Chanda Kochhar, who was arrested for a cash-for-loan scam on Friday, was once a powerful banker and instrumental in making ICICI Bank the country's biggest private sector lender. Kochhar, a regular feature on Forbes top global honchos lists, was arrested by the Central Bureau of Investigation (CBI) along with her husband Deepak Kochhar in connection with alleged cheating and irregularities in loans sanctioned by ICICI Bank to Videocon Group companies. Kochhars were called to the agency headquarters and arrested after a brief questioning session. Her chapter at ICICI Bank ended abruptly in 2018 when the board of directors approved a request from Kochhar to seek early retirement following allegation of corruption and quid pro-quo while extending loans to the now bankrupt Videocon Industries.
Multi-core loan default accused and promoter of Rotomac Group 73-year-old Vikram Kothari died in a freak accident at his Kanpur residence on Tuesday morning. According to reports, the erstwhile stationery czar sustained grievous head injuries after slipping in his bathroom and later succumbed to his injuries. He was reportedly alone at his Tilak Nagar residence at the time of the incident. Vikram, also known as 'India's Pen King', was accused in a bank loan scam worth thousands of crores pertaining to Rotomac Global, which exported writing instruments overseas.
Arivandakshan's arrest is the first of a political person in the alleged scam in which several political functionaries of the CPM are under scanner, they said.
Wedding.con is a watchable show, if only to caution people about the latest scams, notes Deepa Gahlot.
Private sector banks reported the maximum number of frauds in 2022-2023.
If credit card delinquency spells trouble, there may be questions with regard to the much bigger retail sub-categories of car and housing loans, notes T N Ninan.
The CBI has shared its findings with the Enforcement Directorate.
Diamond merchant Nirav Modi on Wednesday lost his appeal against extradition on mental health grounds as the high court in London ruled that his risk of suicide is not such that it would be either unjust or oppressive to extradite him to India to face charges of fraud and money laundering. Lord Justice Jeremy Stuart-Smith and Justice Robert Jay, who presided over the appeal hearing at the Royal Courts of Justice earlier this year, said in their verdict that District Judge Sam Goozee's Westminster Magistrates' Court order from last year in favour of extradition was "sound". The leave to appeal in the high court had been granted on two grounds - under Article 3 of the European Convention of Human Rights (ECHR) to hear arguments if it would "unjust or oppressive" to extradite 51-year-old Modi due to his mental state and Section 91 of the Extradition Act 2003, also related to mental health.
Banks have become more vigilant over the past two weeks, with many more officials involved in loan approval and disbursal.
'The amount involved could as high as Rs 3,500 crore as there are a lot of depositors.' 'Yesterday, I met an investor who put in Rs 4 crore. That man doesn't have Rs 2,000 to spend on medicines.'
Life Insurance Corporation (LIC) of India, which is conducting an internal probe into the bribe-for-loan scam that surfaced at LIC Housing Finance (LICHF) in November, has not detected any aberration as yet.
CBI has alleged that Rana Kapoor entered into a criminal conspiracy with Kapil Wadhawan, DHFL director-promoter for round-tripping of funds where loans from Yes Bank to DHFL landed in companies owned by Kapoor's daughters, DoIT Urban Ventures.
About 40 per cent of the money lost by banks in the PNB scam and the fraud linked to fugitive businessman Vijay Mallya's defunct Kingfisher Airlines has been realised by way of sale of shares seized under the Prevention of Money Laundering Act (PMLA), the Enforcement Directorate said on Wednesday.
'If we want real democracy, the economy itself will need to be democratised.'
'Some farmers know when elections are due.' 'Before that, they take loans.' 'They then ask their farmer unions for loan waivers and the political party who shouts first about a loan waiver (gets the votes).'
The mega real estate loan scam could delay the initial public offers of over half a dozen real estate developers because of poor investor sentiment, said bankers and analysts tracking the sector.
The edtech major promised a learning revolution, offering hope to millions of under-educated youth. Now, those dreams are shattered, observes Devangshu Datta.
The Commission observed vulnerability of junior untrained staff on probation and their misuse by senior officials.
Retirement fund manager EPFO has decided to suspend further investments in the LIC Housing Finance till CBI completes investigations into the alleged involvement of its top official in the bribes-for-loans scam.
If his attempt to have his appeal heard in the Supreme Court fails, in principle, Modi can apply to the European Court of Human Rights (ECHR) to try and block his extradition on the basis that he will not receive a fair trial and that he will be detained in conditions that breach Article 3 of the European Convention on Human Rights, to which the UK is a signatory.
Did the fear of central agencies probing scams involving NCP leaders that forced these politicians to jump ship?
Life Insurance Corporation (LIC), one of the largest institutional investors in the Indian stock market, has become active on the bourses again. This is after a brief lull last month following the bribe-for-loan scam and questions around its stock market dealings.
At a time Life Insurance Corporation (LIC) is under the scanner due to the alleged bribe-for-loan scam at its housing finance arm, the mutual fund company of the corporation has been continuously losing business. Its assets have dipped substantially this year. As the mutual fund industry faces redemption pressure, LIC Mutual Fund, a state-owned fund house, has performed worse than the industry so far in the current financial year.
'The financial sector will be hit even harder than the overall market.' 'The banking sector will eventually be rescued.' 'But it may go into a long downwards spiral before things turn around.' 'Threat or buying opportunity?' asks Devangshu Datta.
The banks also received a warning from the rating agency Care, in February 2016, after Firestar's financials deteriorated.
With the above relaxation, more than 70 per cent of the depositors of the bank will be able to withdraw their entire account balance, the central bank said as most of its account holders have an average balance of just about Rs 10,000.
Nothing has ever been done to make bank officers accountable, except for the rare actions when there is a public controversy, argues Debashis Basu.
Since most banks have tightened lending to diamond merchants and others are about to do so, many medium and small diamond dealers are approaching large players for credit facility within the industry
'If the Modi government does not waive farm loans, we guarantee to waive farm loans if voted to power in 2019'
The accused were allegedly complicit in causing losses to the tune of Rs 1,000 crore to MSCB between 2007 and 2011.
Delhi CM Arvind Kejriwal said the govt will extend a loan of Rs 551 crore to two civic bodies; and alleged a situation was being created through the ongoing strike to prepare grounds for imposition of central rule.
With the Opposition targeting the government on alleged irregularities in the farm loan waiver scheme, Prime Minister Manmohan Singh on Wednesday promised "stringent possible action" against defaulters, if any.
According to a complaint from Bank of Baroda, the conspirators allegedly cheated a consortium of bank loans of Rs 3,695 crore. The scam was earlier estimated at around Rs 800 crore.
The case pertains to an alleged scam in the Sahakari Sakhar Kharkhana (co-operative sugar factories) and Sahakari Soot Girnis.
'Last year, Rs 20,000 crore was ripped off from the banking system.' 'The situation has deteriorated under the Modi government.'
The taxmen provisionally sent orders to attach their properties in Mumbai, New Delhi, Pune, Goa and also over two dozen land parcels across the state with a combined market value of around Rs 1,400 crore
The ruling Congress, voted to office in 2018 after 15 years in opposition, and the Bharatiya Janata Party are the main contenders for power in the state, where the Aam Aadmi Party, the Bahujan Samaj Party and some regional outfits are also in the fray.
Factors like dedicated recovery teams, centralised follow-up on bad loan accounts and resolutions via NCLT are driving the trend
Proceeds of the crime had been siphoned off and laundered or concealed, or layered and integrated into the main financial system through the acquisition of properties. His wife Bindu Kapoor has been charged with being aware of the source of monies that were being routed through these companies.
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