Making a strong case for banning cryptocurrencies, Reserve Bank Deputy Governor T Rabi Sankar on Monday said they are even worse than ponzi schemes and threaten the financial sovereignty of a country. Observing that crypto-technology is underpinned by a philosophy to evade government controls, he said they have been specifically developed to bypass the regulated financial system. More substantially, he added, cryptocurrencies can wreck the currency system, monetary authority, banking system, and in general the government's ability to control the economy.
Damage from new shenanigans can be contained if regulators move quickly when something does not smell right, counsels Debashis Basu.
The Ministry of Finance's Directorate of Enforcement should also be made a part of the state-level coordination panels,
The Supreme Court collegium has for the second time reiterated the names of two advocates -- Amitesh Banerjee and Sakya Sen -- for appointment as judges of the Calcutta high court "expeditiously", saying it was not open for the government to repeatedly send back the same proposal.
"Dravid had lodged a complaint with us two days back against Vikram Investment Company for cheating him of Rs 4 crore," Sadashivanagar police inspector Naveen said.
In 1937, a hydrogen-powered German airship flying into New Jersey caught fire and crashed, killing 35 passengers on board. It was sort of a man-made disaster as some 100 people were loaded on to a balloon filled with the most flammable material in the universe. The airship was named Hindenburg. Eight decades later, in 2017, a graduate of international business management from the University of Connecticut founded a "forensic financial research" firm to specialise in spotting wrongdoings and frauds, or what it calls man-made disasters, at companies around the globe and take market bets against them.
Wanted diamond merchant Nirav Modi appeared via videolink from his London prison for a regular call-over hearing at Westminster Magistrates' Court on Friday, when he was further remanded in custody until February 25, when the judgment in his extradition case is to be handed down. District Judge Angus Hamilton informed Modi that he would most likely be appearing again via videolink on the day of the ruling, which will decide whether the 49-year-old jeweller has a case to answer before the Indian courts on fraud and money laundering in relation to the Punjab National Bank (PNB) scam case. Last month, District Judge Samuel Goozee had confirmed the timeline for the judgment at the end of closing submissions in the case, during which he heard that Modi is responsible for overseeing a "ponzi-like scheme" that caused enormous fraud to PNB.
Officials said multiple premises of Baig and his associates are being raided by the agency under the provisions of the Prevention of Money Laundering Act
The Supreme Court on Monday asked a crypto-currency scam accused to disclose the username and password of his bitcoin wallet to the Enforcement Directorate and cooperate with the investigation in the money laundering case against him.
Gautam Adani was the world's third and Asia's richest man a month back but a damning report by a US firm triggered a massive sell-off in shares of his apples-to-airport group, plunging his own wealth by $80 billion and the tycoon slipping to No.30 on the world billionaire index. Adani's sprawling conglomerate, which spans from sea ports to airports, edible oil and commodities, energy, cement and data centres, is under attack by US short-seller Hindenburg Research, which successfully deflated electric-vehicle maker Nikola Motors in 2020. Hindenburg, which held short positions in unidentified shares of Adani Group firms through its US-traded debt and offshore derivatives, on January 24 accused the conglomerate of "brazen stock manipulation and accounting fraud" and using a number of offshore shell companies to inflate stock prices.
Meanwhile, RBI Governor Raghuram Rajan said at the meeting that the central bank brass discussed strengthening the state- level coordination committees so that unauthorised deposit taking can be dealt with in a better way.
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Sebi on Monday decided to declare illegal mobilisation of funds as a "fraudulent and unfair trade practice".
Sebi has prohibited firms, including Greenworld Agro Industries, Mass Infra Realty, Orchid Cultivation Projects India, Aditya Global Industries and Real Tulip, from raising funds from investors through issuance of securities.
The central probe agency has also issued a notice asking general public 'to furnish information and particulars of properties, both movable and immovable as well as bank accounts, in the state of West Bengal and other places, if any, related to Saradha group known to them, with specific details' to it.
For at least 13 years, big and small investors alike turned over their money to Paul Greenwood and Stephen Walsh, two New York money managers, in the belief that an "enhanced equity index" strategy was reaping them profits.
The agency said the recall of the order granting Kumar an interim protection from the arrest was necessary.
