The five-judge constitution bench headed by Chief Justice DY Chandrachud, which heard their contentions at length, told them they will have to justify the procedure adopted for abrogation as the court cannot postulate a situation "where the ends justify the means".
...benefiting 350,000 persons. Also, Trai detected and blocked seven million mobile phone connections involved in cyber fraud and suspicious activities.
The diamantaire's counsel said there is a vigilance manual circular that the consortium can lodge only one FIR. Each consortium member cannot lodge separate FIRs, he said.
The attachment is linked to a money laundering probe linked to a Rs 1,034 crore worth land 'scam' related to the re-development of a 'chawl' in Mumbai.
'If the criminal or civil charges are deemed unworthy or defective, Trump's new justice department and SEC can withdraw the criminal and civil cases.'
The Reserve Bank on Thursday asked banks to provide the option of Interoperable Card-less Cash Withdrawal (ICCW) at their ATMs, a move aimed at curbing frauds like skimming, card cloning and device tampering. Currently, cardless cash withdrawal through ATMs is offered by a few banks for their customers at their own ATMs (also known as on-us basis). "All banks, ATM networks and WLAOs (White Label ATM Operators) may provide the option of ICCW at their ATMs," the central bank said in a circular.
Reserve Bank of India on Friday said it has imposed a penalty of Rs 93 lakh on Axis Bank for various violations, including those related to KYC guidelines. The central bank has also slapped a fine of Rs 90 lakh on IDBI Bank. A monetary penalty of Rs 93 lakh has been imposed on Axis Bank for non-compliance of certain directions issued by RBI, the regulator said in a release.
It further said that the loan application form should be suitably modified to incorporate passport details of borrowers.
Breaking silence over the Rs 12,967 crore scam at Punjab National Bank, he said: "I have chosen to speak today to convey that we at the Reserve Bank of India also feel the anger, hurt and pain at the banking sector frauds and irregularities."
Rs 2.09 crore (Rs 20.9 million) have been lost by various banks in Tamil Nadu in seven cases reported between April and December 2008. The banks in Rajasthan, Andhra Pradesh and West Bengal have lost Rs 89.93 lakhs (Rs 8.99 million), Rs 64.29 lakhs (Rs 6.42 million) and Rs 35.72 lakhs (Rs 3.57 million) respectively while Kerala and Delhi lost Rs 17.60 (Rs 1.76 million) and Rs 10.90 lakhs (Rs 1.09 million) respectively owing to cyber frauds.
The US unit of PwC will lay off about 1,800 workers, marking its first formal job cuts since 2009 as the company seeks to restructure its technology group. This comes amid a slowdown in demand for some of its advisory business, according to a Wall Street Journal report. Half of the anticipated layoffs will target offshore positions, impacting a wide range of employees from associates to managing directors.
While the collapse of a large financial intermediary can wreak havoc on the system because of the interconnectivity, a large business conglomerate too can play spoilsport if the banks have too much exposure to the entity, explains Tamal Bandyopadhyay.
After two days of investigations in the multi-crore financial fraud at Citibank, the Gurgaon police have found that the main accused, Shivraj Puri, who was working as the relationship manager, had opened 18 bank accounts in his and his family members' name.
Chandrakar along with another promoter of the app, Ravi Uppal was detained and put under "house arrest" in that country late last year following the ED's request for issuance of a Red Notice (RN) against them.
The Reserve Bank of India also banned with immediate effect issuance of letters of comfort which, like LoUs, are used by importers to fund their overseas purchases.
'Probably revised guidelines will come, and then the real picture will emerge.'
Despite the rating agency CARE withdrawing the ratings assigned to the bank facilities of FIPL "with immediate effect" following the receipt of a no-objection certificate (NOC) from the banks, Modi's company received uninterrupted letters of undertaking (LoUs) from PNB, which were honoured by other banks until a few weeks ago.
The entire amount is to be provided for four quarters.
A senior IDBI Bank official allegedly conspired with businessman Vijay Mallya for sanction and disbursement of loan to the latter's Kingfisher Airlines, the Central Bureau of Investigation said in its supplementary chargesheet filed in a Mumbai court. Mallya is an accused in the alleged Rs 900-crore IDBI Bank-Kingfisher Airlines loan fraud case, which is being probed by the CBI. The Central agency had recently filed a supplementary chargesheet before a special CBI court.
'We found certain banks having lakhs of such accounts with apparently no valid reason.'
The fraud was operated from call centres in India to defraud hundreds of elderly and vulnerable people in the US, CBI officials said.
