Parekh was held guilty in the case related to the 1992 stock scam, in which Canbank Financial Services was duped of over Rs 47 crore (Rs 470 million). On April 1, a special court in Mumbai had sentenced Parekh, Hiten Dalal and four others to one year in jail for siphoning off funds from Canbank Financial Services Ltd, a unit of Canara Bank.
The CBI has registered an FIR against an officer of Punjab National Bank (PNB), now suspended, for allegedly cheating the state-run lender to the tune of Rs 168.59 crore through 34 fake bank guarantees, officials said Thursday. Nearly four years after LoU (letter of undertaking) scam allegedly perpetrated by uncle-nephew duo of Mehul Choksi and Nirav Modi bled the PNB to the tune of about Rs 13,000 crore, bank official Priya Ranjan Kumar followed similar modus operandi to issue 34 fake bank guarantees without making any entries in its core banking system Finacle, according to the CBI FIR. "As per the interim investigation report dated November 27, 2022, it emerges that the fraud has been perpetrated by the bank staff in collusion with some unknown persons through illegal and unauthorized usage of the bank's systems.
The longest-serving Bharatiya Janata Party chief minister and popularly known as mama (maternal uncle) and 'paon-paon wale bhaiya' (foot soldier), Shivraj Singh Chouhan has emerged as the hero of his party's stunning victory in the state assembly elections.
Nirav Modi, the fugitive diamond merchant wanted in India to stand trial on fraud and money laundering charges, told a UK court on Thursday that he could be in England for years as some ongoing proceedings prevent his extradition. The 52-year-old former billionaire appeared for a hearing at Barkingside Magistrates' Court in east London via video link from Thameside prison in relation legal costs, or fines, amounting to GBP 150,247.00, accrued over his failed extradition appeal proceedings in the London high court. Dressed in a pink prison-issue outfit and sporting a moustache, a plump and bald Nirav addressed the three-member magistrates' bench to reveal that he had complied with the previous court direction to pay in GBP 10,000 per month towards the fines.
99 per cent of respondents believed that the biggest impact of corruption business was its tendency to skew the level playing field and attract organisations with lesser capacity to execute projects.
The ruling Congress is seeking to retain power in Chhattisgarh by banking on the welfare schemes of the Bhupesh Baghel government, while the Bharatiya Janata Party is hoping to corner it on the issues of alleged corruption, religious conversions and unfulfilled poll promises.
The Enforcement Directorate on Friday arrested the CEO of a defaulting firm on money laundering charge in connection with its probe in the National Spot Exchange Limited scam case.
Imran, a Rajya Sabha MP, reached the agency's office in Salt Lake here and will be questioned about his connections with the defunct group owned by jailed Saradha Chairman Sudipta Sen.
"Today, we're learning about another scam: the so-called Trump University. The New York Attorney General is suing Donald Trump for fraud," she alleged.
'The major worry for everyone using Internet-linked devices today is whether the latest download on his smartphone or laptop is a bait from a digital hacker who is out to secure access to his hard-earned money,' notes T A Ramalingam, chief technical officer, Bajaj Allianz General Insurance.
Experts foresee possible scenarios: A BRS government with less majority, a BRS government with BJP and AIMIM support, or a Congress government.
'The real people who should be blamed are the ones who are stealing your money.'
Delhi CM Arvind Kejriwal said the govt will extend a loan of Rs 551 crore to two civic bodies; and alleged a situation was being created through the ongoing strike to prepare grounds for imposition of central rule.
In its chargesheet filed in a special court in Srinagar, the CBI alleged that Abdullah as the association president at that time had connived with the treasurer of JKCA and others for undue siphoning off and misappropriation of funds, a CBI spokesperson said in New Delhi.
The RBI expects the assessment to show if the systemic failure was only in PNB or in the overall banking universe
The fourth additional sessions court in Hyderabad on Wednesday posted the orders on the bail petition of Price Waterhouse auditors to Thursday.
The ICAI president said that the auditors would be interrogated mainly on accounting and auditing aspects and to check whether they followed the right methods of accounting. The Institute of Chartered Accountants of India has obtained permission from a local court to interrogate the two auditors and examine and record their statements.
