'Clients deemed higher-risk are required to update their KYC more frequently.'
If they are made accountable, bad loan cases will shrink dramatically, recoveries will rise, and the NCLT process will be more manageable, asserts Debashis Basu.
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.
In addition, for those applying for certain L-1A and L-1B must submit an additional $4,500.
Experts say the recent Rs 14,000-crore PNB fraud could have been avoided had there been an integration of PNB's CBS with its SWIFT system
The Telecommunications Bill, 2023, which was passed by a voice vote after a short debate, also allows the Centre to take possession of a telecom network in case of any public emergency or in the interest of public safety.
Colorado election officials have said the matter needs to be settled by January 5, which is the statutory deadline to set the list of candidates for the GOP primary scheduled for March 5.
Dubious and personal expenses of Rs 1,000 crore were made from bank-loan funds for Jet Airways founder Naresh Goyal and his family members even as the airline "diverted" money to some tax havens, the Enforcement Directorate (ED) alleged on Saturday, after arresting the businessman in a money-laundering case. Goyal (74) was taken into custody late on Friday night after the central probe agency took him to its Mumbai office from Delhi. A special court set up to deal with cases lodged under the Prevention of Money Laundering Act (PMLA) on Saturday sent him to the ED's custody for 10 days, till September 11.
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.
Loan against gold as a product is catching on fast. Let's keep the momentum going, but aim for sustainable growth. A few bad apples should not ruin the brunch, argues Tamal Bandyopadhyay.
Fugitive diamantaire Nirav Modi's sister and brother-in-law have "turned approvers" in the over $2 billion PNB fraud case against him and they will help the Enforcement Directorate confiscate assets worth Rs 579 crore, including Swiss bank deposits, the agency said on Thursday. Forty-nine-year-old Nirav Modi, who is currently lodged in a London jail, his uncle Mehul Choksi and others are being probed by the Enforcement Directorate (ED) in the Punjab National Bank (PNB) money laundering case since 2018. The diamond merchant's younger sister Purvi Modi (47) is a Belgian national while her husband Maiank Mehta is a British citizen. They are stated to be based abroad and have never joined the probe.
Admitting the Central Bureau of Investigation appeal, the high court said there are "some contradictions" in the trial court's judgment which require "deeper examination".
The agency filed its affidavit in response to Goyal's habeas corpus (produce the person) petition in which he claimed he was illegally arrested by the ED in the case.
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 $12 surcharge on US passport application fees will be used to increase border security by strengthening the security of the passport adjudication process.
The BJP chief said the ED and the CBI have taken prompt action in the Nirav Modi case.
Currently, ICAI cannot take action against any chartered accountant who has indulged in professional misconduct or any other misdeed if he is not a registered member of the institute. The accounting body is also planning to set up a serious fraud detection cell to assist regulators like the Reserve Bank of India and Securities and Exchange Board of India to prevent Satyam-like scams.
Policy owners need to avoid errors on their part to prevent claims from being denied.
Starting March eight this year, US passport application fees will be costlier by $12 and a person applying for L-1 visa will have to pay an additional $500 fee.
Protect yourself and minimise such frauds by following these simple rules
Three-four big gem and jewellery firms are showing financial weaknesses and might find it tough to withstand shocks
The asset quality of non-banking financial companies (NBFCs) deteriorated in April-September 2021 (H1FY22) owing to the second wave of the pandemic. Their gross non-performing assets (NPAs) rose to 6.8 per cent in September 2021 from 6 per cent in March 2021. The Reserve Bank of India's (RBI's) annual Trend and Progress report (FY21) said the sector might have to grapple with higher delinquencies as and when policy measures unwound. The pandemic posed significant challenges to NBFCs during the first wave (2020) also.
'What the RBI is doing is trying to catch the mouse when they have to catch the tiger.'
A new schedule has been added to report income from cryptocurrencies and other Virtual Digital Assets.
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.
Theoretically, Modi, who understood corporate finance, committed no crime by raising debt to fund a growing business. In fact, he did a tidy job of it, but his operation started to see the ground underneath it give way in January 2018. A fascinating excerpt from Pavan C Lall's Flawed: The Rise And Fall Of India's Diamond Mogul Nirav Modi.
'In India, the GenAI startup ecosystem is unfolding with remarkable speed, signalling a new era of technological advancement and investment opportunities.'
The ED carried out searches against two former auditor firms of IL&FS -- BSR and Associates and Deloitte Haskins and Sells -- on Wednesday in connection with its money-laundering probe into alleged financial irregularities at the infrastructure development and finance company, official sources said. The premises linked to the two auditors in Mumbai were searched under the provisions of the Prevention of Money Laundering Act (PMLA), they added. The action came a week after the Supreme Court set aside a Bombay High Court verdict that quashed an SFIO probe against the two companies, both former auditors of IL&FS Financial Services, paving the way for action against them under the Companies Act and allowing the National Company Law Tribunal (NCLT) to take forward its enquiry against them.
This year, girls students in northeastern JilinProvince were barred from wearing metallic bra clasps as it could be detected by metal detectors.
For online fraud, approach cyber cell and file a complaint.
The Jharkhand unit of the Bharatiya Janata Party on Monday claimed that Chief Minister Hemant Soren has been 'absconding' since the last 18 hours, fearing action of the Enforcement Directorate.
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
The Supreme Court on Monday quashed the Gujarat government's decision to grant remission to 11 convicts in the case of gangrape of Bilkis Bano and murder of seven of her family members during the 2002 riots in the state, saying the orders were "stereotyped" and passed without application of mind.
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.
Recorded versions or bhajans being recited by those present at the temples were played out at around 5 am to counter the morning azaan being recited on the loudspeakers.
Housing finance company (HFC) PNB Housing is planning to focus on reducing delinquencies in 2023-24.
The CBI had registered a preliminary enquiry in 2016 which was later converted into a regular case, they added.
During the trip, check your bank account and credit card statements regularly for unauthorised transactions.
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