In all, 292 allegedly fraudulent LoUs and 224 foreign letters of credit were generated and money sanctioned to Nirav Modi's companies since 2011
Bankers pay a small price for their misdeeds, no matter how large the cost to their banks or to the economy at large, says TT Ram Mohan.
Uber, the United States-based cab service against which a first information report was registered by the police had around 4,000 drivers working for it in Delhi but the company had no idea whether any of them were verified by cops or had a Public Transport Vehicle (PSV) badge which is mandatory to drive any public transport vehicle in the city.
The court also questioned how Amrapali Group could mortgage the entire projects and secure loan worth thousands of crores of rupees from banks when it was only an agent to develop the property.
While PNB did not name the other lenders, Union Bank of India, Allahabad Bank and Axis Bank are said to have offered credit based on letters of undertaking (LOUs) issued by PNB. Foreign bank branches too are under investigation.
This is one of the many such cases that helped to create an acute fear psychosis among public sector bankers, reveals Tamal Bandyopadhyay in his fascinating new book Pandemonium: The Great Indian Banking Tragedy.
'I have taken a loan of Rs 35 lakhs.' 'Even if my university allows me to stay, I feel cheated.' 'Thousands of Indian students in the US will be forced to return to India if their college/university courses go fully online.
Charges against Raju and others include criminal conspiracy and forgery.
The court has now posted the matter for further hearing on May 15.
Aseem Chhabra introduces you to the Irrfan you never knew.
The Economic Offences Wing (EOW) of the Mumbai city police is expected to file a First Information Report (FIR) against Jignesh Shah, promoter of Financial Technologies and vice-chairman of National Spot Exchange (NSEL), and former senior management officials in connection with the current payment crisis.
A bench of Justices Arun Mishra and U U Lalit said, if home buyers are not ready to pay their outstanding amount, then the court will have to bundle up the projects.
No one knows where billionaire Nirav Modi emerged from. What is known is that when he came (back) to India, he cut his teeth in the diamond business under the tutelage of his jeweller uncle. Then he began to build a glittering international brand. Soon even Hollywood stars like Kate Winslet and Dakota Johnson were walking the red carpet showing off Nirav Modi jewels.
Thousands of homeowners across housing projects owned by Jaypee Infratech and the Amrapali Group are running out of options. Jaypee Infratech and Amrapali are among the 12 big corporate loan defaulters against which the RBI has ordered initiation of insolvency proceedings.
It is likely that the IO of Chennai police would also approach a local court to seek Modi's presence in the case as being sought by the ED in its money laundering probe.
Senior criminal lawyers explain the minutiae of the National Herald case in an effort to help sort out the legal intricacies of the case for the layman.
In an offline chat, mind/life coach, NLP trainer and Mental Health Guru Anu Krishna encourages Rediff.com readers to talk about their problems and offers solutions.
Two days after Mumbai Police attached his properties, Jignesh Shah, director of the beleaguered National Spot Exchange Ltd, on Thursday told investigators that he was making "relentless" efforts to recover money from defaulters.
A bench headed by Justice Madan B Lokur asked the Centre as to what action has been taken in the matter.
NBFCs which have not met Sebi criteria will face tough action.
The Rs 5,600-crore (Rs 56 billion) NSEL scam could have been averted had its top management and other functionaries "performed their duties and exercised due diligence" to check the dubious activities of defaulting firms which have been alleged to have cheated numerous investors, investigation by Enforcement Directorate (ED) has revealed.
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.
A bench of Justices Arun Mishra and U U Lalit also cancelled the leases of Amrapali's properties granted by the Noida and Greater Noida authorities and directed the Enforcement Directorate to investigate alleged money laundering by CMD Anil Sharma and other directors and senior officials of the group.
The CBI today registered three FIRs and a preliminary enquiry to probe alleged irregularities in Indian Airlines-Air India merger and purchase of 111 aircraft, leasing of planes and giving up of profit-making routes by Air India, causing a loss of thousands of crore of rupees.
National coach Pullela Gopichand on Wednesday defended Indian Badminton League's decision to reduce the base price of Jwala Gutta and Ashwini Ponnappa before the IBL Players' auction, saying it was done so that the doubles specialists do not incur financial loss.
'It seems to be a bit of an aberration. It should be set right; there is a proper mechanism in place. In the normal course, the state police do not have any jurisdiction on central government employees,' the official said.
The investigators have already served summons to Shah and others directing them to appear before them for questioning.
KPH Dream Cricket Pvt Ltd, the owners and promoter of the IPL franchise Kings XI Punjab, has filed a criminal complaint against its title sponsor, NVD Solar Ltd and its officials, for "cheating and duping" them of around Rs 14 crore which they were supposed to pay it as per the contract.
Mahima Seth, 25 who works as a financial consultant tells us how she lost 23 kg in 10 months.
The government is beefing up enforcement against tax cheats in real estate sector, says Panagariya
Mental health and life coach Anu Krishna tells you how to take charge of your life.
The online application of such claims would enable EPFO to eventually settle those within three days.
When you talk about finances, you need to have a goal to invest.
The ED on Monday also examined the state-owned bank's executive director K V Brahmaji Rao to understand how the alleged fraud was detected and other banking procedures.
In a big shot in the arm for the YSR Congress party in Andhra Pradesh, a Central Bureau of Investigation court in Hyderabad on Monday granted conditional bail to its president and Member of Lok Sabha YS Jaganmohan Reddy in disproportionate assets case.
The prime accused deployed a modus operandi of claiming the investment in real estate purchased in the name of third party as unsecured loan
Mumbai police chargesheets billionaire-builder Chandru Raheja for cheating, breach of trust; Rahejas call it pressure tactic, say Wadia plea was thrown out by Supreme Court
In her weekly column, mental health guru Anu Krishna offers advice on how to take charge of your life.
As all regulators are part of it, individuals don't need to worry about approaching the right authority
