rediffGURU Ramalingam Kalirajan answers your personal finance queries.
A 23-year-old man from Surat working as a 'helper' for the Russian Army was killed in a Ukrainian missile strike in a war zone, as per the claim made by his relatives.
This case is the largest investigated by the Pandemic Response Accountability Committee Fraud Task Force to date, US Attorney for the Northern District of Texas Leigha Simonton said in a press release.
In view of popular demand, the government will on Tuesday relaunch saving instrument Kisan Vikas Patra (KVP), wherein the invested money will get doubled in 8 years and 4 months.
Do not shop around for loans immediately after getting a secured credit card. Such loan enquiries can also pull down credit score, as they are treated as a sign of credit-hungry behaviour.
Compliance costs and legal scrutiny could rise.
The Supreme Court on Wednesday directed activist Teesta Setalvad and her husband Javed Anand to cooperate with the Gujarat Police in connection with a case filed against them over alleged misappropriation of funds.
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.
As part of its efforts to strengthen customer protection, Reserve Bank is considering setting up a fraud registry to create a database of fraudulent websites, phones and various modus operandi used for digital fraud. Such a database will help prevent these fraudsters from repeating the fraud as the websites or phone numbers would be blacklisted, RBI executive director Anil Kumar Sharma said on Monday. "There is no definite timeline for setting up of the fraud registry.
The Securities and Exchange Board of India (Sebi) has proposed new regulations to deal with suspicious trading activities-a move that will empower the market watchdog to go after entities making unusual profits without any fundamental basis. The regulator has issued a discussion paper, inviting feedback on the draft of the Sebi (Prohibition of Unexplained Suspicious Trading Activities in the Securities Market) Regulations, 2023, which are aimed at curbing front-running, use of mule accounts, pump and dump schemes, and misuse of social media influencers. Currently, Sebi's Prohibition of Fraudulent and Unfair Trade Practices (PFUTP) and Prohibition of Insider Trading (PIT) Regulations deal with such activities.
A high-level three-member committee is formed to grow awareness about fraudulent job offers.
Bain alleges that it invested around $60 mn based on false financial statements that EY had audited and certified
Always avoid companies that promise assured returns that are too good to be true.
Not so hatke after all, but no reason to stay bachke either, notes Sukanya Verma.
In a major blow to Nirav Modi, a bankruptcy court in the US has rejected a petition of the fugitive diamond merchant and two of his associates, seeking dismissal of fraud allegations against them by the trustee of three companies they previously owned indirectly.
Amway maintains the action was related to a case in 2011 and it has been cooperating with the investigative agency.
Capital markets regulator Sebi on Thursday imposed penalties totalling Rs 11 crore on 8 entities, including National Stock Exchange (NSE) and its former chiefs Chitra Ramkrishna and Ravi Narain, in a case pertaining to software related to algorithmic trading. The regulator has levied a fine of Rs 1 crore each on NSE, Ramkrishna and Narain. Also, a fine of Rs 1 crore has been imposed on Suprabhat Lal, who was a NSE official at the time of violation.
The remarks by Naidu in his last address as the country's Vice President came even as Telangana's ruling Telangana Rashtra Samithi RS said the welfare of poorer sections of society is not a freebie and that welfare measures taken by governments should continue.
CBI officer V K Shukla, who is probing the death of Jharkhand Judge Uttam Anand, is among 15 officers of the agency awarded the 'Union Home Minister's Medal for Excellence in Investigation' for the year 2021, officials said Thursday.
Till Monday, 43,734 confirmed cases of coronavirus were reported in the United States.
"The government feels the industry needs some government oversight and can't be left unregulated. A panel of bureaucrats will soon submit their recommendations on the subject," said an official.
Sebi on Thursday barred 45 entities, including actor Arshad Warsi, his wife Maria Goretti and others, from the securities market in cases related to manipulating the share prices of two companies through uploading misleading videos on YouTube channels. The cases pertains to uploading misleading videos on YouTube channels and recommending investors to buy the shares of Sadhna Broadcast Ltd and Sharpline Broadcast Ltd. Apart from the couple, some of the promoters of Sadhna Broadcast have been restrained from the securities market for their involvement.
Wanted diamond merchant Nirav Modi appeared via videolink from his London prison for a regular call-over hearing at Westminster Magistrates' Court on Friday, when he was further remanded in custody until February 25, when the judgment in his extradition case is to be handed down. District Judge Angus Hamilton informed Modi that he would most likely be appearing again via videolink on the day of the ruling, which will decide whether the 49-year-old jeweller has a case to answer before the Indian courts on fraud and money laundering in relation to the Punjab National Bank (PNB) scam case. Last month, District Judge Samuel Goozee had confirmed the timeline for the judgment at the end of closing submissions in the case, during which he heard that Modi is responsible for overseeing a "ponzi-like scheme" that caused enormous fraud to PNB.
Congress president Mallikarjun Kharge on Sunday accused the Bharatiya Janata Party-led central government of being 'undemocratic', and said people will have to strongly fight against its 'dictatorship' to save democracy.
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.
The fraud was operated from call centres in India to defraud hundreds of elderly and vulnerable people in the US, CBI officials said.
The ED case follows the police complaint for alleged criminal conspiracy and defrauding investors.
Pawan Kumar Soni, a 55-year-old farmer based in Sri Ganganagar City in Rajasthan, became a victim of a cyber fraud when his 26-year-old son Harsh Vardhan opened a link from a phishing message that flashed on his mobile phone.
More than 60 individuals and entities, an overwhelming number of them Indians, were on Thursday charged by the Justice Department for allegedly participating in a multi-million dollar scam involving call centres based in India which conned thousands of American citizens.
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.
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.
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.
By April, operational guidelines for the scheme will be finalised and shared with states
Government officials have lodged FIRs and slapped fines to the tune of Rs 1 crore on hospitals involved in frauds.
Until now, the penalty was Rs 1 crore only.
Wanted diamond merchant Nirav Modi, who remains behind bars in a London prison as he contests his extradition to India on charges of fraud and money laundering in the estimated $2-billion Punjab National Bank (PNB) scam case, will find out the UK court's ruling in the nearly two-year-long legal battle on Thursday. The 49-year-old is expected to appear via videolink from Wandsworth Prison in south-west London at Westminster Magistrates' Court, where District Judge Samuel Goozee is set to hand down his judgment on whether the jeweller has a case to answer before the Indian courts. The magistrates' court ruling will then be sent back to UK Home Secretary Priti Patel for a sign off, with the possibility of appeals in the High Court on either side depending on the outcome.
The government has found about 900,000 beneficiaries of its flagship job formalisation scheme, the PMRPY, were ineligible in the first place as they were part of the formal economy even before the inception of the scheme. The EPFO has also recovered Rs 222 crore so far from the employers concerned.
The capital market regulator is looking into whether its Collective Investment Scheme regulations were violated while raising funds from the public, a senior official said.
Finance Minister Nirmala Sitharaman on Thursday said taxpayer base has almost doubled to 1.28 crore in four years of rollout of the historic tax reform and the enhanced GST mop up in the recent months should now be the "new normal". In a written message to tax officers on the fourth anniversary of GST rollout, she said implementing any reform of this scale in a large and diverse country like India can be highly challenging, but GST has brought about ease in taxpayer compliance and reduced common man's tax burden.
PNB took the delivery of these high-end luxury cars worth approximately Rs 1.34 crore last month, unmindful of the coronavirus outbreak, subsequent nation-wide lockdown and its crippling effect on the financial sector as well as the economy. The annual depreciation on this purchase will be around about Rs 20 lakh.
