Lack of education and the absence of bank branches across huge swathes of the country puts more than half of India's population outside the formal banking sector.
India Cements Managing Director and Board of Cricket Council of India President N Srinivasan, an accused in the illegal assets case involving YSR Congress leader Y S Jaganmohan Reddy, on Friday appeared before a special court in Hyderabad, along with others chargesheeted by the Central Bureau of Investigation in the high-profile case.
ED, which has been probing the alleged financial irregularities and cheating by Saradha group of companies, has also detected that a high interest rate of 18 per cent was assured to investors if they invested in the groups' schemes for a period of 3-5 years, the probe report said.
The bench said this is not an appropriate case for custodial interrogation of the petitioner.
West Bengal Chief Minister Mamata Banerjee on Friday vowed that she will not rest till money is repaid to the thousands defrauded allegedly by the Saradha Group and said that a new law was being brought to protect the interests of investors. "I am happy that a new law is coming. However, I will not be happy till we are able to return the money to investors," Banerjee said, adding that many poor people had invested in the Saradha Group.
The Delhi high court on Tuesday refused to grant early hearing on the Central Bureau of Investigation's appeal challenging the acquittal of former Union telecom minister A Raja and others in the 2G spectrum allocation scam case.
Govt went against its own recommendation of Jun 20, 2007, where along with the 2 Jindal companies, it wanted 40% coal block to go to Lanco.
'The Indian market has all the factors at the moment: Over-valuation, over-confidence, reliance on some source of massive fund flows and massive scams.' 'The trigger for a collapse could also have arrived.' warns Devangshu Datta.
Sources claimed that Singhal was "evasive" in her replies and hence was arrested.
In the sixth case of suicide in connection with the collapsed chit fund company Saradha, a depositor, who had invested his money in the scam-ridden company on Friday committed suicide in South 24 Parganas district.
With the Supreme Court ordering Kolkata Police Commissioner Rajeev Kumar to appear before the Central Bureau of Investigation, the agency will finally be able to question the top cop in cases arising out of the Saradha chit fund scam probe.
The court extended the interim protection granted to Chidambaram and his son, Karti, till December 18.
The Central Bureau of Investigation on Wednesday arrested eight people, including the chief executive officer of LIC Housing Finance, for allegedly giving corporate loans for monetary considerations.
The Central Bureau of Investigation is likely to question Congress Member of Parliament Naveen Jindal this week in connection with its First Information Report against him and his company for alleged cheating while applying for coal block.
Scams happen with high regularity because the price of getting caught is insignificant. Aggrieved investors run from the police to already clogged courts to find redress for issues for which financial regulators have been specifically set up. For over 3,750 years we have known what to do, but we don't do it, observes Debashis Basu.
'All regulatory agencies must be made Constitutional bodies like the Election Commission, the Supreme Court, and the CAG.' 'That way they will become independent of the minister,' recommends T C A Srinivasa-Raghavan.
They were arrested with the 'cooperation of district authorities of Satara on the strength of Non-bailable Warrant of Arrest issued by the Court of Special Judge, CBI Cases, City Sessions Court, Mumbai', CBI spokesperson R K Gaur said in New Delhi.
Shah said that the people of the country will decide about the principal opposition party to BJP in the 2024 polls and they have not given this label to any party.
The cop, who is alleged to have suppressed crucial evidences required for preparing the final CBI chargesheet in the scam, has been evading the probe agency's summons to appear before it and his whereabouts are not known.
He said that Government of Dominica and law enforcement agencies, unless the court rules otherwise, can deport him to India because he is an Indian citizen, Antigua News Room reported.
All airports and immigration authorities have been alerted by the CBI this week to prevent him from leaving the country and intimate the agency on any possible move, they said.
Fugitive diamantaire Mehul Choksi, wanted in a Rs 13,5000-crore loan fraud in Punjab National Bank, has gone missing in Antigua and Barbuda where he had been staying since January 2018, the Royal Police Force of the Caribbean island nation said in a statement.
According to jail sources, the Directorate had given to Koda a questionnaire of over 100 queries that it had prepared based on the investigations carried out by it over the last three months and the statement of Koda's aide Vikash Sinha.
Following are the names of some high-profile people who have been put behind the bars
"We would like to challenge this government for a debate at any time and any place of their choosing on the 2 years of NDA-BJP Government", party spokesman Manish Tewari told media persons targetting the government over its record in governance.
The Enforcement Directorate on Sunday conducted searches in various Uttar Pradesh cities after it registered a money laundering case to probe the alleged Rs 3,700 ponzi scam case perpetrated by seeking fake social media 'likes' from lakhs of gullible investors by a Noida based firm.
Allegations of a particular market player being favoured over others were flying thick and fast in the early days of the scam.
From promoters losing their firms to consumers realising there are no free lunches, 2019 was a year of getting real,says Shailesh Dobhal.
The officials said Pakistani intelligence operatives have adopted the modus operandi of investing in illegal call exchanges that switch Voice over Internet Protocol (VoIP) calls to normal Indian mobile calls.
The central probe agency that began action against the banker by raiding his upscale residence in south Mumbai on Friday is primarily investigating Kapoor, his wife and three daughters over a Rs 600 crore fund received by a firm allegedly "controlled" by them from an entity linked to the scam-hit Dewan Housing Finance Limited.
The ED has attached properties worth Rs 4,109 crore spread across various states in a money-laundering case linked to an alleged ponzi scheme, the agency said on Thursday. The case pertains to the Agri Gold Group of Companies. Three promoters of the group were arrested by the central agency on Tuesday.
Choksi, who was allegedly the partner-in-crime of his nephew Nirav Modi in the banking fraud, refused to say anything further on the issue, on the advice of his lawyers.
He escaped the country in the first week and took the oath of allegiance in Antigua on January 15
Decades apart, but the drama linked to the two appears similar, says Nivedita Mookerji.
Among the sectors seen as most vulnerable to corruption are the government and the public sector, infrastructure, real estate, metals, mining, aerospace, defence, power and utilities.
'Priyanka did draw huge crowds and eventually all of those ended up voting for the Samajwadi Party.' 'The voters today are smart enough to vote for the party which they know is going to win or they know this party will come second, but no way will they vote for a party which will come third or fourth.'
Department seeks investor database on the suspicion of fictitious investors.
'It can't be a coincidence that he and his family, uncles and all, vanished from India only days before the scam was discovered.'
India looking at bringing back Choksi under Antiguan law applicable to Commonwealth countries
'The transactions were done in a circuitous route deliberately and most of the companies involved in it are Reliance ADA group firms.'
