Several Opposition leaders, including former Congress chief Rahul Gandhi, on Wednesday attacked the government over a media report claiming that a key Adani group investor is also co-owner with the conglomerate in a defence firm.
It is high time the Indian government signalled discomfort with the UK providing refuge to those accused of financial crimes in India, states Jaimini Bhagwati.
Some of the celebrities whose names and details were used by the fraudsters are Abhishek Bachchan, Shilpa Shetty, Madhuri Dixit, Emraan Hashmi and Mahendra Singh Dhoni, Deputy Commissioner of Police (DCP) of Shahadra Rohit Meena said.
Sebi also allowed foreign investors to own up to 15 per cent stake in domestic stock and commodity exchanges
With auditing under the scanner and two of the Big Four firms stopping non-audit services for audit clients, auditors will now be subjected to a more stringent standard of reporting.
IBM, HP and HCL, have evinced interest in Sebi's proposal to upgrade toolsused for detecting frauds.
The Insurance Regulatory and Development Authority of India (IRDAI) is considering a proposal to make insurance frauds a parameter for calculating credit scores in an attempt to put a lid on the increase in such activity. The proposal, which is a part of the recommendations made by a working group formed by Irdai and the General Insurance Council, suggests that insurance frauds should feature when the risk profiles of individuals are evaluated and should be used to calculate their credit scores. A poor credit score can deprive a person of financial services such as loans and credit cards, and deter him from indulging in fraud.
'This is what happens when you get consumed by absolute power and the arrogance that accompanies it.'
The top three companies in terms of the largest value of physical shares showed over 30 per cent shares are held in physical form. Two of the top three were part of the S&P BSE Sensex and the Nifty50 indices.
'This world shows humanity in a fraudulent light.'
PNB is fully committed to its clean banking policy. That is why we are the first one to detect and report this to the various law enforcement agencies," PNB's CMD Sunil Mehta said on Thursday.
The government has not set up any committee to probe allegations a US short seller labelled against the Adani Group, but stock market regulator SEBI is investigating market allegations against the group, the Lok Sabha was informed on Monday. A separate investigation into imports of Indonesian coal by the conglomerate hasn't reached finality, Minister of State for Finance Pankaj Chaudhary said. Lok Sabha saw several questions being put by MPs to the government on the Adani issue, which were replied through written responses by the minister.
Protesting staff demand that UIDAI upgrade its software with an option to verify the documents submitted by residents.
To educate customers on the modus operandi of financial fraudsters and share inputs on safe banking habits, banks are now coming up with awareness campaigns aimed at preventing customers from falling into the trap of fraudsters.
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Sebi on Monday decided to declare illegal mobilisation of funds as a "fraudulent and unfair trade practice".
Regulator Sebi on Friday imposed penalties on Reliance Industries Ltd, its chairman and managing director Mukesh Ambani as well as two other entities for alleged manipulative trading in the shares of erstwhile Reliance Petroleum Ltd (RPL) back in November 2007. Fines of Rs 25 crore and Rs 15 crore have been imposed on Reliance Industries Ltd (RIL) and Ambani, respectively. Besides, Navi Mumbai SEZ Pvt Ltd has been asked to pay a penalty of Rs 20 crore and Mumbai SEZ Ltd has been directed to pay Rs 10 crore. The case pertains to sale and purchase of RPL shares in the cash and the futures segments in November 2007.
Besides 15 loan transactions to the Siva group of companies, the former directors also used unique methods to ensure the group did not get into the default list.
EU special representative for human rights Eamon Gilmore said on Friday that in his meetings with the Indian government he has discussed issues such as the use of sedition and anti-terrorism laws, condition of minorities, communal violence and the situation in Jammu and Kashmir.
Markets regulator Securities and Exchange Board of India (Sebi) is examining allegations of front-running and other irregularities against a host of domestic fund managers across the asset management industry, said people in the know. Developments at Axis Mutual Fund have prompted the regulator to speed up probe to ensure that there is no drop in confidence in the Rs 39-trillion mutual fund (MF) industry. "We have received complaints against a few fund managers and are looking into possible violations, including those related to code of conduct," said a regulatory source, refusing to divulge names of fund houses as things are at a preliminary stage.
About Rs 5,600 crore (Rs 56 billion) of investments of some 13,000 investors are stuck in NSEL. Despite reports from several internal committees of regulators and investigative agencies pointing to fraudulent activities, there hasn't been any substantial enforcement action against the exchange or the officials.
58-year old Vinod Hingorani had defaulted on penalties of Rs 1.64 cr
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.
The event will also hurt PNB's asset quality in the March 2018 quarter. While the finer details of the fraud have not been provided, making it difficult to gauge the exact impact, analysts say it will dent the bank's financials.
Under the Companies Act, all the rights of at least 300,000 disqualified directors cease to have any validity.
The spotlight is back on the hawala trade in diamonds.
If a female user leaves her contact details, her social media handles in her bio or her photos, or she shares it too soon on chat, beware, warns Ravi Mittal, CEO, Quack Quack, an online dating app.
The chief minister said the situation in Delhi has improved significantly as the positivity rate had gone up to 15.26 per cent as in early November.
Darya Dolidovich and her family are now in Poland, where she hopes to continue training
In 2014, Sun Pharma agreed to buy Ranbaxy -- which was then controlled by Daiichi.
Sebi widens fraudulent, unfair trade practices list
Making it easier for companies to raise funds through genuine equity or debt offers, Sebi unveiled a slew of measures to bring to book those running illegal money-pooling schemes and indulging in other fraudulent activities.
Markets regulator Sebi on Monday imposed a penalty of Rs 25 crore on Yes Bank in the matter of misselling the lender's AT-1 bonds few years ago. Besides, the watchdog has imposed a fine of Rs 1 crore on Vivek Kanwar, who was the head of the private wealth management team, and Rs 50 lakh each on Ashish Nasa and Jasjit Singh Banga. The two individuals were part of the private wealth management team at the time of violation. They need to pay the penalty within 45 days, Sebi said in its order.
The Karnataka cabinet on Thursday decided to promulgate an ordinance to give effect to the contentious law against religious conversions.
Cyber criminals are using apps and young women to trap people through mobile phone calls and video chats.
Reliance Communications has accused "old 2G operators" of causing over Rs 1 lakh crore (Rs 1 trillion) in losses to the exchequer through "fraudulent means".
The bench rejected Yadav's arguments that he has been in jail for 24 months, saying in comparison to the 14-year sentence awarded to him, 24 months was nothing.
If Sebi and RBI remain quiet about this brazenly illegal activity, will someone in the finance ministry or the NITI Aayog take a closer look, asks Debashis Basu.
Finding massive irregularity during "standard fraud checks", the White House has removed at least 85,000 signatures from an on-line petition which asked US President Barack Obama to cancel his planned meeting with Prime Minister Narendra Modi next month.
The ED was probing the allegation that Hussain and his linked persons laundered about Rs 1.10 crore by using purported shell or dummy companies to fuel protests against the Citizenship Amendment Act (CAA) and the riots.
According to sources familiar with the development, Sebi has decided to make references to the Ministry of Corporate Affairs and the Department of Revenue, citing violations of the Acts these bodies govern.
