When the police conducted a probe into it, a mega fraud worth over Rs 16,180 crore came to light, the official said quoting the FIR.
Agarwal, a real estate developer, was arrested under sections 75 and 77 of the Juvenile Justice Act, while the others were booked for allegedly serving alcohol to an underage person.
Credit card spending has hit a record high of Rs 1.4 lakh crore in May, the latest data from Reserver Bank of India showed. The total spending or outstanding dues on credit cards, which remained rang-bound throughout the year in the previous fiscal, have been rising by 5 per cent month on month this year. Similarly, the number of cards in use has also jumped by more than 5 million since January and crossed 87.4 million in the reporting month, making this also an all-time high in May, according to the RBI data.
Top corporates have paid more advance tax in second quarter this year.
Higher for longer' may be the narrative in the developed markets, but interest rates might not stay high for very long in India, with a section of the market expecting rate cuts to begin this year. The six-member Monetary Policy Committee of Reserve Bank of India (RBI) decided to keep interest rates unchanged at 6.5 per cent in the April review - after hiking the policy repo rate in six previous meetings. RBI Governor Shaktikanta Das emphasised that the pause was only for the April policy and that the central bank was ready to act if the situation demanded.
The government has also set targets for the next 25 years. We are working on the target of becoming a $5-10 trillion economy as well as taking exports to a record high, he said.
Despite the objections raised by Reserve Bank of India and Election Commission, India's politics has been funded anonymously and it is time to end this, asserts Aakar Patel.
India's mutual fund (MF) industry had barely any retail footprint when it completed 50 years in 2013. MFs had Rs 7 trillion in assets under management (AUM) in March 2013, of which around Rs 5 trillion was in institution-focused debt funds. By comparison, bank deposits in the country stood at Rs 67.5 trillion around the same time.
'How can you shoot somebody raising a white flag, even if he's a fighter, when he's surrendered?'
Virat Kohli's string of low scores would be a concern for India when they play against Canada in their final group match of the T20 World Cup.
Gold is an excellent asset class for diversification and should be included in all long-term portfolios.
The MNS chief started his speech with the name of Nehru, then paused. After a few tense seconds, he resumed: "After Nehru, here is the only politician who will be PM for the third term."
Indian banks are the 2nd-fastest-growing ones.
"We will raise Rs 300 crore via bonds of two-, three- and five-year tenures. This will be our maiden bond issuance and is part of our effort to widen funding sources," says Vimal Bhandari, executive vice-chairman and chief executive officer (CEO), Arka Fincap. The firm, a subsidiary of Kirloskar Oil, is only five years old and small (assets of around Rs 5,000 crore with an "AA" rating), but the response to this float will be closely watched: It would be the first by a non-banking finance company (NBFC) after Mint Road upped the risk weights on bank exposures to them by 25 percentage points. The move by the Reserve Bank of India (RBI) has caught NBFCs off guard even though the issue had been flagged by Governor Shaktikanta Das with their corner-room occupants (and that of banks) in July and August 2023 - on consumer credit and the dependency on bank borrowings.
France showcased its cultural diversity, spirit of revolution, impeccable craftsmanship, and architectural heritage in a riveting opening ceremony for the 33rd Olympic Games.
The Enforcement Directorate on Wednesday said it has attached in London, Dubai and India assets worth Rs 538 crore of Jet Airways founder Naresh Goyal, his family members and companies as part of a money laundering investigation linked to an alleged bank loan fraud. The attached properties include 17 residential flats, bungalows and commercial premises. Located in London, Dubai and various cities in India, these properties are in the name of various companies like Jetair Private Limited and Jet Enterprises Private Limited, Goyal, his wife Anita, and son Nivaan, the central agency said in a statement.
At the end of October, Sri Lanka President Maithripala Sirisena handed over the deeds for the transfer of 116 hectares in Colombo Port City to China Harbour Engineering Company on a 99-year lease to build a financial centre.
In a bid to gain a bigger share of the customer's wallet, banks are ramping up their cross-selling initiatives.
