News for 'investment fraud'

Templeton's investment in Rana Kapoor's YES Capital under ED lens

Templeton's investment in Rana Kapoor's YES Capital under ED lens

Rediff.com3 Jun 2020

Schemes among the six wound up by the fund house had given a loan of Rs 518 crore against non-convertible debentures to the firm in March 2019, according to ED's chargesheet.

Why Deepfakes Are A MENACE

Why Deepfakes Are A MENACE

Rediff.com7 Dec 2023

'With free software on the Internet and apps, creating a deepfake video can take 3 to 5 minutes. Anyone can make these videos.'

Spanish court reopens fraud investigation against Neymar

Spanish court reopens fraud investigation against Neymar

Rediff.com23 Sep 2016

Spain's High Court said in a written ruling on Friday it had reopened a fraud and corruption investigation into Brazilian soccer player Neymar over his transfer to Barcelona three years ago. The court had initially dropped the charges againt him and his father and agent as well as former Barcelona president Sandro Rossell and ex-Santos president Odilio Rodrigues in July.

Did Sebi suppress important facts on Adani stock manipulation?

Did Sebi suppress important facts on Adani stock manipulation?

Rediff.com11 Sep 2023

Market regulator Sebi suppressed important facts from the Supreme Court and "slept over" Directorate of Revenue Intelligence's letter on alleged stock manipulation by the Adani firms, one of the PIL petitioners in the Adani-Hindenburg row has alleged in the top court in an affidavit. The apex court is seized of four PILs on the Adani-Hindenburg controversy including those by lawyers M L Sharma and Vishal Tiwari, Congress leader Jaya Thakur and law student Anamika Jaiswal. On August 25, SEBI had informed the apex court it has completed the probe in all but two allegations against the Adani group, and is still awaiting information from five tax havens on the actual owners behind the foreign entities that have invested in the conglomerate.

Satyam not first nor last fraud: Damodaran

Satyam not first nor last fraud: Damodaran

Rediff.com7 Jan 2009

At the same time, he cautioned authorities against giving corporate governance and rating awards to companies before they actually prove that they are practising the same. Pointing out that the people were taken in by the wrong numbers given by the company, he said people should always be on guard and ask more questions before making investment decisions.

Audit fraud? Send them to jail, says ICAI

Audit fraud? Send them to jail, says ICAI

Rediff.com17 May 2010

The Institute of Chartered Accountants of India has recommended strict penal action, including imprisonment, for auditors who are found associated with serious accounting frauds.

Citi fraud: Cops look for Puri's iPad

Citi fraud: Cops look for Puri's iPad

Rediff.com7 Jan 2011

A local court on Thursday extended police remand of Shivraj Puri, the main accused in the Rs 300 crore (Rs 3 billion) Citibank fraud, by 6 days as police sought time to recover an iPad used by the mastermind to communicate with his clients.

Adani junks Rahul's claim; lists details of $2.87 billion stake sales

Adani junks Rahul's claim; lists details of $2.87 billion stake sales

Rediff.com10 Apr 2023

Billionaire Gautam Adani's group on Monday listed out details of the $2.87 billion stake sales in group firms since 2019 and how $2.55 billion of this was ploughed back into business, as it looked to counter Congress leader Rahul Gandhi's claim of Rs 20,000 crore coming in to the conglomerate through 'shell companies'. While investors such as Abu Dhabi-based global strategic investment company, International Holding Company PJSC (IHC) invested $2.593 billion in group firms such as Adani Enterprise Ltd and Adani Green Energy Ltd (AGEL), promoters sold stake in Adani Total Gas Ltd and AGEL to raise $2.783 billion. "These funds were reinvested by promoter entities to support the growth of new business and in portfolio companies such as Adani Enterprises Ltd, Adani Ports and Special Economic Zone Ltd, Adani Transmission Ltd and Adani Power Ltd," the group said.

Congress leader moves SC for probing Hindenburg's Adani group claims

Congress leader moves SC for probing Hindenburg's Adani group claims

Rediff.com14 Feb 2023

A plea has been filed in the Supreme Court seeking investigation under the supervision of a sitting apex court judge against the Adani group of companies in light of the allegations made by the US-based Hindenburg Research.

