list.

    The Property Leaks have also revealed that Interior Minister Mohsin Naqvi’s wife owns a property in Dubai which he didn’t declare in the nomination papers he submitted in March this year for the Senate election.

    Per the Property Leaks data, Naqvi’s wife owns a five-bedroom villa in the Arabian Ranches. She received a rental income of AED600,000 (Rs45m) from this villa, which was purchased in August 2017 for AED4,347,888 (Rs329m) according to the record seen by The News. The villa remained in her ownership till April 2023 when it was sold for AED4,550,000 (Rs344m) as per the record.

    Military officials

    Late Gen (r) Pervez Musharraf and his wife’s name appear in the leaked data as owners of three properties in the areas of Dubai Marina, Burj Khalifa and Al Thanyah Fifth.

    Musharraf’s former military secretary Lt-Gen Shafaat Ullah Shah, who goes by the username @infantry28, is also included in the list. It should be noted his name appeared in Pandora Papers too.

    Former DG Counter Intelligence Maj Gen (r) Ehtasham Zameer, his son and other children are also on the list as owners of properties in the Al Warsan First, Marina Arcade Marsa areas.

    Also on the list is the son of Lt-Gen Afzal Muzaffar of the NLC scandal fame.

    Lt-Gen (r) Muhammad Akram owns a property in Elite Residences 4. In addition, Lt-Gen Alam Jan Mehsud and his spouse own a five-bedroom apartment in the Al Hamri Palm Jumeirah area.

    Maj Gen (r) Ghazanfar Ali Khan also owns a property in S15 Building Al Warsan First.

    Major Gen (r) Raja Muhammad Arif Nazir also appears in the leaked data for owning a property in Golf Promenade 2-A, Al Hebiah third area.

    Air Vice Marshal (r) Saleem Tariq also appears to own property. As does Air Vice Marshal (r) Khalid Masood Rajput.

    Also included in the list are Major Gen (r) Muhammad Farooq, Major Gen (r) Anis Bajwa’s spouse, and Maj Gen (r) Najam-ul-Hassan Shah.

    Businessmen

    Chief Financial Officer of Omni Group Aslam Masood along with his wife is also shown as a listed owner of several properties in the data. The News checked the value of one of them and found out that it was purchased at AED1,060,626 (Rs80m) in March 2013.

    Sohrab Dinshaw is also a property owner in Dubai. A villa he purchased in 2015 carried a purchase price of AED 1271888 (Rs 96m).

    Former president of the NBP Arif Usmani also features on the list as the owner of a penthouse.

    Bureaucrats

    IGP Azad Jammu and Kashmir Dr Sohail Habib Tajik is also on the list for owning property in Al Dafrah First Al Thanyah Third.

    The list and details will be updated.

  • Pakistan Customs officials foil attempt to smuggle PKR 1.5 crore in gold and cash

    Pakistan Customs officials foil attempt to smuggle PKR 1.5 crore in gold and cash

    Customs officials made a significant seizure of gold and cash at Jinnah International Airport in Karachi on Tuesday. 

    Acting on a tip-off, the officials intercepted a passenger scheduled to depart for Hong Kong on Thai Airways flight TG-342, suspected of carrying a substantial amount of undeclared valuables.

    Following the tip-off, Customs personnel conducted a thorough search of the passenger’s belongings, uncovering over $40,000 (PKR 11 million) in assorted foreign currencies, along with 21 tolas of gold coins and jewelry. 

    The combined value of the confiscated items is estimated to be approximately $56,000 (PKR 15 million).

    The detained passenger failed to declare the cash and gold, a requirement for amounts exceeding $10,000 (PKR 2.78 million), when leaving Pakistan, leading to allegations of money laundering and smuggling. An FIR has been filed, and the investigation is ongoing.

  • The fallen kings of crypto

    The fallen kings of crypto

    Binance boss Changpeng Zhao has become the most powerful cryptocurrency figure to fall in a two-year period chaotic even by the standards of the notoriously volatile industry. 

    Zhao stepped down as CEO of Binance — the largest crypto exchange in the world — after he and the company pleaded guilty on Tuesday to sweeping US money laundering violations and agreed to fines of more than $4 billion.

