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Evergrande Founder Hui Ka Yan Accused Of $78bn Fraud

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Evergrande Founder Hui Ka Yan Accused Of $78bn Fraud

Hui Ka Yan, the founder of Evergrande, the struggling Chinese property giant has been accused of skyrocketing the revenue of the firm by £61.6bn or $78bn in just two years before defaulting debt.

Hengda Real Estate, the company’s mainland business received a fine of $583.5m from Beijing’s stock watchdog.

Evergrande Founder Hui Ka Yan Faces Accusation

Thus, it resulted in the Chinese former billionaire businessman being banned from China’s financial markets for life.

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A Hong Kong court in January ordered Evergrande to liquidate its equity.

CSRC, the China Securities Regulatory Commission put the majority of the blame on Mr Hui. Mr Hui is a former billionaire businessman. Allegedly, in 2019 and 2020, the former richest man in China instructed the staff to “falsely inflate Hengda’s annual results.”

According to the company filing to the Shanghai and Shenzhen stock exchanges, the founder of Evergrande was also fined $6.5m.

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BBC reported that it requested the company for comment, but didn’t receive any immediate response.

Mr Hui was suspected of committing “crimes,” hence was put under police surveillance and was investigated thoroughly last September.

This announcement by CSRC came days after China’s financial market regulator “vowed to crack down on securities fraud, and protect small investors with teeth and horns.”

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According to Business Standard, Senior credit analyst at Creditsights Inc., Zerlina Zeng stated, “The CSRC fines may serve as a warning to owners of other defaulted developers that failing to collaborate with authorities over debt restructuring could result in severe consequences.”

Notably, Evergrande is the other name of China’s real estate crisis. The company has more than $300bn of debt in its name.

Appointment of liquidators has been done to analyse and study the overall financial position of the company. Liquidators will also identify the potential restructuring strategies that would work for the company.

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Processes like selling off assets and seizing them can also be included to repay outstanding debts.

China is currently facing a work halt on property developments. Scenarios like would-be homeowners waiting for the homes they have already paid for are going to skyrocket.

China’s property market currently comprises one-third of the world’s second-largest economy. However, since 2021, it has been witnessing a serious financial squeeze, reported Forbes.

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Official data on Monday featured that in January and February 2024, new construction of property has declined by 30% and the investment in property and real estate has fallen by 9% in China than a year ago.

Also Read: South Korea Targets $120 Billion in Chip Exports as India Joins the Global Semiconductor Market

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Subhashree Panda: A proficient content writer, editor, and researcher. With 4 years of experience and an MBA in finance, she crafts compelling narratives on global events. Her passion for diverse journalism genres resonates widely, fostering broad audience connections.

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Chronic Wasting Disease: Death of 2 hunters in US raises fear of zombie deer disease spreading in humans

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Chronic Wasting Disease: Death of 2 hunters in US raises fear of zombie deer disease spreading in humans

The specter of COVID is still fresh in everyone’s mind about how disease which originates from animals can create havoc on the health of humans. The scientific community is worried after a new report which outlines how the death of two hunters who were stricken by a rare neurological disease was caused by eating infected deer meat.

The two hunters who consumed the meat of a Deer infected by “zombie deer disease” started showing symptoms of a rare neurological disease known as Creutzfeldt-Jakob disease (CJD) and died within a month. Creutzfeldt-Jakob disease (CJD) affects the proteins which are malformed and start collecting in the brain causing damage to the brain cells. The disease is somewhat akin to the Mad Cow Disease and there is no treatment available for the ailment. The person starts losing his cognitive abilities and death can occur within one to six months.

Chronic wasting disease was first found in the deer inhabiting the northern Colorado and southern Wyoming in the 90’s and as per the U.S. Centers for Disease Control and Prevention, the disease was also detected in free-ranging deer, elk and moose in at least 32 states across the US.

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When a deer is infected by CWD or Chronic Wasting Disease it leads to extreme weight loss, poor coordination, drooling, and lack of fear of people. The Medical fraternity is worried of the possibility of the disease being transmitted to humans much like the Mad Cow Disease which was pandemic in the UK in the 90’s. The latest study was published in 2022 by a group of scientists in Canada based on mice research, suggesting a risk of CJD transmission to humans.

Researchers from the University Of Texas Health Science Center at San Antonio have discovered that the two hunters who ate deer meat and died in 2022 suffered from Creutzfeldt-Jakob disease (CJD), which is a neurological disease. Both the men developed symptoms like confusion and aggression and died within a month despite treatment.

