The CBI charges in the accounting fraud pertain to conspiracy, cheating, forgery, falsification of records and causing disappearance of evidence. There is no charge of misappropriation of funds. Of the Rs 715 crore made, Ramalinga Raju got Rs 27.91 crore and his brother and Satyam's former managing director, B Rama Raju, got Rs 26.68 crore, in the form of gifts from family, said the CBI. Besides, the Satyam founder 'offloaded the shares and received Rs 26,67,97,198.'
The trustee liquidating the assets of imprisoned scamster Bernard Madoff has sued J P Morgan seeking damages worth $6.4 billion for allegedly aiding the fraud committed by him.
They said creditors would be paid in full and all 405 jobs at the Silverstone-based team, that was co-owned by embattled Indian businessman Vijay Mallya and finished fourth last year, were safe.
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.
The court, later in the day, allowed his application.
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.
Financial Technologies India Ltd (FTIL) promoter Jignesh Shah, whose 'fit-and-proper' status to run an exchange has been under regulatory scrutiny following the Rs 5,600-crore payment fraud at NSEL, on Tuesday decided to continue as a director of group firm Multi Commodity Exchange (MCX).
The top three companies in terms of the largest value of physical shares showed over 30 per cent shares are held in physical form. Two of the top three were part of the S&P BSE Sensex and the Nifty50 indices.
The tribunal posted the matter for further hearing in December, when it will decide whether to admit the pleas of the Raju brothers and others against Sebi order.
The RBI view comes within a fortnight of the sectoral regulator FMC in a report stating that the promoter Shah and promoter company Financial Technologies are not eligible to run the crippled exchange, an order challenged by the group in the Bombay High Court.
Satyam Computer Services on Friday received approval from market regulator Securities and Exchange Board of India to facilitate a global competitive bidding process enabling it to sell 51 per cent stake in the company to a strategic investor.
The move will help to curb fraudulent borrowing and trading
India does not have a unified regulatory regime to counter Ponzi, or pyramid, schemes whose operators typically grab new deposits to meet their promise of guaranteed returns to existing savers, point out Manoj Kumar and Mayank Bhardwaj.
"Fitch Ratings has placed Punjab National Bank's (PNB) Viability Rating of 'bb' on Rating Watch Negative (RWN), following the large fraud reported by PNB," the US-based agency said in a statement.
Referring to Supreme Court's order against Sahara group as a benchmark for cases of unauthorized raising of money from public, Sebi has barred seven persons and one company from the markets for ten years for their involvement in the estimated Rs 1,500 crore 'StockGuru' fraud.
The size of the Indian financial services market could touch around $340 billion in the next few years.
However, the road to profitability has already hit some hurdles for the Delhi-based bank as the Union government has rejected its demand for an additional capital infusion of around Rs 8,000 crore in 2018-19
It won't be an easy ride for the markets, reckon experts, considering the multiple state elections in 2018 and general elections next year.
The Parliamentary Standing Committee on Finance's meeting comes against the backdrop of CBI probing the Saradha scam in which thousands of crores or rupees of gullible investors were allegedly swindled.
Under the EB-5 visa programme you can become a US citizen provided you invest $500,000 in an approved project and create targeted employment. But only 700 Indians can do so each year.
Delhi brokers under SEBI's glare for drawing investors through ads promising unrealistic returns.
Charges against Raju and others include criminal conspiracy and forgery.
Media reports this week suggested that British energy drink firm Rich Energy was leading a consortium seeking to purchase the Silverstone-based team for 200 million pounds ($278.66 million).
To prevent Satyam-like frauds and disclosing the solvency status of listed companies more frequently, the Sebi Committee on Disclosures and Accounting Standards has suggested that listed companies be mandated to disclose audited statements on half-yearly basis.
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The Securities and Exchange Board of India (SEBI) unveiled new proposals, broadening the scope of who can be held liable for insider trading violations.
One of American's biggest fraudsters, Bernard Madoff was sentenced to 150 years for his massive $65 billion scam.
Investigation to be over by weekend, Mumbai police EOW to lodge FIR thereafter.
A declining rupee, elevated crude oil prices and sustained foreign fund outflows added to the gloom
The probe is not part of the civil fraud charges filed against the bank in April, which caused an alleged loss of over $1 billion to investors by misrepresenting facts about the financial product tied to sub-prime mortgages.
India has a long way to go before it develops a culture of professional boards accountable to institutional investors. There is, therefore, no realistic alternative to reforming and strengthening PSBs under government ownership, says T T Ram Mohan.
The Economic Offences Wing (EOW) of the Mumbai city police is expected to file a First Information Report (FIR) against Jignesh Shah, promoter of Financial Technologies and vice-chairman of National Spot Exchange (NSEL), and former senior management officials in connection with the current payment crisis.
Prosecutors unveiled charges against Valvani alleging he fraudulently made $25 million by getting advance information about US Food and Drug Administration approvals of generic drug applications
The BSE Sensex zoomed 318 points to end at 33,351.57, while the broader Nifty spurted 88 points to 10,242.65.
Valuers have found almost no assets to pay for their claims against the Videocon group that entered the insolvency process in 2018. But the dissenters suggest that the money is elsewhere, possibly in the group's oil and gas assets, which are not part of the group's bankruptcy case.
Before participating in such a scheme, do a detailed background check of the company's credentials, especially if the promised returns are unrealistic.
Experts suggest six ways to play stocks that tank suddenly and make money as Sanjay Kumar Singh listens in
NSE's board was to approve on Friday the annual financial statement for the year ended March 31, 2019, but it decided to defer the matter till its legal team firmed up a view on Sebi's order, sources said.
Ponzi or MLM schemes are fraudulent investment operations.
Do we not understand that risk and return go hand-in-hand, or do we, in our rush to get rich, simply choose to ignore risk, wonders Ramabhadran S Thirumalai.
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Ramalinga Raju founded Satyam in 1987.
