Dubai-based billionaire BR Shetty has sued Bank of Baroda (BoB) and audit firm Ernst & Young (EY) in a New York court, accusing them of ignoring fictitious and fraudulent transactions that resulted in NMC Healthcare going bankrupt. Shetty is seeking $8 billion in damages in the suit that also names the top management of NMC Healthcare, and Netherlands-based Credit Europe Bank. A top NMC Healthcare official confirmed the development to Business Standard and said despite several meetings, senior BoB officials in India did not take remedial steps for fear of getting involved in an international ponzi scheme perpetrated by then senior management officials.
The CA insitute had asked the SFIO numerous times for details against the auditor, but it has not been furnished till now
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 Cricket Board has rubbished former England great Ian Botham's criticism of the highly lucrative Indian Premier League, saying he had no locus standi, and advised him to first get his facts right before commenting on the Twenty20 League.
Javadekar asserted that the first 50 days have shown that Modi government's second term will be more effective and will build on the success of its previous tenure.
The Reserve Bank could consider setting up of a Fraud Registry on the lines of Credit Information Bureau to check criminal activities in the financial sector.
Bitcoin currently trades at a price of $400 a unit, as against lofty highs of $1,200 early this year
Meanwhile, RBI Governor Raghuram Rajan said at the meeting that the central bank brass discussed strengthening the state- level coordination committees so that unauthorised deposit taking can be dealt with in a better way.
In a brief letter to his colleagues and shareholders, Dimon disclosed that the cancer was detected quickly and is confined to the original site and adjacent lymph nodes on the right side of his neck with no evidence of cancer elsewhere in his body.
Amount more than twice the size of Sahara's; collective investment scheme operator has 3 months to return money and wind up.
Continuing to shed its famed banking secrecy veil, Switzerland today made public more names about which it has been approached from abroad for information, even as it published fresh gazette notifications about two Indians -- Sayed Mohammed Masood and Chand Kauser Mohammed Masood.
'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.
As lobbying and counter-lobbying intensify, right now, it looks like a T20 match, discovers Tamal Bandyopadhyay.
The central probe agency has also issued a notice asking general public 'to furnish information and particulars of properties, both movable and immovable as well as bank accounts, in the state of West Bengal and other places, if any, related to Saradha group known to them, with specific details' to it.
Completing its over a-year-long probe into Saradha scam, the Serious Fraud Investigation Office (SFIO) has submitted its final investigation report to the government, which may soon start prosecution proceedings for numerous serious violations found during investigations.
A SFIO probe into Saradha scam and 'chit fund' operations of 62 other entities has found serious financial mismanagement and siphoning off the funds by their promoters, who took advantage of regulatory gaps.
With just 10 detectives under his leadership and in about three weeks' time, Senior Superintendent of Police of Uttar Pradesh's Special Task Force Amit Pathak cracked an online digital racket that swindled 600,000 people and is now worth Rs 3,700 crore and counting.
The majority have stayed away from getting into cash handling.
Finance ministry maintains that all KYC requirements will be followed.
The second-longest serving chairman introduced quite a few measures for the primary market and implemented a new corporate governance framework.
Starting with 10 terror modules in 2009, the Jamaat-ul-Mujahideen Bangladesh today has more than 50 units across West Bengal, reveal investigative officials.
'A separate 'Investigation Agency (Other Offences)' or IA(OO), can be created under the state governments, with the expertise and resources required for investigating non-violent offences,' recommends Alok Tiwari, a Cabinet Secretariat officer.
While RBI is yet to come out with a clear regulatory framework for bitcoins, which have been gaining currency across the world over the past few months, it has issued an advisory cautioning general public against use of bitcoins and other virtual currencies.
Pushed by Congress vice president Rahul Gandhi, the government looks set to shortly bring ordinances on two anti-corruption bills along with three other legislations which could not be passed during the just-concluded Parliament session.
EPF is the major vehicle for the long-term savings of organised private sector employees.
'If anybody defaults on something which is due for today, they have to disclose it tomorrow.' 'The accumulation of NPAs is due to asymmetry in information.' 'The investor should have real-time information.'
The alleged mastermind of the scheme Chelsea-based Indian entrepreneur Nandan Pruthi and his business partners Kenneth Peacock and John Anderson were arrested after a series of raids conducted by the London police in the city, the Observer newspaper reported.
US regulator seeks Sebi's help in probing online Ponzi scheme run by duo under American names
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.
For the CBI, crimes are likely to become more innovative, complex, driven increasingly by technology and transcending geographical boundaries, says Anil Kumar Sinha.
Rose Valley is one of the biggest money businesses after Sahara.
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.
What perhaps turned the tide against Uber was the plight of the consumer.
Pulling no punches in her attack against the Bharatiya Janata Party for allegedly pursuing 'political vendetta' against the Trinamool Congress, West Bengal Chief Minister Mamata Banerjee on Thursday charged that the Central Bureau of Investigation was being used as a 'political tool' by the National Democratic Alliance government and was functioning as 'a department of the Prime Minister's Office'.
As much as 73% of total income of national political parties is unaccounted for, says Association for Democratic Rights.
Imran, a Rajya Sabha MP, reached the agency's office in Salt Lake here and will be questioned about his connections with the defunct group owned by jailed Saradha Chairman Sudipta Sen.
'Around 15 crore poor people have lost their money.'
It is possible that the December clashes in Assam merely exploited an issue simmering for decades. The motivation, however, was something else, says Aditi Phadnis
'So much so we don't feel the need to create anything, but just bask in that glory.' 'It's time to move on.' 'How much burden can you put on a person or the legacy of the person?'
Shortly after arrest, BJP state headquarters in Kolkata was attacked allegedly by members of TMC student wing.
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