Congress accuses PM of 'saving his friend' Adani

Congress accuses PM of 'saving his friend' Adani

Rediff.com3 Feb 2023

The Congress-led opposition stepped up its attack on Friday against the government over the Adani row and demanded that there should be a thorough investigation into what they alleged was a 'mega scam' as it involved public money.

Neymar named in fraud lawsuit linked to Barca transfer

Neymar named in fraud lawsuit linked to Barca transfer

Rediff.com17 Jun 2015

A Spanish judge has accepted a legal complaint filed by Brazilian investment fund DIS that alleges it was the victim of a fraud perpetrated in Barcelona's signing of forward Neymar from Santos.

'Adani Group is a man-made disaster in the making'

'Adani Group is a man-made disaster in the making'

Rediff.com27 Jan 2023

In 1937, a hydrogen-powered German airship flying into New Jersey caught fire and crashed, killing 35 passengers on board. It was sort of a man-made disaster as some 100 people were loaded on to a balloon filled with the most flammable material in the universe. The airship was named Hindenburg. Eight decades later, in 2017, a graduate of international business management from the University of Connecticut founded a "forensic financial research" firm to specialise in spotting wrongdoings and frauds, or what it calls man-made disasters, at companies around the globe and take market bets against them.

Madoff: What the prosecutors say

Madoff: What the prosecutors say

Rediff.com13 Jan 2009

Federal prosecutors plan to appeal against the decision of a judge rejecting their plea for revocation of $1 million bail of the accused swindler Bernard Madoff.

Women Must Have Cover 10 Times Their Income

Women Must Have Cover 10 Times Their Income

Rediff.com20 Jun 2023

'If something unfortunate happens to an earning member, the family loses the crucial income which would have gone towards paying off debts, meeting the cost of children's higher education, or towards the upkeep of elderly parents.'

Adani, Hindenburg, Hydrogen...

Adani, Hindenburg, Hydrogen...

Rediff.com7 Feb 2023

Given the hydrogen connection, it's ironic that Hindenburg Research released a long report, accusing the Adani group of financial manipulation, observes Devangshu Datta.

Several JNU, IIT professors duped of crores by ex-staffer

Several JNU, IIT professors duped of crores by ex-staffer

Rediff.com7 Jan 2023

Several professors of Jawaharlal Nehru University and other institutions have accused a former JNU employee of duping them of crores of rupees promising them homes on a Delhi Development Authority (DDA) plot under a housing development scheme which was never there.

Despite Modi govt's best efforts...: Cong on fresh charges against Adani

Despite Modi govt's best efforts...: Cong on fresh charges against Adani

Rediff.com31 Aug 2023

The Organised Crime and Corruption Reporting Project (OCCRP) on Thursday trained its guns on the Adani Group, alleging hundreds of millions of dollars were invested in publicly traded group stocks through Mauritius-based 'opaque' investment funds managed by partners of promoter family, charges the conglomerate denied vehemently.

ED to quiz J'khand mining secy Pooja Singhal in MGNREGA fraud case

ED to quiz J'khand mining secy Pooja Singhal in MGNREGA fraud case

Rediff.com9 May 2022

Recorded versions or bhajans being recited by those present at the temples were played out at around 5 am to counter the morning azaan being recited on the loudspeakers.

Adani Group repays loans worth $2.65 bn to complete prepayment programme

Adani Group repays loans worth $2.65 bn to complete prepayment programme

Rediff.com5 Jun 2023

Embattled Adani Group on Monday said it has repaid loans aggregating $2.65 billion to complete a prepayment programme to cut overall leverage in an attempt to win back investor trust post a damning report of a US short seller. In a Credit Note released on Monday, Adani Group said it has made a full prepayment of $2.15 billion of loans that were taken by pledging shares in the conglomerate's listed firms and also another $700 million in loans taken for the acquisition of Ambuja Cement. "The prepayment was done along with interest payment of $203 million," it added.

'Huge demand for life insurance products in India'

'Huge demand for life insurance products in India'

Rediff.com1 Jan 2024

'As our per capita income increases and various demographic segments emerge, the need for various kinds of protection and risk covers will become even more explicit.'

