Author: Kathir J

New revelations reinforce the narrative that Grupo Salinas used shell companies, tax evasion, bribery and legal maneuvering to build and protect its financial empire

A wave of new investigative reporting has shed light and reignited long-standing controversy surrounding the financial dealings of Ricardo Salinas Pliego, head of Grupo Salinas. One striking phrase, published by SinEmbargo, has gone viral across media and social platforms: “His fortune was built on tax fraud and a judicial system that has constantly allowed him to postpone paying his debts.”

While Justicia Empresarial does not take a position on this claim, recent coverage does underscore a troubling pattern: repeated use of abusive legal tactics to delay massive tax obligations, the alleged use of offshore shell companies tied to Grupo Elektra, and persistent resistance to unfavorable judicial rulings.

One recent article by Revista Fortuna highlights the role of “Beta,” a paper company reportedly connected to Grupo Elektra, which was used to simulate transactions and later became the subject of a federal court case. The report details how this entity was seemingly created to avoid fiscal liabilities.

Additionally, SinEmbargo published a recent admission by Salinas himself, in which he appeared to acknowledge believing his political ties would shield him from enforcement. “I thought that being friends with the president would mean I wouldn’t be charged double,” he said, referring to his relationship with former president Andrés Manuel López Obrador and a dispute with Mexico’s SAT tax authority.

Another recent judgment required Grupo Salinas to pay over 2 billion pesos in back taxes related to Elektra—an order the company has publicly complained as “unjust.”

Accusations of Fraud Are Not New

Concerns over Ricardo Salinas’s conduct go back decades. Among the most serious cases:

• – SEC Fraud Charges (2005): The U.S. Securities and Exchange Commission charged Salinas with securities fraud, accusing him of concealing a secret $109 million gain in a related-party transaction involving Unefon, a company he controlled. He settled the case by paying over $7.5 million in penalties.

(SEC Press Release: https://www.sec.gov/news/press/2005-1.htm)

• U.S. Bribery Allegation (2024): The Wall Street Journal reported that Banco Azteca was allegedly involved in providing funds used to bribe Texas Congressman Henry Cuellar in a broader DOJ corruption case.

(WSJ: https://www.wsj.com/world/americas/the-mexican-bank-behind-alleged-bribe…)

These and other controversies are fueling calls for deeper scrutiny. As President Claudia Sheinbaum’s administration cracks down on large-scale tax evasion and regulatory fraud, many believe that Salinas’s long-standing legal privileges may be coming to an end.

Wider Context

These developments come at a time of intensified tax enforcement under the administration of President Claudia Sheinbaum. As federal authorities work to recoup billions in lost revenue, financial analysts and civil society observers are questioning whether Grupo Salinas’s operational model can withstand this new regulatory climate.

Justicia Empresarial urges the SAT, CNBV, and Mexico’s Financial Intelligence Unit (UIF) to continue enforcing fiscal law without favoritism or delay. Major business groups must be held to the same legal standards as any other taxpayer or entity.

Sources:

https://www.sinembargo.mx/4648507/salinas-pliego-consumio-63-de-su-capit…

https://revistafortuna.com.mx/2025/06/20/beta-la-empresa-de-papel-del-gr…

https://www.sinembargo.mx/4666419/pense-que-siendo-amigo-de-lopez-obrado…

https://www.sinembargo.mx/4667067/grupo-salinas-condena-fallo-que-lo-obl…

 

Media Contact : 

DALLAS, Texas—July 7, 2025 — Shah Venture Fund, the early-stage investment arm of Shah Equity, today unveiled a major talent program aimed at narrowing one of technology’s most stubborn gaps: the under-representation of women in advanced artificial-intelligence engineering. Branded “Asian Women in AI, a Shah Fellowship,” the initiative will recruit, train and fund 100 high-potential female AI engineers from India, Pakistan, Bangladesh, Sri Lanka and the Philippines during its inaugural 2025-2026 cohort.

The announcement marks the first public social-impact deployment of capital by Shah Venture

Fund since the vehicle’s US $10 million self-financed launch in January. Parent company Shah Equity says the fellowship aligns squarely with its long-term thesis that “talent arbitrage,” not capital scarcity, will decide the next decade of AI hardware, edge computing and medical-diagnostic breakthroughs.

