Nirav Modi, the fugitive diamond merchant wanted in India to stand trial on fraud and money laundering charges, on Thursday suffered another setback in his legal battle against his extradition as the high court in London denied him permission to appeal against his extradition order in the UK Supreme Court. In a judgment order pronounced at the Royal Courts of Justice in London, Lord Justice Jeremy Stuart-Smith and Justice Robert Jay ruled that "the Appellant's (Nirav Modi) application for permission to appeal to the Supreme Court is refused".
The CBI has been carrying out searches at various locations for the past few days to locate assets acquired from the proceeds of the scam, officials said.
The dispute between RCom and Chinese banks led by ICBC started after Anil Ambani led company defaulted on its loans to Indian as well as Chinese banks. A British court on May 22 asked Ambani to pay nearly $717 million to three Chinese banks within 21 days.
Accusing the Union government of using the central agencies to target leaders like former finance minister P Chidambaram and others, Kamal Nath expressed hope that the court will take a right decision in the case.
ED has approached the MEA seeking initiation of deportation.
RTI activist Anil Galgali had asked SBI about the total amount of loans given to the beleaguered businessman.
Without naming either the alleged kingpin of the fraud, billionaire jeweller Nirav Modi, or Punjab National Bank, Jaitley questioned the ethics of some businesses in the country and asked as to why the bank's internal and external auditors could not detect the fraud which had been going on for 7 long years.
Companies don't have to be in the field to nudge people to return money they owe lenders.
The Commission observed vulnerability of junior untrained staff on probation and their misuse by senior officials.
US short seller Hindenburg Research has rejected Adani Group's charge that its report was an attack on India, saying a "fraud" cannot be obfuscated by nationalism or a bloated response that ignored response to key allegations. Commenting on the 413-page response Adani Group released late on Sunday evening in response to its report, Hindenburg said it believed India was a vibrant democracy and an emerging superpower with an exciting future and it was Adani Group which was holding it back through "systematic loot". Hindenburg stood by its last week's report that said its two-year investigation found Adani Group "engaged in a brazen stock manipulation and accounting fraud scheme over the course of decades".
The Enforcement Directorate (ED) had also published in leading dailies the court-issued proclamation against Mallya for appearance before the special PMLA court.
'This segment has performed very well for us and this is reflected in our bounce rate which is about three to four per cent.'
ED has approached the MEA seeking initiation of deportation proceedings against liquor baron Mallya
Under Section 83 of the CrPC, ED may seek attachment of more of his property.
'Flush with funds, lending became a cash management exercise.' 'Road projects, power generation plants, airports etc were financed left and right with apparently no regard for the projects' ability to repay,' explains S Muralidharan, former managing director, BNP Paribas.
The Enforcement Directorate on Friday said it will seek the help of RBI and SEBI to ensure that Mallya group of companies are not able to create third party rights to dispose of its stakes.
Reserve Bank has almost finalised the structure of Central Fraud Registry.
SBI has suggested that banks be exempted from handing over the complete forensic audit report to the borrower as it would hamper future investigation and forewarn the borrower by way of disclosure of confidential information.
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.
The court noted that despite repeated orders, Mallya did not appear in the court and it was inevitable for the state machinery to intervene and ensure his presence.
The incidence of corruption cases can be checked to a large extent if the suggestions already available with RBI and the government are taken seriously, says Shyamal Majumdar.
Replying to a query in Rajya Sabha, Finance Minister Nirmala Sitharaman said there was no delay by the Centre in taking action after identification of fraud by the State Bank of India following the forensic report from Ernst & Young.
Adani group firm Adani Ports & SEZ paid Rs 1,500 crore loan and promised to repay more as the embattled conglomerate mapped a comeback strategy after a sellout triggered by a damning report by US-based Hindenburg Research. Adani Ports and SEZ paid SBI Mutual Funds' due amount of Rs 1,500 crore on Monday and will also pay another Rs 1,000 crore of commercial papers due in March (as per the payment scheme), a company spokesperson said. "This part prepayment is from the existing cash balance and funds generated from the business operations," the spokesperson said.
The Serious Fraud Investigation Office is under the administrative control of the Corporate Affairs Ministry, and is being readied to become an investigation body at par with the Central Bureau of Investigation and the Enforcement Directorate.
The summons was issued to Mallya under provisions of the Prevention of Money Laundering Act in connection with the IDBI case.
The auditors also said that the company is in the process of monetising its assets and has submitted a draft resolution plan to the consortium of bankers for restructuring its borrowings and also there have been discussions for stake sale by the promoters to a strategic partner with further equity infusion.
'There are so many issues that the CVC is examining both with reference to the PNB and RBI,' K V Chowdary said.
Bankers said fear of loan losses impairing their careers could make officers wary of sanctioning new loan proposals on their own.
More shares belonging to companies of the embattled Adani Group have been pledged as security for loans taken by the group's flagship firm, a trustee said. SBICap Trustee in notices to stock exchanges said that a further 0.99 per cent shares in Adani Green Energy Ltd were pledged "for the benefits of the lenders" of Adani Enterprises Ltd. An additional 0.76 per cent shares in Adani Transmission Ltd were also pledged to banks, the trustee said. SBICap, which is a unit of State Bank of India (SBI), however did not give details of the loans taken by Adani Enterprises for which the pledge was created.
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.
'The CM kept his cool, but his adviser was liberal with filthy language.' Tamal Bandyopadhyay recreates the diary of a general manager in a public sector bank, providing a glimpse of how they balance their work and life.
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.
Banks had raised the interest rates on loans by as much as 350 basis points although the cost of deposits had increased by a maximum of 200 basis points. With the deposit rates having softened from the April 2007 levels, banks have decided to pass on the benefits but only to the new borrowers.
The event will also hurt PNB's asset quality in the March 2018 quarter. While the finer details of the fraud have not been provided, making it difficult to gauge the exact impact, analysts say it will dent the bank's financials.
If the spouse is the guarantor of husband's business loans, banks can hold her liable for default. Here are ways to ring-fence her assets.
The ED has pressed charges under various sections of the Prevention of Money Laundering Act against Mallya and others named in the CBI complaint
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.
The federal agency said it conducted raids against a director of Zanmai Lab Pvt Ltd, which owns WazirX, on August 3 in Hyderabad and alleged he was "non-cooperative". The agency's probe against the crypto exchange is linked to its ongoing investigation against a number of Chinese loan apps (mobile applications) working in India.
RBI had on February 12, 2018 issued a circular saying that lenders have to provide for resolution plan within 180 days in case of large account of Rs 2,000 crore and above.
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