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ISLAMABAD: Pakistan signed a letter of intent (LoI) on&nbsp;Sunday to develop a digital wallet that will allow overseas workers in the United Arab Emirates to send remittances home at no cost, the Associated Press of Pakistan reported. The Prime Minister&#39;s Youth Programme (PMYP) signed the LoI with Dellsons Associates Private Limited to create the platform, which will integrate with the government&#39;s Digital Youth Hub and target migrant workers in the UAE. PMYP Chairman Rana Mashhood Ahmad Khan witnessed the ceremony at the Prime Minister&#39;s Office, joined by representatives from the Ministry of Finance, ONE LINK, and United Bank Limited. The Joint Secretary of PMYP, Dr Muhammad Ali Malik,&nbsp;and the Founder and Chairman of Dellsons Associates, Ibrahim Amin, &nbsp;attended with their teams. The proposed wallet will allow overseas Pakistanis in the UAE to send money through formal banking channels without transaction fees, officials said. The initiative seeks to ease financial access for migrant workers, enhance financial inclusion, and encourage documented remittance systems. Dellsons Associates, which operates in financial technology and maintains partnerships in the UAE, will handle design, development, deployment, and management of the wallet. Implementation will proceed in coordination with ONE LINK, United Bank Limited, and other stakeholders. The project will comply with regulatory requirements from both the Central Bank of the UAE and the State Bank of Pakistan, including anti-money laundering, counter-terrorism financing, know-your-customer protocols, consumer protection, and cybersecurity standards, according to the agreement. The implementing partners will establish technological infrastructure, operational support systems, customer onboarding mechanisms, marketing programs, and UAE-based service centers. Officials said the partnership aligns with the prime minister&#39;s vision for a digital economy and supports PMYP&#39;s framework focused on education, employment, engagement, and environment. The collaboration is expected to boost formal remittance inflows, reduce dependence on informal transfer channels and contribute to Pakistan&#39;s economic stability.

Economy

The proposed wallet will allow overseas Pakistanis in the UAE to send money through formal banking channels without transaction fees.

Pakistan signs letter of intent for zero-cost remittances from workers in UAE

MUMBAI: India&#39;s top financial crimes agency said it had seized properties worth over $846 million from firms linked to beleaguered tycoon Anil Ambani as part of a bank fraud probe. Anil, the younger sibling of Asia&#39;s richest person Mukesh Ambani, has business interests ranging from power to defence but has seen his fortunes wane over the last two decades. In recent months, the industrialist has attracted law enforcement scrutiny with investigators probing alleged crimes ranging from diversion of bank loans to money laundering. On Monday evening, the Enforcement Directorate (ED) said it had frozen assets worth more than 75 billion rupees, including office premises, residential units and over 132 acres (53 hectares) of land as part of its investigation. The agency said it had &quot;detected fraudulent diversion of public money by various Reliance Anil Ambani group companies&quot; and that it was &quot;committed to restituting&quot; the proceeds of these crimes to &quot;their rightful claimants&quot;. The ED also said it had initiated the probe based on a criminal case filed by the Central Bureau of Investigation (CBI) in August. Reliance Infrastructure, an Anil Ambani-controlled firm, said in a Monday statement that the ED&#39;s decision to seize company assets would have &quot;no impact&quot; on business operations. The CBI case stems from a fraud complaint received by the State Bank of India, the country&#39;s largest lender, which claimed it was hit with a loss of 29.29 billion rupees after Reliance Communications &quot;misappropriated&quot; bank funds. A Reliance spokesperson said at the time that the tycoon &quot;strongly denies all allegations and charges&quot; and &quot;will duly defend himself&quot;. Anil was last in the public spotlight seven years ago after India&#39;s opposition leader Rahul Gandhi accused him and Prime Minister Narendra Modi of dodgy dealings related to the purchase of Rafale jets from France&mdash;allegations that both denied. India&#39;s Supreme Court in December 2018 dismissed calls for a probe into the jet deal.

India

India's Enforcement Directorate seized $846 million in assets from Anil Ambani-linked firms amid a bank fraud probe alleging loan diversion and money laundering.

Articles tagged with "money laundering"

Pakistan signs letter of intent for zero-cost remittances from workers in UAE

Indian investigators freeze assets in Anil Ambani probe