“In every emerging market we study, the most overlooked undervalued asset is female technical talent,” said Noorullah Shah Hussaini, founder and CEO of both Shah Equity and Shah Venture Fund. “The math is simple: if a startup can hire a brilliant woman who has been systematically excluded from top roles, its cost curve drops and its innovation velocity climbs. That is arbitrage we can—and should—capture for shareholders, for communities and, frankly, for history.”

A region-wide gender gap hiding in plain sight

According to UNESCO Institute for Statistics, women make up less than 18 percent of AI professionals in South Asia. In Pakistan the share falls to single digits; in India, where overall tech employment exceeds five million, only 12 percent of staff working on machine-learning infrastructure are female. The shortfall is more acute at the senior level: fewer than 3 percent of principal engineers at India’s nine largest AI product companies are women.

Shah Equity’s in-house research team, which tracks salary and equity trends across 16 emerging-market cities, estimates that closing half of the region’s gender gap could unlock US $42 billion in annual productivity gains. “For us, this isn’t charity,” said Hussaini. “It’s a miss-priced growth asset.”

Fellowship package: cash, compute and career leverage

Each fellow will receive:

• US $15,000 in unrestricted living and travel stipends, disbursed in quarterly tranches.

• 3,000 GPU hours on Shah Equity’s soon-to-open 20,000-square-meter Doha data center—enough to train a 7-billion-parameter model multiple times.

• A health-insurance allowance benchmarked to local leading-tech-employer standards.

• Direct equity options in Shah Venture Fund’s portfolio companies where fellows contribute code or research, vesting over three years.

• Co-author credit on any peer-reviewed paper, patent or open-source contribution emerging from fellowship work.

• Visa-facilitation support for short-term residencies in Dallas, Abu Dhabi or Shenzhen, the three engineering hubs of Shah Equity.

Selection methodology: hackathon first, interview second

Applications open September 1 on Kaggle, the Google-owned machine-learning competition site. Candidates will tackle a two-week “medical-imaging triage” challenge using an anonymized endoscopy dataset donated by Shah Health Partners. The top 300 leaderboard scores will then move to a panel interview with Shah Venture Fund engineers and external reviewers from MIT-IBK Islamabad and IIT-Hyderabad.

Final selection will weight Kaggle scores (50 percent), collaborative code-quality metrics (20 percent), and a 10-minute personal pitch (30 percent) outlining how each candidate intends to apply AI in her home market.

“We’re not interested in résumé pedigree,” noted Amina Rahman, principal data scientist at Shah Venture Fund and chair of the selection committee. “We care about code, curiosity and community impact.”

Long-term upside: building equity, not merely granting scholarships

Once fellows graduate, they will be funneled into three tracks:

1. Portfolio placement — full-time roles at Shah-backed startups in micro-LLM acceleration chips, edge-vision IoT modules and drug-discovery software.

1. Research affiliate — fully funded Ph.D. or post-doc positions at partner universities; fellows retain compute credits for personal projects.

1. Founders-in-Residence — a pre-seed path that offers US $250,000 in safe-note funding plus 5 percent equity buy-back rights if a fellow’s company later raises institutional capital.

In every track, option pools entitle fellows to as much as 1 percent of fully diluted equity, a figure modeled on Y Combinator’s alumni payouts but with a specific female-founder tilt.

UN Women endorsement and regional partnerships

UN Women’s Regional Office for Asia and the Pacific issued a letter of support, calling the fellowship “a scalable template for market-based gender inclusion.” Memoranda of understanding have also been signed with:

• Digital India Foundation, to cross-list Shah competition winners in India’s National AI Fellowship roster.

• Pakistan Software Export Board, providing wage-subsidy vouchers for fellows joining export-oriented startups.

• Bangladesh Hi-Tech Park Authority, granting duty-free import status for any hardware prototypes born of the program.

Why Shah Equity—and why now?

Although Shah Equity remains best known for its healthcare roll-ups and the 200-percent-plus annualized returns of Shah Quantum Fund, Hussaini says the firm’s next compounding engine will be “equity in human capital.” The parent company already allocates 40 percent of its venture arm’s US $10 million balance to recruitment packages. The forthcoming US $50 million follow-on fund, slated for Q1 2026, is expected to double that percentage.

