The company's Chief Executive Officer G S C Rao, Chief Financial Officer Sanjay Tapriya, Executive Director Gursimran Kaur Mann and five non-executive directors have also been booked by the agency. Gurpal Singh is the son-in-law of Punjab Chief Minister Amrinder Singh.
The next hearing on ED's application before the special court, seeking permission to start confiscation proceedings, is scheduled for April 8.
A total of 254 millionaires from India have used the so-called "golden visa" to settle down in the UK through a large investment into the country since the route opened in 2008, according to a new report released by a UK-based anti-corruption charity on Monday. Spotlight on Corruption said that Indians ranked as the seventh nationality of super-rich to have availed of the Tier 1 (Investor) Visa, adding up to 254 between 2008 and 2020. China topped the list at 4,106, followed by Russia (2,526), Hong Kong (692), the United States (685), Pakistan (283) and Kazakhstan (278) ahead of India.
A Bill to change the PCA (1988) was introduced in the Rajya Sabha earlier this month.
The PMLA court in Mumbai has sought their appearance on September 25 (Nirav Modi) and 26 (Mehul Choksi) respectively under the fugitive economic offender law.
The CAG audit and other data suggests it could be far from the efficient new alternative that was once conceptualised. A conclusive review remains elusive till the government begins to release more granular and comparable data on the complex backend of GST to a deeper scrutiny, by researchers, auditors and the public.
A large number of public sector bank employees, as a matter of routine, do not "take" promotions so that they are not transferred out of their hometowns. The eastern region is famous for this, but it is a common practice everywhere, says Shyamal Majumdar.
Posts on pro-Trump and far-right online networks have called for protest action on a number of dates, including armed demonstrations in cities across the country on January 17 and a march in Washington DC on inauguration day itself.
Raju was arrested by the Crime Investigation Department of Andhra Pradesh Police two days later along with his brother.
Karan Choudhury reports on the implications of the strict Real Estate (Regulation and Development) Act and the prosecution of Unitech MDs, Sanjay Chandra and Ajay Chandra, in an alleged fraud case.
Do not click on any pop-ups, links in messages or notification balloons if you are off the corporate VPN, warns Niranjankumar Laxman Upadhye.
Home secretary Jacqui Smith said the new arrangements as part of Tier 4 of the points based system will make the visa process simpler, more objective and more transparent for applicants and prevent abuse of the immigration system. From Tuesday, all British education providers (schools, colleges, universities) who recruit international students need to be registered with the UK Border Agency.
As a multi-disciplinary organisation, SFIO probes cases of financial frauds that are referred to it by Corporate Affairs Ministry
In the interview to Business Standard last week, Chary had stated that the government's proposal to merge was unwarranted and that FTIL shareholders did not benefit from higher dividends from NSEL.
Seeking to provide a quicker and value-maximising outcome for stressed MSMEs, the government has introduced a pre-packaged resolution process for such enterprises by amending the insolvency law. Now, Micro, Small and Medium Enterprises (MSMEs) can seek resolution for their stress through the pre-packaged process under the Insolvency and Bankruptcy Code (IBC). An ordinance was promulgated to amend the IBC on April 4. Many MSMEs have been impacted by the coronavirus pandemic and experts opined that the latest amendment, which comes less than two weeks after the suspension of certain IBC provisions ended, is a welcome move.
Off-site ATMs are set up on a standalone basis.
The PNB fiasco falls into a family line that involves non-fund limits - read contingent liabilities which are off-books. Harshad Mehta did it with bankers' receipts in 1992. Ketan Parekh exploited the ignorance of bankers who did not know the difference between a cheque and a pay-order. And the RBI blinked when it failed to insist the SWIFT platform be linked to the core banking solution. Raghu Mohan & Abhijit Lele trace the banking mess that was just waiting to happen.
In 2017 the Bangladesh supreme court on his watch annulled the 16th amendment to the constitution which empowered parliament to impeach SC judges for misconduct or incapacity. As it upheld the independence of the judiciary, it miffed Prime Minister Sheikh Hasina, who accused Justice Sinha of 'humiliating' the country. He was accused of corruption and misuse of power, allegations that he denied. Prakash Bhandari reports.
It has registered 2,000-plus money laundering cases and about 12,000 forex violation ones in the 14 years since it was established. Yet, its probes have resulted in no more than 13 convictions from nine cases of money laundering since 2005.
