Tag: Scam

  • State Bank of Pakistan fines major banks for violating regulations

    State Bank of Pakistan fines major banks for violating regulations

    Banks operating in Pakistan have been slapped with hefty fines from the State Bank of Pakistan (SBP) totaling Rs131.4 million as a result of enforcement action against infractions of its established policies.

    According to the specifics, SBP fined JS Bank Limited Rs85.148 million, the highest sanction of the three banks, for breaking regulator guidelines regarding CDD/KYC, Asset Quality, FX, and General Banking Operations. Additionally, the central bank has recommended JS Bank Limited to improve its processes and controls in the areas that have been highlighted.

    In addition, Habib Bank Limited was fined Rs29.035 million for disobeying regulatory directives regarding CDD/KYC. The bank has been urged to tighten its controls and procedures in the highlighted areas in addition to the punitive action.

    Last but not least, the Bank of Punjab was additionally penalised Rs17.243 million for breaking regulatory guidelines relating to Asset Quality & CDD/KYC. Along with taking legal action, the bank has been urged to tighten its procedures and controls in the highlighted areas.

    The SBP has previously imposed fines totaling more than Rs100 million on four banks for regulatory violations.

    Read more: Rupee gains ground against dollar for second day, closes at Rs238

    Earlier, due to a breach of asset quality regulations, the National Bank of Pakistan (NBP) was fined Rs19.26 million. Additionally, U Microfinance Bank Limited which is owned by Ufone was fined Rs10.26 million and given the go-ahead to launch an internal investigation into any violations of regulatory directives as well as to discipline any indiscreet employees.

    According to SBP, these actions are based on shortcomings in the observance of regulatory directives and do not reflect poorly on the businesses’ financial soundness.

  • Twitter blames Musk for $270 million Q2 loss

    Twitter blames Musk for $270 million Q2 loss

    The social media company’s latest quarterly earnings figures offered a glimpse into how the social media business performed during months-long negotiation with billionaire and Tesla CEO Elon Musk over whether he will take over the company.

    The company lost $270 million in the April-June period after revenue slipped 1 per cent to $1.18 billion, reflecting advertising industry headwinds, as well as uncertainty over Musk’s acquisition bid.

    The number of daily active users rose 16.6 per cent to 237.8 million compared with the same period a year before.

    Twitter chalked up the gains to “ongoing product improvements and global conversation around current events.”

    Twitter’s legal battle with Musk to fulfil his April promise to purchase the company for $44 billion has overshadowed its most recent sales figures. To close the deal, Twitter last week sued Musk, and now the two parties are preparing for a trial in October.

    Twitter announced that it wouldn’t hold its customary quarterly earnings conference call or publish a shareholder letter due to the impending acquisition.

    Beginning with the April 4 disclosure that Musk had purchased a sizable stake in the company, opening the door for his takeover bid later that month, Twitter experienced a turbulent three months during the April-June fiscal quarter. Shortly after Musk publicly tweeted his concerns about Twitter and its employees and gave the impression that he was reconsidering his position, the relationship quickly grew strained.

    Musk’s actions and his “repeated disparagement of Twitter and its personnel,” according to Twitter, created uncertainty that was bad for the company’s operations, staff, and stock price.

    Musk wanted to wait until next year due to the complexity of the case and his demands for more of Twitter’s internal data about how it counts fake and automated “spam bot” accounts, which he’s cited as a key reason for trying to terminate the deal. It called for an expedited trial so the company could continue with important business decisions.

    Before the opening bell on Friday, shares were reduced by 2 per cent.

    The trial was postponed this week by the judge, who agreed with Twitter that too much delay could harm the company irreparably. Unless Musk and Twitter resolve the case prior to that time, it will be heard in Delaware’s Court of Chancery, which hears numerous high-profile business disputes.

    On Friday, Elon Musk retaliated against Twitter for partially attributing its second-quarter revenue shortfall to the uncertainty surrounding the pending $44 billion acquisition of the Tesla CEO by the social media behemoth.

    “I’m rubber, they’re glue,” Musk tweeted. 

    According to Musk, Twitter is “in material breach of multiple provisions” of the agreement and “appears to have made false and misleading representations” when it accepted Musk’s acquisition offer on April 25.

    Musk announced last month that he would be terminating the agreement. Musk disputes Twitter’s internal estimates that less than 5 per cent of its users are made up of spam and fake accounts.

