In a major crackdown on domestic shell companies, the government on Friday decided to take "harsh punitive" action, including freezing of their bank accounts used to launder money or evade taxes.
Even as the Income Tax department is probing the financial dealings of the money-spinning Indian Premier League, the Enforcement Directorate (ED) will look into the alleged murky international deals of the Twenty20 tournament. Official sources said the Mumbai wing of the ED had conducted a discreet inquiry into the finances of Rajasthan Royals in 2008 and had prepared a report of alleged Foreign Exchange Management Act (FEMA) violations.
Former CBI Director A P Singh, who ran into rough weather over his purported links with controversial meat exporter Moin Qureshi, has resigned as UPSC member after a special court in Mumbai termed charges levelled against BJP President Amit Shah in fake encounter cases as being "politically" motivated.
Regulator finds broker trading through conduits; 26 entities barred from market.
"You cannot play hide and seek with the court," Justice Suresh Kait said.
Tamil Nadu Chief Minister M K Stalin on Thursday warned the Bharatiya Janata Party not to 'provoke' the Dravida Munnetra Kazhagam, saying it will not be able to 'bear the consequences' and that his party also knows 'all types of politics', escalating his attack on the saffron party after the arrest of his cabinet colleague V Senthil Balaji.
ED sought his custody for seven days, claiming it had knowledge of unidentified assets which value more than Rs 500 crore and his custodial interrogation was required.
The Rs 4,000-crore money laundering scam involving former Jharkhand chief minister Madhu Koda has taken a new turn today with the Enforcement Directorate pointing fingers at five Indian Administrative Service (IAS) officers.
Former Jharkhand Chief Minister Madhu Koda, who failed to appear before the Enforcement Directorate on Thursday, has sought time for his appearance, saying his documents are not ready. Koda, along with his associates, has been accused of being involved in a Rs 2000-crore hawala scam.According to one of his advocates, Koda has sought time as some of his documents, wanted by the ED, were either with the Income Tax Department or with the State Vigilance Department.
In 2005, Koda had movable assets worth Rs 13 lakh, and by 2009, they rose to over Rs 94 lakh. His immovable assets also doubled to over Rs four lakh during this period. These disclosures were made by Koda himself -- first in the affidavit he filed with the Election Commission at the time of contesting the assembly elections in 2005 and then earlier this year when he fought the Lok Sabha polls.
Did the ill-gotten money of former Jharkhand chief minister Madhu Koda and his associates, who are allegedly involved in the Hawala and illegal investments case, find its way to Naxal groups?
Former Jharkhand Chief Minister Madhu Koda will be questioned by the Income Tax officials in Ranchi on Tuesday over an alleged Rs 2,000 hawala transaction case.
Cash-strapped telco Vodafone Idea's proposal for investment of up to Rs 15,000 crore through foreign direct investment (FDI) has been approved by the Union government, according to officials. A top-level group, comprising representatives from the ministries of home affairs, external affairs, finance and commerce and industry, took the decision. The nod, which is an enabling provision, would help the financially-stressed company raise funds to pay up some of its dues linked to adjusted gross revenue (AGR), reduce debts and use the money for operational expenses.
'We always know on whose house the raid was conducted, and how much money was recovered.' 'We never know what happens inside when the raid is going on.'
The Enforcement Directorate on Monday arrested Delhi minister Satyendar Jain in connection with a money laundering case, officials said.
There have been demands from a section of stakeholders that the long-term capital gains tax on equities be reimposed.
Farmers have either dropped or delayed sowing of summer crops due to poor rains.
In a big relief to Samajwadi Party chief Mulayam Singh Yadav, the Central Bureau of Investigation closed a six-year-old disproportionate assets case against him on Friday citing lack of evidence.
Investors not comfortable investing directly may take the mutual fund route, where they get exposure to a diversified portfolio of bonds.
The Income Tax department has issued notices to Knight Riders Sports Private Limited and Gameplan Sports to appear before it in connection with the recent search operations at the offices of the two entities.
BlackRock has again reduced the valuation of its share in edtech firm Byju's - this time to about $1 billion, TechCrunch reported on Friday, citing disclosures made by the US-based asset manager. This is 95 per cent less than its peak valuation of $22 billion in 2022. The markdown comes at a time when the company is facing a multitude of challenges, including securing fresh capital, delays in financial reporting and legal disputes with lenders.
Barcelona's revenue is projected to rise to 509 million euros this season, the Spanish champions said on Tuesday, making the club only the second to cross the half-billion threshold after arch rivals Real Madrid.
Jain, 57, is the minister for health, power, home, PWD, industries, urban development, flood, irrigation and water in the Arvind Kejriwal-led government.
The Apex Court has asked the minister and the two agencies to respond to the notice within the next ten days.
Proof of disgraced Satyam founder Ramalinga Raju's political influence--an issue that is being widely discussed following his January 7 confessions of fraud--was strongly in evidence as far back as 2002, when his company was at the height of its success.
The Income Tax department is likely to initiate prosecution against close to 300 people whose names have been submitted to the Supreme Court on Wednesday in connection with the probe into alleged black money accounts in HSBC bank in Geneva.
A team of investigators from the Income Tax Department spent Tuesday at the residence of former Jharkhand Chief Minister Madhu Koda, sifting through his papers and questioning him about an alleged Rs 2,000 crore hawala transaction case. The Enforcement Directorate has also begun action against him in New Delhi.The department has asked its officers in Ranchi to bring a list of the seizures and records of statements of his associates, which will be put across to Koda.
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.
Pro-Pakistan leader Syed Ali Shah Geelani's death has brought to an end a chapter of anti-India and separatist politics in Kashmir.
Today, the single most popular route of laundering is the stock market platform, notes Debashis Basu.
IPL Commissioner Lalit Modi was questioned by IT and Enforcement Directorate officials on Thursday.
Samajwadi Party chief Akhilesh Yadav on Sunday accused Uttar Pradesh Chief Minister Yogi Adityanath of getting his telephones tapped and listening to the conversation every evening.
He has not been issued fresh summons and it is understood that his questioning has ended, at least for now.
Has Vijay Shekhar Sharma given up on the bank? For now, he seems to be on a save-OCL mission. The bank will face its logical end, observes Tamal Bandopadhyay.
Define ownership proportionately at the time of registration to ensure that you don't face problems on taxation front.
Close on the heels of the alleged money laundering by farm owner Hasan Ali Khan through Switzerland-based bank UBS, Europe's biggest bank by assets, another Swiss bank, Credit Suisse, has come under scrutiny of the Enforcement Directorate (ED), which investigates foreign exchange violations.
The J-K top cops also said less than 200 militants are currently active in Jammu and Kashmir.
Fresh PoEM guidelines will affect pharma, energy, automobiles, manufacturing and software companies.
The Income Tax Department and Tamil Nadu Directorate of Vigilance and Anti-Corruption officials raided houses and business establishments of former Chief Minister Pannerselvam and a former Minister Anitha Radhakrishnan.
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