The funding marks the first investment in the Indian food delivery category by SoftBank Vision Fund 2, with participation from the company's long-term investor, Prosus, and other existing investors Accel Partners and Wellington Management, Swiggy said in a statement. In addition, new investors Qatar Investment Authority, Falcon Edge Capital, Amansa Capital, Goldman Sachs, Think Investments and Carmignac participated in the round, it stated. This latest fundraise was heavily oversubscribed following strong interest from investors, and comes on the back of Swiggy's rapid recovery from the impacts of COVID-19 and subsequent growth in 2020-21, Swiggy said.
Anticipating a sudden and huge crowd in bank branches following the announcement of various measures by the government on Friday, the AIBEA said since the number of employees in bank branches are very few, the crowds can pose a big risk for the bank staff as well as for the customers who might be visiting in large numbers.
Kerala's election discourse operates surreptitiously. Its explicit face focuses on important national and local issues. At the same time, it seeks to secure apt communal equations to ensure votes, notes Shyam G Menon.
PMC Bank depositors have spent the last one year holding protests, meeting politicians, writing to various authorities in an effort to get their hard-earned money back.
Telecom Regulatory Authority of India Chairman Rahul Khullar said insurance companies have asked for 4-6 weeks to deal with unsolicited commercial call or SMS.
Several states declared a holiday for schools, while government offices, other establishments and public sector banks remained closed for half a day.
'The focus needs to shift towards the ability to collect payments, particularly in tier-3 to tier-4 areas where acceptance is still lacking.'
The government on Friday approved an electric-vehicle policy, under which duty concessions will be given to companies setting up manufacturing units in the country with a minimum investment of $500 million, a move aimed at attracting major global players like US-based Tesla. According to an official statement, the companies setting up manufacturing facilities for e-vehicles will be allowed to import a limited number of cars at lower customs duty. The policy seeks to promote India as a manufacturing destination for EVs and attract investment from reputed global EV manufacturers, it added.
Explaining the modus operandi of the case, the FIR said HDIL promoters allegedly colluded with the bank management, to draw loans from the bank's Bhandup branch. Despite non-payment, the bank officials did not classify the loans as NPA and intentionally hid the information about the same from RBI.
Clash of the two richest titans, a celebrity and a 'royal', is on the cards in Himachal Pradesh's Mandi Lok Sabha constituency, known for electing erstwhile 'royals' maximum number of times.
The story of Sahara India Pariwar founder Subrata Roy, who died in Mumbai on November 14 aged 75, is the stuff of movies - of a spectacular rise and an equally spectacular fall. Born in Araria, Bihar, Roy was 30 when he set up Sahara in 1978. He started with a capital of about Rs 2,000, a peon, a clerk and his father's Lambretta scooter in Gorakhpur, eastern Uttar Pradesh, writes Tamal Bandyopadhyay in his 2014 book, Sahara: The Untold Story. Sahara was not his first venture.
HDFC Bank is on a global search to find a successor to the founding-chief executive Aditya Puri, as he would turn 70 next year.
Coffee Day Global Ltd (CDGL) and its financial creditor IndusInd Bank have reached a settlement, following which NCLAT has set aside an insolvency order against the company which owns and operates coffee chain Cafe Coffee Day. Counsel representing CDGL and IndusInd bank on Wednesday informed the Chennai bench of National Company Law Appellate Tribunal (NCLAT) about the settlement and sought permission to withdraw insolvency litigations. A two-member bench comprising Justice M Venugopal and Shreesha Merla took their submissions on record and set aside the order admitting CDGL to insolvency.
'We are working with a few housing finance companies to drive affordable lending because that's where we believe our sweet spot is.'
Images from Sunday's action in the Premier League.
Israelis and Palestinians bury their dead.
Shiv Sena-Uddhav Balasaheb Thackeray president and former Maharashtra chief minister Uddhav Thackeray has been sent an invitation by speed post for the Ram temple consecration ceremony to be held in Ayodhya on Monday.
'Avoid rushing into any financial transactions or disclosing personal information.'
You can have a traditional Diwali celebration with your family at these special spots.
Amid simmering tension in Mandya over the removal of Hanuman flag from a 108 feet tall flagpost, the Keragodu village Panchayat Development Officer has been suspended.
As captain, Gautam Gambhir won KKR its two titles. Now, as team mentor, can he inspire KKR to achieve glory?
