In the wake of ponzi schemes and chit fund scams, Reserve Bank Governor D Subbarao on Wednesday said there is a need to review the regulations governing these sectors and increase surveillance on such entities.
Use a "virtual credit card" for every online transaction when you can't pay cash on delivery.
In further trouble for the chit fund scam-hit Saradha group of Kolkata, the Enforcement Directorate has registered a money laundering case to probe the allegations of financial irregularities by numerous depositors against it.
'Four weeks have passed after the scam was exposed, yet no big guy has been arrested.' 'This gives the impression that he wants to be soft on the biggies.'
Lawyers representing govt point out that telcos, because of the large money they can save if they get a favourable judgement, prefer to fight till all legal options are exhausted
The court directed Raju, the prime accused in Satyam scam, and others to furnish personal bond of Rs 20,000 each and sureties of the like amount on or before December 22 and posted the matter to the same date.
When the BJP forms government in Bengal, the chief minister will be a son of the soil, he said at the rally amid loud cheers from his supporters.
The company paid over Rs 231 crore over three years to a web of 135 fake firms.
The West Bengal Assembly had in a special session last week passed the West Bengal Protection of Interest of Depositors in Financial Establishment Bill, 2013, to protect investors in chit fund companies.
The Deputy CM arrived around 11 am at the ACB office on Friday and his questioning continued for over two hours, said a senior ACB officer.
Also directed the company not make any financial transaction till further orders.
In its letter, finance ministry has pointed to sections 35, 35A and 36 of the Banking Regulation Act, 1949, to highlight the powers and functions of the RBI as regulator
'This is a Frankenstein's monster that will engulf us all in its rage and greed.' 'This fake news/WhatsApp forwards industry -- and especially, the use of it in politics -- is one of the biggest threats to our world today,' warns Amit Mehra.
The political-electoral calculus favours spending thousands of crores on vanity projects like Sardar Patel's statue and the Central Vista over building up our military to handle the confrontations and conflicts that loom large, points out Ajai Shukla.
NFRA would look after the quality of audit, compliance by auditors as also the disclosures that they make.
Even existing cases might come under the proposed law, including those of Vijay Mallya, Nirav Modi and Mehul Choski. But, the law would not cover earlier cases.
The final arguments in the multi-crore accounting "fraud" in Satyam Computers commenced on Wednesday in a local court with the prosecution starting its arguments in the case.
'We feel there is definitely something murky in the system.' 'Will anyone believe that Nirav Modi will go to a branch and bribe a low-level officer?' 'Just look at the people with whom he had moved around.'
Dr Singh should explain his worries, concerns, hopes and determination to act to the people through the media, says B Raman
RBI has allowed NRIs to invest in chit fund companies on a non-repatriation basis, subject to certain conditions
The Commission observed vulnerability of junior untrained staff on probation and their misuse by senior officials.
Bansal has been named as the 39th prosecution witness in the case in which Singla, the then Member (Staff) of Railway Board Mahesh Kumar and eight others have been chargesheeted for the offence of criminal conspiracy under the IPC and relevant provisions of the Prevention of Corruption Act.
Financier Bernard Madoff, in jail now, had shelled out nearly $ 1 million towards lobbying and in campaign contributions, of which a large part went to the Democrats, a US research group has said.
Never invest in a company or an industry that you have never heard of even if you get a tip-off.
'Genuine mistakes can and must be forgiven,' argues Vivek Gumaste.
Stepping up attack after Prime Minister Manmohan Singh rejected CAG's observations on coal block allocation, BJP on Monday alleged that he was directly responsible for causing delay in amending laws on auction with the aim of bringing financial benefit to Congress.
This is the time of year to be most on guard against a host of scams, new and old.
Leading bourse Bombay Stock Exchange on Tuesday favoured more stock markets in the country saying it will help in channelising the household savings into productive capital.
'People who have unaccounted money often park it in unregulated deposit schemes.' 'Curbing illegal deposit-raising activity will also carry forward the government's drive against black money.'
Given how everything has played out, Mehul Choksi, now 62, achieved all that he wanted but for all the wrong reasons, says Pavan Lall.
Nirmala Sitharaman said Nirav Modi may have been able to run away from the country, but the government is taking action against him, and claimed that it will "surely nab him".
The CBI on Wednesday directed him to contact the embassy of India in a country where he is staying so that his travel to India can be arranged
Ponzi schemes have characteristics that the informed investor can spot easily.
Scam-tainted Satyam Computer is planning to restate its financial results for the third quarter ended December 2008 by March-end. "Our auditors are working towards this end," a Satyam spokesperson said on Friday, adding that the only caveat to this possibility would be if the auditors decide to restate results of the company over the past several years, which could further delay a clearer picture of the Hyderabad-based IT company's actual financial position.
Congress members in the Joint Parliamentary Committee looking into the 2G scam today sought to turn tables on the Bharatiya Janata Party by raising questions as to why the then Finance Minister Jaswant Singh approved a proposal of the Telecom Ministry in 2003 on reduction in licence fee without examining its financial implications.
HDFC Bank was penalised R15 lakh in April 2011 for its role in the so-called derivatives scam. By no means is this big money for the bank but such regulatory actions tarnish the image of a bank. In the financial world, they call it reputation risk. HDFC Bank couldn't escape this despite its hatred for risks. What went wrong? Journalist Tamal Bandyopadhyay lifts the veil off the incident, and the bank's response, in this fascinating insight from his forthcoming book
ED, which has been probing the alleged financial irregularities and cheating by Saradha group of companies, has also detected that a high interest rate of 18 per cent was assured to investors if they invested in the groups' schemes for a period of 3-5 years, the probe report said.
Siva Group had mandated JM Financial to hunt for a buyer, but investors shied away from the Indian telecom industry.
The Enforcement Directorate arrested Yes Bank founder Rana Kapoor under money-laundering charges in Mumbai in the early hours of Sunday, officials said. The banker was held under the provision of the Prevention of Money Laundering Act (PMLA) around 3 am as he was allegedly not cooperating in the probe, they said.
Sniping at the Congress, the Bharatiya Janata Party on Sunday said its rally in New Delhi was intended to create a false bravado for the demoralised cadre of the ruling party which has failed to address serious concerns over corruption and multiple scams.