  • Offices of illegal housing society sealed by CDA

    Offices of illegal housing society sealed by CDA

    The Capital Development Authority’s (CDA) Planning Wing sealed the management offices of an illegal housing society along the Islamabad Expressway on Thursday, preventing the sale, acquisition, and transfer of plots.

    Since neither the layout design for this housing society was approved nor the management received an NoC, the planning division of the CDA has already declared all stages of this housing society to be illegal.

    Along with physically shutting the office, CDA’s Director of Regional Planning also issued a letter in this regard, according to The News.

    According to the letter, despite warnings about the housing society’s management’s illegal behaviour, the management proceeded to sell and transfer plots, which prompted the authorities to take enforcement action.

    Due to violations of the CDA Ordinance 1960, ICT Zoning Regulations 1992, and ICT Building Control Regulations 2020, the housing society’s offices have been sealed.

    The PTCL, Islamabad Electric Supply Company, and Sui Gas Northern Gas Company have also been advised by the CDA planning wing not to offer their services during all stages of the private housing society.

    A dozen unauthorised housing societies in the Rawalpindi district were also sent notifications by the Rawalpindi Development Authority (RDA) in a similar development.

    New Metro City, Smart City, Prism Town, Capital Valley, Life Residencia, Seven Enclave, Manan City, Lake View City, Faha Fatima, Park Zameen Town, Hawks Melbourne City, and Kashmir Valley have all received notices from RDA’s Metropolitan Planning and Traffic Engineering (MPTE) Directorate.

    The Punjab Private Housing Schemes and Land Subdivision Rules 2010 were used to issue the notices. These societies have been requested by the RDA to produce mortgage deeds, surrender deeds, and NOCs. Otherwise, they will be the target of legal action.

  • Musk sued for stock manipulation during Twitter takeover bid

    Musk sued for stock manipulation during Twitter takeover bid

    The most controversial billionaire Elon Musk has been sued by Twitter Inc shareholders, who claim he manipulated the company’s stock price downward, as the CEO of electric carmaker Tesla Inc mounts a $44 billion buyout offer for the social media platform.

    According to the investors, Musk saved $156 million by failing to disclose that he had acquired more than 5 per cent of Twitter by March 14. They requested class certification and an unknown amount of punitive and compensatory damages.

    They also named Twitter as a defendant, claiming the company owed them an investigation into Musk’s behaviour, though they are not seeking monetary damages from the company.

    As per the lawsuit, filed on Wednesday in San Francisco federal court, the investors claimed Musk continued to buy stock after that and eventually disclosed in early April that he owned 9.2 per cent of the company.

    “By delaying his disclosure of his Twitter stake, Musk engaged in market manipulation and purchased Twitter stock at an artificially low price,” the investors, led by Virginia resident William Heresniak, claimed. Requests for comment were not immediately returned by Musk or his lawyer.

    The recent drop in Tesla’s stock has put Musk’s ability to finance his acquisition of Twitter in “major jeopardy,” according to the investors, because he has pledged his shares as collateral to secure the loans he needs to buy the company.

    Tesla’s stock was trading around $713 per share on Thursday afternoon, down from over $1,000 in early April. According to the Wall Street Journal, the timing of Musk’s disclosure of his stake has already triggered an investigation by the US Securities and Exchange Commission (SEC).

    The SEC demands any investor who purchases more than 5% of a company’s stock to disclose their assets within 10 days of crossing the limit.

    The investors also claimed that Musk’s public criticism of the company, such as a May 13 tweet stating that the buyout was “temporarily on hold” until Twitter proved that spam bots accounted for less than 5% of its users, amounted to an attempt to drive the share price even lower.

    Musk pledged an additional $6.25 billion in equity financing to fund his bid for Twitter on Wednesday, indicating that he is still working to close the deal.

    Earlier this month, the tech mogul was sued in Delaware Chancery Court by a Florida pension fund, which sought to halt the transaction on the grounds that some other large Twitter shareholders were supporting the buyout, which is a violation of Delaware law. The lawsuit filed by Heresniak does not seek to halt the takeover.

  • Most common women harassment platforms are WhatsApp, Facebook: Research

    Most common women harassment platforms are WhatsApp, Facebook: Research

    A Pakistani research-focused NGO, Digital Rights Foundation (DRF) revealed its annual report on the five-year cyber harassment helpline.