“This is not a diversity-dashboard stunt,” Hussaini told analysts on a June strategy call. “Every fellowship slot is a call option on the most under-deployed cognitive resource in emerging markets.”

Independent voices weigh in

Dr. Priya Srinivasan, dean of computer science at IIT-Madras, believes Shah’s approach could alter venture norms. “Traditional VCs view talent spend as SG&A. Shah Venture Fund books it as capex, amortized over patents and product cycles—accounting jiu-jitsu, but rational.”

Mai Nguyen, partner at Ho Chi Minh City-based Ascend Capital, sees the equity clause as game-changing. “Giving fellows stock makes them stakeholders, not beneficiaries. That flips the power dynamic.”

Next steps and timeline

• Aug 15: Fellowship handbook and eligibility FAQ published.

• Sep 1–15: Kaggle challenge window.

• Oct 10: Final interview shortlist announced.

• Nov 5: Cohort onboarding in hybrid ceremony (Doha + livestream).

• Dec 2025: First interim research showcase at Shah Equity’s annual AI & Healthcare Summit, Dallas.

Shah Venture Fund will publish anonymized demographic and salary data after each cohort to measure improvements in pay parity and promotion velocity.

ABOUT SHAH VENTURE FUND AND SHAH EQUITY

Shah Venture Fund, launched in January 2025 with self-funded capital from Shah Equity, invests in AI hardware, IoT form factors and data-driven healthcare. Parent firm Shah Equity manages US $42 million in third-party assets, operates 19 clinics through Shah Health Partners, and deploys proprietary trading capital via Shah Quantum Fund.

Media Contact
Company Name: Shah Equity
Contact Person: Omar Khan, Director of Communications
Email: info@shah-equity.com
Phone: +1 866-603-0609
Country: United States
Website: https://shah-equity.com

A CNC Tube Bending Machine is an advanced, automated pipe bending machine that uses Computer Numerical Control (CNC) technology to execute highly precise bending of tubes and pipes. As a form of tube bending equipment, it combines mechanical, hydraulic, electrical, and software systems to perform complex bending operations following pre-programmed instructions. These machines are essential in industries that demand high-precision tube forming such as aerospace, automotive, and medical device manufacturing.

 

Whether you’re working with stainless steel pipes, aluminum tubing, or copper coils, CNC technology ensures accurate, repeatable bends—making it a trusted solution among metal tube bender applications.

 

Key Features & Capabilities

Precision: Achieves bend angles with accuracy up to ±0.1°, ideal for demanding systems like aerospace hydraulic tubing.

Material Compatibility: Suitable for metal tubes (e.g., stainless steel tube bending, aluminum tube bending, copper pipe bending), plastic pipes, and composites.

Diameter Range: Typically processes tubes from 3mm–300mm, depending on model.

Common Applications:

Automotive exhaust and brake lines

Furniture frames with complex bends (90°, 180°, spiral)

Architectural handrails and medical devices

From manual pipe benders to automatic CNC pipe benders, the technology adapts to various sectors requiring precision and efficiency.

Types of Tube Bending Machines

1. Manual Tube Benders

Features:

Operated using hand force or crank.

No digital control—relies on molds or visual guesswork.

Pros: Cost-effective, lightweight, and portable.

Cons: Low accuracy (±5°), only suitable for basic, single-bend tasks.

Manual benders are ideal as an entry-level pipe bender tool but not suitable for industrial or multi-bend needs.

2. Automatic CNC Tube Benders

(1) Hydraulic CNC Pipe Benders

Drive System: Hybrid—combines hydraulic and servo motors.

Features:

Delivers bending forces up to 200 tons.

Designed for large-diameter applications (e.g., Φ150mm+).

Moderate precision (±0.2°); performance can be influenced by oil temperature.

 

Best For:

Heavy industries: Thick-walled tubes like Φ200mm×10mm.

High-volume production: More stable than manual or semi-auto systems.

The precision hydraulic pipe bender machine is the go-to solution for large tube diameters and applications like truck chassis and industrial pipelines.

 

(2) All-Electric Servo CNC Benders

Drive System: 100% servo-electric.

Features:

Ultra-precise (±0.05°), high-speed (60°/sec+), and oil-free.

Suited for clean room operations (medical, electronics).

Limitations:

Max torque often ≤50 tons.

Less effective on thick-walled tubes over Φ80mm.

