Myanmar Financial News

Chainalysis has unveiled a new case of fraud involving a single company operating from a compound in Myanmar, which swindled a sum of over $100 million from victims in less than two years. 

Imphal East in Manipur marched on Thursday demanding the abrogation of the Suspension of Operations (SOO) with militants. The police stopped the rally which started from Sambei ground. There is apprehension that SOO agreement with militant outfits might be extended further. A team met the Governor to submit a memorandum. The memorandum raised the urgent necessity to abrogate the Suspension of Operation (SOO) between the Government of India (GOI) and 24 Kuki Militant Groups to reinstate normalcy in Manipur while highlighting violations of the SOO agreements by Kuki militant groups since the onset of the crisis on May 3, 2023.

US prosecutors with conspiring to traffic nuclear materials including uranium and weapons-grade Plutonium from Myanmar to other countries, according to a superseding indictment announced Wednesday, The Hill reported. Authorities said they brought the charges against Takeshi Ebisawa after he and other associates in Thailand allegedly showed samples of nuclear material to an undercover Drug Enforcement Administration (DEA) agent posing as a narcotics and weapons trafficker, the Hill reported. The Department of Justice (DOJ) said in a press release that the US worked with Thai authorities to seize the nuclear samples, which were subsequently transferred to US law enforcement custody.

India so far has imported 3,000 tonnes of black matpe or urad beans from Brazil and is likely to procure another 20,000 tonnes this year, said Union consumer affairs secretary Rohit Kumar Singh. Singh in November had urged businessmen and officials in Brazil to grow pulses, especially tur (pigeon pea) and urad, to cater to Indian consumers amid falling domestic production, and as a way of diversifying the sourcing. “We need to ensure that food items are available in the country for our 1.4 billion consumers at an affordable price," Singh said on Thursday on the sidelines of the Global Pulse Confederation conference in New Delhi.

Mint. "We always keep looking out for possibilities world over and if there are assets, especially if there are producing assets available or near producing assets available, we will be more than interested to have our stakes in those assets. Several discussions are also going on," he said.

ALSO READ: What comes under India's Free Movement Regime with Myanmar and why was it scrapped? Top points Myanmar has been gripped by chaos since the military seized power from an elected government in a 2021 coup. Since October, the Tatmadaw, as the military is known, has suffered personnel losses while battling a coordinated offensive by an alliance of three ethnic minority insurgent groups, as well as allied pro-democracy fighters who have taken up arms against the junta.

Mizoram Chief Minister Lalduhoma on Saturday held meeting with Union Home Minister Amit Shah. Officials said the chief minister discussed the fencing along the India-Myanmar border issue and shelter of refugees of the neighbouring country in his state. The FMR allowed citizens residing close to both sides of the border to move 16 km into each other's territory without passport or visa.

India and Myanmar remain fenced, allowing resident of either side to cross the border and travel up to 16 km inside the other country without a visa and stay up to two weeks. This was called the Free Movement Regime (FMR). The Indian Government has now planned to stop the FMR, and fence the complete border with Myanmar.

Kuki and Meitei communities last year, is yet to be graced by the presence of the Prime Minister. Notably, sporadic incidences of violence and subsequent deaths are still reported from Manipur. The Statehood Day of Manipur, Meghalaya, and Tripura is celebrated on January 21.

Manipur Police rejected the allegations by Kuki organisation that security forces collaborated with insurgent groups in Moreh town where incidents of violence were reported recently. Moreh is a town bordering Myanmar and it has been alleged by the state government that miscreants from the neighbouring country are fomenting trouble in the northeastern state. «The allegation of the Committee on Tribal Unity (COTU) and the Kuki Inpi Manipur regarding collaborations with valley-based insurgent groups and Meitei militants disguised as security force personnel in Moreh is not true.

Amit Shah on Saturday said the government will stop the free movement of people at the Myanmar border and will protect it like that of Bangladesh. Addressing the passing out parade of the first batch of the five newly-constituted Assam Police Commando battalions, he said the Centre is rethinking the free-movement facility with Myanmar.

