No government in the past initiated the process of policy making for its next tenure even before going in for elections. Once the Model Code of Conduct is enforced by the Election Commission, should the government of the day refrain from taking an active interest in policy making for the next five years and let that be the function of the new government?, asks A K Bhattacharya.
Satyam founder R Raju challenges fraud case verdict
The GST intelligence unit detected tax evasion of more than Rs 1.98 lakh crore last year and arrested 140 masterminds who were involved in defrauding the exchequer, the finance ministry said on Thursday. In 2023, the Directorate General of GST Intelligence (DGGI) detected significant GST evasion in diverse sectors like online gaming, casinos, insurance and secondment (import of manpower services). "DGGI has achieved an increase in detection of cases of evasion and voluntary payments. In 2023, DGGI detected 6,323 cases involving evasion of duty of Rs 1,98,324 crore with a voluntary payment of Rs 28,362 crore.
The lawsuit was filed in 2016 by a whistleblower alleging that the iPhone maker Apple and Indian IT company Infosys conspired to bring two Indian nationals for training on B-1 visa instead of more expensive H1-B visa.
This was reflected in India Inc's lackadaisical attitude towards sensitising employees on fraud prevention.
Despite recent developments that have accelerated the impending extradition of fugitive diamantaire Nirav Modi, who has been in custody in London's Wandsworth Prison for over two years, the last month has seen his uncle Mehul Choksi dominate the headlines instead with his circus-like exhibition in the Caribbean that has involved red herrings such as a "girlfriend", to whom his wife seemed to have no objection, and possibly concocted stories of being kidnapped and manhandled. Choksi was widely regarded as Modi's Svengali in Mumbai when he returned from Belgium to expand his business. He had fled to Antigua well before news around how Modi finagled thousands of crores from Punjab National Bank (PNB) and other institutions through a series of allegedly coordinated and fraudulent actions involving letters of undertaking, or LoUs.
'Last year, Rs 20,000 crore was ripped off from the banking system.' 'The situation has deteriorated under the Modi government.'
The Delhi high court has asked Delhi police to file a status report on a plea seeking a direction to authorities to take action against Facebook and its senior officials for their alleged criminal acts and 'digital conspiracy'. The court was informed by the counsel for the Delhi Police Commissioner and its Cyber Crime Cell that the complaint made by the company Vas Data Services, which was running its operations through its website www.yepme.com, has already been closed. Justice Anu Malhotra, in its March 24 order, asked the state to submit its status report in this regard before the next date of hearing and listed the matter for further hearing on April 15.
Theft, bribery and corruption, and regulatory non-compliance are the top three frauds
'In restaurants, the waiter takes your card and then comes back with the machine. Don't allow that.' 'Let him come to you with the machine and then enter the card and the PIN yourself.'
The mystery surrounding the alleged fund diversion from Zee Entertainment Enterprises (Zee) by founders Subhash Chandra and Punit Goenka has thickened with speculations of an amount multiple times higher than that cited by the ex-parte interim order passed by the Securities and Exchange Board of India (Sebi) dated June 12, 2023. While Zee shares witnessed a fresh selloff on Wednesday, news reports of accounting fraud left investors guessing about the hole in the media broadcaster's books. An order by the Securities Appellate Tribunal (SAT) in October 2023 had clearly hinted that Sebi's investigation had found a deeper rout.
The number of fraud cases reported by private banks outnumbered those by public sector banks for the second consecutive year.
Former British Army soldier Daniel Abed Khalife, 21, who was awaiting trial on charges of breaching the UK's Official Secrets Act at Wandsworth Prison in south-west London, escaped allegedly by clinging to the under-carriage of a delivery van.
The Gujarat government has said the apex court's observation in the January 8 judgment, holding the state guilty of "usurpation of power" and "abuse of discretion" for complying with an order of another top court bench, was an "error apparent on the face of the record" primarily on three grounds.
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.
Ratul Puri, already under probe scanner of the agency in the AgustaWestland VVIP chopper case, has been arrested by the Enforcement Directorate in connection with a Rs 354 crore bank loan fraud case.
...Even if it means less democracy, so that their everyday problems get solved? argues R Jagannathan.
