Ask rediffGURU and tax expert Mihir Tanna your income tax-related questions.
Searches conducted by the Enforcement Directorate (ED) under the anti-money laundering law rose by 86 times while arrests and attachment of assets jumped by around 25 times in the 10 years since 2014 compared to the preceding nine-year period, according to official data.
Post your financial planning queries for rediffGURU and financial planning expert, Colonel Sanjeev Govila.
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.
The arrest of ICICI Bank's former Managing Director and Chief Executive Officer (CEO) Chanda Kochhar and her husband Deepak Kochhar by the Central Bureau of Investigation (CBI) in a loan fraud case was "without application of mind and due regard to the law", amounting to an "abuse of power", the Bombay high court has said. A division bench of Justices Anuja Prabhudessai and N R Borkar had on February 6 held the Kochhars' arrest as illegal and confirmed a January 2023 interim order passed by another bench granting them bail. In the order made available on Monday, the court said the CBI has been unable to demonstrate the existence of circumstances or supportive material based on which the decision to arrest was taken.
Disgraced Satyam founder B Ramalinga Raju, his brother Rama Raju, and IT firm's former CFO Vadlamani Srinivas moved their bail applications in the IV Additional Metropolitan Sessions judge in the Nampally criminal court complex. Their bail pleas were rejected by the designated court for CBI (XIV Additional Chief Metropolitan Magistrate).
A local court in Hyderabad on Tuesday allowed the CBI to obtain specimen signatures and handwriting of former Satyam chairman B Ramalinga Raju and four other accused in the Satyam fraud case, all of whom are now in the Chanchalguda jail.
As a multi-disciplinary organisation, SFIO probes cases of financial frauds that are referred to it by Corporate Affairs Ministry
Moreover, many feel that distorting the company's financial performance is 'justifiable' in the current economic turmoil. The latest European Fraud Survey by global consultancy firm Ernst & Young revealed that 'unethical business behaviour' is gaining more acceptability.
The big thing was inflating the revenue of the company through fake invoices.
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.
Andhra Pradesh Chief Minister Y S Rajasekhara Reddy on Friday said the CB-CID is independently probing the financial fraud in Satyam Computer, as it appeared likely that its founder Ramalinga Raju would be arrested.
Sandeep Raut has been asked to depose before the central agency at its office in Mumbai next week, they said, adding his statement will be recorded under the Prevention of Money Laundering Act.
Spanish prosecutors have won a series of cases against high profile footballers and coaches for tax fraud in recent years, including Lionel Messi, Cristiano Ronaldo and Jose Mourinho.
Tamal Bandyopadhyay, columnist and author of several books like From Lehman to Demonetisation: A Decade of Disruptions and Sahara: The Untold Story, tells Rediff.com why Yes Bank depositors should not panic and the current crisis at India's fifth largest private lender does not pose any systemic risk.
At the heart of Paytm's slide lies the abject failure of its Super App strategy, notes Indrajit Gupta.
Duped companies in the US and wired money to India and Pakistan.
US short seller Hindenburg Research has rejected Adani Group's charge that its report was an attack on India, saying a "fraud" cannot be obfuscated by nationalism or a bloated response that ignored response to key allegations. Commenting on the 413-page response Adani Group released late on Sunday evening in response to its report, Hindenburg said it believed India was a vibrant democracy and an emerging superpower with an exciting future and it was Adani Group which was holding it back through "systematic loot". Hindenburg stood by its last week's report that said its two-year investigation found Adani Group "engaged in a brazen stock manipulation and accounting fraud scheme over the course of decades".
Majority of company managers found to be spearheading corporate fraud are those in service for less than one year and the amount involved in many cases is estimated at over one million dollars, says a survey.\n\n\n\n
The Enforcement Directorate (ED) on Tuesday arrested the former CFO and internal auditor of the Cox and Kings Group in connection with its money laundering probe in the Yes Bank alleged loan default case. The agency said ex-chief financial officer Anil Khandelwal and internal auditor Naresh Jain were arrested under the provision of the Prevention of Money Laundering Act
Companies don't have to be in the field to nudge people to return money they owe lenders.
Activist Arvind Kejriwal's allegations against Union Law Minister Salman Khurshid are based on an inspection report by the Comptroller and Auditor General.
Adidas, which owns Reebok, had to take euro 211 million hit on account of the fraud at Reebok India
Lata Ramgobin, who is the daughter of noted rights activists Ela Gandhi and late Mewa Ramgobind, was also refused leave to appeal both the conviction and the sentence by the Durban Specialised Commercial Crime Court.
Protect yourself and minimise such frauds by following these simple rules
Google said safety, affordability and expanded use cases for the next wave of users will be the pillars to get the next 700 million users online.
The event will also hurt PNB's asset quality in the March 2018 quarter. While the finer details of the fraud have not been provided, making it difficult to gauge the exact impact, analysts say it will dent the bank's financials.
In all, 292 allegedly fraudulent LoUs and 224 foreign letters of credit were generated and money sanctioned to Nirav Modi's companies since 2011
Infosys, India's second largest information technology (IT) services company, is likely to book an impact of less than $1 million (Rs 6 crore) due to the financial irregularities in the accounts of its business process outsourcing (BPO) arm, which led to the dismissal of the unit's chief financial officer, Abraham Mathews earlier this week.
A team of officers from Serious Fraud Investigation Office (SFIO) visited Delhi and District Cricket Association headquarters in New Delhi on Monday and began investigation into the charges of alleged financial irregularities levelled by former India cricketer Kirti Azad.
'India's emergence as a top crypto market comes despite a regulatory and tax environment that can be challenging for the industry to navigate.'
Fraudsters duplicate SIM cards to hack into bank accounts.
Infrastructure Leasing and Finance Company is poised to acquire management control of the troubled infrastructure company Maytas Infrastructure owned by family members of Ramalinga Raju, former chairman and managing director of Satyam Computers, who confessed to financial fraud on January 7. The leading non-banking finance company is emerging as a government preference given its prominent role in infrastructure finance in the country.
Probe has been completed against 83.
Terming Satyam's shocking disclosure of about the Rs 8,000-crore (Rs 80 billion) financial fraud as a 'one off case', corporate leaders today expressed confidence and said it will not damage the image of India Inc.
More than 1,000 independent directors have quit since January 2017; more could be on their way out
Adani group opened a $1.2 billion copper plant, bought a port in Odisha, raised stakes in a cement company and stitched an alliance with rival Mukesh Ambani's Reliance Industries, all in a matter of one week in signs that the apples-to-airport conglomerate has shrugged off the Hindenburg effect and is back to rapid expansion spree. In the last one week, Adani group has through regulatory filings and press statements announced expansions and investments in its mainstay ports business, diversification into metal refining, fund infusion into a two-year-old cement foray and continuing progress in the commissioning of its mega solar project.
To a specific question on the change in RBI's stance from "neutral" to "accommodative", Das said it means that there will not be any rate hike from here on.
Sebi on Tuesday restrained two Brightcom Group officials, M Suresh Kumar Reddy and Narayan Raju, from holding any managerial position in the company or its subsidiaries until further orders. Reddy is the promoter-cum-chairman and MD of Brightcom Group Ltd (BGL) while Raju is the chief financial officer. Besides, the regulator also banned Reddy from the securities market until further orders.
The specialised wing -- Directorate of Criminal Investigation (Income Tax) -- will be manned by hand-picked officers who are experts in financial and forensic investigations.
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