ded cracks down on illegal money transfer to bangladesh
Last Updated : GMT 09:40:38
Themuslimchronicle, themuslimchronicle
Themuslimchronicle, themuslimchronicle
Last Updated : GMT 09:40:38
Themuslimchronicle, themuslimchronicle

DED cracks down on illegal money transfer to Bangladesh

Themuslimchronicle, themuslimchronicle

Themuslimchronicle, themuslimchronicleDED cracks down on illegal money transfer to Bangladesh

Mohammed Ali Rashed Lootah
Dubai - WAM

The Department of Economic Development, DED, in Dubai has fined 25 shops in the emirate on a single day for engaging in unauthorised activities and illegal money transactions.

The shops were found to have enticed Bangladeshi expatriates with the offer of cheaper money transfers to their home country with the help of an app called ‘Bkash.’ "DED acted on a tip-off and raided the shops, spread across different areas in Dubai, and found out that none of them were licensed to provide money transfer services. All the shops advertised the illegal activity in the Bengali language to avoid suspicion," said Mohammed Ali Rashed Lootah, CEO of the Commercial Compliance and Consumer Protection sector in DED. The transfer was done through SIM cards from Bangladesh installed in electronic devices and no invoices were issued to customers. The shopkeepers used to scribble down customer details and the amount to be transferred in paper slips and the transfer was done electronically.

"We have also confiscated the devices that were used to transfer money. First of all, none of the shops had money transfer as permitted activity in their licenses and they didn’t have the mandatory approvals from the UAE Central Bank," said Lootah.

Lootah added that such practices are harmful not only to the UAE economy and local businesses but also to people tricked by such offers. "First of all such illegal channels deny the economy of accurate information on the flow of cash. Secondly, they deprive authorised money exchanges and banks of their deserved share of business, and thirdly, customers depending on such illegal channels risk losing their hard-earned money."

 

 

themuslimchronicle
themuslimchronicle

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

ded cracks down on illegal money transfer to bangladesh ded cracks down on illegal money transfer to bangladesh

 



Themuslimchronicle, themuslimchronicle
Themuslimchronicle, themuslimchronicle
Themuslimchronicle, themuslimchronicle

GMT 04:05 2016 Saturday ,14 May

EU to provide €55mln for Burundi's people

GMT 08:20 2016 Friday ,22 April

Microsoft profit down 25 percent to $3.8bn

GMT 20:34 2017 Monday ,30 October

Ethiopian 'Red Terror' trial opens in Dutch court

GMT 08:01 2017 Monday ,24 July

A look at major issues Duterte is confronting

GMT 19:41 2017 Wednesday ,23 August

Chad to shutter Qatar embassy, expel diplomats

GMT 01:25 2016 Monday ,26 December

PM congratulates Christians on Christmas
Themuslimchronicle, themuslimchronicle
Themuslimchronicle, themuslimchronicle
 
 Themuslimchronicle Facebook,themuslimchronicle facebook  Themuslimchronicle Twitter,themuslimchronicle twitter Themuslimchronicle Rss,themuslimchronicle rss  Themuslimchronicle Youtube,themuslimchronicle youtube  Themuslimchronicle Youtube,themuslimchronicle youtube

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2023 ©

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2023 ©

muslimchronicle muslimchronicle muslimchronicle muslimchronicle
themuslimchronicle themuslimchronicle themuslimchronicle
themuslimchronicle
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
themuslimchronicle, themuslimchronicle, themuslimchronicle