A UK judge presiding over the extradition proceedings of Nirav Modi on Tuesday ruled that the evidence submitted by the Indian authorities to establish a prima facie case of fraud and money laundering against the fugitive diamantaire is broadly admissible. District Judge Samuel Goozee heard the arguments for and against the admissibility of certain witness statements provided by the Central Bureau of Investigation (CBI) and Enforcement Directorate (ED) at Westminster Magistrates' Court in London and concluded that he considered himself "bound" by the previous UK court rulings in the extradition case of former Kingfisher Airlines chief Vijay Mallya. He then adjourned the case for a two-day hearing on January 7 and 8 next year, when he will hear the final submissions in the case before he hands down his judgment a few weeks later.
The 49-year-old jeweller, fighting extradition in the estimated $2-billion Punjab National Bank (PNB) scam case, will appear via videolink from Wandsworth Prison in south-west London for the latest hearing in the case, during which District Judge Samuel Goozee will hear his defence team's arguments against the admissibility of certain evidence provided by the Central Bureau of Investigation (CBI) and Enforcement Directorate (ED) in order to establish a prima facie case against the accused.
'We get to know secrets such as some of India's top-rated firms do not always make payments when due and many State-owned, listed, enterprises that borrow in bond markets default regularly.' 'Without naming the bank, he says that ever-greening of poor loans by a part of India's shadow banking lay at the doorstep of India's banking, notably 'one private bank'.' Viral Acharya's Quest for Restoring Financial Stability in India won't be music to many ears, observes Tamal Bandyopadhyay.
There was a massive 24% decline in India's gems and jewelry exports to $2,321 million for September 2018 as against $3,053.38 million in the same period last year.
The BJP believes that the only party still capable of leading a credible challenge against it is the Congress. Please note how BJP campaigners in states where the Congress may count for a cipher or thereabouts, mostly attack the Congress, observes Shekhar Gupta.
That the MVA government, comprising Shiv Sena, Nationalist Congress Party and Congress completed a year in office despite frequent murmurs of lack of coordination among the ruling alliance partners is being attributed to the rapport between Thackeray, 60, and NCP patriarch Sharad Pawar.
According to reports, the Central Bureau of Investigation has sent notices to 21 medium-to-large sized Indian companies regarding an ongoing probe into a financial bribery scandal.
Money Matters Financial Services, whose managing director and two top executives were arrested by the Central Bureau of Investigation in relation to real estate scam, did a debt syndication for at least four real estate companies to the tune of Rs 5,300 crore (Rs 53 billion) since April 2008, an analyst report said.
Use a "virtual credit card" for every online transaction when you can't pay cash on delivery.
For the past 10 years or more, the RBI has been turning down dozens of applications under the RTI Act that sought disclosing the list of wilful defaulters and the RBI's inspection reports. In fact, it is the only organisation that has a granular and complete view of the heist that has been going on for 25 years at least. But it has escaped any blame for the multiple rounds of bankruptcy and massive periodic recapitalisation of public sector banks caused by bad loans. In fact, they don't want anyone to know how incompetent and collusive they have been in handling bad loans, says Debashis Basu.
Nirav Modi's lawyer raised a British court's judgment blocking the extradition of WikiLeaks founder Julian Assange to the US on mental health grounds, as the embattled diamond merchant appeared via videolink before a court here on Thursday for a two-day hearing of final submissions in his fight against being extradited to India. The 49-year-old diamond merchant, facing charges of fraud, money laundering and intimidating witnesses in the estimated $2-billion Punjab National Bank (PNB) scam case, appeared in the Westminster Magistrates' Court. Sporting a full beard and dressed casually in a blazer, he followed the proceedings from a room at Wandsworth Prison in south-west London as his counsel raised Monday's judgment which blocks the extradition of Assange to the US on the grounds of his mental health.
The Congress president alleged that the surgical strike was made public as the BJP was fighting elections in Uttar Pradesh.
With an aggressive Opposition and unyielding government, important legislation could be the biggest casualty, as details of the helicopter contract surface.
Firestar Diamond, which on its website states that its operations span the US, Europe, the Middle East, the Far East and India, blamed liquidity and supply chain challenges.
Banks will also have to seek borrower's status report from Central Economic Intelligence Bureau on the account turning NPA
Reacting to the ED's summons to Raj, his estranged cousin and Shiv Sena chief Uddhav Thackeray, in an intriguing comment, said he did not expect any 'solid outcome'.
"The country has suffered a lot due to selfish interests earlier and now politics over Rafale," he said.
