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Delhi High Court restrains Gulf Petrochem FZC promoters from disposing of assets

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Allowing the suit filed by OCM Singapore Njord Holdings Hardrada Pte Ltd, the Delhi High Court has granted an interim injunction restraining promoters of UAE-based Gulf Petrochem FZC from disposing of any of their movable or immovable assets, in connection with an alleged trade fraud of over 12 million USD.

“As consolidated above, the plaintiffs have made out a strong prima facie case in their favour and the defendants have not been able to make out any credible case of defence. Irreparable harm and injury would be caused to the plaintiffs, if the defendants were to dispose of their assets. Therefore, balance of convenience requires that the plaintiffs be granted interim injunction,” stated Justice Amit Bansal in an order passed on Friday.

The court also directed the defendant company promoters–Prerit Goel, Manan Goel to disclose all their bank account statements in India and abroad and particulars of movable and immovable assets within four weeks.

In the order, the court also specified the restraining of the property measuring 1 Bigha 12 Biswas situated in the revenue estate of Village Samalka, Tehsil Vasant Vihar, New Delhi.

As per the plaintiff Singapore-based shipping company, the United Arab Emirates-based Gulf Petrochem which had voyage chartered their Vessel “Torm Hardrada” on May 8, 2020.

The Vessel loaded 40,533.05 metric tonnes of Jet Aviation Fuel and a bill of lading was issued by the master of the Vessel, which was consigned to the order of Natixis, France, a French bank for delivery at Rotterdam.

On June 6, 2020, the defendant Petrochem company ordered the Vessel to proceed to Fujairah, UAE, and deliver the Cargo to Vitol Bahrain E.C which has to be delivered to the port of Rotterdam.Although the defendant company received payment from the buyers, they did not pay Natixis and misappropriated the proceeds of the sale. In the legal battle of Natixis, in order to mitigate their losses, the plaintiffs on November 16, 2020, furnished security of USD 14,908,056 to them towards theAprincipal claim amount of USD 12,423,380 around Rs 95.6 crore Indian money.

The Singapore company argued that the defendants have defrauded many more companies globally in a similar manner by inducing shipping companies to deliver cargo to other buyers without the production of the original bills of lading on the basis of Letter of Indemnities(LoI) and, thereafter, not honouring the said LoIs.

The court noted, as per the records, that the website of the defendant company has an office/place of business in New Delhi, a stand which they changed later.

The bench held that the defendants have failed to show that the territorial jurisdiction of the Court is highly debatable or prima facie not tenable.

Crime

Congress seeks fast-track trial in Narsinghpur child’s rape-murder case; MP cops vow maximum punishment

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Bhopal/Narsinghpur, Aug 7: Congress leader and Leader of Opposition in the Madhya Pradesh Assembly, Umang Singhar on Friday demanded a fast-track trial and the harshest punishment for the accused arrested in the alleged rape and murder of an eight-year-old girl in the state’s Narsinghpur district, while police said they would seek the maximum punishment in the case.

The demand came a day after 28-year-old Annu Yadav was arrested for allegedly abducting, raping and murdering the Class III student in Gotegaon area of the district.

In a statement, LoP Singhar described the incident as “heart-rending” and alleged that the BJP government in Madhya Pradesh had failed to ensure the safety of women and children.

“The abduction, rape and brutal murder of an eight-year-old innocent girl is extremely painful. The incident has shaken the entire Madhya Pradesh,” he said.

The Congress leader demanded that the case be tried in a fast-track court and the accused be awarded the strictest punishment.

He also sought justice, financial assistance and all possible support for the victim’s family.

“The safety of daughters cannot be ensured through hollow speeches and claims. It requires a strong law-and-order system, speedy justice and an accountable government,” Singhar said.

Meanwhile, Narsinghpur Superintendent of Police, Rishikesh Meena, said the investigation was progressing swiftly and the police would press for the maximum punishment.

“Our investigators and prosecutors will work for the sternest possible punishment for the arrested man. We will get the trial fast-tracked and work towards securing the harshest possible punishment,” Meena told media.

According to police, the girl went missing after school on Wednesday, following which multiple teams were formed to trace her.

During the investigation, she was found to have been last seen with her neighbour, Annu Yadav.

The accused allegedly tried to flee on a motorcycle when police tracked him down but was caught after the vehicle skidded off the road.

Police said he initially tried to mislead investigators but later allegedly confessed to the crime during questioning.

The accused allegedly went to the girl’s school during the lunch break and told her that her father had sent him to take her home. He allegedly took the child to a nearby forest, raped her and strangled her before fleeing.

The girl’s body was recovered on the basis of information provided by the accused, police said. Police said that further investigation was underway.

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Crime

From Rs 500 to Rs 10: ISI shifts fake currency strategy, floods India with counterfeit low-value notes

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New Delhi, Aug 7: Criminal syndicates, including the network run by Dawood Ibrahim, have long been involved in circulating fake Indian currency notes.

Backed by Pakistan’s Inter-Services Intelligence (ISI), these networks have treated counterfeit currency as one of their most profitable operations for years.

Indian security agencies have now detected a significant shift in the way counterfeit currency is being pushed into the country. Investigators say the circulation of fake Rs 500 notes has declined sharply, pointing to a change in the strategy adopted by the counterfeit currency network.

Earlier, the network primarily focused on counterfeiting Rs 200 and Rs 500 notes. Agencies have now found that the emphasis has shifted to lower denominations, with fake Rs 10, Rs 20 and Rs 50 notes being circulated in large numbers.

