NEW DELHI // The capture of six alleged members of a terrorist cell this week has provided further evidence of Pakistani involvement in a series of recent bomb attacks across India.
Indian police are now hunting for eight more members of the cell, which has been linked to the Indian Mujahideen, an Islamist extremist organisation accused of several major attacks since 2005.
The alleged commander of the cell is Muhammad Zarar Siddibapa, also known by the aliases Yasin Bhatkal and Shahrukh, who narrowly escaped arrest when police raided a rented flat in the city of Chennai on Wednesday.
Siddibapa is thought to be a close associate of Iqbal and Riyaz Shahbandri, the two brothers who lead the Indian Mujahideen from their sanctuary in Karachi.
All three hail from the same town of Bhatkal, in the Indian state of Karnataka, and worked closely during the organisation's initial stages in the early 2000s.
Investigators say Siddibapa re-entered India after 2008 to rebuild the group's networks and recruit new members for terrorist attacks.
The six men whose arrest was announced this week - two each from Delhi, Madhubani in Bihar and Chennai in Tamil Nadu - have been linked to three attacks in 2010, including the bombing of the German Bakery in Pune in February which killed 17 people, many of them tourists.
Delhi Police got their initial tip because of a domestic dispute, according to Shishir Gupta, author of a book on the Indian Mujahideen.
"One of the accused, Mohammad Qateel Siddiqui, had a fight with his wife, and she ended up going to the police," said Mr Gupta. "It is significant that human intelligence proved more important than signals intelligence."
Investigators say the men have also been linked to the planting of several bombs outside Bangalore's Chinnaswamy Stadium in April 2010, which injured 12 people, and a drive-by shooting outside the historic Jama Masjid in Delhi the following September, in which two tourists were hurt.
One of those captured, Muhammad Adil, 40, is from Karachi and told investigators he was trained by Jaish-e-Mohammad, a Pakistan-based militant organisation.
He is the first Pakistani to be linked to the Indian Mujahideen, and undermines claims from Pakistan that the perpetrators are entirely "home-grown" Indians.
During its heyday between 2005 and 2008, the organisation carried out a terror campaign that left hundreds dead across 10 Indian cities, motivated by anger at the ethnic riots in Gujarat in 2002 in which hundreds of Muslims were killed.
The group was disrupted by a security crackdown in late 2008, when many of its leaders were killed or captured. The rest were thought to have escaped via Bangladesh and Dubai, and ended up in Karachi.
The Indian Mujahideen is also suspected of involvement in two major attacks this year - the triple bombing in Mumbai in July that killed 26 people and the bombing outside the Delhi High Court in September in which 13 died.
"Most of the attacks in 2010 used fairly crude devices," said Mr Gupta. "But the recent attacks have used more sophisticated materials, which signify the involvement of cross-border groups".
The Indian Mujahideen is allegedly part of the "Karachi Project", a programme sponsored by Pakistan's ISI military intelligence agency, which trains Indian militants to carry out attacks in India, according to Pakistani-American terrorist David Headley, who admitted scouting locations for the Mumbai attacks of 2008.
Pakistani militant groups, including the Lashkar-i-Taiba and Harkat-ul-Jihad-Al-Islami, were also involved in the Karachi Project. The relocation of the Indian Mujahideen's leadership to Pakistan marked a new stage in the group's strategy. The group no longer issues emails claiming responsibility - a tactic which is thought to have helped investigators track them down in 2008.
"The old strategy of close-knit cells planning and carrying out these attacks within India is no longer viable," said Ajai Sahni, of the Institute for Conflict Management in New Delhi. "The focus now is on survival. The militants are waiting to see what happens in Afghanistan - till then, they just need to stay alive to keep money and recruits coming in."
foreign.desk@thenational.ae
Global state-owned investor ranking by size
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Japan
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Norway
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Canada
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GROUPS AND FIXTURES
Group A
UAE, Italy, Japan, Spain
Group B
Egypt, Iran, Mexico, Russia
Tuesday
4.15pm: Italy v Japan
5.30pm: Spain v UAE
6.45pm: Egypt v Russia
8pm: Iran v Mexico
Timeline
2012-2015
The company offers payments/bribes to win key contracts in the Middle East
May 2017
The UK SFO officially opens investigation into Petrofac’s use of agents, corruption, and potential bribery to secure contracts
September 2021
Petrofac pleads guilty to seven counts of failing to prevent bribery under the UK Bribery Act
October 2021
Court fines Petrofac £77 million for bribery. Former executive receives a two-year suspended sentence
December 2024
Petrofac enters into comprehensive restructuring to strengthen the financial position of the group
May 2025
The High Court of England and Wales approves the company’s restructuring plan
July 2025
The Court of Appeal issues a judgment challenging parts of the restructuring plan
August 2025
Petrofac issues a business update to execute the restructuring and confirms it will appeal the Court of Appeal decision
October 2025
Petrofac loses a major TenneT offshore wind contract worth €13 billion. Holding company files for administration in the UK. Petrofac delisted from the London Stock Exchange
November 2025
180 Petrofac employees laid off in the UAE
Racecard
7pm: Abu Dhabi - Conditions (PA) Dh 80,000 (Dirt) 1,600m
7.30pm: Dubai - Maiden (TB) Dh82,500 (D) 1,400m
8pm: Sharjah - Maiden (TB) Dh82,500 (D) 1,600m
8.30pm: Ajman - Handicap (TB) Dh82,500 (D) 2,200m
9pm: Umm Al Quwain - The Entisar - Listed (TB) Dh132,500 (D) 2,000m
9.30pm: Ras Al Khaimah - Rated Conditions (TB) Dh95,000 (D) 1,600m
10pm: Fujairah - Handicap (TB) Dh87,500 (D) 1,200m
UAE currency: the story behind the money in your pockets
Profile of MoneyFellows
Founder: Ahmed Wadi
Launched: 2016
Employees: 76
Financing stage: Series A ($4 million)
Investors: Partech, Sawari Ventures, 500 Startups, Dubai Angel Investors, Phoenician Fund
Who's who in Yemen conflict
Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government
Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council
Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south
Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory
Results
2pm: Serve U – Maiden (TB) Dh60,000 (Dirt) 1,400m; Winner: Violent Justice, Pat Dobbs (jockey), Doug Watson (trainer)
2.30pm: Al Shafar Investment – Conditions (TB) Dh100,000 (D) 1,400m; Winner: Desert Wisdom, Bernardo Pinheiro, Ahmed Al Shemaili
3pm: Commercial Bank of Dubai – Handicap (TB) Dh68,000 (D) 1,200m; Winner: Fawaareq, Sam Hitchcott, Doug Watson
3.30pm: Shadwell – Rated Conditions (TB) Dh100,000 (D) 1,600m; Winner: Down On Da Bayou, Xavier Ziani, Salem bin Ghadayer
4pm: Dubai Real Estate Centre – Maiden (TB) Dh60,000 (D) 1,600m; Winner: Rakeez, Patrick Cosgrave, Bhupat Seemar
4.30pm: Al Redha Insurance Brokers – Handicap (TB) Dh78,000 (D) 1,800m; Winner: Capla Crusader, Bernardo Pinheiro, Rashed Bouresly
Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.
Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.
“Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.
Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.
“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.
Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.
From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.
Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.
BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.
Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.
Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.
“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.
Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.
“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.
“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”
The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”
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