    Here are three of the highest-profile crypto executives who have fallen foul of the law since last year:

    Changpeng ‘CZ’ Zhao

    Born in China in 1977, Zhao moved with his family to Canada in the 1980s and later got a degree in computer science from McGill University, according to his profile in the Bloomberg Billionaires Index.

    Zhao Changpeng, chief executive officer of Binance, speaks during a Bloomberg Television interview in Tokyo, Japan, on Thursday, Jan. 11, 2018. The world’s biggest cryptocurrency exchange keeps getting bigger. Binance.com is adding “a couple of million” registered users every week, with 240,000 people signing up in just an hour on Wednesday, said Zhao. Photographer: Akio Kon/Bloomberg

    He founded Binance in 2017 in Shanghai, and led the company’s explosive growth into the world’s biggest cryptocurrency exchange.

    An outspoken celebrity in the crypto world with 8.7 million followers on X, Zhao became the richest known figure in the nascent industry. His net worth peaked at around $65 billion in 2022, according to a Forbes index.

    With the prestige and wealth came increased scrutiny of Binance’s operations, as prominent crypto firms around the world began to buckle under a wave of criminal investigations.

    The United States accused Zhao and Binance of multiple violations, including knowingly allowing transactions to militant groups such as the Islamic State and in barred jurisdictions such as North Korea and Iran.

    On Tuesday, they pleaded guilty. The firm has agreed to total penalties of nearly $4.4 billion, while he will pay $50 million, according to court documents.

    Zhao resigned as CEO of Binance and while he will reportedly retain his shares in the company, he has been banned from any involvement in its business. He is expected to face sentencing later.

    Forbes listed his net worth as $10.2 billion as of Wednesday.

    Sam Bankman-Fried

    If Zhao was the richest and most powerful person in crypto, Sam Bankman-Fried was easily the most famous.

    Born to Stanford University professors, Bankman-Fried graduated from MIT with a degree in physics.

    In 2019, he founded FTX, which skyrocketed to become the world’s second-largest crypto exchange.

    Along the way, Bankman-Fried built up his image as the unofficial ambassador for the cryptocurrency industry, with high-profile appearances in the media and even the US Congress.

    At one point in 2022, he had a net worth of $24 billion, according to Forbes.

    But he had been walking a dangerous path — his team used customers’ money for everything from buying posh real estate to covering risky moves by affiliate Alameda Research.

    It all came crashing down when these moves were revealed in the media in November 2022. Within hours, rival CZ Zhao said Binance would sell all the FTX tokens it held.

    It sparked a stunning collapse of FTX and Bankman-Fried’s empire, his fame turning to notoriety.

    Arrested in the Bahamas in January, he was found guilty this month of what US prosecutors described as “one of the biggest financial frauds in American history”. He faces up to 110 years in prison.

    During his trial, the 31-year-old admitted to making “mistakes” but denied trying to defraud anyone.

    Do Kwon

    South Korean entrepreneur Do Kwon co-founded Terraform Labs in 2018, developing the cryptocurrencies TerraUSD and Luna.

    Do Kwon, co-founder and chief executive officer of Terraform Labs, poses in the company’s office in Seoul, South Korea, on Thursday, April 14, 2022. Kwon is counting on the oldest cryptocurrency as a backstop for his stablecoin, which some critics liken to a ginormous Ponzi scheme. Photographer: Woohae Cho/Bloomberg via Getty Images

    The Stanford grad successfully marketed them as the next big thing in crypto, attracting billions in investments and global hype.

    Media reports in South Korea described him as a “genius”.

    But in May last year, the value of these currencies — marketed as “stablecoins” — plummeted, wiping out around $40 billion in investments and sending a shock wave through the rest of the industry.

    It led to more than $500 billion in further losses on global crypto markets, industry data suggested.

    Experts said Do Kwon — whose full name is Kwon Do-kyung — had marketed a glorified Ponzi scheme.

    Brash and outspoken on social media, Do Kwon left South Korea before the collapse and spent months on the run.

    He was arrested in Montenegro this year after being caught trying to catch a flight using fake Costa Rican travel documents.

    He faces multiple criminal charges in the United States and South Korea.