    According to the DRF, WhatsApp and Facebook were the most commonly utilised apps in Pakistan to harass women. Its helpline for combating online abuse and harassment will reach a five-year milestone this year.

    In the last five years, the online harassment helpline has received over 11,681 cases. In 2021, there were 4,441 cases received, with an average of 370 instances each month. The months of March and September saw a spike in reports, while the remainder of the year was quite constant.

    About 68 per cent of the calls were from women, 30 per cent were from males, and the remaining 2 per cent were from gender minorities. WhatsApp was the most widely mentioned platform for harassment, followed by Facebook.

    In 2021, 893 complaints were related to blackmail, and 727 incidents on the helpline involved the use of non-consensual photos, according to the research.

    Executive Director of DRF Nighat Dad stated that “the pace at which the cases of cyber harassment are increasing is alarming and must serve as a wake-up call for us to take appropriate action to make the internet a safe and equal space for everyone”.

    Pakistan’s first specialised helpline against cyber violence and harassment, the cyber-harassment helpline, was opened in December 2016. The toll-free number (0800-39393) is available Monday through Sunday, 9 AM to 5 PM, and includes email and social media help.

    Via: Geo

  • Shopkeepers fined in Islamabad for not adhering to DC rates

    Shopkeepers fined in Islamabad for not adhering to DC rates

    On April 27, special teams led by the Islamabad Capital Territory (ICT) administration issued fines of up to Rs40,000 to shop owners for overcharging consumers.

    During surprise raids conducted by magistrates and assistant commissioners, shops from several marketplaces were penalised, according to an ICT administration spokesperson.

    Irfan Memon, the Deputy Commissioner of Islamabad, said the administration was enforcing strict adherence to the rate list of food goods in marketplaces during Ramadan in order to prevent profiteering.

    He stated that strict action was being taken against racketeers in the federal capital and that violators were being fined heavily on the spot for overbilling. During the holy month, he claimed, daily price-checking would continue unabated.

    After investigating 628 shops across the city, officials sealed five shops and arrested 12 vendors, according to details.

    Read more: Pakistan’s energy crisis worsens, resulting in ten hours of load shedding

    The AC secretariat inspected dairy, poultry, and milk shops, as well as general stores, bakeries, and fruit and vegetable shops, for quality, general hygiene, expired products, and compliance with notified pricing and the exhibition of the DC rate list of necessary commodities.

    Three merchants were detained for refusing to exhibit the rate list and overcharging, while others who broke the law were fined and warned.

  • Celebs express anger at Talha Talib being conned

    Celebs express anger at Talha Talib being conned

    Pakistani weightlifter and Olympian, Talha Talib, was conned by a fraudster who posed as a personal assistant to a federal minister and said that the minister wants to gift him a car after his success at the Tokyo Olympics 2020.

    The conman asked him to receive the vehicle after submitting registration and freight charges in a particular bank account.

    As per reports, Talha Talib was asked to pay Rs323,000. After the sportsman’s father came to know about the fraud, he reported the crime at the Citizen’s Portal.

    Celebrities including Aijaz Aslam, Xarnish Khan and Mathira expressed their anger at how people took advantage of an already struggling sportsman.

    Photo via Diva Magazine

    Mathira commented under a social media post, “This is sad.”

    Photo via Diva Magazine

    Read More: Fans gush over Pakistani Olympian Talha Talib’s hot picture

    It was not just Talha who was conned but mountaineer Shehroze Kashif was also reportedly looted by a conman.

    Shehroze Kashif’s father says the conman asked them to make a payment of Rs285,000. Kashif’s father lodged a complaint with the FIA.

  • Police investigators find ‘mastermind’of Rs 750M bank gold scam

    Police investigators find ‘mastermind’of Rs 750M bank gold scam

    The investigation officials have found out that a ‘woman manager’ was a mastermind in the Rs750m gold scam at a private bank in Karachi, ARY News reported.

    As per reports, the investigators have found more hints while investigating financial fraud at a Karachi private bank after they interrogated the suspects.

    They revealed that a woman manager of the bank’s Gulistan-e-Johar branch who had allegedly planned the gold scam divided the shares and gave the money earned from the frauds to the accused bank staffers.

    The accused woman kept giving gifts to the staffers. Investigators also found Rs2,400,000 funds in the bank account of the bank’s gold finance executive Adeel.