Typical Uses:

Automotive brake lines (Φ6mm SS)

Aerospace titanium tubes (dynamic springback control)

For industries requiring silent operation, minimal maintenance, and hygienic environments, electric pipe bending machines and electric tube benders are ideal.

 

General Selection Advice

Cost-effective, large-diameter tubes → Hydraulic CNC pipe bender

High precision & clean environment → All-electric servo CNC tube bender

Thin-wall tubes (≤0.3mm) → Servo + mandrel bender (anti-flattening)

For specialized needs, consider a mandrel pipe bender or mandrel tube bender, particularly in high-performance applications.

 

Mandrels: Types & Functions

A mandrel is a key component in advanced tube benders and pipe bending machines. It prevents defects like wrinkling, thinning, or ovalization during bends—especially important for thin-walled stainless steel, aluminum tubes, or titanium pipes.

 

Key Mandrel Functions:

Maintains roundness (supports the inner wall).

Reduces wrinkles (inner radius support).

Controls wall thickness (avoids cracking on the outer arc).

 

5 Mandrel Types & Best Use Cases:

Usage Tips:

Use lubrication: Reduces friction up to 30%.

Ensure dynamic retraction to prevent cracking.

Replace if wear >0.5mm to maintain accuracy.

 

 

Applications of CNC Tube Bending Machines

1. Automotive

Exhausts: Precision exhaust pipe benders used for S-shaped and 3D curves (e.g., BMW M-series).

Brake Lines: Stainless steel tube benders craft complex multi-bend brake tubes.

Chassis Bending: High-strength steel (e.g., DP800) with compensation for springback.

2. Aerospace

Hydraulic Tubes: Titanium (Φ10mm×0.5mm) using CNC pipe benders with ±0.05° precision.

Fuel & Cooling Lines: Aluminum and Inconel, tested with laser roundness tools.

3. Appliances & Electronics

AC Tubing: Copper pipe benders create U-shapes at high production rates.

Laptop Heat Pipes: Ultra-thin (Φ3mm×0.2mm) copper bent via vision-guided CNC.

4. Energy & Chemical

Oil & Gas Pipelines: Φ200mm×10mm carbon steel, API 5L-compliant.

Nuclear Applications: Polished SS316L (Ra≤0.8μm) using stainless steel pipe benders.

5. Medical

Surgical Robots: Bending Nitinol wires (Φ2mm) with ±0.02mm precision.

Dialysis Equipment: Uses automatic pipe benders for kink-free PVC tube bending.

6. Furniture & Architecture

Chair Frames: Steel tube benders forming smooth biomimetic curves.

Handrails: Spiral stainless steel formed with multi-axis CNC tube benders.

7. Emerging Trends

EV Battery Cooling: Aluminum serpentine bends (20×5mm) with anti-flattening tooling.

Superconducting Coils: Niobium-titanium tubes bent for cryogenic systems.

 

Conclusion

From exhaust pipe benders in high-performance vehicles to mandrel tube benders for aircraft hydraulic systems, CNC tube and pipe bending machines represent the backbone of modern metal shaping technologies. Whether you’re in automotive, aerospace, energy, or medical sectors, there’s a precision tube bender solution for you.

 

 

 

Need a Custom Tube Bending Solution?

Contact SLS Machinery—a global leader in pipe bending equipment and CNC tube forming technology.

 

Contact: SLS Machinery

WeChat/WhatsApp/Phone: +86-181 0015 0701

Email: info@slsmachinery.com

Address: Zhangjiagang City, Jiangsu Province, China.

Website: www.slsmachinery.com

Formal complaints target top barristers and solicitors over alleged misuse of privileged materials from covert Black Cube entrapment of opposing lawyer

A deepening legal scandal threatens to upend one of London’s most closely watched commercial disputes, as high-profile barristers and solicitors representing Mexican wannabe billionaire Ricardo Salinas Pliego now face formal complaints filed with the Solicitors Regulation Authority (SRA), Bar Standards Board (BSB), the Serious Fraud Office (SFO), and select members of the House of Lords.

At issue: allegations that Salinas’s legal teams knowingly deployed evidence secretly gathered through a clandestine Black Cube operation. The private intelligence firm, infamous for past global scandals and unlawful schemes, posed as fake clients using fake names, summoned the defense lawyer to Amsterdam where he was secretly recorded unbeknown to him, allegedly induced to consume alcohol, and the Black Cube secret operative extracted highly sensitive litigation defense strategy — material later submitted to the UK High Court. 