The ED has attached properties worth Rs 4,109 crore spread across various states in a money-laundering case linked to an alleged ponzi scheme, the agency said on Thursday. The case pertains to the Agri Gold Group of Companies. Three promoters of the group were arrested by the central agency on Tuesday.
Reddy was arrested following a marathon questioning after he appeared before the CCB, ending his elusive run for three days.
The Ministry of Home Affairs amended its guidelines on October 12 to include the chairman, managing director or chief executive officer of each public sector bank on the list of authorities who can issue requests for opening look-out circulars against whom an FIR is yet to be filed.
The high court verdict in April upheld the 2018 ruling by Chief Magistrate Emma Arbuthnot at the end of a year-long extradition trial that the former Kingfisher Airlines boss had a "case to answer" in the Indian courts.
A British court on Monday granted a bankruptcy order against Vijay Mallya, paving the way for a consortium of Indian banks led by the State Bank of India (SBI) to pursue a worldwide freezing order to seek repayment of debt owed by the now-defunct Kingfisher Airlines. "As at 15.42 [UK time], I shall adjudicate Dr Mallya bankrupt," Chief Insolvencies and Companies Court (ICC) Judge Michael Briggs said in his ruling during a virtual hearing of the Chancery Division of the high court. "I have to decide if there is a real prospect of payment of petition debt in full within a reasonable period of time... there is insufficient evidence that [Mallya's asset realisations in India] will pay the debt in full within a reasonable period of time," Judge Briggs noted, in reference to defence arguments pointing to a restoration process in India following a Prevention of Money Laundering Act (PMLA) court order for the attachment of Mallya's assets.
ED had earlier issued summons to Mallya for "personal appearance" on March 18 under the provisions of the Prevention of Money Laundering Act (PMLA).
Google on Wednesday launched its global 'Be Internet Awesome' programme for children in India in partnership with Indian comic book publisher Amar Chitra Katha to interweave critical internet safety lessons across eight Indian languages. The tech giant has also launched an enhanced Google Safety Centre in eight Indic languages as part of its efforts to step up safety of users on the internet. Google has significantly increased its resources dedicated to India's Trust Safety teams, including product policy analysts, security specialists, and user trust experts that support over 10 vernacular Indian languages, enabling its central teams to benefit from the local nuance and inputs.
Pilot was there at the right place at the right time to take home the Bill.
Proceeds of the crime had been siphoned off and laundered or concealed, or layered and integrated into the main financial system through the acquisition of properties. His wife Bindu Kapoor has been charged with being aware of the source of monies that were being routed through these companies.
However, the road to profitability has already hit some hurdles for the Delhi-based bank as the Union government has rejected its demand for an additional capital infusion of around Rs 8,000 crore in 2018-19
Modi, a diamond jeweller whose designs have been worn by Hollywood stars, is now believed to be running a new business, which describes itself on the UK's Companies House register as a wholesale trader in watches and jewellery and a retailer of watches and jewellery in specialised stores.
German authorities had earlier prevented the CBI from taking Ghosh on the ground that an eight-centimetre knife lodged in his stomach could prove dangerous.
The assets have been attached as part of five separate orders issued by the central probe agency under the Prevention of Money Laundering Act, it said.
'The web of transactions is so complex that it requires expertise to understand the strategies involved in each fraud.'
Liquor baron Vijay Mallya, facing probe in a loan default case of IDBI bank, apparently managed to leave the country in spite of a look-out notice against him by CBI.
The country's largest lender State Bank of India has seen a perceptible increase in the number transactions happening at its multiple digital channels, with the percentage moving from 60 per cent in the pre-pandemic period to 67 per cent currently, chairman Dinesh Khara said. The rise in the number of digital transactions at the bank was largely driven by pick up in e-commerce during the pandemic-induced lockdown, which restricted movement, he said.
It has also said that orders were issued by the courts after hearing the counsels of ED and Mallya, officials said.
To prevent Satyam-like frauds and disclosing the solvency status of listed companies more frequently, the Sebi Committee on Disclosures and Accounting Standards has suggested that listed companies be mandated to disclose audited statements on half-yearly basis.
India Inc needs to tighten norms against sexual harassment at work.
Modi wanted in India for an alleged Rs 13,500 crore Punjab National Bank fraud arrived in London earlier this year on an Indian passport.
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.
