World

Belgian Police have Breached the Encryption of Xrypt Phone to Crackdown Criminals

Published

3 years ago

March 2, 2022

In a similar operation conducted on Sky ECC network back in 2021, 23 hardcore criminals have been taken to task this time.

Criminals often use encrypted networks for their discreet communication, having no clue that it can be compromised by tech experts who are a step ahead in cracking codes. Law enforcement agencies are constantly on the move, keeping tabs on criminal activities that dwell in the background, far from the eyes of law, with the idea of going unnoticed. Many such operations have been conducted by law enforcement agencies in the past involving the use of technology which has helped in tightening the grip on criminal activities. In a recent operation, the Belgian police raided several hideouts of those who were tracked down due to their communication over encrypted phones by Xrypt. The devices were programmed to erase users data within seconds of being sent, but unfortunately the data was recorded on the network’s servers which worked against the criminals who were using it as the officials decrypted the chat messages and notes stored on the servers and booked those who were suspected of running various criminal activities including drug dealings, illegal firearms dealings and even plotting murders.

According to reports, 23 criminals have been arrested so far as they have been found guilty of running various illegal activities. It has been found that the police tracked the suspected criminals based on their phone’s IMEI number & cellphone tower location. The phones had IMEI changing feature which helped the police zero down the notorious 23. Also, these gang members paid high subscription charges to use the decrypted services, which helped lawmakers keep an eagle’s eye before acting on them. The decrypted messages and notes carried confidential information about drug distributors and clients, and also had loads of information about firearm deals and murder plots. The officials have been keeping a close eye on Xrypt users since a long time, having found many instances where the communication of users is directed towards criminal activities. As many might be able to recall, a similar crackdown was initiated way back in 2021 on Sky ECC network, whose users were also involved in criminal activities.

The decryption of Xrypt’s network has opened up a can of worms as many illegal businesses and activities of its users have come to light, which might lead to many more arrests in the coming days.

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Jenny Jackson

Jenny is one of the oldest contributors of Bigtime Daily with a unique perspective of the world events. She aims to empower the readers with delivery of apt factual analysis of various news pieces from around the World.

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World

TRG Chairman Khaishgi and CEO Aslam implicated in $150 million fraud

Published

1 week ago

June 23, 2025

Jenny Jackson

In a scathing 52-page decision, the Sindh High Court has found that TRG Pakistan’s management was acting fraudulently and that Bermuda-based Greentree Holdings historic and prospective purchase of TRG shares were illegal, fraudulent and oppressive.

The Sindh High Court has further directed TRGP to immediately hold board elections that have been overdue and illegally withheld by the existing board since January 14, 2025.

In the landmark ruling, the Sindh High Court has blocked the attempted takeover of TRG Pakistan Limited by Greentree Holdings, declaring that the shares acquired by Greentree, nearly 30% of TRG’s stock, were unlawfully financed using TRG’s funds in violation of Section 86(2) of the Companies Act 2017.

“Having concluded that the affairs of TRGP are being conducted in an unlawful and fraudulent manner and in a manner oppressive to members such as the Petitioner (Zia Chishti), the case falls for corrective orders under sub-section (2) of section 286 of the Companies Act,” Justice Adnan Iqbal Chaudhry concluded.

The case was brought by TRGP former CEO and founder Pakistani-American technology entrepreneur Zia Chishti against TRG Pakistan, its associate TRG International and TRG International’s wholly-owned shell company Greentree Limited. In addition, the case named AKD Securities for managing Greentree’s illegal tender offer as well as various regulators requiring that they act to perform their regulatory duties.

The case centred around the dispute that shell company Greentree Limited was fraudulently using TRG Pakistan’s own funds to purchase TRG Pakistan’s shares in order to give control to Zia Chishti’s former partners Mohammed Khaishgi, Hasnain Aslam and Pinebridge Investments.

According to the case facts, the Chairman of TRG Pakistan Mohammed Khaishgi and the CEO of TRG Pakistan Hasnain Aslam masterminded the $150 million fraud. They did so together with Hong Kong based fund manager Pinebridge who has two nominees on TRG Pakistan’s board, Mr. John Leone and Mr. Patrick McGinnis.

According to the court papers, Khaishgi, Aslam, Leone, and McGinnis set up a shell company called Greentree which they secretly controlled and from which they started buying up shares of TRG Pakistan. The fraud was that Greentree was using TRG Pakistan’s funds itself. The idea was to give Khaishgi, Aslam, Leone, and McGinnis control over TRG Pakistan even though they owned less than 1% of the company, lawyers of the petitioner told the court.

This was all part of a broader battle for control over TRG Pakistan that is raging between Khaishgi, Aslam, Leone, and McGinnis on one side and TRG Pakistan founder Zia Chishti on the other side. Zia Chishti has been trying to retake control of TRG Pakistan after he was forced to resign in 2021 based on sexual misconduct allegations made by a former employee of his. This year those allegations were shown to be without basis in litigation that Chishti launched in the United Kingdom against The Telegraph newspaper which had printed the allegations. The Telegraph was forced to apologize for 13 separate articles it published about Chishti and paid him damages and legal costs.

After Chishti resigned in 2021, Khaishgi, Aslam, Leone, and McGinnis moved to take total control over TRG Pakistan and its various subsidiaries including TRG International and to block out Chishti. The Sindh High Court’s ruling today has reversed that effort, ruling the scheme fraudulent, illegal, and oppressive.

It now appears that Zia Chishti will take control of TRG Pakistan in short order when elections are called. He and his family are now the largest shareholders with over 30% interest. He is closely followed by companies related to Jahangir Siddiqui & Company which have over a 20% interest. The result appears to be a complete vindication for Zia Chishti and damning for his rivals Aslam, Khaishgi, Leone, and McGinnis who have been ruled to have been conducting a fraud.

TRG Pakistan’s share price declined by over 8% on the news on heavy volume. Market experts say that this was because the tender offer at Rs 75 was gone and that now shares would trade closer to their natural value. Presently the shares are trading at Rs 59 per share.

According to the court ruling, since 2021, shell company Greentree had purchased approximately 30% of TRG shares using $80 million of TRG’s own money, which means that that the directors of TRG Pakistan allowed company assets to be funneled through offshore affiliates TRG International and Greentree for acquiring TRG’s shares – a move deemed both fraudulent and oppressive to minority shareholders. The Sindh High Court also found illegal Greentree’s further attempt to purchase another 35% of TRG shares using another $70 million of TRG’s money in a tender offer.

The ruling is a major victory for the tech entrepreneur Zia Chishti against his former partners and the legal ruling paves the way for him to take control of TRG in a few weeks.