Legal analysts describe the case as potentially “one of the gravest attempts to subvert and undermine the honor of the justice system in modern UK commercial litigation.”

The rules at stake — and why they matter
The formal complaints cite breaches of the most critical professional duties under UK law, including:

1. SRA Principle 1: obligation to uphold the rule of law and proper administration of justice.
2. SRA Principle 2: to maintain public trust and confidence in the legal profession.
3. SRA Principle 5: to act with integrity.
4. SRA Rule 1.4: prohibiting misleading the court or others by acts, omissions, or allowing or being complicit in the acts or omissions of others (including the client).
5. SRA Rule 2.1: forbidding misuse or tampering with evidence.

For barristers, the alleged breaches strike at:

1. BSB Core Duty 1 (CD1): duty to the court and the proper administration of justice, which overrides even client interests.
2. BSB Core Duty 3 (CD3): duty to act with honesty and integrity.
3. BSB Core Duty 5 (CD5): duty not to conduct oneself in a way that undermines public trust.
4. BSB Rule rC8 & rC9: specifically prohibiting misleading the court and abusing the advocate’s role.
5. BSB Rule rC66: duty to report serious misconduct by others.

Legal ethics experts warn that violating these standards is no technical matter. Such breaches strike at the very core of the justice system and fairness of trials. As officers of the court, the lawyers are granted special trust — to handle confidential information, represent parties in court honestly and with integrity, and act as ambassadors of justice — precisely because they are expected to prioritize truth, integrity, and fairness over any client’s ambitions or money.

Courts Have Already Acted Against Use of Illicit Evidence in Similar Cases
Recent case law underscores how seriously English courts view attempts to exploit confidential or privileged material secured through covert means. 

In Bourlakova v Bourlakov (Comm. Ct, 2024), the High Court intervened after private investigators were deployed to obtain sensitive documents from the opposing side. The court swiftly ordered an adjournment, delivery up, and deletion of the improperly acquired materials, emphasizing that protecting the integrity of the proceedings came before any party’s litigation strategy. Observers say the Salinas dispute is even more troubling. 

In R v Grant [2005] EWCA Crim 1089 (Court of Appeal), while on remand in prison, the police covertly recorded conversations between Grant and his solicitor. These recordings were made without judicial authorisation and without the knowledge of either Grant or his legal team. 
The surveillance was part of a broader operation and included legally privileged conversations, breaching the core protections of solicitor-client confidentiality. 

The Court of Appeal quashed Grant’s conviction.

• It held that state misconduct in violating legal professional privilege (LPP) was so serious that it offended the rule of law.
• The court emphasised that the right to communicate confidentially with legal advisers is a fundamental right, and its deliberate violation by the state renders a trial inherently unfair.

What repercussions could follow if the complaints made against the barristers and solicitors succeed?

If the allegations are substantiated:

The solicitors could face suspension or being struck off the roll by the SRA, permanently losing the right to practice law.

The barristers could be disbarred by the BSB, likewise ending their professional careers.

Both groups could also face heavy costs orders, reputational ruin, or referral for criminal investigation on the serious charge of perverting the course of justice, which under UK common law is punishable by imprisonment up to life. 

It is not known what other actions the harmed Defendants intend to take to introduce the rule of law back in to the case and detail Ricardo Salinas and his lawyers abuse of process. But legal observers state that the case has been irredeemably tainted by the unlawful tactics allegedly orchestrated by Salinas legal teams.

Who are the lawyers implicated in wrongdoing?
The complaints specifically name:

• Stephen Robins KC, John David Meredith Wardell KC, Adam Cloherty KC,
• Henry Phillips, Matthew Abraham, Ryan Perkins,
• Richard Greenberg, Stephanie Wilkins, Andrew John Ford,  Edward John Whitney Allen, Adam Flacks, Hana Kapadia, Disa Greaves

The law firms involved are Enyo Law LLP and LK Law LLP. Enyo Law LLP was engaged by Salinas during the covert recordings and LK Law LLP deployed the covert recordings.