A 71-year-old man, whose dream of starting a business with his life savings got shattered as a bank negligently transferred his money to a stranger, has now been provided relief with the National Consumer Commission asking the Punjab and Sind Bank to pay him Rs 15.5 lakh.
The combined market capitalisation of the 21 listed PSU banks declined by about Rs 76,000 crore to Rs 425,800 crore during the month.
The advisory has asked government staffers to delete such an e-mail if received in their inbox.
If there were an Olympics for bank frauds in India, Rishi Agarwal, founder and former chairman of ABG Shipyard Ltd, a nephew of the Ruia brothers of the Essar group, would bag the gold, pushing Nirav Modi to his right, says Tamal Bandyopadhyay.
Despite recent developments that have accelerated the impending extradition of fugitive diamantaire Nirav Modi, who has been in custody in London's Wandsworth Prison for over two years, the last month has seen his uncle Mehul Choksi dominate the headlines instead with his circus-like exhibition in the Caribbean that has involved red herrings such as a "girlfriend", to whom his wife seemed to have no objection, and possibly concocted stories of being kidnapped and manhandled. Choksi was widely regarded as Modi's Svengali in Mumbai when he returned from Belgium to expand his business. He had fled to Antigua well before news around how Modi finagled thousands of crores from Punjab National Bank (PNB) and other institutions through a series of allegedly coordinated and fraudulent actions involving letters of undertaking, or LoUs.
Modi also reiterated that he cannot return to India due to safety concerns and also because his case has been politicised.
An Indian national from Gurgaon has been sentenced to three years in federal imprisonment on charges of call centre fraud that intended to cheat Americans of millions of dollars, a US attorney said.
The Enforcement Directorate has alleged that this is a bigger bank scam in volume than that of the Punjab National Bank fraud by fugitive diamantaires Nirav Modi and Mehul Choksi, as it involves fraud to the tune of about Rs 16,000 crore.
The Enforcement Directorate has attached assets worth over Rs 14 crore belonging to the Gitanjali Group and its promoter and jeweller Mehul Choksi, one of the prime accused in the alleged over Rs 13,000 crore PNB loan fraud case. The properties attached, under the anti-money laundering law, include a flat measuring 1,460 sq feet located at O2 Tower in Goregaon area of Mumbai, gold and platinum jewellery, diamond stones, necklaces made of silver and pearls, watches and a Mercedes Benz car, the ED said in a statement. A provisional order for attachment has been issued under the Prevention of Money Laundering Act (PMLA) for the assets worth a total Rs 14.45 crore that are in the name of Gitanjali Group of companies and its director Mehul Choksi, it said.
Choksi, along with his nephew and millionaire designer jeweller Nirav Modi, is being investigated by the ED for allegedly defrauding PNB, the country's second largest lender.
He said the transformation brought about by the fintech sector in India is not just limited to technology, but its social impact is far-reaching. He also stressed that fintech has dented the parallel economy and is bridging the gap between villages and cities on the financial services front. The prime minister also said that in the last 10 years, the fintech space has attracted investments of more than $31 billion and fintech startups have grown by 500 per cent.
The senior IPS officer said that 45 percent of cyber financial frauds taking place in the country are originating from the South East Asia.
The Enforcement Directorate on Wednesday continued raids for the seventh day as it visited 17 locations across the country, including four shell companies in Mumbai, even as the Income Tax department attached assets worth Rs 145 crore in the alleged Rs 11,400-crore Punjab National Bank fraud.
The syndicate used "stooge" bank accounts and shell companies to transfer the largest amount linked to a single case recorded in the city, the Customs and Excise Department of Hong Kong said.
Official sources said while the accounts of Nirav Modi, the diamantaire under arrest in this case in London, have deposits of $3,74,11,596 (Rs 258 crore) while the accounts in the name of his sister Purvi Modi has deposits of 27,38,136 (Rs 24 crore).
A senior official of the Reserve bank of India has joined the Central Bureau of Investigation for providing the agency with financial management tips and inputs for investigating bank frauds and other economic offences.
The Enforcement Directorate, which continued its searches against Modi, Choksi and their companies for the fourth day on Sunday , is also moving to attach at least two dozen immovable properties under the Prevention of Money Laundering Act.
The probe, being conducted under various sections of the Prevention of Money Laundering Act, is against the Kallal Group and the UK-based Lyca group and its Indian companies Lyca Productions and Lyca Hotels, it said.
They said the global arrest warrant against the Belgian national Nehal, 40, has been issued on charges of alleged money laundering that is being probed by the Enforcement Directorate.
