The Finance Ministry is evaluating options of conducting a special audit of scam-tainted IT firm Satyam Computer's accounts to ascertain the company's tax liability.
"There was an income tax raid at the firm premises sometime back... later, the company did pay up the required tax. But it came to light that certain bogus bills were debited in the account, which inflated expenses. The company had taken advantage of this while filing its income tax," a senior official of the serious frauds investigation office, who didn't wish to be identified, said.
Chennai-based DSQ Software may earn the dubious distinction of becoming the first company to be referred to the newly-created Serious Frauds Investigation Office for its role in the securities scam, sources said on Tuesday.
Judge T Rajani issued the summons to Ram Mynampati as he failed to appear before the court despite being asked thrice by it in connection with the case filed by Serious Fraud Investigation Office.
The Parliamentary Standing Committee on Finance's meeting comes against the backdrop of CBI probing the Saradha scam in which thousands of crores or rupees of gullible investors were allegedly swindled.
The Interpol has issued its first Silver notice, at India's request, to track the global assets of former French Embassy officer Shubham Shokeen, who is wanted in connection with a visa fraud. The Silver notice, introduced in January this year, aims to track illicit assets across the globe. India is among 51 countries participating in the pilot project for the Silver notice, which will continue until November. The Interpol has issued two Silver notices on the CBI's request - one against Shokeen for allegedly facilitating Schengen visas for illegal gratification and another against Amit Madanlal Lakhanpal, who is wanted by the Enforcement Directorate for allegedly creating a cryptocurrency without permission and defrauding investors.
Two key advisers to Prime Minister Benjamin Netanyahu, Yonatan Urich and Eli Feldstein, were arrested on Monday as part of an ongoing investigation into potential connections between Israeli officials and Qatar.
Troubled car maker Daewoo Motors India has been referred to the newly set up Serious Frauds Investigation Office due to financial mismanagement involving about Rs 1,000 crore.
Stricter norms of corporate governance under the Companies Act 2013 as well as increasing application of technology for early detection of frauds through data analysis surveillance and usage of forensic tool are among the other steps taken by the government to prevent fraud by companies, Jaitley said.
The Reserve Bank could consider setting up of a Fraud Registry on the lines of Credit Information Bureau to check criminal activities in the financial sector.
The Enforcement Directorate (ED) has filed a money-laundering case against Kerala Chief Minister Pinarayi Vijayan's daughter Veena Vijayan and her IT firm for receiving 'illegal payments' from a Kochi-based private firm, official sources said on Wednesday.
Deloitte had challenged the jurisdiction of the NCLT to ban it, saying section 140(5) of the Companies Act pertains to auditors who are still auditing the company in question while it has already resigned from the service and thus cannot be banned under the given provisions.
The top court had in 2020 directed installation of CCTV cameras and recording equipment at the offices of investigating agencies, including the Central Bureau of Investigation, the Enforcement Directorate and National Investigation Agency, which conduct interrogations and have the power of arrest.
Fortis Healthcare has also come under the lens of Sebi, which launched an investigation into alleged regulatory lapses
Ponzi or MLM schemes are fraudulent investment operations.
FBI director Kash Patel confirmed the arrest on X and called the case a "sobering reminder" that the CCP is working to deploy operatives and researchers to infiltrate American institutions and target the food supply in the US.
Maharashtra and West Bengal lead the way in bank fraud.
The size of corporate fraud in India almost doubled after 2009, and such cases also increased in number, said a report from Thought Arbitrage, a think tank in Delhi.
The ED carried out searches against two former auditor firms of IL&FS -- BSR and Associates and Deloitte Haskins and Sells -- on Wednesday in connection with its money-laundering probe into alleged financial irregularities at the infrastructure development and finance company, official sources said. The premises linked to the two auditors in Mumbai were searched under the provisions of the Prevention of Money Laundering Act (PMLA), they added. The action came a week after the Supreme Court set aside a Bombay High Court verdict that quashed an SFIO probe against the two companies, both former auditors of IL&FS Financial Services, paving the way for action against them under the Companies Act and allowing the National Company Law Tribunal (NCLT) to take forward its enquiry against them.