Statement from Astor
A spokesperson for Astor Asset Management 3 Ltd approached for this article stated:

“Lawyers are officers of the court first. When they abandon their duties of honesty and integrity to serve an unlawful agenda, they undermine public trust in the entire system. These are not abstract rules — they protect every litigant’s right to a fair process, and lawyers should not participate in or engage in conduct contrary to lawyers professional duties and Bar Rules. What took place is a travesty and we are shocked at the lawyers conduct. The lawyers had an obligation to distance themselves from such wrongdoing, instead they looked the other way or endorsed it”. 

The court documents reveal that the dispute centers around whether Astor Asset Management 3 Ltd had the right to lend the shares during the term of the loan. The term which is used in the financial industry is referred to as “Rehypothecation”. Ricardo Salinas legal team claims that Astor did not have such rights. We had obtained a copy of the loan agreement and accompanying legal opinion and it appears that Astor did have such right. 

 

The spokesperson further reported that:
“It is further very upsetting that the same lawyers have been lying and continue to lie to the UK High Court as to whether Astor had the right to lend the shares to third parties during the loan term. That to us is perjury, obstruction of justice and perversion of justice and this will not be tolerated. We have in fact reported all the  people involved from Enyo Law LLP and LK Law LLP and the named barristers and we will trust that the regulatory authorities will investigate who is involved and how and take appropriate measures. We will not stand for lying to court by Ricardo Salinas lawyers”. 

Disclaimer
These remain allegations subject to ongoing legal and regulatory processes. No findings of liability, misconduct, or criminal wrongdoing have yet been made by courts or regulatory authorities as of the date of this publication, and all individuals and entities mentioned are presumed innocent until proven otherwise.

Sources: 

• Astor Asset Management 3 Ltd statement
• Astor Asset Management 3 Ltd: Ricardo Salinas Accused of Hiring Black Cube to Influence UK Legal Case in USD $115M Loan Dispute
• Astor Asset Management 3 Ltd: Ricardo Salinas under scrutiny for alleged use of Black Cube in UK $115M loan dispute
• Bourlakova v Bourlakov (Comm. Ct, 2024): https://www.3harecourt.com/case/bourlakova-ors-v-bourlakov-ors-2024-ewhc…
• The BSB Handbook: https://www.barstandardsboard.org.uk/the-bsb-handbook.html
• SRA Code of Conduct for Solicitors: https://www.sra.org.uk/solicitors/standards-regulations/code-conduct-sol…
• UK Court filings (Astor Asset Management 3 Ltd vs. Salinas)

While most card-style wallets trade off security for convenience, the ELLIPAL X Card cold wallet proves that users no longer have to compromise.

This article compares two crypto card wallets, ELLIPAL X Card and Tangem Wallet, to uncover which one truly delivers on both security and convenience.

ELLIPAL X Card: Full Offline Protection Meets Portability

The ELLIPAL X Card offers uncompromised offline security with the convenience of a tap-to-use NFC card. It’s built for serious users who prioritize complete control over their private keys.

Key Features:

• Compact, ultra-portable design — fits into wallets, cardholders and pockets

• CC EAL 6+ secure chip protection

• Use Starter to achieve 100% offline during wallet setup, backup, and recovery

• Uses NFC for wallet connection and transactions

• No battery required, always ready to use

• Wallet duplication — supports duplicating up to 10 backup cards at a time

Price:

39-99 USD

Pros:

• Slim and portable — fits in any wallet or pocket

• 100% offline during wallet setup, backup, and recovery — offering superior protection for your seed phrase

• No battery or charging required

• Offers a great balance of affordability and high-end security features

• Duplicate up to 10 cards — perfect for backups or shared use

• Do not support PIN code recovery — reducing the risk of PIN code leakage

Tangem Wallet: Simplicity

Tangem Wallets emphasize simplicity and accessibility. However, this ease of use comes with some security trade-offs that may not align with the needs of more security-conscious users.

