The probe agency found irregularities in loans amounting Rs 3,642 crore sanctioned by Yes Bank to the travel firm.
The Financial Intelligence Unit (FIU), the federal economic snoop agency under the Union finance ministry, sent 289 legal requests to its counterparts across the globe during 2018-19 as compared to 177 in 2017-18 and 138 in 2016-17.
In a statement, the prosecutor's office said Ronaldo had knowingly used a "business structure" created in 2010 to hide his income in Spain from his image rights.
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.
Want a stress free vacation? Amar Pandit tells you what you need to keep in mind.
Sanjay Kumar, the former chief executive of Computer Associates International Inc, has pleaded not guilty on charges of a multibillion-dollar financial fraud levelled against him.
Use of blockchain technology will ensure that banks will not be blindsided like in the case of the Nirav Modi-Mehul Choksi blowout at PNB, says Raghu Mohan.
France's TotalEnergies has put on hold a planned investment in Adani Group's $50 billion hydrogen project pending results of an audit launched following allegations by a US short-seller, chief executive Patrick Pouyann said on Wednesday. While the partnership where the French oil giant was to take a 25 per cent stake in the hydrogen venture of the Adani group was announced in June last year, TotalEnergies has not yet signed a contract, he said at an earnings call. "Obviously, the hydrogen project will be put on hold until we have clarity" from Adani group on the allegation levelled by US short-seller Hindenburg Research, Pouyanne said.
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.
On the 10th anniversary of the global financial crisis, a multi-part series analyses the lessons learnt and those not learnt.
Disgraced American businessman Allen Stanford, who bankrolled a $20 million Twenty20 match between England and West Indies before being convicted of defrauding investors, has been sentenced to 110 years in prison.
With YSR Congress leader Jaganmohan Reddy in jail for alleged acts of financial frauds, it was his mother Vijayamma who took on the mantle of running the party in his absence.
ICAI intends to investigate the chartered accountants of PNB but the bank allegedly refuses to give the information sought.
As the new Tax Collection at Source (TCS) on foreign remittances is set to become applicable from October 1, travel agents' body TAAI has made a last-minute plea to the government, urging them to abolish the decision or defer its implementation until the next fiscal year to allow discussions on overseas tour packages. The government has raised the TCS on foreign remittances under the Liberalised Remittance Scheme (LRS) from 5 per cent to 20 per cent. This will be applicable to international travel, sending money abroad and other remittances.
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.
The CBI has filed an FIR against Amrapali Leisure Valley Developers Pvt Ltd, its director Anil Sharma and others for allegedly cheating Bank of Maharashtra and Andhra Bank of over Rs 230 crore, officials said on Friday. The banks had sanctioned credit facilities to develop a housing building at the Tech Zone IV in Uttar Pradesh's Greater Noida on a plot measuring 1.06 lakh square metre, the FIR alleged. The company failed to maintain financial discipline following which the account was declared a non-performing asset on March 31, 2017, the complaint from Bank of Maharashtra, now part of the FIR, has alleged, adding that "it has resulted in the loss of over Rs 230.97 crore". Following the FIR, the CBI Thursday conducted searches at four locations in Delhi, Noida and Ghaziabad, they said.
In 1937, a hydrogen-powered German airship flying into New Jersey caught fire and crashed, killing 35 passengers on board. It was sort of a man-made disaster as some 100 people were loaded on to a balloon filled with the most flammable material in the universe. The airship was named Hindenburg. Eight decades later, in 2017, a graduate of international business management from the University of Connecticut founded a "forensic financial research" firm to specialise in spotting wrongdoings and frauds, or what it calls man-made disasters, at companies around the globe and take market bets against them.
Under the Companies Act, 2013, auditors have the responsibility of reporting frauds, at entities being audited by them.
The onus is on companies to put in place a vigil mechanism to detect and deter fraud.
The case lodged against Samajwadi Party leader Amar Singh and others for alleged financial fraud amounting to Rs 500 crore would be handed over to Kolkata police for further investigation, the Uttar Pradesh government said on Saturday.