  • Senators propose discontinuation of Rs5,000 currency note to fight corruption

    Senators propose discontinuation of Rs5,000 currency note to fight corruption

    Pakistan Tehreek-e-Insaf (PTI) senators are advocating for the discontinuation of the Rs5,000 currency note as a strategic move to combat corruption and inflation.

    On Monday, Senator Mohsin Aziz presented a resolution in the Upper House of Parliament urging the prohibition of the highest-denomination currency.

    According to Senator Aziz, the Rs5,000 note is frequently associated with corruption, terrorism, and smuggling.

    Providing details, Senator Aziz revealed that Rs5,000 currency notes totaling Rs3.5 trillion have been issued to date.

    Notably, he emphasised that Rs2 trillion worth of Rs5,000 notes are not currently in circulation but are securely stored in “safe deposit,” which he alleges is linked to money laundering, tax evasion, and smuggling.

    Senator Aziz called for a specific timeframe during which individuals should surrender the highest denomination notes.

    Supporting this initiative, another PTI Senator, Waleed Iqbal, echoed Senator Aziz’s call to discontinue the Rs5,000 currency note.
    He suggested that promoting digital payments would be instrumental in reducing reliance on physical currency.

    Responding to these claims, Caretaker Information Minister Murtaza Solangi stated that Rs5,000 currency notes totaling 905 million have been issued thus far, with Rs4.5 trillion currently in circulation.

    Solangi attributed the autonomy granted to the State Bank of Pakistan (SBP) by the previous government as a contributing factor to the situation. He asserted that the SBP operates within the confines of its laws.

    This isn’t the first time that officials have targeted the highest denomination note for its alleged role in fostering corruption.

    In September of this year, former Federal Board of Revenue (FBR) chief Shabbar Zaidi emphasised the importance of discontinuing Rs5,000 notes and imposing restrictions on the physical movement of dollars as crucial steps in curbing the cash economy in the country.

  • What is the ‘Farah Gogi fiasco’?

    What is the ‘Farah Gogi fiasco’?

    The disclosed assets of Farhat Shahzadi, also known as Farah Gogi, alleged to be the front person of former Prime Minister Imran Khan, surged by an astonishing Rs4.52 billion between 2017 and 2020, a report by Express News has stated. 

    The revelations, made public on Thursday, suggest widespread corruption involving Shahzadi, a close associate of Imran Khan and his wife, former First Lady Bushra Bibi. 

    The details of Farah Gogi’s assets were made public by journalist Zahid Gishkori in 2022, who was associated with Samaa News at that time.

    Farah Gogi, who confessed to owning assets worth Rs950 million in 2020, saw a staggering 420% increase in her declared assets during the tenure of the Pakistan Tehreek-e-Insaf (PTI) government. 

    The report alleges that she also possesses undisclosed assets amounting to Rs3.82 billion.

    The disclosed assets, as per the report, include agricultural land in Bahawalpur and Gujranwala, residential and commercial properties in Islamabad and Lahore, and 200 kanals of agricultural land in Chakri. 

    Furthermore, investigations revealed her involvement in crimes such as money laundering, with accusations of working as a fake doctor in the UK alongside her husband.

    The report claims that Gogi took advantage of the tax amnesty scheme in 2018, regularizing Rs489 million in black money collected through bribes for various postings, transfers, and government contracts. 

    The report further alleges that Gogi received 240 kanals of land as a bribe from a property tycoon involved in an out-of-court settlement with the UK’s National Crime Agency.

    According to the report, the number of Gogi’s bank accounts showed a significant abnormal increase from 2019 to 2021, with Rs426 million deposited in one account through 47 transactions from 2018 to 2022. 

    In total, 102 bank accounts linked to Gogi, her husband, and associates across the country were identified, with a sum of Rs14.5 billion.

    In response to these allegations, Pakistan Muslim League-Nawaz Central Deputy General Secretary Ataullah Tarar held a press conference in Lahore, accusing Gogi and others of engaging in corruption. 

    He urged Gogi to return to Pakistan and testify about Imran Khan’s involvement.

    Imran Khan’s lawyer, Sher Afzal Marwat, dismissed the allegations as a new wave of propaganda against Bushra Bibi, Imran’s wife. 

    Marwat emphasized the need to avoid further political unrest in Pakistan.

