Days after the fraud allegedly masterminded by diamantaire Nirav Modi came to light, the prime minister asked the management of financial institutions as well as the supervisory bodies to do their job diligently to check such frauds.
The latest fraud is a failure of management supervision and accountability, as no bad debt was generated and no cash was involved
Market regulator SEBI on Wednesday imposed a penalty of Rs 17.5 lakh on Delhi-based broker Suresh Bharrat for alleged irregularities in trading of scrip of firms like Essar Oil, Suzlon and Tata Consultancy S in the future and options market.
An ongoing federal probe into H-1B visa fraud leads to 11 arrests and the indictment of IT services firm Vision Systems Group
Reliance Group, recently, accused L&T Finance and Edelweiss Group entities of "illegal" and "motivated" actions in invoking the pledged shares of Anil Ambani group's three listed firms and selling them in open market causing a steep fall in share values.
Cloned journals have become more rampant in the post-pandemic world.
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.
A year ago, Sanwalka had on his plate not more than six such cases. Referrals have been rapid in the last few months. Looking ahead, he expects his services to be in great demand. As the economic slowdown worsens and the strain rises on profits of firms, businessmen, investors and auditors have started grappling with a new headache -- attempts by chief executives and other vertical heads to dress up the profit & loss statement.
Shares of Reliance Infrastructure and Reliance Natural Resources Ltd on Tuesday tanked in the range of 4-8 per cent on the bourses after reports surfaced that these two ADA Group firms are involved in fraudulent banking activities overseas.
The third day of the five-day hearing at Westminster Magistrates' Court, presided over by Justice Samuel Goozee, was devoted to the defence laying out further arguments against a prima facie case of fraud and money laundering against Modi.
Shailesh Shah, 48, of California pleaded guilty before US District Judge Richard Stearns to two counts of mail fraud and two counts of wire fraud.
The ED's fresh chargesheet against Mallya and his firms is likely to pave the way for him to be declared "fugitive" under a new Indian law.
Prosecutors unveiled charges against Valvani alleging he fraudulently made $25 million by getting advance information about US Food and Drug Administration approvals of generic drug applications
Probe has been completed against 83.
There have been instances where forged letterheads of well-known Indian companies have been submitted along with Chinese visa applications.
Amid booming Sino-Indian trade, Indian missions in China have witnessed a growing tendency by some Chinese businesses to secure Indian visas by allegedly presenting fraudulent documents, including fake 'invitations' from leading Indian firms.
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.
Prabhat K Goyal, CFO, Network Associates, faces criminal charges for an accounting scam that duped investors by inflating the company's sales figures.
"We are waiting for any input from any quarter," Civil Aviation Secretary R N Choubey said, adding, "We have not received anything so far".
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.
However, the Indian capital markets regulator rejected the claim saying it neither received any such request, nor provided any such information to the concerned department in Antigua.
Bain alleges that it invested around $60 mn based on false financial statements that EY had audited and certified
The Income Tax Department on Tuesday also raided 20 premises linked to Gitanjali Gems promoter Mehul Choksi and suspected shell firms in connection with an alleged tax evasion case against them, official sources said.
The DMK feels its genuine gestures have had no bearing on the governor's politico-administrative conduct, which is 'more political and politicised than administrative and Constitutional', observes N Sathiya Moorthy.
The jeweller, who had left the country before Punjab National Bank approached the CBI with complaint against him and Nirav Modi, said the media continued to conduct a trial by itself blowing each and every issue out of proportion.
"He is expected to be produced before the court for a second bail application hearing on March 29," a court official in London confirmed on Tuesday.
In a nearly 10-year-old case, Sebi on March 24 had banned Reliance Industries and 12 others from equity derivatives trading for one year, while accusing RIL of making 'unlawful gains'.
'If she contests it, then these people will have to fight it in court.'
The agency on Friday also carried out searches on the premises of the Gitanjali Group at 20 places in Mumbai, Pune, Surat, Jaipur, Hyderabad and Coimbatore.
Citing the SC order in Sahara case, Sebi has passed orders against at least five companies and 21 individuals charged with collecting thousands of crores fraudulently
A federal jury on Monday convicted Susan Xiao-Ping Su, the founder of California-based Tri Valley University.
Booked between 2007 and 2011, out of the total 32,700 residential units under various Jaypee Infratech (JIL) projects, at least 20,000 homes are yet to be delivered. Supreme Court documents show that, till last March, Jaypee had issued 7,997 offers of possession to homebuyers while executing only 6,530 sub-lease deeds. These deeds offer homebuyers possession rights but, unlike registration, does not guarantee absolute ownership.
He escaped the country in the first week and took the oath of allegiance in Antigua on January 15
However, Jaitley's son-in-law had earlier issued a statement stating that his law firm had returned the retainership the moment they came to know that the company was involved in a scam.
EMR might have the provision to show pricing for each ailment.
CBI officials, who questioned former RBI deputy governor H R Khan on Friday, wanted to understand from him why the gold scheme was rushed through without taking into the account the impact and potential misuse.
While it's not difficult to fall prey to card fraud, individuals can protect themselves against losses.
Seeking ArcelorMittal be declared ineligible to bid for Essar Steel, the petition cited Section 29A of the Insolvency and Bankruptcy Code which bars promoters of defaulting companies from bidding for stressed assets.
In his petition, Karti contended that the July 18 circular had been issued arbitrarily and without jurisdiction by the Foreigner Regional Registration Officer and The Bureau of Immigration under the Union home ministry at the behest of different agencies to prevent him from travelling abroad.