The researchers added that there was a distinct possibility of the transmission of the disease from animal-to-human. The report was presented earlier this month at the annual meeting of the American Academy of Neurology, and published in peer-reviewed journal Neurology. The report did not make it clear where the men lived or hunted but the highest concentration of CWD-infected deer can be found in Kansas, Nebraska, Wisconsin and Wyoming as per CDC.

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Watch Viral Video: Deserts Around Saudi Arabia’s Mecca and Medina Turning Green

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Watch Viral Video: Deserts Around Saudi Arabia's Mecca and Medina Turning Green

The dry and arid lands of the Arabian Peninsula is undergoing a big transformation and the region between holy cities of Mecca and Madinah is becoming greener. This has been caused thanks to the heavy rainfall which has converted this desolate and barren land into a region rich in flora.

The change is clearly visible in the western parts of the Kingdom of Saudi Arabia which is today covered with a carpet of greenery. A vast supply of water has helped to change this desolate region into amazing shades of green. The desert sandy soil is now getting drenched in frequent episodes of rain and this stimulates the growth of rich flora.

Netizens have posted pictures of this amazing transformation on social media and one such post on Instagram stated, “After heavy rains, parts of Saudi Arabia’s desert near Mecca and Medina have turned green. This transformation, particularly in the West, is due to excess water, leading to the growth of grass and plants. Photos show camels grazing on fresh grass, and once arid areas are now vibrant with color. This unusual sight has also been visible from NASA satellites,”

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The post further stated that the greening of desert is visible from space . Scenes of camels munching on new grass, a sight that is unusual in deserts. The brown landscape is now interspersed with large tracts of greenery.

The post has also attracted comments by other viewers. While one user has commented about the extra rain another quote a verse from the Bible which has prophesied this event.

 “ Indeed God knows the beginning and the end. Water will gush forth in the wilderness and streams in the desert. The burning sand will become a pool, the thirsty ground bubbling springs. Isaiah 35:6-7 NIV.”

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Saudi Arabia is also using cutting edge technology like cloud seeding to bring artificial rains. Cloud Seeding basically involves spraying special chemicals like silver iodide or potassium iodide, into clouds using aircraft or helicopters. The chemicals stimulate the coalescence of water vapor in clouds increasing precipitation.

Also Read: Watch: Dubai Floods Gushing Every Year As Storm Dumps 1.5 Years of Rain 

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Charles Todd Hill Sentenced to 4 Years Jail over Multi-million Dollar Scams

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Charles Todd Hill Sentenced to 4 Years Jail over Multi-million Dollar Scams

Charles Todd Hill, the former reality show star, was sentenced to four years in prison on April 16, Tuesday. He was convicted of financial and real estate fraud worth $10 million, reported KGW.

The ex-reality show star hails from Los-Gatos. As per the District Attorney’s (DA) Office of Santa Clara County, Charles was asked to return money to the 11 victims by the court. 

In November 2019, he was indicted for the first time after a DA investigation. 

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Exploring the charges against Charles Todd Hill

Earlier this week, Charles “Todd” Hill was asked to return $9,402,678.43 to 11–12 victims for carrying out fraudulent activities in real estate finances.

In 2014, the 58-year-old was a part of the 1st season of “Flit It and Win It.” The HGTV reality series was about procuring damaged houses, renovating them and then selling them for a profit. 

However, Charles misused the opportunity and committed financial and real estate scams. 

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How Charles “Todd” Hill Committed the Fraud 

Jeff Rosen, the District Attorney in this regard wrote, “Some see the huge amount of money in Silicon Valley real estate as a business opportunity. Others, unfortunately, see it as a criminal opportunity – and we will hold those people strictly accountable.”

In September 2023, Charles was convicted for committing multiple frauds. 

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Currently, Charles “Todd” Hill has been charged with numerous felonies, which include “grand theft against all victims and aggravated white-collar enhancement, after pleading guilty.”

The court saw evidence, according to which the 58-year-old bought exotic cars, high-end hotels, and opulent vacations from his laundered money. 

Reportedly, he stole the money reserved for construction and used it for personal gains. He used up the money and built a lavish lifestyle for himself rather than buying properties. 

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Charles “Todd” Hill obtained loans by presenting false balance sheets and hiding his crimes.

Along with four years of imprisonment, the 58-year-old newer is required to serve a decade on probation. As per CBS News, Charles “Todd” Hill will be transferred to Elmwood Men’s Facility in Milpitas shortly.

Also Read: NBA Youngboy Arrested: Faces 63 Felony Charges, Check the List Here

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