The House witnessed three adjournments in the pre-lunch session as proceedings continued to be disrupted by a slogan- shouting opposition members, particularly, the Congress
In all the time he has spent in bank and ATM queues, these are the 10 arguments that were being thrown at him constantly by those supporting the demonetisation, says Syed Firdaus Ashraf.
Colombo seems to be veering to the middle path between China and the US on global matters, but in regional matters of strategic security, it is increasingly identifying with India, points out N Sathiya Moorthy.
The PMLA court in Mumbai has sought their appearance on September 25 (Nirav Modi) and 26 (Mehul Choksi) respectively under the fugitive economic offender law.
Wanted diamond merchant Nirav Modi on Thursday lost his fight against being extradited to India as a United Kingdom judge ruled that he can be sent back to face charges of fraud and money laundering in the estimated $2 billion Punjab National Bank scam case.
Bansal has been named as the 39th prosecution witness in the case in which Singla, the then Member (Staff) of Railway Board Mahesh Kumar and eight others have been chargesheeted for the offence of criminal conspiracy under the IPC and relevant provisions of the Prevention of Corruption Act.
He also sought to know if Modi, during his recent meeting with Chinese President Xi Jinping, asked the latter about the 2017 Doklam standoff.
The career bureaucrat-turned-central banker walked into the 19th floor corner room of the Reserve Bank on December 12, 2018. Since February 2019, the Das-led RBI has cut the repo rate by a whopping 135 basis points to support the sagging growth, including an unprecedented 35 bps reduction in August. As he completes one year at the helm, woes in the NBFC sector, overall health of the banking sector and steeply falling economic growth are among the major challenges that needs to be tackled sooner than later.
Given how everything has played out, Mehul Choksi, now 62, achieved all that he wanted but for all the wrong reasons, says Pavan Lall.
Sources said that the capital markets regulator Securities and Exchange Board of India has come across quite a few cases where GDR route could have been used for round-tripping of funds in the name of capital-raising activities of listed companies from abroad.
CBI sources said the shell companies were allegedly being used by the suspects to divert loan funds meant for specified purposes, creating fake invoices, and 'round-tripping' of funds to evade taxes and generate black money.
'If 99.99 per cent of these micro borrowers are good at repaying their loans, why can't we look at the SMEs and MSMEs and replicate the same model for them with our stringent risk management system,' Chandra Shekhar Ghosh, chairman and managing director of India's newest private sector bank, tells Prasanna D Zore/Rediff.com.
Allegations of a particular market player being favoured over others were flying thick and fast in the early days of the scam.
India recorded 50,035 cases of cyber crime in 2020, an 11.8 per cent surge in such offences over the previous year, according to the National Crime Records Bureau (NCRB) data. The Reserve Bank of India (RBI) last week once again cautioned bank customers of fraud, including those in Know-Your-Customer (KYC) cases. In fact, certain frauds have become more prevalent than others, and being aware of them is the first step towards protect yourself. Mayur Joshi, chief executive officer, Indiaforensic.com, a company engaged in the prevention, detection, and investigation of frauds says, "It is necessary to learn, to read about these scams."
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
Heading to the third year, will Urjit Patel be busy firefighting a currency crisis? Almost no governor of the RBI managed to evade it and Patel perhaps knows it.
A number of top cricketers have expressed concern about being confined to biosecure bubbles for months on end to keep international schedules on track.
With the Congress party baying for his blood, Union Minister Nitin Gadkari on Monday broke his silence on the CAG report on irregularities in loan extended to his family-linked Purti Group.
The recapitalisation, the finance minister said, will enhance the lending capacity of state-owned banks and help them come out of RBI's Prompt Corrective Action framework.
As Rose Valley resurfaces, Sudip Bandyopadhyay and Tapas Pal's arrests marks the end of the bonhomie between the TMC and BJP.
Chandrakant Khaire said his party -- the partner of the Bharatiya Janata Party in the National Democratic Alliance - was not consulted on the decision of NDA MPs sacrificing 23 days pay to protest the disruptions in Parliament.
'Karti Chidambaram may be the beginning of a larger can of worms that the government has waited thus far to pop open,' says Vikram Johri.
'The childhood urge to amass wealth may account for one's inexplicable urge to stockpile change, for there is nothing more gratifying than to lift a box heavy with one's treasure, more satisfying somehow than all the zeroes the Kochhars, Modis and Mallyas appear to have allegedly scammed our banks over,' says Kishore Singh.
