The world is celebrating Raj Kapoor's birth centenary, but when was the last time you watched an RK film?
Until now, the penalty was Rs 1 crore only.
The government on Thursday gave more powers to market regulator Securities and Exchange Board of India to crackdown on ponzi schemes, access phone call records to check insider trading and carry out search and seizure operations.
According to him, there are enough laws but their implementation is important.
Of late Speak Asia (www.speakasiaonline.com) has been in the news and is being investigated by various regulatory agencies of the government, including the ministry of corporate affairs.
A large number of companies, either based out of this eastern state or having a significant presence there, are being probed for running illicit 'collective investment schemes', while penal action has already been initiated by Sebi against over 20 other entities from the region.
The agency, which looks into white collar crimes and violations of companies law, investigated more than 60 companies in this regard.
Even Delhi does not have a full-time registrar of chits.
Reddy, a minister during the previous BJP rule, had been arrested by the Central Bureau of Investigation in 2011 over alleged multi-crore illegal mining scam and granted bail three years later.
Several of Sachin Uppal's victims were family friends
Government on Monday asked income tax department to take steps to unearth domestic black money.
ED had served summons to several English columnists and writers who had contributed in the Saradha group newspapers and also gone to foreign junkets.
Fraudsters in Himachal Pradesh minted a series of a cryptocoins -- two of which were KRO and DGT -- to cheat thousands of investors of more than Rs 200 crore over a period of five years, beginning in 2018 -- the year the crypto reached fever pitch.
While the Trinamool government, led by Chief Minister Mamata Banerjee, tried its best to attract investors, including from Singapore, not much headway could be made.
The Supreme Court has sought responses of the Centre, CBI, the Enforcement Directorate and others including 13 states on a plea alleging fraudulent activities by motivational speaker Vivek Bindra and his firm Bada Business Pvt Ltd. Accusing the social media influencer and his firm of tricking people into giving them their money through a ponzi scheme that promised big returns, the petition sought a direction to the Centre to constitute a special investigation team (SIT) of the CBI to probe the case. A bench comprising MM Sundresh and SVN Bhatti took note of the submissions of senior advocate Vikas Singh, appearing for Shubham Chaudhary and 19 other petitioners, that Bindra and his firm have duped several people of their money.
NBFCs which have not met Sebi criteria will face tough action.
ED had arrested group chairman Gautam Kundu on March 25.
The undistributed funds totalling over Rs 25,000 crore lying with the capital markets regulator Sebi's account have come back into focus after the demise of Sahara Group's chief Subrata Roy. Roy passed away in Mumbai on Tuesday night at the age of 75 after battling a prolonged illness. He faced multiple regulatory and legal battles in connection with his group firms that were accused of circumventing regulations with ponzi schemes, allegations his group always denied.
The bids have been invited by Sebi till October 27, while auction for the sale would take place on October 30
Sahara Group chief Subrata Roy passed away on Tuesday due to a cardiorespiratory arrest after a prolonged illness, a company statement said. He was 75. He was 75. According to the company statement, he passed away at 10.30 pm due to cardio-respiratory arrest following an extended battle with complications arising from metastatic malignancy, hypertension, and diabetes.
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.
The Ministry of Finance's Directorate of Enforcement should also be made a part of the state-level coordination panels,
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.
"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.
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.
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.
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.
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
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Sebi on Monday decided to declare illegal mobilisation of funds as a "fraudulent and unfair trade practice".
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.
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.
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.
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 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.
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.
The agency said the recall of the order granting Kumar an interim protection from the arrest was necessary.
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.
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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.