Key Features:

• Card-sized for easy carry — fits in any wallet, pocket, or cardholders

• CC EAL 6+ secure chip protection

• Uses NFC for wallet connection and transactions

• 2–3 backup cards per account

• Allow PIN code (access code) resets if losing card wallet

Price:

54.9 –139.8 USD

Pros:

• Slim and portable — fits in any wallet or pocket

• No battery or charging required

• Cards work instantly via mobile NFC

Cons:

• Backup is limited to 2–3 cards per account

• Allows PIN code (access code) resets — meaning anyone with 2 cards could potentially reset the PIN code (access code) without your consent

• Seed phrase needs to be entered on mobile phone. It may be exposed online via a mobile device — increasing the risk of crypto security

Conclusion

For those seeking true cold storage without sacrificing convenience, the ELLIPAL X Card is the smarter choice. The ELLIPAL X Card stands out by offering true cold storage with real-world usability, bridging the gap between convenience and uncompromising security. For those who want full control of their assets anytime, anywhere, ELLIPAL delivers a secure and innovative solution designed for the modern crypto user.

Dubai, UAE – June 2025 — In a shocking revelation that has stirred public outcry across the UAE and India, Mr. Satish Gogia—a 63-year-old paraplegic businessman and long-time Dubai resident—has accused two individuals, Mr. Ronak Sanjay Siroya and his father Mr. Sanjay Siroya of Siroya Jewellers, Bur Dubai, of orchestrating a high-value property scam involving coercive lending, inflated rental contracts, and alleged money laundering.

 

Gogia, who has been confined to a wheelchair for years, claims he has been systematically stripped of real estate assets worth over AED 50 million under the guise of financial assistance. What started as a request for a loan in May 2023 has allegedly turned into a calculated campaign of exploitation by a duo he describes as operating a “land mafia under the garb of gold traders.”

 

The Allegations

According to formal complaints filed with multiple authorities including the Dubai Police CID, RERA, the Financial Intelligence Unit (FIU), Indian Enforcement Directorate (ED) and the Consulate General of India in Dubai, Gogia’s nightmare began when he sought help from Mr. Ronak Siroya for financial support after personal business losses.

The Siroyas allegedly agreed to provide AED 15 million in exchange for one of Gogia’s prime properties—Flat 4701, Al Bateen Residence, JBR, valued at AED 24 million. However, only AED 11 million was paid, and the property was registered under their name for a suspiciously low AED 10.8 million, while Gogia himself was forced to pay stamp duty on AED 17 million—the government’s minimum valuation of the asset.

Instead of interest, a rent agreement was fabricated—stating a monthly rent of AED 300,000, nearly four times above the market rate. Over time, this was allegedly increased to AED 340,000, accompanied by threats of eviction and seizure.

 

A Pattern of Abuse and Asset Stripping

Gogia accuses the Siroyas of creating a deceptive financial trap, wherein:

 

• Only 50% of a property’s value was offered as a loan
   
• Properties were transferred in their name upfront
   
• Exorbitant interest was masked as inflated rent via Ejari contracts
   
• Delayed payments resulted in new penalties, increasing interest from 1.5% to as high as 5% monthly
   
• Four of his properties—including offices in JLT and another apartment in JBR—were taken over through this mechanism
   

“These weren’t isolated transactions. It was a blueprint,” Gogia states. “Each move was calculated to force a default and absorb my assets.”

 

Allegations of Money Laundering and Political Links

In a particularly alarming revelation, Gogia has alleged that portions of the cash disbursed to him were handed over in Mumbai, not Dubai—raising red flags on cross-border black money movement. He claims that Sanjay Siroya explicitly told him that part of the cash belonged to Maharashtra Chief Minister Mr. Eknath Shinde.

Supporting documents—including WhatsApp chats, payment receipts, cancelled cheques, and screenshots—have reportedly been submitted to the concerned authorities. Gogia has appealed to the Indian Enforcement Directorate to initiate a probe into this alleged political-financial nexus.

 

Current Legal Status

• FIRs and complaints have been lodged with Dubai Police and financial crime units
   
• Cheques issued to the Siroyas have been stopped pending investigation
   
• A formal appeal has been made to freeze property transactions executed under coercion
   

In his latest statement, Gogia declared:

“If justice is not delivered within 7 days, I may be forced to end my life. I hold Ronak and Sanjay Siroya fully responsible.”

 

A Call for Action

Gogia has called upon media outlets, legal institutions, and human rights organizations to take notice. He also appealed to Shiv Sena’s Uddhav Thackeray, urging action against this “deep-rooted nexus between money power and political protection.”

He ends his appeal with a plea for dignity and survival—not just for himself, but for other potential victims of such alleged financial predation.