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Article: CASHING IN Crime gangs running sophisticated scams are making millions off Irish victims

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CASHING IN Crime gangs running sophisticated scams are making millions off Irish victims

Eamon Dillon, 15 May 2021

Ireland is being swamped by criminal gangs running widespread scams that are raking in millions in profits.

Targeting individuals and commercial firms, fraudsters are becoming more sophisticated and are constantly changing their tactics. Last month, 163 people reported attempts by fraudsters to trick them into handing over personal details – five times the level compared the same period in 2019. Continue reading “Article: CASHING IN Crime gangs running sophisticated scams are making millions off Irish victims”

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Article: UK targets Gupta’s GFG Alliance in fraud probe linked to Greensill

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UK targets Gupta’s GFG Alliance in fraud probe linked to Greensill

Huw Jones, Eric Onstad, 14 May 2021

Tycoon Sanjeev Gupta’s commodities empire is being investigated by Britain’s Serious Fraud Office in a probe that encompasses the conglomerate’s links to collapsed lender Greensill Capital, the SFO said on Friday.

The probe piles pressure on Gupta, who has been scrambling to refinance his international web of businesses in steel, aluminium and energy after supply chain finance firm Greensill filed for insolvency in March. Continue reading “Article: UK targets Gupta’s GFG Alliance in fraud probe linked to Greensill”

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Article: Iron ore price sinks as China vows to punish market manipulation

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Iron ore price sinks as China vows to punish market manipulation

MINING.COM Staff Writer , 14 May 2021

Iron ore’s slump from a record accelerated as China ramps up efforts to control prices.

Benchmark iron ore futures on the Dalian Commodity Exchange, for September delivery, dived 7.5% to 1,173 yuan ($182.22) a tonne. The contract fell 4.4% this week. Spot prices of iron ore with 62% iron content for delivery to China, compiled by SteelHome consultancy, had declined $12 to $220.5 a tonne on Thursday.. Continue reading “Article: Iron ore price sinks as China vows to punish market manipulation”

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Article: Latest Hit Against Tobacco Smugglers Results in 12 Arrests in France

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Latest Hit Against Tobacco Smugglers Results in 12 Arrests in France

Homeland Security Today, 14 May 2021

During the second week of May, the French Gendarmerie (Gendarmerie Nationale) with the support of the French Judicial Customs (SEJF) arrested five individuals and seized 250,000 counterfeit cigarettes in a series of raids in the city of Nantes.

This action follows an earlier one on April 9 which saw seven other members of the same organized crime group arrested in the cities of Nantes, Rodez and Montpellier. On this occasion, close to five tonnes of counterfeit cigarettes were seized, alongside €37,000 in cash. Continue reading “Article: Latest Hit Against Tobacco Smugglers Results in 12 Arrests in France”

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Article: British Fraud Unit Is Investigating Gupta and Greensill

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British Fraud Unit Is Investigating Gupta and Greensill

Stanley Reed, 14 May 2021

Britain’s financial crime unit is investigating suspected fraud and money laundering involving the businesses of Sanjeev Gupta, whose global metals empire ballooned in recent years with the aid of billions of dollars in financing from the failed firm Greensill Capital.

The Serious Fraud Office said Friday it was looking into potential fraud “in relation to the financing and conduct of the business of companies” within the Gupta Family Group Alliance, “including its financing arrangements with Greensill Capital UK.”

The announcement is the first indication that British authorities may pursue criminal charges against Mr. Gupta, the metals trader who runs the loose collection of businesses that bear the family name, and his ties to the finance firm founded by Lex Greensill.

That company, which expanded quickly over the past decade, collapsed spectacularly in March, entangling SoftBank and Credit Suisse and igniting a political scandal in Britain.

The Gupta companies and Greensill Capital were closely intertwined, and Mr. Gupta and Mr. Greensill were entrepreneurs who got rich as their businesses expanded. Greensill built up its so-called supply chain finance business by lending money against the sales of Mr. Gupta’s companies.

Greensill then packaged the loans into securities to be sold to investors by Credit Suisse and other firms. Greensill’s collapse was partly caused by regulators’ and insurance companies’ concerns that it was overreliant on loans to the Gupta group.

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Article: Former gaming minister agrees ‘unfair’ to cop who said ‘something stinky’ at casinos

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Former gaming minister agrees ‘unfair’ to cop who said ‘something stinky’ at casinos

Canadian Press, 14 May 2021

VANCOUVER — British Columbia’s former gaming minister said comments he made more than a decade ago about a top-ranking financial crime investigator’s concerns about “something stinky” going on at provincial casinos were not fair.

Rich Coleman was recalled to testify Friday at the public inquiry into money laundering to face more questions about statements he made in January 2011, disputing media comments by former RCMP inspector Barry Baxter. “I probably got too broad in saying that,” said Coleman, who is the inquiry’s last witness. “I probably went a little too far out with my answer. It may have been unfair.” Continue reading “Article: Former gaming minister agrees ‘unfair’ to cop who said ‘something stinky’ at casinos”

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Article: Gupta empire facing UK fraud probe over Greensill

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Gupta empire facing UK fraud probe over Greensill

Simon Jack, 14 May 2021

The business empire of Liberty Steel owner Sanjeev Gupta is under investigation by the Serious Fraud Office (SFO).

The probe is over suspected fraudulent trading and money laundering, including its financing arrangements with failed company Greensill Capital UK. Greensill, a major lender to Mr Gupta’s business, collapsed in March.