Rajasthan Chief Minister Bhajanlal Sharma, state BJP president C P Joshi and Union minister Bhupendra Yadav welcomed them into the party at its state headquarters in Jaipur.
While it's not difficult to fall prey to card fraud, individuals can protect themselves against losses.
The arrest of ICICI Bank's former Managing Director and Chief Executive Officer (CEO) Chanda Kochhar and her husband Deepak Kochhar by the Central Bureau of Investigation (CBI) in a loan fraud case was "without application of mind and due regard to the law", amounting to an "abuse of power", the Bombay high court has said. A division bench of Justices Anuja Prabhudessai and N R Borkar had on February 6 held the Kochhars' arrest as illegal and confirmed a January 2023 interim order passed by another bench granting them bail. In the order made available on Monday, the court said the CBI has been unable to demonstrate the existence of circumstances or supportive material based on which the decision to arrest was taken.
Auditors seem to have developed a heightened sense of risk and are not content to tick the boxes and sign the papers.
The financial fraud, one of the biggest in the state as per records, was being investigated by the different departments of Himachal Pradesh for the past over four years.
'This year's detection of frauds and probable recovery will be mainly driven by several compliance measures put in place, and amendments made to the GST regime to plug revenue leakages particularly in new-edge sectors.'
Pakistan's election commission has formed a high-level committee to probe the explosive allegations levelled by a senior bureaucrat that widespread rigging aided by the judiciary and the top election body happened against jailed former prime minister Imran Khan's party in the garrison city of Rawalpindi.
The Uniform Civil Code of Uttarakhand, 2024 bill also says that any child born of a live-in relationship shall be considered a legitimate child.
Bernard Madoff's accountant for nearly two decades was on Wednesday charged with securities fraud as US prosecutors widened their investigation into one of the biggest investment frauds in history.
The cases pertain to State Bank of India, Punjab National Bank, Andhra Bank, Oriental Bank of Commerce, Indian Overseas Bank, Allahabad Bank, Canara Bank, Dena Bank, Punjab and Sind Bank, Central Bank of India, Union Bank of India, IDBI Bank, Bank of Baroda, Bank of Maharashtra and Bank of India.
Shashank Rai, 30, allegedly sought millions of dollars in forgivable loans guaranteed by the Small Business Administration (SBA) under the Coronavirus Aid, Relief, and Economic Security (CARES) Act from two different banks by claiming to have 250 employees earning wages when, in fact, no employee worked for his alleged business.
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".
Deloitte had challenged the jurisdiction of the NCLT to ban it, saying section 140(5) of the Companies Act pertains to auditors who are still auditing the company in question while it has already resigned from the service and thus cannot be banned under the given provisions.
The Central Bureau of Investigation has booked HDIL promoters Rakesh Wadhawan and Sarang Wadhawan, along with other directors and auditors in the firm, in an alleged Rs 200-crore loan fraud in Yes Bank involving Mack Star, officials said Friday.
La Liga club Barcelona have expressed their support for Argentine striker Lionel Messi and his father after the Spanish Supreme Court upheld their prison sentences over tax fraud charges, although neither are expected to go to jail.
India has the second highest number of fraud-hit companies, according to a report by global advisory firm Kroll.
If RBI's recommendations are finalised, it will give more teeth to the existing fair practice code
The alleged fraud includes the use of fake bills.
rediffGURU Ramalingam Kalirajan answers your personal finance queries.
The Central Equipment Identity Register (CEIR) of the department of telecommunications (DoT) has traced 285,000 lost or stolen mobile phones and blocked 680,000 devices since being launched. However, recoveries remain relatively low at 20,771 devices. According to government estimates, around 50,000 mobile phones are stolen every month in the country. Launched nationwide on May 16, the CEIR is a part of the DoT's Sanchar Saathi portal. It is the primary government platform aimed at protecting mobile phone users from various frauds such as identity theft, forged KYC, theft of mobile devices and banking frauds.
An eighth BJP candidate on Thursday filed his nomination for the Rajya Sabha elections in Uttar Pradesh, setting the stage for a contest with the Samajwadi Party on February 27.
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.
For the startup ecosystem in India, the scorecard so far has been a mixed bag, observes Akhil Gupta.
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