    Secret foreign passport

    Recent developments indicate that Farah Gogi used a secret foreign passport to travel abroad for the alleged purpose of laundering wealth belonging to Imran Khan and his wife, Bushra Bibi as per Geo News.

    The Federal Investigation Agency (FIA) had registered a money-laundering and kickbacks case against Gogi in March, with her bank accounts reportedly holding over Rs14 billion.

    Meanwhile, Gogi sent a legal notice to the NAB chairman, FIA DG, Punjab IG, and Anti-Corruption Department (ACE) DG on the issue of leaking her property details.

    According to the fresh reports, Gogi used to travel abroad on the passport of Vanuatu, a string of more than 80 islands once known as the New Hebrides which is situated in the southwestern Pacific Ocean.

    The sources also claimed that the son of a property tycoon had been given the task of arranging a secret international passport for Gogi. The property tycoon’s son paid $130,000 to a renowned trader to obtain the passport.

    On March 28, 2022, the secret passport was handed over to Gogi, the sources added.

    In order to get her escape from accountability, Gogi was sent abroad on a Pakistani passport just six days before the Khan-led government was toppled. 

    In a bid to dodge the investigation agencies, she travelled abroad on a foreign passport, except Dubai.

  • Largest money laundering scandal: FBR exposes Rs47 billion trade-based fraud 

    Largest money laundering scandal: FBR exposes Rs47 billion trade-based fraud 

    The Federal Board of Revenue (FBR) in Pakistan has uncovered a massive case of money laundering and under-invoicing in the trade industry, making it one of the country’s biggest financial scandals. 

    Following a thorough investigation by auditors, the FBR took legal action against two companies based in Peshawar. They found that these companies were involved in a staggering money laundering operation worth Rs47 billion, which they officially termed ‘trade-based money laundering.’ 

    According to the FBR’s report, these companies allegedly caused a massive financial loss of Rs25 billion to the national exchequer by under-invoicing transactions, all under the guise of dealing with solar panels. 

    In the FIR, the owners of these companies, Moon Light Traders and Bright Star, were named as suspects. The report revealed that Bright Star had been involved in under-invoicing since 2013, while auditors scrutinised records of 705 Goods Declarations (GDs) related to Moon Light Traders. 

    Furthermore, it was discovered that these companies continued their money laundering activities from 2017 to 2022. According to ARY News, the FBR promptly shared its report on trade-based money laundering and under-invoicing with the Caretaker Prime Minister, Anwaarul Haq Kakar. 

    In a separate incident in September, the FBR exposed a massive tax fraud worth Rs314 billion perpetrated by a fictitious company called K H & Sons. This fraud was uncovered by the Director-General of Internal Audit at Inland Revenue’s team. 

    Interestingly, K H & Sons was a paper company registered under the name of a Benami individual, Muhammad Kashif. Their fabricated documents falsely claimed to be in the iron and steel business, using addresses of legitimate markets like Liaquat Market, Agri Market, and M.A. Jinnah Market. 

    Sources also revealed that this bogus company was used for various illegal activities. What’s surprising is that despite the large-scale tax fraud, the FBR had not taken legal action against the culprits, leading to concerns that they might flee the country if a First Information Report (FIR) was not filed promptly. 

  • Karachi currency mafia suspected of hiding over $50 million in homes

    Karachi currency mafia suspected of hiding over $50 million in homes

    Amidst the ongoing nationwide efforts to combat currency smuggling, primarily involving US dollars, reliable sources have disclosed that over $50 million has been discreetly stored away by a network associated with illicit currency dealings in homes scattered across Karachi.

    These credible sources indicate that security agencies have meticulously compiled records from various banks and currency exchange establishments. They have meticulously assembled a comprehensive inventory of individuals engaged in the buying and selling of US dollars and other foreign currencies.

    It has come to light that individuals of considerable influence who acquired US dollars as a form of “investment” have yet to settle debts totaling more than $50 million.

    The individuals affiliated with this illicit currency network are predominantly situated in Karachi’s older districts, including Lyari, Kharadar, Mithadar, Clifton, Saddar, Bath Island, and DHA neighbourhoods.

    The authorities have already initiated targeted operations to search the residences of those involved in amassing substantial amounts of money, according to these sources.