Manipur have strengthened their demands for action from the Bharatiya Janata Party (BJP)-led government in the state, Hindustan Times reported. The ongoing clashes, which commenced on May 3 last year, have resulted in over 200 fatalities.

Myanmar's Rakhine state, has declared control over the port town of Paletwa, situated on the Kaladan River, sharing borders with India and Bangladesh, as per a Reuters report. This development marks another setback for the military government in its struggle against multiple rebellions across the nation. Myanmar is currently grappling with a widespread insurgency, where anti-junta groups, supported by a pro-democracy parallel government, have successfully taken over various military posts and towns.

Myanmar is losing grip over certain parts of the resource-rich country that borders India, which has led to a rethink in New Delhi on ways to readjust its approach in dealing with the neighbour that is critical in many ways. The Indian establishment is understood to be mulling various options, including opening channels of communication with various ethnic groups that are inhabitants of Myanmar's states bordering northeast India amid cross-border migration into Mizoram and Manipur. While New Delhi will continue to deal with the junta as the federal power in Nay Pyi Taw, experts on Myanmar affairs are of the opinion that New Delhi needs to adjust its policy to open channels of communication with ethnic groups that have bigger say in the states of Myanmar bordering India. States of Chin, Rakhine and Kachin and the Sagaing division of Myanmar border India. Stability along the India-Myanmar border is imperative for prosperity of India's northeastern states.

militants killed four villagers, including a father and his son, in Manipur's Churachandpur district, police said on Thursday. They were missing since Wednesday.

Myanmar's armed ethnic groups and the government forces, said Army Chief General Manoj Pande on Thursday, adding the Indian military is «closely watching» the unfolding developments. At a press conference ahead of the Army Day, General Pande described the situation near the Indo-Myanmar border as «concerning» and some of the insurgent groups are feeling the pressure in the frontier region of that country and are attempting to enter Manipur. «The situation across the Indo-Myanmar border is something that we are closely watching,» he said.

India Today report, the four men who are reported missing had gone to harvest ginger near the area. The people who are missing have been identified as Oinam Romen Meitei, Ahanthem Dara Meitei, Thoudam Ibomcha Meitei and Thoudam Anand Meitei. According to the report, the firing incident happened between Wangoo in Thoubal district and Kumbi in Bishnupur district.

Moreh witnessing fierce gun battle in the last two days between the militants and security forces, Manipur chief minister N Biren Singh said that there are chances of fresh attacks and mass combing operations are underway in and around Moreh to nab the armed men. Lieutenant General HS Sahi GOC Spear Corps carried out a comprehensive review of operational readiness and its role in Manipur. Biren said that the unified command and combined teams of security forces comprising Assam Rifles, BSF and state police commandos are jointly taking on the militants.

Cong prepares for Nyay Yatra, awaits permission to march through Manipur "Mortar shells were used by the militants during the attack on security forces," they said, adding no casualties were reported on either side. According to a report by Hindustan Times, K Minlun Touthang, chairman of unit 8(New Moreh), Hill Tribal Council (HTC) of Moreh said that yesterday the firing happened at three places in New Moreh, Lhangkichoi, and Zion Veng. Militants were posing as security forces and fired at the Kuki villages.

Singh said long-time disregard for the border between India and Myanmar led to adverse consequences. He acknowledged shared cultural ties between the communities on both sides but added that earlier interventions could have prevented the existing challenges. The CM also expressed disappointment at the lack of security at the border, emphasising the inability of existing forces to simultaneously manage counter-insurgency and border protection.

China is pushing to expedite construction of its stalled Special Economic Zone (SEZ) in western Myanmar's Rakhine state aimed at ensuring smoother access to the Bay of Bengal. The initiative could potentially cast a shadow over India's strategic interests in the region where it has been a traditional net security provider even as a belligerent Beijing has been seeking a foothold. Myanmar's military junta and Chinese state-owned company CITIC recently signed an addendum to the concession agreement for the Kyaukphyu SEZ and deep sea port.