Meet the man who lost Rs 32 cr in Citibank fraud

Meet the man who lost Rs 32 cr in Citibank fraud

Rediff.com6 Jan 2011

"I believe it is important for an investor to not put all their eggs in one basket, and also diversify in terms of asset class," says Sanjeev Aggarwal.

Ambuja Cement, ACC say no shares pledged by promoter Adani group

Ambuja Cement, ACC say no shares pledged by promoter Adani group

Rediff.com2 Feb 2023

Adani group firms Ambuja Cement Ltd and ACC Ltd on Thursday said no shares of the companies have been pledged by the promoters, who have only provided a "non-disposal undertaking". In a joint statement to stock exchanges, Ambuja Cement Ltd and ACC Ltd termed as "misleading" reports of pledging of shares by the promoters as part of financing their acquisition. "Consequently, there are market rumours that amid market volatility, there is a requirement to meet the top-up triggers where in there is selling pressure," the statement said.

France's Total puts hydrogen deal with Adani on hold

France's Total puts hydrogen deal with Adani on hold

Rediff.com8 Feb 2023

France's TotalEnergies has put on hold a planned investment in Adani Group's $50 billion hydrogen project pending results of an audit launched following allegations by a US short-seller, chief executive Patrick Pouyann said on Wednesday. While the partnership where the French oil giant was to take a 25 per cent stake in the hydrogen venture of the Adani group was announced in June last year, TotalEnergies has not yet signed a contract, he said at an earnings call. "Obviously, the hydrogen project will be put on hold until we have clarity" from Adani group on the allegation levelled by US short-seller Hindenburg Research, Pouyanne said.

SC to hear Congress leader's PIL for Adani probe on Friday

SC to hear Congress leader's PIL for Adani probe on Friday

Rediff.com15 Feb 2023

The Supreme Court on Wednesday agreed to hear on February 17 a fresh plea of a Congress leader seeking investigation under the supervision of a sitting apex court judge against the Adani group of companies in light of the allegations made by the US-based Hindenburg Research.

COLUMN: Mis-selling or fraud?

COLUMN: Mis-selling or fraud?

Rediff.com17 Jun 2013

The onus is on you to reject financial products that don't suit your needs.

Had meeting with Adanis, happy about it: LIC chairman M R Kumar

Had meeting with Adanis, happy about it: LIC chairman M R Kumar

Rediff.com6 Mar 2023

Confirming a meeting with the top management of the Adani Group, Life Insurance Corporation Chairman M R Kumar said on Sunday that the interaction had gone well. "There's nothing I can state as of now on the outcome of that meeting. "But yeah, we've had the meeting....we are quite happy about this meeting," Kumar said on the sidelines of the 22nd Global Conference of Actuaries in New Delhi.

Coming Soon! UPI-Based ATMs

Coming Soon! UPI-Based ATMs

Rediff.com11 Oct 2023

The transition to UPI-based ATMs will be gradual, and consumers will not immediately switch to using standalone UPI ATMs overnight.

Adani stock crash rocks Parliament for second day

Adani stock crash rocks Parliament for second day

Rediff.com3 Feb 2023

Proceedings in both Lok Sabha and Rajya Sabha were disrupted as Opposition members raised slogans demanding a discussion and a Joint Parliamentary Committee (JPC) probe into the fraud-allegation-triggered rout.

Crackdown on chit fund companies gathers pace in Chhattisgarh

Crackdown on chit fund companies gathers pace in Chhattisgarh

Rediff.com17 Feb 2023

Ghanshyam Sahu, a resident of Uparwara of Durg, sold two acres of land to invest the proceeds in a chit fund company, only to realise he had been duped. Like hundreds others, Sahu had given up hope of getting the money back. So when he received Rs 9 lakh from the state government last month, he couldn't believe his luck. "I did not expect the money to be recovered," he candidly told Chhattisgarh Chief Minister Bhupesh Baghel at an event in January.

Youth Congress leader files 4th PIL in SC for multi-agency probe into Adanis

Youth Congress leader files 4th PIL in SC for multi-agency probe into Adanis

Rediff.com16 Feb 2023

A fresh PIL was filed on Thursday in the Supreme Court seeking a probe by multiple central government agencies under the supervision of a panel or a former apex court judge against the Adani Group of companies following allegations of fraud and share price manipulation made by the US-based Hindenburg Research.