    According to Geo News, these revelations follow a statement earlier in the day by Caretaker Interior Minister Sarfraz Bugti, who reiterated the government’s unwavering commitment to combating dollar and currency smuggling. He noted that 168 first-information reports (FIRs) had been filed against individuals involved in the unlawful trade of dollars.

    Addressing a press conference in Islamabad, Bugti asserted that the state will take firm action against hawala, hundi, and other illicit activities.

    It is important to note that the caretaker government granted authority to the Federal Investigation Agency (FIA) last month to combat the smuggling of sugar and US dollars within the country.

    Subsequent to this government approval, the agency has been empowered to take necessary actions at all entry and exit points related to foreign currencies.

    As a result of the ongoing nationwide crackdown against hoarding and smuggling of foreign currencies, the value of the US dollar has depreciated by more than Rs18.

  • Hareem Shah says she’s looking for Shehzad Akbar in London

    Hareem Shah says she’s looking for Shehzad Akbar in London

    Hareem Shah has said in a video that she came to London to seek answers from former accountability chief government, Shehzad Akbar, about why he tried to ruin her life and why he asked Britain’s National Crime Agency (NCA) during the tenure of the Pakistan Tehreek-e-Insaf led government to arrest her in a money-laundering case.

    Hareem Shah said that she will question Akbar about why he misused his power, when he was a powerful person in Pakistan in Imran Khan’s government.

    The Tiktoker was referring to a 2022 video leak, in which she was seen showing thousands of pounds to the camera and claimed that she brought this money from Pakistan without facing any issue.

    After that, Shehzad Akbar ordered the Federal Investigation Agency (FIA) to start a money-laundering case against Hareem Shah. The FIA also wrote to the NCA against the Tiktoker.

    Shah said, “It’s karma that Shahzad Akbar has run away from Pakistan and is now hiding in London. I have information that he has assets in London and is hiding here to avoid corruption cases in Pakistan. Shahzad Akbar wanted me deported from London. He wrote to the UK authorities to get me arrested to put me in trouble. He did everything to ruin my life, but look what has happened to him.”

    She has also said that Shehzad Akbar is an arrogant man who ruined many lives when he was working in Imran Khan’s government.

  • FIA registers Rs849m money-laundering case against Farah Gogi

    FIA registers Rs849m money-laundering case against Farah Gogi

    The Federal Investigation Agency (FIA) has registered a money-laundering case worth Rs849 million against Farhat Shehzadi aka Farah Gogi, a close aide and friend of former First Lady, Bushra Bibi, Geo News has reported.

    The money-laundering and kickbacks case was sent to FIA by the Anti-Corruption Establishment (ACE).

    The first information report (FIR) says that unusual transactions worth millions were found to have taken place in Farah Gogi’s accounts, allegedly through corruption and bribery. The money was then sent out of the country.

    The FIR also states that the money was made through transfers of government officials including deputy commissioners and police.

    Gogi allegedly also used her influence in the awarding of government contracts including one contract worth Rs80 million via the XEN of Sheikhupura, receiving kickbacks in the deal.

  • Bollywood’s Rakul Preet Singh summoned by ED in drugs-money laundering case

    Bollywood’s Rakul Preet Singh summoned by ED in drugs-money laundering case

    Indian actor Rakul Preet Singh has been summoned by Enforcement Directorate (ED) over involvement in the 2017 Tollywood drug and money laundering case.

    ED has summoned the Aiyaary star Rakul in connection with a high-end drugs racket. Several celebrities have been questioned in the alleged racket of supplying high-end narcotics such as LSD and MDMA.

    Rakul was called in by the authorities back in 2021 as well. She claimed that they do not have any links with drug traffickers or consume any such substance.

    PHOTOS: Rakul Preet Singh spotted exiting ED office after being questioned in connection to drugs case | PINKVILLA

    Earlier, a Special Investigation Team (SIT) of Telangana’s Prohibition and Excise Department probed around 11 members of the Telugu film industry including Ravi Teja, Charmee Kaur, and Navdeep in the matter.

    For the unversed, the drugs racket came to light back in 2017 after customs officials arrested musician Calvin Mascarenhas and two others with drugs worth Rs 30 lakh from their possession. On digging in a little deeper, the authorities reportedly found that a large number of Tollywood celebrities could be involved in this racket.