The syndicate used "stooge" bank accounts and shell companies to transfer the largest amount linked to a single case recorded in the city, the Customs and Excise Department of Hong Kong said.
Three-four big gem and jewellery firms are showing financial weaknesses and might find it tough to withstand shocks
Armed with court order, a consortium of lenders led by SBI can now sell certain real estate properties and securities belonging to fugitive Vijay Mallya to recover loans turned bad with failure of Kingfisher Airlines. A consortium of 11 banks that gave Mallya loans, led by State Bank of India (SBI), had approached a special Prevention of Money Laundering Act (PMLA) court seeking restoration of his properties seized by the Enforcement Directorate. The special PMLA court in Mumbai on Tuesday allowed the restoration of properties worth Rs 5,646.54 crore to banks.
The attached properties include three commercial assets based in Dubai, a Mercedes Benz car and a number of fixed deposits in bank accounts in the country and outside, the agency said.
However, it is understood that the liquor baron has suggested his legal team can help ED in taking the probe forward.
Banks will also have to seek borrower's status report from Central Economic Intelligence Bureau on the account turning NPA
Billionaire Gautam Adani-led promoter group has paid off all of the $2.15 billion loans taken pledging their shares in the conglomerate, and only debt at operating company level remains, Adani Group said seeking to assure investors of its ability to repay debt. Adani Group in a statement termed reports of the group not completing repayment of $2.15 billion share-backed debt "baseless and deliberately mischievous." "Adani has completed full prepayment of margin linked share-backed financing aggregating to $2.15 billion (as was announced on March 12) and all corresponding shares pledged for those facilities have been released," it said.
The Enforcement Directorate (ED) had also published in leading dailies the court-issued proclamation against Mallya for appearance before the special PMLA court.
Under Section 83 of the CrPC, ED may seek attachment of more of his property.
The federal agency said it conducted raids against a director of Zanmai Lab Pvt Ltd, which owns WazirX, on August 3 in Hyderabad and alleged he was "non-cooperative". The agency's probe against the crypto exchange is linked to its ongoing investigation against a number of Chinese loan apps (mobile applications) working in India.
The Governor had submitted his report to the Public Accounts Committee and put the blame on 'overall economic downturn'
Officials of 17 banks which gave loan to Kingfisher Airlines and UB Group are also under the agency's scanner
Nehal, 41, is charged in a New York Supreme Court indictment with Grand Larceny in the First Degree, Manhattan District Attorney Cy Vance, Jr. said.
For Indian parents, sending a child abroad for a three-year degree could deplete 48% of their retirement savings, while a four-year degree may consume up to 64%.
The order came days after Goyal told the court that he had "lost every hope of life and it would be "better if he died in jail" than living in such a situation.
'For years, the RBI has been warning banks on probable frauds in bank guarantees and advised them to exercise due care.' 'PSB staffers feel their jobs are secured, hence there is no need to be vigilant and exercise financial prudence.'
With this, India joins 60 other countries that collect PNR details of international passengers.
Mallya remains on bail pending his UK High Court appeal, now scheduled for February 2020.
The Bombay high court on Friday heard prosecution and defence arguments on the applications of former ICICI Bank CEO and MD Chanda Kochhar and her businessman-husband Deepak Kochhar, challenging their arrest by the Central Bureau of Investigation (CBI) in an alleged loan fraud case, and reserved its verdict which will be delivered on Monday. The Kochhars, along with Videocon group founder Venugopal Dhoot, were arrested by the CBI late last month for their alleged roles in the case and the trio is currently in jail under judicial custody. The Kochhar couple has termed their arrest as "illegal" on the ground that no sanction was obtained prior to the CBI action as required under provisions of the Prevention of Corruption Act (PCA).
CBI sources said the shell companies were allegedly being used by the suspects to divert loan funds meant for specified purposes, creating fake invoices, and 'round-tripping' of funds to evade taxes and generate black money.
Days after the fraud allegedly masterminded by diamantaire Nirav Modi came to light, the prime minister asked the management of financial institutions as well as the supervisory bodies to do their job diligently to check such frauds.
