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+====== Fraud ======
+multiple pledge
+ghost transaction
+stock valuation
+money carousel
+In an updated defence filed last week, Dubai Insurance suggests Phoenix raised financing from CTB by purporting to buy goods from trader Aarna International DMCC, when in fact it had already bought and sold the goods in deals with other entities.
+The insurance company, again citing documents from Phoenix’s liquidators, says the trader purchased a cargo of Russian milling wheat from a supplier in September 2019, which was then sold to two buyers in Africa.
+But Phoenix also entered into a contract to buy the exact same goods from Aarna afterwards, citing the same bills of lading and using financing from CTB, according to the insurer’s defence.