The auditors -- the local arms of the Big Four global firms Deloitte Haskins & Sells and KPMG which has BSR & Associates as an affiliate here-had challenged the jurisdiction of the NCLT to ban them.
Jharkhand mining secretary Pooja Singhal, earlier arrested and remanded to the custody of the ED in a suspected money laundering case, was suspended by the Jharkhand government on Thursday, an official said.
Gandhi's attack came a day after Defence Minister Nirmala Sitharaman had refused to share the details of the deal on the grounds of security agreement signed between India and France.
The 49-year-old jeweller, fighting extradition to India on charges of fraud and money laundering in the estimated $2-billion Punjab National Bank scam case, has made around six previous attempts at bail at the magistrates' court as well as at the high court level.
To ensure faster recovery of dues for entities hit by the Rs 5,600-crore (Rs 56-billion) fraud at NSEL, the government last month ordered the merger of the bourse with its parent firm Financial Technologies (India) Ltd.
In continuation of the interim order dated April 27, 2006 relating to IPO scam, G Anantharaman, whole-time member of Securities & Exchange Board of India passed an interim order on Tuesday.
Cybercriminals take advantage of the holiday season, aiming to steal consumers' money, identities and financial information.
The Income Tax Department on Tuesday also raided 20 premises linked to Gitanjali Gems promoter Mehul Choksi and suspected shell firms in connection with an alleged tax evasion case against them, official sources said.
A bench of Justices Sanjiv Khanna and SVN Bhatti, which reserved its verdict on two separate regular bail pleas of Sisodia in the corruption and money laundering cases, told the ED it cannot go by the assumption of bribe having been paid, and whatever protection an accused enjoys under law needs to be granted.
Will the Supreme Court take note of the case and ensure a respected civil servant is not punished for being in office at the wrong time?
In a fresh development in NSEL's Rs 5,600 crore scam, the Enforcement Directorate (ED) on Monday registered a preliminary inquiry into the payment crisis, suspecting large-scale money laundering in the beleaguered spot exchange, a senior official said.
Officials investigating Commonwealth Games (CWG) scam have indicated that they have found enough evidence against Suresh Kalmadi, ex-chairman of CWG Organising Committee, in various cases that are being investigated against him.
The one-member commission of inquiry under former solicitor general Gopal Subramanium will probe the alleged irregularities in DDCA.
The Communist Party of India-Marxist on Thursday demanded a CBI probe into the multi-crore chit fund scam in West Bengal and asked the state government to confiscate all properties of Saradha Group to pay off thousands of small investors left in the lurch.
A SFIO probe into Saradha scam and 'chit fund' operations of 62 other entities has found serious financial mismanagement and siphoning off the funds by their promoters, who took advantage of regulatory gaps.
In the first arrest in the NSEL's Rs 5,600 crore (Rs 56 billion) payout scam, a top official of the beleaguered spot commodity bourse, which defaulted on its payment for the eighth time in a row yesterday, was held on Wednesday by Mumbai police's Economic Offence Wing (EOW).
Sebi said it was constrained to approach the apex court for urgent relief related to the most serious financial scam that had large-scale national and international ramifications. A bench headed by Chief Justice K G Balakrishnan allowed Sebi to mention the matter on Tuesday after solicitor general G E Vahanvati and counsel Pratap Venugopal submitted the request on behalf of Sebi.
Shalu was arrested early this month on a complaint by one Rafique Ali who claimed she had accompanied scam accused Biju Radhakrishnan when he collected Rs 20 lakh from him.
The Bharatiya Janata Party on Tuesday said it has been raising the financial irregularities in the VVIP helicopter deal with an Italian company for the past one year and insisted that the Congress-led United Progressive Alliance government give an explanation about the reported anomalies.
The 39-year-old was arrested by the Enforcement Directorate from Ranchi after the agency conducted multi-city raids against him, Singhal, her businessman husband Abhishek Jha and others, on May 6.
The Bharatiya Janata Party on Saturday slammed West Bengal Chief Minister Mamata Banerjee for her "political vendetta" charge over action in Saradha scam, saying she is pressing the "panic button" and "rattled" by the possibility that her "own involvement" could come to light.
The venue for Saturday's meeting was shifted at the last minute from the headquarters of the India Banks' Association in Cuffe Parade to avoid media glare.
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