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Trinamool Congress Rajya Sabha MP Kunal Ghosh on Sunday said West Bengal Chief Minister Mamata Banerjee and her party had no link with the chit fund company Saradha Group, which has closed shop failing to repay hundreds of depositors' money.
All airports and immigration authorities have been alerted by the CBI this week to prevent him from leaving the country and intimate the agency on any possible move, they said.
The agency had summoned him in January too but he sought time, citing the ongoing Winter Session of Parliament, they said.
Hasty, ill-conceived steps show how isolated Mamata Banerjee had been from the national political trend. A fascinating excerpt from Sugato Hazra's Losing The Plot: Political Isolation Of West Bengal.
Earlier during the day, the agency carried out searches at two premises of Mishra in Kolkata in connection with the case but could not find him there
Ponzi scheme, as I had explained earlier, is essentially a fraudulent investment scheme where money brought in by the newer investors is used to pay off the older investors. This creates an impression of a successful investment scheme.
Sinha recalled how Sebi started functioning as an independent regulator in 1988, when its first Chairman S A Dave picked up six officers from IDBI and began functioning from IDBI's office itself.
Wanted diamond merchant Nirav Modi, who remains behind bars in a London prison as he contests his extradition to India on charges of fraud and money laundering in the estimated $2-billion Punjab National Bank (PNB) scam case, will find out the UK court's ruling in the nearly two-year-long legal battle on Thursday. The 49-year-old is expected to appear via videolink from Wandsworth Prison in south-west London at Westminster Magistrates' Court, where District Judge Samuel Goozee is set to hand down his judgment on whether the jeweller has a case to answer before the Indian courts. The magistrates' court ruling will then be sent back to UK Home Secretary Priti Patel for a sign off, with the possibility of appeals in the High Court on either side depending on the outcome.
The bank is facing a slew of government legal actions.
The quizmaster-turned-parliamentarian was interrogated for about two hours on some financial transactions in bank accounts related to the TMC mouthpiece 'Jago Bangla'.
The minister was speaking at a seminar on the 'Indian Financial Code' which was framed by Financial Sector Legislative Reforms Commission with a view to update the laws and regulations dealing with the sector.
Gullible investors get trapped in ponzi schemes because of their own "greed", CBI chief Anil Sinha said on Saturday on the scam in which an estimated 25 lakh people have lost deposits in West Bengal and Odisha alone.
It is intriguing that the CBI has shown little interest in the most scandalous and biggest collective investment scheme ever, from the Sahara group, asserts Debashis Basu.
'Neither the Centre nor the state is helping us, rather they are coming up with new ways to create stumbling blocks for the return of money.'
The auction of personal possessions seized from Ponzi schemer Bernard Madoff's Palm Beach mansion, held during the weekend, generated as much as $500,000, according to the US Marshals Service which conducted the auction.
With Hansal Mehta's Scam 1992 bringing it up so interestingly, Joginder Tuteja looks back at films that have dealt in the stock market.
The agency has also called former Trinamool Congress Rajya Sabha MP Kunal Ghosh to Shillong on February 10.
Amid huge cheers from supporters, Chakraborty, borrowing a dialogue from one of his films, said, "Ami joldhorao noi, bele borao noi... ami ekta cobra, ek chobol-ei chobi (Don't mistake me for a harmless snake, I am a cobra, can kill people in one bite)," he said.
A special CBI team had been searching for Kumar, who is now the additional director general of police in the criminal investigation department, across various locations in Kolkata.
The Rajya Sabha MP, who is also a spokesperson of West Bengal's ruling party, was asked to appear before a CBI team in the first week of August, officials said on Friday.
The agency has done five advertisements so far.
His son Sandhir Agarwal was earlier arrested by CBI in connection with the Saradha probe and is now in jail.
Dubai-based billionaire BR Shetty has sued Bank of Baroda (BoB) and audit firm Ernst & Young (EY) in a New York court, accusing them of ignoring fictitious and fraudulent transactions that resulted in NMC Healthcare going bankrupt. Shetty is seeking $8 billion in damages in the suit that also names the top management of NMC Healthcare, and Netherlands-based Credit Europe Bank. A top NMC Healthcare official confirmed the development to Business Standard and said despite several meetings, senior BoB officials in India did not take remedial steps for fear of getting involved in an international ponzi scheme perpetrated by then senior management officials.
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