Sebi widens fraudulent, unfair trade practices list
He is accused of multi-year visa fraud, involving forged and fraudulent documents to get visas such as H1B for over 200 foreign workers.
Though a popular savings option in India's villages and towns, chit funds have resulted in scams too. Here's what you must know about chit funds before investing your money.
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The Union Cabinet on Wednesday had approved the proposal to amend the Sebi Act and other relevant regulations that would give greater powers to the regulator in its efforts to tackle all kinds of money-collection schemes, as also to effectively crackdown on defaulters in the stock markets.
At least 10 companies are currently being probed for possible violation of CIS regulations of Sebi, the official said, while adding that role of Sen and other top executives associated with these entities was also being investigated.
Through messages via the BSNL network, the ministry plans to spread awareness among the public and ask people not to invest in suspicious companies.
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.
Mumbai-based Dream11, which is run by Sporta Technologies Private Limited, reported a profit of Rs 181 crore (Rs 1.81 billion) in FY2020, making it one of the few Indian consumer-tech unicorns to have turned profitable.
There is no end to fraudulent investment schemes in India.
Mallya's barrister, Clare Montgomery, reiterated the central defence that there had been no misrepresentation or fraud on the part of her client and that Kingfisher Airlines was the victim of economic misfortune alongside other airlines.
India is no stranger to investment scams. From schemes which promise exceptionally high returns to fake share trading companies which are not registered, gullible investors are lured almost every other day.
Violation of provisions of Sebi Act, Securities Contracts regulation, Prohibition of Fraudulent Trade (PFTUP) norms were not observed in respect of these 114 entities.
While Bhasin will be getting provident fund money and gratuity, he would not be getting leave encashment for 420 days, medical reimbursement for himself and wife, free passes for himself and wife, and holiday home facilities.
A 2019 investigation of Bombay Dyeing by market regulator Sebi has put a brake on the initial public offering process of sister company Go Air. The Wadia group-owned low cost airline had earlier planned to launch the IPO to raise Rs 3,600 crore by August, but may be forced to postpone it by a month or two as Sebi completes its investigation.
The central bank's move comes against the backdrop of the government efforts to crackdown on entities, that are illegally raising large amounts of money from the public.
The fake university was set up by the DHS's investigating unit in Greater Detroit area to bust the "pay-and-stay" racket.
A flavour-of-the-season approach does not work in investing, suggests Deepesh Raghaw.
An Indian-American physical therapist assistant has been sentenced to over four years in prison and ordered to pay USD 1.9 million in restitution for his role in a $14.9 million health insurance fraud scheme.
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.
The defendants would make up a false identity to get cards and then use them.
Texas billionaire Allen Stanford and three of his companies were charged with "massive" fraud on Tuesday as federal agents swooped down on his US headquarters. In a civil complaint filed in federal court in Dallas, the US Securities and Exchange Commission accused Stanford, who sponsored international cricket matches, and two other executives of fraudulently selling $8 billion in high-yield certificates of deposit in a scheme..
Nehal, 41, is charged in a New York Supreme Court indictment with Grand Larceny in the First Degree, Manhattan District Attorney Cy Vance, Jr. said.
Preliminary investigations conducted by capital markets regulator Securities and Exchange Board of India and inputs from other regulators and government departments suggest that some brokers were offering structured financial products to their HNI clients under some portfolio investments schemes for high returns of 10-20 per cent.
A total of 64,275 declarations were made under the scheme, an average of Rs 1 crore per disclosure. This is expected to translate into tax collection of about Rs 30,000 crore from the scheme, of which the government exchequer should get around Rs 15,000 crore by the end of 2016-17.
A federal jury on Monday convicted Susan Xiao-Ping Su, the founder of California-based Tri Valley University.
A 61-year-old Indian physician has been arrested on health care fraud charges and faces life imprisonment for illegally distributing opioid pain medication that resulted in the deaths of two patients in the US.
Taking a dig at Narendra Modi's demonetisation move, Uttar Pradesh Chief Minister Akhilesh Yadav termed cashless economy as a "bigger dream" than 'achche din' and said the note ban will be an issue in the upcoming assembly elections in the state.
The I-T department will rely on data analytical tools and run models to separate black money holders and genuine taxpayers based on the large data base being shared by banks.
While the US government did not reveal the nationality of the arrested people, names released by authorities indicate that 10 of them are either Indians or of Indian-origin.
A special task force of the SFIO recently submitted an interim report to the Corporate Affairs Ministry in this regard.
Completing its over a-year-long probe into Saradha scam, the Serious Fraud Investigation Office (SFIO) has submitted its final investigation report to the government, which may soon start prosecution proceedings for numerous serious violations found during investigations.
Amid the protests against leading e-commerce firms, Flipkart and Amazon, shipments through the online route in fact witnessed a double-digit growth every quarter.
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.
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.
Civil aviation ministry to monitor flash sales and discount schemes: Source
Under the FFS, concession is given to employees of the airline in which they can take their family to a domestic destination once a year at subsidised cost.
Keep a close eye on credit quality, financials of NBFCs before investing. These instruments should not constitute more than 15 to 20 per cent of your debt portfolio.
A preliminary report on the investigations is likely to be submitted soon by SFIO, but the final report may take little longer, Corporate Affairs Minister Sachin Pilot said.
The allegations of DDT evasion is connected to some transactions the Indian entity has made while buying shares of the company from the Mauritius and US companies of Cognizant.