The circulation of counterfeit currency not only finances these criminal syndicates but also poses a threat to India’s economic stability. Officials say this is one of the key reasons why Pakistan’s Inter-Services Intelligence (ISI) has continued to facilitate the trade, much of which is allegedly orchestrated through the Dawood Ibrahim syndicate.

An Intelligence Bureau official said there are credible intelligence inputs indicating that Pakistan’s ISI is planning to flood the market with counterfeit currency in lower denominations. According to the official, the strategy is to circulate fake Rs 10, Rs 20 and Rs 50 notes in much larger volumes than before.

“There are multiple reasons behind this newfound strategy. These elements are aware that people are extremely cautious about notes above Rs 100 denomination and will conduct a detailed check before accepting them. However, that is not the case when it comes to smaller denomination notes,” the official said.

People are generally less cautious when handling Rs 10, Rs 20 or Rs 50 notes and rarely stop to check whether they are genuine or counterfeit. That is precisely what these networks are seeking to exploit, the official said.

Officials said the syndicates believe lower denomination counterfeit notes are less likely to attract attention, making them easier to circulate in large numbers without raising suspicion.

Another official said that the period up to April 2027 will be crucial.

The biggest push would be made by these gangs to circulate fake notes of smaller denominations during these months. India plans to roll out polymer or plastic bank notes by 2028. The Reserve Bank of India (RBI) has said that polymer bank notes in the denominations of Rs 10 and 20 will be rolled out in 2028.

While the primary objective of introducing polymer notes is to increase their lifespan to nearly four times that of existing paper currency, they are also expected to offer significantly stronger security features. Officials say the enhanced anti-counterfeiting measures will make the notes far more difficult to replicate.

The plastic substrate allows for advanced security integrations which are impossible on paper. These new notes would have transparent windows, specialised metallic links and micro-optic holograms which would make them extremely difficult to forge.

Before this roll out, it is suspected that the ISI-backed gangs may look to ramp up circulation of counterfeit notes of the smaller denominations in the country.

Officials say that these gangs would focus increasingly on notes of smaller denominations. Once the rollout is complete in 2028, these syndicates would look to target the Rs 50 and 100 notes more compared with the notes of the Rs 500 denomination, the agencies warned.

The RBI has repeatedly issued instructions on how to spot a counterfeit note. The apex bank says that the small denominations may not have a high value, but are used more frequently in daily transactions. This makes them a common target for fraud, and hence citizens must be more careful while dealing with such currency, officials point out.

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Crime

Mumbai CSMT cyber scam: Free wi-fi suspected in malware attack as bank official loses Rs 4.27 lakh

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Mumbai Police launched an investigation into a suspected cyber fraud case in which a nationalised bank’s senior official allegedly lost Rs 4.27 lakh through unauthorised credit card transactions.

Investigators suspect that the fraud may have started after the victim’s personal secretary connected his mobile phone to the free public Wi-Fi network at Chhatrapati Shivaji Maharaj Terminus (CSMT) in Mumbai.

According to police, cybercriminals may have gained access to the personal secretary’s mobile phone and later used the compromised device to spread a malicious Android application package (APK) file disguised as a Regional Transport Office (RTO) traffic challan. The fake application was reportedly sent to several people in the phone’s contact list, including senior bank officials.

The MRA Marg police have registered a First Information Report (FIR) and are investigating whether the mobile device was infected through the public Wi-Fi network, a fake hotspot imitating the genuine network, or through another method used by cybercriminals.

Police said the complainant, 56-year-old Gobinda Biswas, a resident of Bhakti Park in Wadala and general manager at a nationalised bank office in Fort, received a message on July 18 from his personal secretary Narayan Swami. The message appeared to be an official RTO challan and contained an APK file.

Before sending the message, Swami had connected his mobile phone to the free Wi-Fi service available at CSMT, police said. After the device was allegedly compromised, the malicious file was automatically forwarded through messaging applications to more than 200 contacts saved on the phone.

Believing the message to be a genuine traffic challan, Biswas downloaded and installed the application. Police suspect that the malware then gained access to sensitive information stored on his device, including data that could have been misused for financial fraud.

Investigators believe the infected application continued spreading the malicious file to additional contacts. On July 21, Biswas noticed unusual activity on his phone and deleted the application. However, police suspect that the malware had already accessed important information before removal.

Police said Biswas did not receive any SMS alerts regarding the suspicious credit card transactions. The fraud came to light on August 3 when he received his credit card statement. The complaint stated that five unauthorised transactions amounting to Rs 4,27,264 were carried out within just 28 minutes on July 21.

The bank’s credit card department later attempted to contact the customer several times. After the transactions were found suspicious and communication could not be established, the credit card was blocked, police said.

Biswas subsequently filed a complaint on the National Cyber Crime Reporting Portal and approached MRA Marg police. An FIR was registered on August 4 in connection with the suspected cybercrime.

A Mumbai Police official said that the investigation is underway to identify the source of the malware and determine the exact method used by the accused to gain access to the mobile device.

Citizens should remain cautious while connecting to public Wi-Fi networks and should avoid installing applications received from unknown sources, Mumbai Police cautioned.

Cyber experts have repeatedly warned that attackers can use fake applications, phishing messages and unsafe public networks to steal personal and financial information. Police have advised citizens to verify links and applications before downloading them and to avoid sharing sensitive banking details through suspicious platforms.

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