Armed with some documents pointing to large-scale irregularities, the Central Bureau of Investigation will soon register cases to probe the alleged involvement of some Rajya Sabha MPs and central government employees in forging leave travel concession claims for travel on state-run Air India.
The defendants would make up a false identity to get cards and then use them.
The entities are classified as 'vanishing companies' if they cease to file their balance sheets and other documents after raising capital and the whereabouts of their offices or directors become untraceable.
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.
In her judgment handed down at the Royal Courts of Justice in London, Justice Ingrid Simler concluded there were "substantial grounds" to believe that Modi would fail to surrender as he does possess the means to "abscond".
Consumer loans or personal continue to record the highest fraud incidence.
The total number of arrests by the CBI has risen to six -- four PNB officials, a retired employee of the bank, and an authorsied signatory of Nirav Modi's company -- after Monday's development.
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.
Sebi on Monday imposed a penalty totalling Rs 15 crore on senior officials of Franklin Templeton AMC and its trustee for violating regulatory norms in the case of winding up of six debt schemes in 2020. However, a spokesperson of Franklin Templeton said they disagree with the findings in Sebi's order and intend to file an appeal with the Securities Appellate Tribunal (SAT). A fine of Rs 3 crore has been levied on Franklin Templeton Trustee Services Pvt Ltd and Rs 2 crore each on Franklin Asset Management (India) Pvt Ltd President Sanjay Sapre and its chief investment officer Santosh Kamat, according to the Sebi order. In addition, the regulator imposed a penalty of Rs 1.5 crore each on fund managers -- Kunal Agarwal, Pallab Roy, Sachin Padwal Desai and Umesh Sharma -- as well as former fund manager Sumit Gupta.
The CBI sources said the agency has charged them with criminal conspiracy, cheating, forgery and under Provisions of Prevention of Corruption Act in the chargesheet.
The draft law also allows courts to send summonses and warrants to the accused through a specially designated website to be hosted by the Ministry of External Affairs.
The devastation caused by the current deluge has damaged hundreds and thousands of homes and vehicles.
BMA's clients allege that depository firm CDSL and stock exchanges did not act on their complaints, prompting them to protest before Sebi. They say their shares have been transferred to a pool account without their knowledge and have been used to avail loans. Clients alleged that BMA has pledged their securities with a leading private bank, who could have sold their holdings.
Countrywide raids are being conducted in connection with a money laundering case linked to a fertiliser scam.
Over 25,600 cases of banking fraud reported up to December 21, 2017, says Minister RS Prasad.
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.
He is set to be produced from custody before Judge Emma Arbuthnot for the first management hearing in the case, during which a broad timeline is expected for his extradition trial.
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.
"Today, we're learning about another scam: the so-called Trump University. The New York Attorney General is suing Donald Trump for fraud," she alleged.
They said the kingpin -- through his agents in Gujarat, Bihar, Uttar Pradesh and other places -- brought children under the age of 10 years and paired them with the couples in Bengaluru who acted as family.
In this year's budget, Finance Minister Nirmala Sitharaman hiked tax on petrol and diesel, raised import duty on gold, levied additional surcharge on super rich and brought a tax on high value cash withdrawals as she sought to spur growth with reduction in corporate tax and sops to housing sector, startups and electric vehicles.
As many as 17 locations in Delhi, Mumbai, Hyderabad, Jaipur and Surat were raided by the ED.
The illicit financial inflow of $770 billion was 14 per cent of India's total trade of $5,500,744 million, the report said.
Importers will now have to provide sufficient proof to the domestic customs authorities that the goods being imported have a minimum 35 per cent value addition in the country from which it is being exported to India.
Niranjan Upadhye, general manager, fraud risk management, Worldline India, tells you how to quickly spot a scam and save yourself from grief.
In the Anti Money Laundering (AML) Basel Index 2013 India has been ranked 93rd and 70th in 2012 and 2013 respectively out of 140 countries.
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 Central Bureau of Investigation on Monday filed its first charge-sheet in a Delhi court in the coal blocks allocation case against Navabharat Power Pvt Ltd for allegedly misrepresenting facts and making "fraudulent" claims to "embellish" its applications to get allotments between 2006 and 2009.
Wanted diamond merchant Nirav Modi on Thursday lost his fight against being extradited to India as a United Kingdom judge ruled that he can be sent back to face charges of fraud and money laundering in the estimated $2 billion Punjab National Bank scam case.
Life insurance companies assert that the blockchain being created has strict protocols to leave no room for manipulation and exploitation, or unauthorised use of customer data and personal information.
The arrest was made following a police complaint lodged against him by Sameera Paikra, the BJP candidate from Marwahi constituency in the 2013 state assembly polls.
'This arrest was totally unnecessary and disproportionate to the gravity of charges. What was truly required was a more measured and calculated approach, keeping in mind the strain such an action could cause to the growing bilateral relationship between these two great nations.' Indian-American organisations condemn Indian diplomat Devyani Khobragade's arrest.
Here are some pointers that should serve as red flags for you
Sebi first began looking into the matter last month.
HC on Thursday upheld the 10-year jail term awarded to former Haryana chief minister Om Prakash Chautala.
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.
The court posted the matter for September 26 after the CBI informed that it was likely to file a supplementary final report in the case by September 22.
Use of blockchain technology will ensure that banks will not be blindsided like in the case of the Nirav Modi-Mehul Choksi blowout at PNB, says Raghu Mohan.
More arrests are likely in this case, being probed by the elite crime branch, in the next couple of days.
Embattled liquor tycoon Vijay Mallya on Monday lost his high court appeal against his extradition order to India in relation to charges of fraud and money laundering amounting to an alleged Rs 9,000 crores.