The coming years could be exciting for Bandhan Bank, IDBI Bank, IDFC First Bank, Federal Bank, and CSB Bank.
The banking sector's credibility is on thin ice. Unless the government takes strict steps, things could get worse.
Vikram Kothari took a loan of Rs 485 crore from Mumbai-based Union Bank of India and a loan of Rs 352 crore from Kolkata-based Allahabad Bank. A year later, Kothari has reportedly not paid back either the interest or the loan.
An expert committee, set up by the Supreme Court to probe allegations against the Adani group following a bombshell report from a US short seller, has members with potential conflict of interest, a fresh petition filed in the apex court on Monday said.
This generated thousands of fraudulent and otherwise defective residential mortgage loans sold to Fannie Mae and Freddie Mac that later defaulted, causing over $1 billion in losses and countless foreclosures.
The Enforcement Directorate has arrested the chairman and the managing director (MD) of Mumbai-based Omkar Realtors and Developers in connection with a money laundering case against them linked to the alleged loan fraud in Yes Bank, official sources said on Wednesday.
The CBI filed a charge sheet against its four officials in a bribe-for-relief case involving the investigation against Frost International for allegedly committed a bank fraud of over Rs 4,300 crore, officials said.
Funds parked by Indian individuals and firms in Swiss banks, including through India-based branches and other financial institutions, declined by 11 per cent in 2022 to 3.42 billion Swiss francs (nearly Rs 30,000 crore), annual data from Switzerland's central bank showed on Thursday.
PMC Bank depositors have spent the last one year holding protests, meeting politicians, writing to various authorities in an effort to get their hard-earned money back.
Adani Group is expected to report a 20 per cent rise in its earnings before interest, tax, depreciation, and amortisation (Ebitda) at Rs 61,200 crore for the year that ended in March 2023 (2022-23, or FY23), according to a note submitted by the group to lenders recently. The group had earned Ebitda of Rs 57,299 crore in the preceding financial year that ended in March 2022 (2021-22). The group's gross debt was Rs 2.27 trillion as of March 31, 2023, and has projected to not take on additional debt until it lowers its existing one.
The debt-laden Kingfisher Airlines stopped operations in October 2012.
Amid slowdown blues, the government has unveiled a raft of measures over the past few months aimed at improving liquidity in the system, moderating interest rates as well as credit growth apart from addressing stress in the NBFC sector.
A consortium of Indian banks led by the State Bank of India (SBI) returned to the High Court in London for a bankruptcy application hearing against liquor tycoon Vijay Mallya, as they pursue the recovery of debt from loans paid out to his now-defunct Kingfisher Airlines. At a virtual hearing before Chief Insolvencies and Companies Court (ICC) Judge Michael Briggs on Friday, both sides deposed retired Indian Supreme Court justices as expert witnesses on Indian law in support of their arguments for and against a bankruptcy order against Mallya in the UK. While the banks argued a right to waive their security over the Indian assets involved in the case in order to recover their debt in the UK, lawyers for the 65-year-old businessman argued that the funds in question involved public money held by state-owned banks in India which precluded them from such a security waiver.
If there were an Olympics for bank frauds in India, Rishi Agarwal, founder and former chairman of ABG Shipyard Ltd, a nephew of the Ruia brothers of the Essar group, would bag the gold, pushing Nirav Modi to his right, says Tamal Bandyopadhyay.
A key defence to disprove a prima facie case of fraud and misrepresentation on Mallya's part has revolved around the fact that Kingfisher Airlines was the victim of economic misfortune alongside other Indian airlines.
The septuagenarian, who turned teary-eyed, submitted that he misses his wife Anita very badly and said she is in the advanced stage of cancer, according to court records.
It further said that the loan application form should be suitably modified to incorporate passport details of borrowers.
The Delhi police unearthed a multi-crore corporate fraud and arrested the kingpin of the racket, a hotelier who allegedly cheated as many as six major banks in Delhi by extracting loans furnishing forged documents.
Police in Dominica captured Choksi on Tuesday night (local time) after an Interpol Yellow Notice was issued by Antigua and Barbuda.
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