Former captain Bhaichung Bhutia demanded the resignation of All India Football Federation president Kalyan Chaubey.
I strongly believe that if the government does indeed have the mindset and launches the machinery to severely punish white collar criminals, my life will be easier albeit in a convoluted manner.
According to a complaint from Bank of Baroda, the conspirators allegedly cheated a consortium of bank loans of Rs 3,695 crore. The scam was earlier estimated at around Rs 800 crore.
The Enforcement Directorate, the agency under the finance ministry exclusively dealing with violations of foreign exchange regulations, is part of the multi-disciplinary investigation team probing the Satyam accounting scam.
The auditors also said that the company is in the process of monetising its assets and has submitted a draft resolution plan to the consortium of bankers for restructuring its borrowings and also there have been discussions for stake sale by the promoters to a strategic partner with further equity infusion.
The SEBI and the RBI will look into it. Let their reports come in, BJP MP Mahesh Jethmalani said.
Three reasons why this is the best time for financial planning.
A former Rochdale Securities trader whose unauthorised purchase of about $1 billion of Apple Inc stock caused the demise of the company pleaded guilty to fraud and conspiracy.
Having millions doesn't mean you don't lose sleep. A look at what weighs on the wealthy.
The CBI counsel argued that if Raju and Srinivas were permitted to operate laptops they could get access through wireless internet to anybody and destroy the evidence of prosecution.
The Securities and Exchange Board of India (Sebi) plans to roll out a new regulatory framework for registrar and transfer agents (RTAs) - the market intermediaries responsible for the record-keeping of bondholders and shareholders after a company offers securities to the public. The markets regulator, sources said, is considering a multifold increase in net-worth requirement, a move that may dissuade companies from having in-house RTAs for record-keeping. At present, the minimum net worth required for RTAs is Rs 50 lakh and Rs 25 lakh in categories I and II, respectively.
Embattled Adani Group on Monday said it has put on hold major equipment procurement and site construction activities for the Rs 34,900 crore petrochemical project at Mundra in Gujarat as the project has not yet tied up finances. The group's flagship Adani Enterprises Ltd (AEL) incorporated a wholly-owned subsidiary, Mundra Petrochem Ltd in 2021 for setting up a greenfield coal-to-PVC plant at Adani Ports and Special Economic Zone (APSEZ) land in the Kutch district of Gujarat. Asked by stock exchanges to comment on a PTI report on Sunday that the group has suspended work on the project, AEL said, "The financial closure of the Green PVC project of Mundra Petrochemicals Limited ( MPL) is pending with the financial institutions and it is in their active consideration."
A new law that defines how companies should process users' data came into force with the President giving assent to the Digital Personal Data Protection (DPDP) Act passed by Parliament in the just-concluded monsoon session. The law arms individuals with greater control over their data while allowing companies to transfer users' data abroad for processing, except to nations and territories restricted by the Centre through notification. It also gives the government power to seek information from firms and issue directions to block content.
'We don't trade with any business where we have specific concerns,' a De Beers spokesperson said.
The court wants to examine all the accused, including B Ramalinga Raju, in regard to allegations mentioned against them by the CBI in two separate chargesheets before commencing the trial.
The Andhra Pradesh government has scrapped its 10-month-old agreement with Maytas Infrastructure-led consortium for the implementation of the prestigious Rs 12,230-crore (Rs 122.390 billion) Hyderabad Metro Rail Project.
'Being financially independent is crucial.' 'This spares women a lot of grief if the marriage, especially in large business families, breaks down.'
The court also extended the judicial remand of all the 10 accused till March 18.
Scammers and fraudsters keep coming up with creative ways to gain access to sensitive information and only by being alert and aware of such attempts can data privacy be truly maintained.
"The company wishes to point out to investors that reported allegations regarding the magnitude of investor harm or historical misstatements in the company's accounting records do not necessarily shed light on the present financial position and liabilities of the company."
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