Court cases, investigations, dwindling sales and fall in market capitalisation could make recovery a tough challenge.
A local court in Mumbai has refused to close a cheating case against Bharatiya Janata Party leader Kirit Somaiya and his son, noting further probe was necessary as police have not investigated what was done with funds collected by them to save the decommissioned naval aircraft carried Vikrant.
The Calcutta high court on Friday took up Jagmohan Dalmiya's perjury case against the Board of Control for Cricket in India and its president Sharad Pawar for allegedly producing false documents before it. Justice Nadira Patheriya directed that the matter be heard on April 18.
NCP MP Supriya Sule and other party leaders accompanied the 38-year-old legislator till the entrance of the probe agency's office.
The Economic Offences Wing of Mumbai Police interrogated two employees of the former BCCI chief in Kolkata.
The case is linked to an alleged fraud of over Rs 512 crore in a Panvel-based cooperative bank.
Industrialist and art dealer Guru Swarup Srivastava was today remanded to police custody till May 21 by a local court for allegedly forging documents.
Economic Offences wing of Mumbai Police, which is probing the case, told the court that the investigating agency intended to file chargesheet against Shah and others on or before August 4.
Jagmohan Dalmiya, Kishore Rungta and Jyoti Bajpai were questioned in connection with the alleged misappropriation of funds from the 1996 World Cup account.
Sandeep Raut has been asked to depose before the central agency at its office in Mumbai next week, they said, adding his statement will be recorded under the Prevention of Money Laundering Act.
Shah and Javalgekar were arrested on May 7.
The sessions court on Thursday extended the police custody of the Financial Technologies and Multi Commodities Exchange (MCX) promoter Jignesh Shah and former managing director and chief executive of the commodity exchange Shreekant Javalgekar till May 19.
The Mumbai Police, probing the Rs 5,600-crore (Rs 56 billion) scam at the National Spot Exchange has initiated the process of attaching about 25 immovable assets of the borrowers and has shortlisted nearly 100 properties of all the accused in the case, a senior police official said.
The Enforcement Directorate on Friday searched premises of Baramati Agro, a company owned by MLA Rohit Pawar, grand nephew of NCP supremo Sharad Pawar, and linked entities as part of a money laundering probe into the alleged Maharashtra State Cooperative Bank scam, official sources said.
The accused were allegedly complicit in causing losses to the tune of Rs 1,000 crore to MSCB between 2007 and 2011.
The EOW stated in its closure report that it did not see any criminality or wrongdoing in the matter, adding that the bank in question did not suffer any losses in the process of sanctioning loans or selling the Jarandeshwar Sugar Mill.
He is the fourth leader of the Sharad Pawar-led Nationalist Congress Party, which is ruling in alliance with the Shiv Sena and Congress in Maharashtra, to face the heat from the central agency.
Mumbai police chargesheets billionaire-builder Chandru Raheja for cheating, breach of trust; Rahejas call it pressure tactic, say Wadia plea was thrown out by Supreme Court
A total of 161.30 acres of land, plant, machinery and building of the Kannad Sahakari Sakhar Karkhana Limited (Kannad SSK) located in Kannad village of Aurangabad district has been provisionally attached under the Prevention of Money Laundering Act (PMLA), the ED said in a statement.
Delhi police spokesperson Suman Nalwa said that Irani, a resident of Mumbai, has joined the investigation at the economic offence wing office.
A lookout notice has been issued against industrialist Yash Birla in connection with a cheating case registered against his firm Birla Power Solutions, police said.
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The land parcel is located in South Mumbai's Tardeo neighbourhood and has a total area of 4,300 square metres (46,268 sq ft).
Chandole was arrested by the ED on late Wednesday night under the Prevention of Money Laundering Act (PMLA) in a case against a security service provider company and others.
A bench comprising Chief Justice S A Bobe and justices B R Gavai and Surya Kant took note of the submissions of solicitor general Tushar Mehta that the high court order, to the extent of allowing their release from prison, needed to be stayed.
The ED wants to question Varsha Raut with regard to "receipt" of some funds that were allegedly siphoned from the bank, official sources claimed.
Actor Jacqueline Fernandez on Monday arrived at the Patiala House court in the national capital in connection with the Rs 200 crores money laundering case involving alleged conman Sukesh Chandrashekhar.
A man allegedly forged a letter in the name of External Affairs Minister Salman Khurshid and presented it before the consul general of Saudi Arabia to procure a visa to visit Mecca and Medina, police said on Tuesday.
The Economic Offences Wing of the city police arrested Gawli, the president of the Akhil Bharatiya Sena.
The Economic Offences Wing has alleged that the former BCCI president diverted funds from a bank account in Kolkata meant for paying legal fees towards various other expenses.
Suspected bookie Shobhan Mehta alias Shobhan Kalachowkie is facing allegations of misusing telephone lines of MTNL to indulge in cricket betting.
Granting bail to Gawli, the court observed that while police must ensure that the interests of the public are protected, they needed to be sure of what their jurisdiction was.
The Mumbai high court on Friday ordered CBI to probe the complaint filed by Tata Finance Ltd against its former managing director Dilip Pendse for allegedly cheating the company to the tune of Rs 400 crore.
Emerging out of the ED grilling in Mumbai, Rohit Pawar denied any wrongdoing and asserted struggle was imminent in fight for ideology while declaring he wasn't scared.
Nirmala Sitharaman said in Lok Sabha that in case of medical emergencies, marriages and other crisis situations, a depositor of the Maharashtra-based PMC Bank can withdraw up to Rs 1 lakh by invoking the 'hardship provisions' of the RBI.
With this relaxation more than 77 per cent of the depositors will be able to withdraw their entire account balance.
The EOW suspects a nexus between some of the accused and HDIL, whose mammoth loan defaults are said to have caused a liquidity crisis at the bank, leading to appointment of administrator by RBI and restrictions on withdrawal of funds.
The NSEL scam, involving Rs 5,600 crore, came to light after the now defunct exchange, promoted by Financial Technologies, failed to pay its investors.
A delegation of account-holders went to Sion police station in central Mumbai and submitted the complaint against officials of the bank on which the RBI has imposed operational restrictions. The delegation in its complaint alleged that at least 14 people, including the PMC Bank's chairman and all its directors, were involved in misappropriation of funds of the account-holders.
Claiming innocence, former head of the National Spot Exchange Limited (NSEL) Anjani Sinha, held in the Rs 5,600 crore (Rs 56 billion) payment crisis, on said that he was acting under the board's pressure, sources said.
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