The probe agency found irregularities in loans amounting Rs 3,642 crore sanctioned by Yes Bank to the travel firm.
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.
As a nationwide strike of trade unions hit banking and other services on Wednesday, business chambers pegged the loss to the economy at a staggering Rs 25,000 crore and said such "disruptive" actions can hit India's image as an attractive business destination.
Equity benchmarks Sensex and Nifty declined nearly 1 per cent on Friday, in tandem with a weak trend in overseas markets amid hawkish tone of global central banks. The 30-share BSE Sensex fell 461.22 points or 0.75 per cent to settle at 61,337.81. During the day, it tumbled 506.5 points or 0.81 per cent to 61,292.53.
Cash-strapped Indian carriers are finally finding money to finance expansion plans or merely fund operations. State-owned Air India is set to receive a $1 billion (Rs 49,000 crore) loan and Naresh Goyal-promoted Jet Airways is close to striking a deal for a Rs 500-crore loan from Indian Overseas Bank.
RBI has made it easier for developers to access foreign money to spur low-cost housing projects.
The Attorney General said that Mallya has not disclosed full details of his assets.
Foreign flows into Indian equities are expected to pause in the short to medium term, say analysts. The outlook is influenced by multiple factors, including rising oil prices, actions from global central banks, climbing bond yields, and the dollar index gaining prominence. "Valuations appear rich with the markets at record highs.
Automobile company Tata Motors, metals and mining major Vedanta, oil marketing firm Bharat Petroleum Corporation (BPCL), private sector IndusInd Bank, and two-wheeler major Bajaj Auto have witnessed their market cap slip below the Rs 1-trillion mark this year.
For the first time, PSU banks will have a non-executive chairman, giving operational responsibility to managing director and chief executive officer.
RBI seeks detailed report on what happened between 2011 and now; bankers to recall loans to Nirav Modi entities.
Investments through participatory notes (P-notes) in the Indian capital market surged to a 27-month high of Rs 83,114 crore at November-end driven by continued liquidity and improvement in second quarter corporate earnings. P-notes are issued by registered foreign portfolio investors (FPIs) to overseas investors who wish to be part of the Indian stock market without registering themselves directly. They, however, need to go through a due diligence process. According to Securities and Exchange Board of India (Sebi) data, the value of P-note investments in Indian markets -- equity, debt and hybrid securities -- increased to Rs 83,114 crore at November-end from Rs 78,686 crore at October-end.
At issue size of Rs 10,355 cr, the offering will be Asia's biggest this year and fifth-largest domestically.
Mallya and his group firms are already facing a probe by Enforcement Directorate for alleged diversion of loans taken by long-grounded Kingfisher Airlines
The CBI has shared its findings with the Enforcement Directorate.
The Singapore high court has put a freeze on deposits of $ 6.122 million following Enforcement Directorate's request on the ground that the money was "proceeds of crime" illegally siphoned off by Nirav Modi from the Punjab National Bank.
Banks tighten hold on Mallya for defaults on KFA loans
Investments in Indian capital market through participatory notes (P-notes) dropped to Rs 94,826 crore till November-end after hitting 43-month high in the preceding month. P-notes are issued by registered foreign portfolio investors (FPIs) to overseas investors who wish to be a part of the Indian stock market without registering themselves directly. They, however, need to go through a due diligence process.
The jewellers and companies linked to Nirav Modi and Mehul Choksi had allegedly colluded with PNB officers to obtain fake bank guarantees to get loan from overseas branches of Indian banks including Allahabad Bank, Axis Bank and UCO Bank.
Equity mutual funds (MFs) deployed maximum in shares of Reliance Industries (RIL) in June at Rs 2,177 crore, followed by Maruti Suzuki (Rs 2,045 crore) and Bharti Airtel (Rs 1,310 crore). Shares of both RIL and Bharti Airtel have been turbulent this month. On July 1, shares of RIL crashed over 7 per cent, following the government imposing windfall taxes on domestic crude oil production and fuel exports.
