UAE investigates India's HDFC Bank for allegedly selling risky bonds to clients

News Network
June 27, 2025

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Dubai, June 27: HDFC Bank, India’s largest private lender, is under scrutiny in the UAE over allegations it sold high-risk Credit Suisse AT1 bonds to retail investors in violation of regulatory norms.

The bonds — complex instruments meant only for experienced or high-net-worth clients — were wiped out in March 2023 during Credit Suisse’s emergency merger with UBS. Several investors claim HDFC Bank relationship managers misrepresented these as safe, forged financial documents to meet eligibility criteria, and failed to disclose crucial risks.

Dubai resident Varun Mahajan says he lost $300,000 in savings and alleges the bank inflated his net worth to bypass DFSA rules. Another investor, NS from the Philippines, claimed he was sold AT1 bonds using a leverage loan he never applied for. Others, including Indian national Pankaj Sinha and South Africa-based AT, described similar misrepresentation, unauthorized document changes, and manipulation of KYC data.

Legal complaints have been filed in India, the UAE, Bahrain, and DIFC. Investors accuse the bank of misleading them and exposing them to losses running into millions of dollars.

In response, HDFC Bank denied any wrongdoing, stating it follows strict processes and takes action against malpractice. The DFSA has declined to comment due to legal confidentiality.

Internal sources say several HDFC executives have recently resigned, and the Dubai offshore head has been replaced, raising questions about accountability.

Experts say the case exposes regulatory gaps across jurisdictions and may prompt closer scrutiny of how banks operate across borders.

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News Network
June 27,2025

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New Delhi, June 27: Former US President Donald Trump on Thursday hinted at a potentially “very big” trade deal with India, weeks after closed-door negotiations between the two countries concluded in Washington.

Speaking at the Big Beautiful Event at the White House, Trump said, “We just signed with China yesterday. We have some great deals. One may be coming up with India — a very big one.” He added that the US would not pursue trade deals with every country, suggesting a selective, strategic approach.

The four-day negotiations focused on expanding market access, reducing tariffs, and addressing non-tariff barriers across industrial and agricultural sectors. The Indian delegation was led by Commerce Ministry’s Rajesh Agrawal, while the US side was headed by officials from the Office of the US Trade Representative.

Sources say the proposed deal aims to boost bilateral trade from $190 billion to $500 billion by 2030.

Union Commerce Minister Piyush Goyal confirmed that talks are ongoing to strike a “fair, equitable, and balanced” agreement. “PM Modi and President Trump met in February 2025 and agreed on the importance of a mutually beneficial trade pact,” he said.

Earlier this month, US Secretary of Commerce Howard Lutnick also indicated that the deal could be finalized soon, noting that both countries are finding common ground.

US-China Deal Also Signed

Trump also mentioned a new trade agreement with China, signed a day earlier, focused on accelerating rare earth shipments to the US. According to a White House official, the pact includes a framework tied to the Geneva agreement, following a period of heightened tensions and stalled trade between the two countries.

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News Network
July 6,2025

Mangaluru, July 6: The Mangaluru City Crime Branch (CCB) has arrested two more key accused in a massive overseas job visa scam that duped nearly 300 job seekers and siphoned off over ₹4.5 crore.

With these latest arrests, the total number of individuals held in the case has now risen to three.

Commissioner of Police Sudheer Kumar Reddy C H identified the two newly arrested as: Dilshad Abdul Sattar Khan (45), a resident of Navi Mumbai, and Sahukari Kishore Kumar, alias Anil Patil (34), from Dombivli, Thane district, Maharashtra.

How the Scam Worked

According to the police, the accused opened an office in Bendoorwell, Mangaluru, under the name: Hireglow Elegant Overseas International (OPC) Pvt Ltd

Using newspaper advertisements and false promises of guaranteed overseas jobs, the suspects allegedly lured hundreds of job seekers. Victims were charged hefty amounts for visa processing and placement services, none of which materialized.

Investigations revealed that at least 289 individuals were defrauded, with the total loss amounting to approximately ₹4.5 crore. No genuine visas were issued to any of the victims.

Legal Action and Previous Arrest

The case is being pursued under sections 316(2), 318(4) read with 3(5) of the Bharatiya Nyaya Sanhita (BNS) and was initially registered at the Mangaluru East Police Station.

Earlier, police had arrested Masiwulla Khan, a Mumbai-based accomplice, who is currently in judicial custody. The latest arrests are believed to be of the prime accused in the case.

More Arrests Likely

Both newly arrested suspects were produced before a magistrate and have been remanded to police custody for further investigation.

Police have not ruled out more arrests, as the investigation continues into the full extent of the racket and whether more victims or agents are involved.

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News Network
July 4,2025

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Mangaluru, July 4: The National Investigation Agency (NIA) on Friday arrested a key accused, who had been living abroad for the last two years, in connection with its probe into the sensational murder of BJP leader Praveen Nettaru in Karnataka, officials said.

The accused, Abdul Rahaman, was taken into custody by the NIA team at the Kannur International Airport in Kerala on his arrival from Qatar, they said.

A total of four accused, including Rahaman and two other absconders, were chargesheeted by the NIA in the case in April this year, taking the total chargesheeted in the case to 28.

The NIA had also declared rewards for information relating to six absconders. Rahaman was carrying a reward of Rs 4 lakh for this arrest. He is the 22nd accused to be arrested in the case.

Investigation officers claim that Rahaman, on directions of PFI leadership, harboured the main assailants and others involved in the case, the agency said in a statement, adding that he fled to Qatar after the attackers were arrested.

Nettaru was killed with sharp weapons by assailants on July 26, 2022, in Bellare village of Sullia Taluk in Dakshina Kannada district, Karnataka, the statement said.

According to NIA, the killing was part of a larger conspiracy aimed at striking terror among the people and unleashing communal hatred and unrest in the society.

The NIA, which re-registered the case on August 4, 2022, is trying to track down the remaining absconders.

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