Court order follows submission of govt lawyers that Serious Fraud Investigation Office was probing a case of misappropriation of fund by Jet Airways and Goyal.
All four societies were under common management of the Sahara group and had collectively garnered Rs 86,673 crore, including more than Rs 47,000 crore collected by Sahara Credit Cooperative Society Ltd from nearly 4 crore depositors.
The RBI expects the assessment to show if the systemic failure was only in PNB or in the overall banking universe
CBI had started preliminary inquiry into the deal on January 4, 2011 and nine months later on October 9 had registered the FIR.
The Supreme Court is scheduled to pronounce on Thursday its order on a batch of PILs on the recent Adani group shares crash triggered by the Hindenburg Research's fraud allegations.
Jaitley also said that several states have framed laws to deal with ponzi scheme-related cases
The Supreme Court has dismissed the bail plea of jailed former CMD of Amrapali Group of Companies Anil Kumar Sharma, saying he doesn't deserve "sympathy" after having siphoned off the hard-earned money and life savings of thousands of homebuyers. "You have cheated thousands of homebuyers. You siphoned off their hard-earned money and their life savings. You do not deserve any sympathy," a bench comprising Justices Ajay Rastogi and Bela M Trivedi said, and refused to issue notice to the prosecuting agency on the bail plea of Sharma who has been in jail for over four years in the case. "Yours is not a case of simple cheating. See the plight of thousands of home buyers. You cannot have our sympathy. You better enjoy being in jail... This court is very aware of what you did.
Sources said Sankaran has been arrested on the grounds of abusing his powers in IL&FS Financial Services Ltd through fraudulent conduct and in granting loans to entities that were not credit-worthy or were declared as non-performing accounts.
Earlier when Goyal had moved court seeking permission to go abroad, the judge had observed that if he wanted to go abroad, he should first deposit Rs 18,000 crore as guarantee that his company owes to lenders.
A plea has been filed in the Supreme Court seeking investigation under the supervision of a sitting apex court judge against the Adani group of companies in light of the allegations made by the US-based Hindenburg Research.
A fresh PIL was filed on Thursday in the Supreme Court seeking a probe by multiple central government agencies under the supervision of a panel or a former apex court judge against the Adani Group of companies following allegations of fraud and share price manipulation made by the US-based Hindenburg Research.
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The National Spot Exchange Ltd, promoted by Jignesh Shah-led Financial Technologies, is facing a Rs 5,600-crore (Rs 56-billion) settlement crisis.
Piramal Group on Thursday said the Reserve Bank is understood to have cleared the resolution plan for debt-ridden DHFL as approved by the Committee of Creditors (CoC). The CoC had approved a resolution plan submitted by a Piramal Group company, Piramal Capital and Housing Finance Limited, last month. "We understand that the RBI has approved the DHFL resolution plan from Piramal Capital and Housing Finance, submitted by the CoC," Piramal Group said in a statement. The resolution plan was approved by the CoC in its 18th meeting concluded on January 15, 2021.
The Serious Fraud Investigation Office (SFIO) has arrested a person who the Ministry of Corporate Affairs (MCA) said has emerged as the mastermind of the racket of incorporating a large number of shell companies with Chinese links in India.
Goyal was questioned by the Serious Fraud Investigation Office on Thursday in Mumbai in connection with allegations of some financial irregularities.
The crucial hearing on the PILs by a bench headed by Chief Justice D Y Chandrachud assumes significance in the wake of recent developments in which the Centre agreed to the apex court's proposal to set up a committee, likely to be headed by a former Supreme Court judge, to look into the regulatory regimes.
The 61-year-old MLA from Islampur seat of Maharashtra has been asked to depose before the federal agency in Mumbai on Friday, they said. Patil, a former minister of home and finance, is also the Maharashtra president of the NCP and is a seven-term legislator.
RTI activist Anil Galgali had asked SBI about the total amount of loans given to the beleaguered businessman.
Suspended BJP MP Kirti Azad targeted more politicians, including party MP and BCCI secretary Anurag Thakur, involved in cricket governance.
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