Tagged: million

India’s richest man: 57 million

India’s richest man, Mukesh Ambani’s Reliance Industries Group, said in a regulatory filing on Thursday that it had acquired London Hotel and golf course operator stoke Park Ltd. for 57 million pounds (79 million US dollars).

 

Reliance said the acquisition would increase its consumption and hotel assets.

Ambani, also Asia’s richest man, is trying to shift his oil dependent business to consumer products. In recent years, he has acquired Hamleys, the UK’s iconic toy store. His Telecom subsidiary, jio, has rapidly become the operator with the most users in India since it began providing services in 2016. Facebook (296.52, – 4.95, – 1.64%), Google (2267.92, – 25.37, – 1.11%) and some private equity and sovereign wealth funds have invested more than $25 billion in his enterprises to bet on their success.

Two American women take a million dollars

Earlier this month, two women in Tennessee were caught trying to pay with a $1 million counterfeit note.

Two American women take a million dollars

The incident occurred in a dollar general store in Maryville, a suburb of Knoxville. The two women tried to use the counterfeit note to pay for several gift cards. When questioned, they claimed that they did not know the note was fake.

 

However, an employee of the store could easily identify the $1 million as a fake because there were no $1 million bills in the United States. The employee then called the police to report the “suspicious incident”.

 

Of the two women, Amanda McCormick, 39, was the first suspect in possession of counterfeit money. When the police asked McCormick, she explained that the note was sent from a church, but she was “unable to provide information about the church.”.

 

McCormick tried to use the counterfeit money to buy several things, including gift cards from several companies. She explained that what she was trying to buy was to distribute to the homeless in the area.

 

The 61 year old woman accompanying McCormick was also questioned by the authorities, but she claimed that she had no prior knowledge of the counterfeit note, saying that she and McCormick were just shopping together.

 

The two women were not charged with any crime, but as punishment, they were verbally warned and banned from visiting the store. The so-called $1 million note was also seized by the authorities.

 

Although the U.S. Treasury has never printed $1 million in bills, some companies have been known for printing novel bills as promotional materials, although they do not intend to use them as real ones.

 

Strange as it is, it’s not the first time anyone has tried to use a million dollar counterfeit note as legal currency. In October 2019, a man tried to buy a second-hand iPhone for $100 and took out two $1, a $10 and a fake million dollar note. After the seller’s girlfriend questioned him about the counterfeit money, the man also attacked her.

 

ABN AMRO fined 480 million

ABN AMRO Bank said on Monday it would pay 480 million euros (US $575.1 million) in settlement money to end an investigation into its suspected money laundering problem after accepting a settlement offered by Dutch prosecutors.

 

The 480 million euros included 300 million euros in fines and 180 million euros in illegal proceeds recovery, the bank said. This will have an impact on its performance in the first quarter of this year.

 

ABN AMRO said the settlement was related to an investigation into whether it had fulfilled its obligations under the Dutch anti money laundering and anti terrorist financing act between 2014 and 2020.

 

The bank said it had been fully cooperating with the investigation by the Dutch public prosecutor’s office, which found that ABN AMRO had serious shortcomings in its fight against money laundering and that in some cases customers could abuse ABN AMRO’s accounts.

Moody’s fined 3.7 million euros by EU

The European market regulator said on Tuesday it had fined Moody’s, a credit rating firm, 3.7 million euros for violations, including undisclosed conflicts of interest.

Moody's fined 3.7 million euros by EU

The European Securities and Markets Authority (Esma) said all violations were due to the company’s negligence, adding that the fine was targeted at Moody’s five entities in France, Germany, Italy, Spain and the UK.

 

Moody’s did not have adequate internal policies and procedures to deal with shareholder conflicts of interest, the agency said. These violations occurred between 2013 and 2017.

 

A Moody’s spokesman said: “Esma found that Moody’s investor services did not deliberately violate EU regulations and had no impact on the quality of any ratings