GFG Alliance, Mr Gupta’s family conglomerate, said it would co-operate fully with the investigation. Continue reading “Article: Gupta empire facing UK fraud probe over Greensill”

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Article: SFO launches money laundering probe into Gupta family over ties to Greensill Capital

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SFO launches money laundering probe into Gupta family over ties to Greensill Capital

HMichiel Willems, 14 May 2021

The Serious Fraud Office (SFO) said this morning it is launching an investigation into the Gupta Family Group Alliance.

“The SFO is investigating suspected fraud, fraudulent trading and money laundering in relation to the financing and conduct of the business of companies within the Gupta Family Group Alliance (GFG), including its financing arrangements with Greensill Capital UK Ltd.,” the watchdog said in a statement shared with City A.M.

“As this is a live investigation, the SFO can provide no further comment,” it added. Continue reading “Article: SFO launches money laundering probe into Gupta family over ties to Greensill Capital”

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Article: Intertrust Cayman receives administrative penalty

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Intertrust Cayman receives administrative penalty

Intertrust Group, 14 May 2021

PRESS RELEASE: Amsterdam – 14 May 2021. Intertrust N.V. (“Intertrust”) [Euronext: INTER], a global leader in providing tech-enabled corporate and fund solutions to clients operating and investing in international business, announces that on 13 May 2021, the Cayman Islands Monetary Authority (CIMA) issued to Intertrust Corporate Services (Cayman) Limited, a subsidiary of Intertrust N.V., formal notice of an administrative fine in the amount of CI $4,232,607.50 arising from breaches of specific statutory obligations under the Cayman Islands Anti-Money Laundering (AML) Regulations identified during an onsite inspection conducted in February 2020. The breaches alleged are administrative in nature and there is no suggestion that Intertrust has engaged in or facilitated its clients engaging in money laundering activities. Continue reading “Article: Intertrust Cayman receives administrative penalty”

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Article: Danske bypasses money laundering legacy in AT1 return

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Danske bypasses money laundering legacy in AT1 return

Tom Revell, 14 May 2021

The lender also took on a challenging market backdrop as it offered investors a US$750m perpetual non-call November 2026 Reg S transaction. The deal came after a volatile session for global stocks on Tuesday, which nudged bank subordinated debt wider in the secondary market and, in the US onshore market, saw insurer Liberty Mutual postpone a junior subordinated note issue.

Some observers were surprised by Danske’s decision to come hot on the heels of Liberty’s postponement. A 4.75% US$1bn Banco Santander AT1 offering sold on May 6 also contributed to a tricky backdrop after it struggled to perform and was bid at a cash price of 99.50 on Wednesday. Continue reading “Article: Danske bypasses money laundering legacy in AT1 return”

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Article: Arrests for fraud and money laundering after scam calls target vulnerable people in Wiltshire

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Arrests for fraud and money laundering after scam calls target vulnerable people in Wiltshire

Daniel Angelini, 13 May 2021

A gang had been targeting victims by calling them, pretending that they were the police and asking for help investigating fraud in banks or other organisations.

The callers tried to trick victims into withdrawing money or buying expensive items and handing them to a courier, who was actually another criminal that came to the victim’s home. Officers from Wiltshire Police’s complex fraud team and specialist support units travelled to London on Wednesday as part of Project Optimise, designed to tackle serious and organised criminality. Continue reading “Article: Arrests for fraud and money laundering after scam calls target vulnerable people in Wiltshire”

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Article: Binance Faces Probe by U.S. Money-Laundering and Tax Sleuths

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Binance Faces Probe by U.S. Money-Laundering and Tax Sleuths

Tom Schoenberg, 13 May 2021

Binance Holdings Ltd. is under investigation by the Justice Department and Internal Revenue Service, ensnaring the world’s biggest cryptocurrency exchange in U.S. efforts to root out illicit activity that’s thrived in the red-hot but mostly unregulated market.

As part of the inquiry, officials who probe money laundering and tax offenses have sought information from individuals with insight into Binance’s business, according to people with knowledge of the matter who asked not to be named because the probe is confidential. Led by Changpeng Zhao, a charismatic tech executive who relishes promoting tokens on Twitter and in media interviews, Binance has leap-frogged rivals since he co-founded it in 2017. Continue reading “Article: Binance Faces Probe by U.S. Money-Laundering and Tax Sleuths”

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Article: Pot dispensary suit transferred

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Pot dispensary suit transferred

Rachel Herzog, 13 May 2021

A lawsuit claiming that three medical-marijuana cultivators unfairly refused to sell to a Hot Springs dispensary and asking the state to enact regulations preventing those alleged practices was transferred to Pulaski County on Wednesday.

The complaint from Green Springs Medical, which was originally filed in January, claims that Osage Creek Cultivation of Berryville, Delta Medical Cannabis Co. of Newport and Bold Team of Cotton Plant stopped selling cannabis to the business to retaliate against the dispensary’s CEO, who asked the Arkansas Medical Marijuana Commission last year to issue more cultivator licenses. Continue reading “Article: Pot dispensary suit transferred”

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Article: Russian central bank to expand market manipulation criteria

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Russian central bank to expand market manipulation criteria

Elena Fabrichnaya, 13 May 2021

MOSCOW, May 13 (Reuters) – Russia’s central bank said on Thursday it plans to expand a list of actions deemed to be market manipulation, facing a need to protect growing numbers of retail investors after a series of cases involving what it called malicious transactions.

Retail investors flooded to the market in 2020 as central bank rate cuts reduced the appeal of bank deposits and the COVID-19 pandemic left people working from home and with time to spare. Continue reading “Article: Russian central bank to expand market manipulation criteria”