Almost 2,000 companies whose private provident and pension funds have invested in non-convertible debentures of IL&FS group firms are staring at the prospect of booking losses to the tune of Rs 9,000 crore or more if the interest income is added.
Veteran sports administrator Narinder Batra quit his positions as International Hockey Federation president and also gave up IOC membership, hours after CBI conducted multiple raids at his residence and offices in New Delhi and Jammu.
While agency sources informed that Gandhi recorded his statement and checked its transcript minutely, Congress leaders said the investigators took multiple breaks during his questioning
Court order follows submission of govt lawyers that Serious Fraud Investigation Office was probing a case of misappropriation of fund by Jet Airways and Goyal.
In its chargesheet filed in a special court in Srinagar, the CBI alleged that Abdullah as the association president at that time had connived with the treasurer of JKCA and others for undue siphoning off and misappropriation of funds, a CBI spokesperson said in New Delhi.
BharatPe co-founder Shashvat Nakrani has accused Ashneer Grover, with whom he had co-founded the payment startup, of creating a false narrative about the company, and said the board acted quickly and decisively in unseating him after receiving finds of a PwC report. BharatPe, which allows shop owners to make digital payments through QR codes, last week stripped Grover of all titles and positions over his alleged "misdeeds" and may take further legal actions, including clawing back of some of his shareholding. In a letter to employees, Nakrani said the Grover episode was an aberration and not the norm at BharatPe, and went on to defend the board who he said were celebrated names in the banking and financial services industry.
'The company's transition from an individuals-driven private firm to a board-driven listed public one will be carried out in a well-thought-through and well-executed manner.'
Former BharatPe chief Ashneer Grover has written to the company's board seeking action against CEO Suhail Sameer following his offensive remarks on social media and sought resignation of chairman Rajnish Kumar. In response to a comment by Ashneer's sister Aashima on a social media post by former BharatPe employee Karan Sarki, Sameer said "Behen- tere bhai ne saara paisa chura liya (Sister, your brother has stolen all the money). Very little left to pay salaries". Sarki in the post had raised the issue of sacking of old staff and non-payment of salaries.
The Maharashtra police has booked Indiabulls group companies, including its flagship Indiabulls Housing Finance (IBHL), for allegedly siphoning off funds and for accounting irregularities committed by the promoters and directors of the company between 2014 and 2020. A first information report was registered by the Palghar police on April 13 under various sections of Indian Penal Code dealing with cheating, fraud and criminal conspiracy. The move comes after Palghar's judicial magistrate passed an order under Section 156 (3) of the Code of Criminal Procedure (power to direct police/agency to investigate the matter), following a complaint filed by Ashutosh Kamble, a shareholder of IBHL.
Congress leader Rahul Gandhi appeared before the Enforcement Directorate (ED) on Wednesday for the third consecutive day of questioning in the National Herald money laundering case, with the agency seeking answers on decisions taken with regard to the media organisation and its owner Young Indian.
'The Sangh Parivar's position is that whatever gold that is there in a temple should remain there. It shouldn't be taken away by anyone.' 'See, we are not misappropriating anything; we are only using it for the welfare of the temple and the devotees.'
Nearly 73 per cent of the funds allotted for the implantation of the Mahatma Gandhi National Rural Employment Gurantee Act in 38 districts of Bihar between 2006 and 2012 have been embezzled by authorities. Bihar spent a total amount of Rs 8,189 crore during 6 years on NREGA, according to an audit conducted by the Delhi-based Centre for Environment and Food Security.
'No action will be taken against Ajit Pawar. I am sure.'
The plea, filed by advocates Shishir Chaturvedi and Karunesh Kumar Shukla, said that apart from private individuals and members of state Sunni Board, the presence of central and state government representatives was essential to ensure proper management of the funds.
Congress leader Rahul Gandhi was questioned for over 10 hours by the Enforcement Directorate in a money-laundering probe linked to the National Herald newspaper and was called to depose again on Tuesday, as his party protested across the country, alleging that the Centre was targeting the Opposition by misusing agencies.
'At the first board meeting I chaired, I sensed that corporate governance is an issue in this company.' 'I started taking steps that may have aggrieved a few.' 'This has now become a mission I intend to accomplish before I step down.'