    The woman manager had also gifted expensive mobile phones to the bank employees and invested the remaining money to the stock exchange, as well as bought luxurious vehicles.

    The officials said that the mastermind had also given ‘pocket money to the bank staffers in both branches. Police said that 14 arrests have been made in the Rs750 million bank gold scam case so far.

  • Porsche Pakistan CEO ‘runs off’ with Rs80 crores in booked orders

    Porsche Pakistan CEO ‘runs off’ with Rs80 crores in booked orders

    The chief executive officer (CEO) of Porsche Pakistan in Lahore has been accused of running off with nearly a billion rupees after conning people in the name of advance booking for high-end cars, whereas the company has termed these claims “false”.

    According to the police, while victims of the scam have registered complaints against Abuzar Bokhari in different police stations across the city, the department has informed the Federal Investigation Agency (FIA), seeking their help in informing Interpol.

    Help from the international criminal police organisation is being sought for Bokhari’s extradition from England where he allegedly flew off to a few days ago.

    Police further say that Bokhari collected Rs800 million (Rs 80 crores) from people in the name of car registrations and fled to the United Arab Emirates (UAE) after which he went to England and has not returned since.

    While Bokhari is the founder and CEO of Lahore-based, and Pakistan’s only, Porsche dealership based in Lahore, media reports say he started off with two partners but continued alone with the venture when Porsche formally entered the Pakistani market.

    Porsche’s presence in Pakistan was provisionally launched in 2006 and then formally launched in 2008. Since then, it has been running its operations rather successfully and has grown significantly.

    However, the luxury carmaker has now reportedly removed its official website page on Pakistan.

    “Porsche official website removes page on Pakistan which has details of its Pakistan representative Abuzar Bokhari — accused of leaving the country with Rs800 million in booked orders — here is a screenshot of the cached version of the page,” journalist Omar Quraishi tweeted.

    ‘ALLEGATIONS ARE FALSE’:

    In a statement, Porsche Pakistan said the said claims are false. It said that its CEO doesn’t owe car booking money to anyone and all the registration money was received in the account of Performance Automotive Pvt Ltd (Porsche Pakistan) on behalf of Porsche AG as their appointed representative.

    It said Porsche AG was refusing delivery of the vehicles to Pakistani customers for two years.

    A lull in supply is due to attempts to discredit Porche Pakistan by a ‘controversia;’ business group.

    The statement said Porsche Pakistan was in a legal battle with Porsche AG for this “illegal” refusal on all legal forums.

    The statement alleged that the delay was due to Porsche Middle East and Africa FZE’s alleged understanding with a rival local party it called “an influential and controversial business group” that seeks to get hold of Porsche distribution rights in Pakistan.

    The company concluded, “Porsche Pakistan and its legal team are fully available for any concerned parties or investigative authorities for any information or clarification they may require.

  • ‘One-ring’ scam is targeting Pakistanis via phone calls

    ‘One-ring’ scam is targeting Pakistanis via phone calls

    A one-ring scam is targeting Pakistanis on mobile phones. A number of citizens received phone calls from unknown international numbers.

    The phone call ends with a missed call notification on the receiving end, urging the receiver to call back. The scam tricks thousands of users into dialing an international number and hence exposing them to the risk of getting charged heavily for the connecting fee, and huge per-minute charges.

    A user who received a call from this scam ring shared a
    message on Whatsapp which reads

    “Very
    Very Urgent …

    Please pass this message to your family and friends NOW.
    People have been receiving calls from
    Tel: +375602605281
    Tel: +37127913091
    Tel: +37178565072
    Tel: +56322553736
    Tel: +37052529259
    Tel: +255901130460 or any number starting from +371 +375 +381
    These guys only ring once and hang up. If you call back, they can copy your contact list in 3 sec and if you have a bank or credit card details on your phone, they can copy that too
    +375 code is for Belarus.
    +371 code is for Lativa.
    +381 Serbia.
    +563 Valparaiso.
    +370 Vilnius.
    +255 Tanzania.
    Don’t answer or Call back.
    Also, Don’t Press #90 or #09 on your Mobile when asked by any caller.
    It’s a new trick which is used to access your SIM card, make calls at your expense and frame you as a criminal.
    URGENTLY FORWARD this message to as many friends as you can to stop any intrusion!!!”