ED attaches Rs 36 cr assets, bank deposits of Udayanidhi Stalin Foundation

ED attaches Rs 36 cr assets, bank deposits of Udayanidhi Stalin Foundation

Rediff.com27 May 2023

The probe, being conducted under various sections of the Prevention of Money Laundering Act, is against the Kallal Group and the UK-based Lyca group and its Indian companies Lyca Productions and Lyca Hotels, it said.

Cong seeks 'serious' probe into Hindenburg report against Adani

Cong seeks 'serious' probe into Hindenburg report against Adani

Rediff.com27 Jan 2023

Hindenburg Research has alleged that Adani Group was "engaged in a brazen stock manipulation and accounting fraud", a charge the conglomerate described as malicious, unsubstantiated, one-sided, and having done with malafide intention to ruin its share-sale.

YES Bank fraud case: Cox & Kings top brass under ED lens

YES Bank fraud case: Cox & Kings top brass under ED lens

Rediff.com9 Jun 2020

The probe agency found irregularities in loans amounting Rs 3,642 crore sanctioned by Yes Bank to the travel firm.

War on fraud: US firms to pay $1 bn fine

War on fraud: US firms to pay $1 bn fine

Rediff.com20 Dec 2002

As the US government intensified its crackdown on corporate fraud, America's leading investment banks and brokerage houses have announced they will pay a hefty fine totalling $1billion to settle allegations of conflicts of interest.

Indian among 6 charged in $30-million bank fraud

Indian among 6 charged in $30-million bank fraud

Rediff.com7 May 2014

Manjeet Bawa, 46, of New York and other co-defendants contracted to buy homes in Nassau and Suffolk Counties from innocent sellers at market prices.

UK closes Tier 1 Investor visa route over security concerns

UK closes Tier 1 Investor visa route over security concerns

Rediff.com18 Feb 2022

The UK on Thursday (local time) closed Tier 1 Investor visa route to all new applicants from all nationalities with immediate effect over security concerns. Home Office took the action as the route failed to deliver for the UK people and gave opportunities for corrupt elites to access the UK. UK Home Secretary, Priti Patel took decisive action with immediate effect.

Why Deloitte resigned as Adani Ports' auditor

Why Deloitte resigned as Adani Ports' auditor

Rediff.com13 Aug 2023

Before resigning as an auditor of an Adani Group firm, Deloitte had sought an independent external examination of allegations made by a US short-seller but the company said the allegations had no effect on financial statements and the reasons cited for quitting were not convincing to warrant such a move. In a 163-page filing with stock exchanges relating to Deloitte Haskins & Sells LLP's resignation, Adani Ports and Special Economic Zone (APSEZ) said that in meetings with its leadership, Deloitte indicated concern over a lack of a wider audit role as auditors of other listed Adani companies. However, the firm conveyed to the auditor that it was not within its remit to recommend such appointments as other entities are "completely independent".

Cabinet empowers Sebi to deal with ponzi schemes

Cabinet empowers Sebi to deal with ponzi schemes

Rediff.com24 Jul 2014

The Bill seeks to give Sebi sweeping powers like attachment of properties and launch of recovery proceedings.

As shares plunge, Adani FPO subscribed only 1% on opening day

As shares plunge, Adani FPO subscribed only 1% on opening day

Rediff.com27 Jan 2023

Against an offer of 4.55 crore shares of Adani Enterprises Ltd, only 4.7 lakh were subscribed, according to information available from the BSE. Adani Enterprises fell almost 20 per cent to below the offer price of its secondary sale as all the seven listed companies of the conglomerate took a beating in the aftermath of Hindenberg Reserach alleged that the group was "engaged in a brazen stock manipulation and accounting fraud scheme over the course of decades".

Unclaimed Shares, Dividends? Read This!

Unclaimed Shares, Dividends? Read This!

Rediff.com23 Mar 2023

I stumbled upon shares worth around Rs 300,000 in my late father's name, which are currently with the Investor Education & Protection Fund, points out Harsh Roongta.