Adani, which had earlier bid only for the wholesale book, now want all of DHFL's assets and has pipped both Oaktree and Piramal by bidding higher than each of them.
Former premier Raja Pervez Ashraf's nomination papers for a parliamentary constituency in Rawalpindi were rejected by authorities on Monday, even as the Election Commission completed the verification of nominations of the 24,094 candidates contesting the May 11 polls.
The Supreme Court on Thursday said it will consider the pleas of Congress President Sonia Gandhi and Rahul Gandhi that their appeals against the Delhi high court verdict, refusing to quash summons issued to them in the National Herald case, be heard on Friday.
A recent report by Citi had pegged the total amount stuck in stalled projects across seven major Indian cities (Bengaluru, Mumbai Metropolitan region, National Capital Region, Ahmedabad, Hyderabad, Kolkata and Pune) at Rs 80,000 crore.
The Board of Control for Cricket in India on Saturday suspended and issued show cause notices to the top Goa Cricket Association officials, who were arrested for alleged misappropriation of organisation funds, and initiated a probe of its own against them.
The Delhi High Court on Wednesday placed Hockey India under a three-member Committee of Administrators (CoA) to run its day-to-day affairs
She left the agency's office in central Delhi just before 7 pm on Tuesday after recording her statement.
Congress leader Rahul Gandhi was questioned for over eight hours by the Enforcement Directorate for the second consecutive day in the National Herald money-laundering probe and was again summoned on Wednesday, even as the opposition party continued its protests and sparred with the BJP, accusing it of conspiring to defame the Gandhi family through the ''false'' case.
Nearly 800 employees started the strike on February 3 alleging gross mismanagement of funds by the top management and demanded a thorough audit of ICAI by comptroller and auditor general.
He sought a seeking a direction to Congress chief Rahul Gandhi, his mother Sonia Gandhi and other accused to either admit or deny if certain documents filed by him were original.
He was detained on the intervening night of Thursday and Friday in Ludhiana and was formally arrested on Friday morning after he was brought to New Delhi by a team of the Economic Offences Wing, Additional Commissioner of Police (EOW) O P Mishra said.
The alleged misappropriation of flood relief funds, which has hit the Bharatiya Janata Party government in Karnataka, has also torched the Opposition Congress party in the state.
Corrupt practices are robbing the developing nations as much as $40 billion annually, even a fraction of which can fund treatment of over 6 lakh AIDS-affected people, according to the World Bank.
The Congress alleged that the money-laundering law has been weaponised to target and humiliate people, and urged the Supreme Court to decide soon on the matter concerning the National Herald-Associated Journals Limited case.
Backing Salman Khurshid, two senior Union ministers Monday said there was no question of the law minister being isolated within the government following allegations of misappropriation of funds by an NGO headed by him.
Ghost beneficiaries aren't the only kind of issue companies face during a period of unprecedented CSR spending, touching nearly Rs 12,000 crore in 2018-19. Frauds related to procurement, construction, and end-use of funds have had companies engaging forensic auditors to keep tabs on how money is spent, revealed conversations with those involved in such investigations. Firms are also increasingly strengthening their own capabilities to better implement their programmes.
The Gupta family has relocated to Dubai amid corruption charges against them in South Africa.
After confiscating properties of corrupt officials, Bihar government has now confiscated properties of two middlemen who indulged in misappropriation of government funds, officials on Monday said.
Nearly three weeks after a 'whistleblower' senior state official was killed here sparking a national outrage, the police on Thursday arrested four persons, including an accountant in a cooperative society, and claimed to have cracked the case.
Congress President Sonia Gandhi, and Vice President Rahul Gandhi were on Thursday summoned by a local court as accused in a criminal complaint lodged by BJP leader Subramanian Swamy for alleged cheating and misappropriation of funds in acquiring ownership of now-defunct daily National Herald.
A former woman official of the Ministry of External Affairs has been sentenced to four years in jail by a Delhi court for misappropriating nearly Rs 42,000 of government fund.
The Army has been hit by yet another corruption case with a Major General coming under the scanner for alleged financial irregularities during his stint at the Udhampur-based Northern Command.
Law Minister Salman Khurshid on Sunday came out with documents to rubbish charges of misappropriation of funds by a trust run by him and his wife and expressed willingness for any probe while making it clear that he has no intention to resign.
