Used by organizations linked with terrorism, mob and gang-related crimes:
Naresh Kumar Jain, an Indian multimillionaire, … 50-year-old, is suspected by the UK’s Serious Organised Crime Agency of being at the heart of a drug money-laundering network shifting up to £1.35bn a year across jurisdictions. Jain has reportedly admitted to Indian police that he has laundered cash, but denies being involved in the drugs trade.
However, investigators believe that his businesses are based on huge sums of cash originating in Africa and passed on to him by diamond smugglers and drug dealers – and that most of that illicit cash flows into Dubai. But the allegations against him do not make him unique in the emirate. “[Jain’s arrest] was an important incident, but many wanted men reside in Dubai,” says Dr Christopher Davidson, an expert on Gulf economics at the University of Durham.
To many, Jain is the latest, perhaps the biggest, example that proves the United Arab Emirates is not so much awash with vast oil wealth but built on a toxic tide of illicit cash: a place where Russian mafia and drug cartels clean their dirty cash and al‑Qaida finances terror atrocities. And at its heart is Dubai, a world financial centre that in the past 15 years has grown exponentially.
Before: Dubai crisis caused by Islamic bonds.