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Noida Forex Firm Scams Investors

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Noida: Close on the heels of Gurgaon’s Citibank fraud case, a scam running to about Rs 200 crore has come to haunt investors in Noida. Employees of EndMark Forex Group, a global company providing foreign exchange trading services, have “deserted” their India office in Noida’s Sector 62. The local office used to “seek investments” from people across cities, promising “hefty returns”.

Noida Forex Firm Scams InvestorsWhen payouts stopped and phone calls were not answered, a group of investors reached the office in Sector 62 on Monday night and found it locked. The investors’ loss varies from Rs 30,000 to Rs 30 lakh.

About 100 of them have, so far, approached the police. The company has its research centre in Houston, US; a training centre in London and a business development centre in Hong Kong.

SP (city) HN Singh said: “We’re probing if the irregularities committed are limited to the India office or more people are involved in the fraud.”

The police lodged an FIR against directors and main accused Mayank Gupta and Dipanshu Aanand, besides Ravindra, Neha Chauhan and Archana – associated with promotional activities.

The police also have sealed five accounts opened with HDFC, ICICI and Axis banks. The addresses mentioned by Gupta, a native of Kanpur, in bank account details have been found fake.

Singh said: “We are trying to contact the London office. Unless the accused is arrested, the exact amount of scam cannot be ascertained.”

“The company claimed it provided excellent investment opportunities to retail and institutional investors. It claimed to provide 1% return every day on the invested amount up to 320 trading days. But it suddenly shut all communication lines and fled with the money,” said a police officer probing the case.

The police said the directors had been running the company for the last several years.

“Accused Mayank Gupta, director of the company, used to lure investors promising heavy returns in foreign exchange trading. He had investors from all over the country. Crores of rupees of investors are involved in the trading,” said SP (city) HN Singh.

Gupta had been running a high-profile network, dealing with multi-level marketing (MLM) that involves a chain process of making clients through a huge trap spread across the country, the police said.

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SOUTH ASIA

Pakistani Anti-graft body wants travel ban on Nawaz Sharif, kin

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Pakistan’s anti-corruption watchdog has asked authorities to place ousted premier Nawaz Sharif, his daughter and son-in-law on the Exit Control List to prevent them from leaving the country.

The National Accountability Bureau (NAB) sent a formal request to the ministry of interior. The interior ministry officials confirmed that the NAB wrote that names of Sharif, his daughter Maryam Nawaz and son-in-law Capt (retd) Muhammad Safdar should be put on the Exit Control List (ECL), which listed individuals not allowed to leave Pakistan.

The NAB argued that as the trial of the three nears its conclusion, it is feared that they would leave the country.

Earlier, a similar request to place name of finance minister Ishaq Dar on ECL was not accepted, allowing him to go to London and never return.

Sharif, 68, and his family this week filed an application with the accountability court seeking a fortnight’s exemption from personal appearance from February 19 onwards to let them go to London to see Sharif’s ailing wife. Three cases were filed against Sharif and his family last year, including Avenfield properties, Azizia & Hill Metal Establishment, and Flagship Investments.

Maryam and Safdar are accused only in Avenfield properties case. The NAB had filed two supplementary references against Sharif, his sons Hasan and Hussain regarding Al-Azizia Steel Mills & Hill Metal Establishment and Flagship Investment cases.

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Pakistan “breaches obligations’ on nuclear arms reduction, UN court told

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The Hague: Pakistan is violating its “obligations” to the international community by failing to reduce its nuclear arsenal, the Marshall Islands told the UN’s highest court on Tuesday.

The small Pacific Island nation is this week launching three unusual cases against India, Pakistan and Britain before the International Court of Justice.

Majuro wants to put a new spotlight on the global nuclear threat, its lawyers said yesterday, by using its own experience with massive US-led nuclear tests in the 1940s and 1950s.

“Pakistan is in breach of its obligations owed to the international community as a whole,” when it comes to reducing its nuclear stockpile, said Nicholas Grief, one of the island nation’s lawyers.

Islamabad and its nuclear-armed neighbour India “continue to engage in a quantitative build-up and a qualitative improvement” of their atomic stockpiles, added Tony deBrum, a Marshallese government minister.

DeBrum warned that even a “limited nuclear war” involving the two countries would “threaten the existence” of his island nation people.

Pakistan and India have fought three wars since independence from Britain in 1947, two of them over the disputed Himalayan territory of Kashmir.

In 1998, the rival neighbours both demonstrated nuclear weapons capability.

The ICJ’s judges are holding hearings for the next week and a half to decide whether it is competent to hear the lawsuits brought against India and Pakistan — neither of which have signed the 1968 nuclear Non-Proliferation Treaty (NPT).

A third hearing against Britain — which has signed the NPT — scheduled to start on Wednesday will be devoted to “preliminary objections” raised by London.

The Marshalls initially sought to bring a case against nine countries it said possessed nuclear arms: Britain, China, France, India, Israel, North Korea, Pakistan, Russia and the United States.
Israel has never admitted to having nuclear weapons.

But the Hague-based ICJ, set up in 1945 to rule in disputes between states, has only admitted three cases against Britain, India and Pakistan, because they have accepted the ICJ’s compulsory jurisdiction.

Pakistan’s lawyers did not attend Tuesday’s hearings.

It did however file a counter-claim against Majuro’s allegations saying “the court has no jurisdiction to deal with the application” and insisting that the case is “not admissible”, said ICJ President Ronny Abraham.

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Bangladesh to drop Islam as official religion following attacks on Hindus

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Bangladesh to drop Islam as official religion following attacks on Hindus

New Delhi: Bangladesh is likely to drop Islam as its official religion following a series of attacks on people from other faiths in the country. The country’s Supreme Court is hearing a plea challenging the status of the official religion of the country to Islam.

Bangladesh, which was declared a secular country after its formation in 1971, was declared an Islamic country following a constitutional amendment in 1988.

According to a report in the Daily Mail, the plea has challenged the declaration of Islam as the national religion of the country.

The move is being supported by leaders from the minority communities like Hindus, Christians and Muslim minority Shiites.

Bangladesh has 90 per cent of Muslims, 8 per cent Hindus and remaining constitutes Christians and Muslim minority Shiites.

In last month, a Hindu priest was hacked to death following an attack on a temple in Panchgarh district. Two others were seriously injured in the attack. There have been several lethal attacks on writers and bloggers.

According to a report in the Independent, Islamist groups Jumatul Mujahedeen Bangladesh and Ansarullah Bangla Team are believed to have carried out at least seven attacks on foreign and minority people in Bangladesh in the past year.

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