GNPAs of public sector banks are now at a staggering 11.2 per cent of their advances.
A lot depends on how Srei shapes up under the new administrator and his team, which is critical for investors' interest.
Finance Minister Nirmala Sitharaman's Rs 30,600 crore government guarantee for the bad bank has changed the body language of bankers for the better, observes Tamal Bandyopadhyay.
Indian Overseas Bank will shortly open 'representative offices' in UAE, Malaysia, China and Canada, subject to the approval of the board and the Reserve Bank of India, S C Gupta, managing director, IOB, said on Saturday.
While a DFI will help banks derisk their loan portfolios, creation of a bad bank will clean up their balance sheets.
The Enforcement Directorate on Saturday said it has searched the Bengaluru-located office and residential premises of Edtech major BYJU's and its CEO and co-founder Raveendran Byju and seized 'incriminating' documents and digital data as part of a foreign exchange violation probe.
The Securities and Exchange Board of India (Sebi) is in the process of issuing a standard operating procedure (SOP) for designated depository participants (DDPs) regarding disclosures and onboarding of foreign portfolio investors (FPIs), according to a regulatory document seen by Business Standard. DDPs act as a link between the markets regulator and overseas investors. The SOP, framed in consultation with the industry, aims to bring consistency across all players and avoid any form of regulatory arbitrage.
HDFC Bank, which is set to overtake India's largest private sector bank ICICI in branch network by merging Centurion Bank of Punjab with itself, is now keen to expand overseas to tap the non-resident Indian market. "We have applied for licences in Bahrain and Hong Kong. We have a representative office in Dubai, while CBoP has one in Canada," HDFC Bank Managing Director Aditya Puri said.
Huge inflow thanks to low inflation levels and RBI rate cut
Publicly traded banks in India added Rs 1 trillion in bad loans for the quarter ending December 31, 2015.
SBI leads a 17-member consortium of lenders that is trying to recover dues running into over Rs 7,500 crore (Rs 75 billion) in principal alone from Kingfisher Airlines.
Finance Minister Arun Jaitley said the magnitude of the alleged black money transfer through state-owned BoB will only be known after completion of the multi-disciplinary probe.
The IRP has admitted 33 claims from banks worth Rs 8,462 crore, and is verifying Rs 15,044-crore claims from operational creditors and staff.
Country's largest lender SBI on Tuesday said it is likely to raise Rs 50,000 crore (Rs 500 billion) capital for its expansion plans in domestic and overseas markets in the next three years and proposed a holding company for its non-bank subsidiaries.
Move to hasten rollout and, if successful, set a precedent for new banking firms.
Since arraignment under money laundering is a tougher offence, the CBDT hopes it will also overcome its dismal score sheet to prove satisfactorily to the courts that these cases were genuine ones of tax evasion.
According to the RTI reply, absconding diamantaire Choksi's company Gitanjali Gems tops the list of the defaulters with a whopping amount of Rs 5,492 crore. This is followed by REI Agro with Rs 4,314 crore and Winsome Diamonds with Rs 4,076 crore. Rotomac Global Private Limited has funded advances of Rs 2,850 crore which have been technically written off and Kudos Chemie Ltd with Rs 2,326 crore, Ruchi Soya Industries Limited, now owned by Ramdev's Patanjali, with Rs 2,212 crore and Zoom Developers Pvt Ltd with Rs 2,012 crore being the other companies to default on the payment. Mallya's Kingfisher Airlines figures in the list at number 9, with outstanding of Rs 1943 crore which have been technically written off by the banks.
The 30-share Sensex closed up 34 points at 27,831 and the 50-share Nifty ended up 15 points at 8,356.
© 2026 Rediff.com - Investor Information - Advertise with us - Disclaimer - Privacy Policy - Sitemap - Feedback - About us - Terms of use - Grievances