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Irani gang leader, wanted for chain snatchings, arrested from Mumbai

He had escaped from cops in July while being brought to Bengaluru

An Irani gang leader, who had escaped when the car in which he was being brought to Bengaluru met with an accident near Tumakuru in July, has been arrested. The Pune City Crime Branch apprehended Ali Akram, 26, a resident of Loni Kalbhor, a village on the Pune-Solapur highway, in Mumbai, about two weeks ago.

“He was hiding at Ambabari area in Mumbai after he escaped from Tumakuru on July 21. The Pune police claimed that they detected nine crimes committed by Akram after his interrogation. Akram’s custody ends on September 6. The CCB police will seek his custody based on a body warrant for interrogation regarding chain snatchings that he committed in Bengaluru city,” a senior police officer told 

“The CCB police had shared information about Akram with Pune police after he had fled from Tumakuru. The Pune police were tipped-off about Akram hiding at Ambabari, where a large number of Irani gang members live,” he added.

Akram leads a gang at Loni Kalbhor, which he visits once in six months. He has a network of jewellery shop owners. He pledges the stolen ornaments with them. He is an expert in committing two specific crimes -- chain snatching and robbery by diverting attention -- said the police.

Akram has committed more than 58 chain snatchings in Pune. The CCB police suspected that he committed more than 25 chain snatchings in Bengaluru between January and February this year. He was also involved in robberies committed by diverting attention in the city around the same time. He was involved in similar crimes in Andhra Pradesh and several parts of Maharashtra, said the police. The city police had constituted special teams to nab the Irani gang members after the number of chain snatchings shot up early this year. Akram and his accomplice had robbed a woman of her gold chain in Sanjaynagar. The duo were absconding on a black Pulsar mobike which was captured by a CCTV camera in Sanjaynagar. The police established Akram’s identity based on the CCTV footage, said the police.

RBI Opens Door To Islamic Finance As Raghuram Rajan Departs

The Reserve Bank of India (RBI) has proposed working with the government to introduce interest-free banking to tackle financial exclusion for religious reasons, potentially opening Islamic finance to the largest Muslim minority population in the world. 

The RBI made the proposal in its annual report last week, as departing central bank governor Raghuram Rajan hands over the reins to close ally Urjit Patel. 

The proposal marks a shift in stance by the RBI, which has previously said Islamic finance could be offered through non-bank channels such as investment funds or cooperatives. 

That has meant an estimated 180 million Muslims in India, the country’s second-largest religious group, have been unable to access Islamic banking because of laws that require banking to be based on interest, which is forbidden in Islam. 

The RBI said it would explore introducing interest-free banking products in consultation with the government, a key detail as this opens the prospects of supportive legislation. 

"This is definitely a significant development as it is the first time that the RBI has concretely mentioned that it will now work with the government to introduce Islamic banking," said Saif Ahmed, managing partner at Bangaluru-based Infinity Consultants, which specialises in Islamic finance. 

"For Islamic banks to function in India, separate parallel legislation or an amendment needs to be passed by Parliament and that can only happen with the active support of the incumbent government." 

In 2015, a central bank committee recommended opening a specialised interest-free window to offer cost-plus financing, deferred payment and deferred delivery contracts, a reference to common sharia-compliant contracts such as murabaha and istisna. 

Development of Islamic finance has been slow, however, partly because of strong opposition from bureaucrats and politicians from the ruling BJP. 

This has long hindered development, although there are signs that India is warming up to Islamic finance. 

The government’s external lending agency, Exim Bank, said in April it would extend a $100 million credit line to the private sector arm of the Islamic Development Bank. 

The Exim Bank’s credit line would support foreign buyers of Indian goods and services, with the Saudi-based Islamic Corporation for the Development of the Private Sector acting as the intermediary.