Dubai-based billionaire BR Shetty has sued Bank of Baroda (BoB) and audit firm Ernst & Young (EY) in a New York court, accusing them of ignoring fictitious and fraudulent transactions that resulted in NMC Healthcare going bankrupt. Shetty is seeking $8 billion in damages in the suit that also names the top management of NMC Healthcare, and Netherlands-based Credit Europe Bank. A top NMC Healthcare official confirmed the development to Business Standard and said despite several meetings, senior BoB officials in India did not take remedial steps for fear of getting involved in an international ponzi scheme perpetrated by then senior management officials.
A complaint against Gujarat Minister of State for Cow Protection Prabhatsinh Chauhan and 28 others has been lodged alleging their involvement in the embezzlement of Rs 124 crore from the bank.
Norway on Wednesday gave a clean chit to Grameen Bank founder Muhammad Yunus, saying it found no evidence of donor fund embezzlement by his bank, removing a cloud that had hovered over the Nobel Laureate.
Suspended Jharkhand IAS officer Pooja Singhal was paid "commission" by subordinate staff from MGNREGA funds of Khunti district which she and her husband subsequently utilised for acquiring various properties, the Enforcement Directorate (ED) claimed in a statement on Wednesday.
Gerhard Gribkowsky, an ex-BayernLB banker, is on trial charged with selling Formula One rights in return for a bribe, with the involvement of Ecclestone.
Six years ago, the company discovered an incident of embezzlement of about $4 mn by an employee.
The indictment comes seven months after another Dhaka court issued an arrest warrant against the 69-year-old ex-chief justice who lives in the United States
Many in the US establishment must hope that the crisis would put the brakes on China's growing military might. Well, it ain't gonna happen, says T T Ram Mohan, who was appointed a member of the prime minister's economic advisory council on Wednesday, October 28, 2021.
In a major blow to Nirav Modi, a bankruptcy court in the US has rejected a petition of the fugitive diamond merchant and two of his associates, seeking dismissal of fraud allegations against them by the trustee of three companies they previously owned indirectly.
"Whose money is this? From where did the money in these bank accounts have come," a bench headed by Justice Dipak Misra asked the counsel for Setalvad.
A former top executive of Citigroup has been charged for allegedly siphoning off more than $19 million from the bank, the latest in a string of frauds that have come to light at the global banking giant.
Eight persons, including a data entry operator in the the Central Bureau of Investigation pay and account office, arrested for allegedly embezzling over Rs 1.5 crore from the agency's bank account, have been remanded in judicial custody by a Delhi court for 14 days.
A former official of the state-run Agricultural Bank of China has been executed for taking bribes and embezzling US$ 1.97 million.
The recent case of embezzlement by a Wipro insider, believe industry experts and analysts, would have little impact on the company's business or image. However, they simultaneously caution that the issue yet again highlights the need for better measures on corporate governance and fraud.
The 82-year-old former Jammu and Kashmir chief minister received the ED summons a day after the formation of the People's Alliance led by him was announced on October 15.
The government may ask the Central Bureau of Investigation to probe the alleged transfer of funds by the Ford Foundation to activist Teesta Setalvad's Sabrang Communication and Publishing Pvt Limited.
Budhia's mother accused the boy's former trainer of embezzling a huge amount collected for her son's welfare.
Modi, 46, who had figured in the Forbes' list of richest Indians, has been named in the cheating case on a complaint from the PNB, which alleged that the jewellery firm owner, his brother, wife and Choksi entered into a criminal conspiracy with the officials of the bank and cheated it, causing a "wrongful loss".
The Mumbai Police on Wednesday arrested Ashok Advani, publisher of Business India and former director of the Mumbai-based Jai Hind Cooperative Bank, on charges of embezzling Rs 27 crore from a savings account held by a trust.
The Congress party's real estate bank has been receiving complaints from state units, and Priyanka Gandhi's first formal responsibility maybe to address these woes.
The government on Friday ordered a Central Bureau of Investigation into transfer of funds by United States-based Ford Foundation to Sabrang Communication and Publishing Pvt Limited, with which social activist Teesta Stelvad is associated, allegedly in violation of rules and froze a bank account of the firm.
Sharad Pawar has left the door open for his nephew's return by not suspending him from the party for his rebellion.
The DDCA decided to file a defamation case against Delhi CM Kejriwal and suspended BJP MP Kirti Azad for making "wild and baseless" allegations of corruption against the body.
OPS also requested the EC to restarin Sisikala's pick Dindigul C Sreenivasan from functioning as the party treasurer
The scam has offered Lalu Prasad an opportunity to point fingers at Nitish Kumar and Sushil Kumar Modi.
Outgoing president Sepp Blatter hit back at Chung Mong-joon, one of the candidates to replace him, for labelling FIFA a 'corrupt organisation' on Monday and said the South Korean's remarks were 'disturbing'.
The Central Bureau of Investigation on Wednesday carried out searches at premises of social activist Teesta Setalvad and her organisation in connection with a case of alleged violation of Foreign Contribution Regulation Act in receiving funds from abroad without taking prior permission from the home ministry.
Disgraced Chinese leader Bo Xilai's high-profile trial was abruptly adjourned after prosecutors produced more evidence to nail the former Communist strongman, who in turn described his ex-police chief and a key witness as a "liar with extremely bad character."
The BJP, however, reacted sharply to Gandhi's remarks saying the Congress leader will do well worrying more about his constituency.
"We will work out the parameters then we will see as to how mentioning will be done," he said.
Hitting back at Nitish Kumar, who on Monday mouthed a limerick set to a film song to attack him, Prime Minister Narendra Modi on Tuesday likened JD(U)-RJD-Congress alliance to "three idiots", advised the chief minister to perfect the art of "Mushaira" and practise it at leisure after the Bihar polls.
Vaihayasi Pande Daniel glances at the life and political career of Alexey Navalny who has been banned from challenging Vladimir Putin in Russia's presidential election.
The activist and her husband have allegedly embezzled funds from riot victims.
As Rose Valley resurfaces, Sudip Bandyopadhyay and Tapas Pal's arrests marks the end of the bonhomie between the TMC and BJP.
The Sochi Winter Olympics are meant to be Vladimir Putin's crowning achievement as Russian leader but are in danger of becoming a symbol of his country's problems.
