Trump signs executive order ending US sanctions on Syria after president Julani quietly assists Israel

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.

Indian National Congress’ national media panelist Aishwarya Mahadev has been appointed as the new Chairperson of the Karnataka Pradesh Congress Committee (KPCC) Social Media Department.

In an official press release, AICC General Secretary (Organisation) K.C. Venugopal stated, “The AICC has approved the proposal for the appointment of Ms. Aishwarya Mahadev as the Chairperson of the Social Media Department of the Karnataka Pradesh Congress Committee, with immediate effect.”

Aishwarya is the daughter of late Congress leader and former MLA Manchanahalli Mahadev, who passed away 14 years ago. 

Despite losing her father at a young age, Aishwarya has remained deeply involved in the party’s activities from early on. She rose through the ranks to become Secretary of the Congress Mahila Morcha (Women’s Wing) at a young age and has held several important responsibilities since then.

Over the years, she has gained prominence as a bold and articulate spokesperson for the Congress, often representing the party in televised debates and digital platforms. 

Known for her sharp communication skills and strong digital presence, her appointment is seen as a strategic move to further strengthen the Congress party’s outreach in Karnataka ahead of future elections.

Elon Musk’s America Party — announced on July 4 — has moved beyond mere symbolism and is now laying out a clear political strategy aimed at disrupting the traditional two-party dominance in the United States.

While the party’s launch initially drew curiosity and skepticism, recent statements from Musk suggest that this is more than a passing experiment.

What is the America Party?

According to Musk, the America Party was formed to “keep democracy alive” and return “freedom” to American voters. He positions it as an alternative to what he calls the “two-party (some say uni-party) system” that currently dominates U.S. politics.

In a post on X (formerly Twitter), Musk wrote:

“Today, the America Party is formed to give you back your freedom.”

What Are the Party’s Political Goals?

The America Party does not aim for a nationwide campaign in its initial phase. Instead, Musk has revealed a targeted strategy, focusing on:

3 Senate seats

8 to 10 House districts

The aim is not to secure a majority, but rather to block one. By doing so, the America Party hopes to hold the balance of power in Congress, enabling it to influence or even prevent the passage of major legislation from either of the dominant parties.

This approach is designed to position the America Party as a swing force in close votes — not unlike the role small parties sometimes play in parliamentary systems abroad.

Why Now?

Musk’s announcement came shortly after the passage of a controversial bill dubbed the “Big Beautiful Bill”, reportedly backed by Donald Trump. Musk publicly disagreed with the legislation, prompting speculation that his political move was a response to growing frustration with both the Republican and Democratic establishments.

His messaging has strongly emphasized political independence, government accountability, and restoring individual freedoms — themes that resonate with a growing number of voters dissatisfied with the status quo.

Can Elon Musk Run for President?

Despite growing interest and speculation, Elon Musk cannot legally run for President of the United States under current constitutional rules.

He was born in South Africa and became a U.S. citizen in 2002.

However, the U.S. Constitution requires presidential candidates to be natural-born citizens.

Unless the Constitution is amended — an extremely unlikely scenario — Musk’s role in U.S. politics will remain that of a party leader, financier, or influencer, rather than a presidential candidate.

Final Thoughts

Whether the America Party becomes a viable political force remains to be seen. But with a calculated strategy and a high-profile founder, it has already begun drawing attention from voters, analysts, and media alike.

What began as a social media poll has now evolved into a political experiment — one that could test the resilience of America's two-party system and redefine how influence is wielded in Washington.