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Dubai police said Friday they arrested and planned to extradite a British man to Denmark, wanted there for allegedly masterminding a $1.7 billion tax scheme, one of the country’s largest-ever fraud cases. The arrest of hedge fund trader Sanjay Shah came after Danish officials signed an agreement in March allowing for extradition between the United Arab Emirates and Denmark. Shah has maintained his innocence in interviews with journalists while living in Dubai over the last few years on the city-state’s manmade Palm Jumeirah archipelago, but never appeared in Denmark to answer the accusations. It wasn’t clear if Shah, 52, had a local lawyer in the Emirates. A court date did not appear to have been set in Dubai, the commercial capital of the seven-sheikhdom federation of the UAE. Prosecutors did not respond to a request for comment on Friday, the start of the Emirati weekend. A spokesman once associated with Shah, who ran the firm Solo Capital Partners, did not respond to a request for c...

Bashir Jamoh, the Director-General of the Nigerian Maritime Administration and Safety Agency (NIMASA) has written to the Economic and Financial Crimes Commission (EFCC) to investigate an allegation of N1.5tn fraud levelled against him. One Ude Jackson, in a tweet on Saturday, had traced N1.5tn fraud to Jamoh. He wrote: “Fraud in Buhari govt as N1.5tn, $9bn traced to NIMASA boss, Bashir Jamoh’s personal accounts. “Bashir Jamoh, DG of NIMASA has told his friends he doesn’t know anything about N1.5tn in any account. And that all the story is a lie and fake news. When I wake up, I will drop his receipt. He just ate the bait”, he added. Bashir Jamoh, however, in a letter referenced NIMASA2020/DG/EFCC/VOL1/09, asked the EFCC to thoroughly investigate the allegation in order to put the record in the public space. “I write to bring to your attention the attached online publications and tweets that have gone viral since Friday 21 of May 2021. “The publications emanated from a series of tweets o...

Both front-running and insider trading impact mutual fund unitholders, as well as stock market investors. Axis Mutual Fund, the country’s seventh-largest fund house, has suspended two of its fund managers (one of whom was also its chief dealer), and is investigating irregularities in the funds handled by them. While the investigation is yet to reveal the exact nature of these violations, domestic mutual funds have come under scrutiny for instances of front-running. Front-running is a bit different from insider trading, although in both the cases, the perpetrators aim to make money on the stock market by trading in a company’s shares. In front-running, a dealer within an institutional money manager like a mutual fund or even a share broker takes advantage of his knowledge of the orders that the mutual fund has lined up for the day and tries to profit from them. Let’s look at the subtle differences between these two practices. Once the fund manager decides what he wants to buy or sell, h...

Indonesia Forex Reserves At $141.4 Billion At End-Feb - Central Bank Indonesia foreign exchange reserves rose slightly in February to $141.4 billion at the end of the month, compared to $141.3 billion a month earlier, Bank Indonesia said in a statement on Tuesday. The central bank said the increase was attributed to Indonesian government withdrawal of foreign borrowing as well as tax revenue.

Forex Today: Dollar and Gold rallying amid continued search for safety Risk aversion   was again the main market motor amid the Russian invasion of Ukraine. The attacks have continued throughout the weekend, with multiple civil casualties and no safe corridors opened. The third round of talks ended with   “small advances, ” according to Kyiv representatives, although nothing that could ease the pressure on financial markets. The American Dollar and Gold made the most out of the dismal mood, appreciating sharply. The EUR/USD pair fell to a fresh multi-month low of 1.0805 and trades nearby at the end of the day. GBP/USD also collapsed, currently changing hands a handful of pips above a multi-month low of 1.3101. Spot  gold surged to $2,002.64,  its highest since August 2020 but settled at around $1,986 a troy ounce. WTI traded as high as $130.50 a barrel, pulling back to the $120 price zone where it currently stands. The CAD and the AUD started the day advancing agains...

Forex Today: Dollar Rally Loses Steam On Ceasefire Hopes The dollar continued to gather strength against its rivals and the US Dollar Index (DXY) reached its highest level since June 2020 in the American trading hours on Wednesday. Reports of Russian negotiators looking to discuss a ceasefire with Ukraine, however, triggered a relief rally and forced the greenback to lose interest. Delegations are expected to meet on Thursday and the market mood remains cautiously optimistic. Later in the day, January PPI from the euro area, the European Central Bank's Monetary Policy Meeting Accounts, the weekly Initial Jobless Claims and ISM Services PMI from the US will be featured in the economic docket. FOMC Chairman Jerome Powell will testify before the Senate Banking Committee. On the first day of his semi-annual testimony, Powell confirmed that a 25 basis points rate hike in March would be appropriate. Powell voiced his concerns over the inflation outlook and n...

From the moment we open the PrimeFirmTrade website, we are given reasons to be suspicious. First we get an odd pop-up message warning us that deposits should only be made to the company’s bitcoin wallet, not to account managers. This would be strange even if we hadn’t come across other scam websites using the exact same message, for example UltimatePristineFxTrade. The website then spews out constant pop-up messages with people’s names and amounts they have invested or withdrawn. These are of course fictitious individuals and fictitious amounts – public dissemination of such information would be in violation of any data privacy law. The boasts that this unknown company operates in 134 countries and serves over 2 million customers are also an obvious lie. It is also telling that the PrimeFirmTradeclaims to offer cryptocurrency mining alongside forex trading – the two activities have nothing in common and no legitimate broker is involved in crypto mining. So PrimeFirmTrade is obviously o...