India is no stranger to investment scams. From schemes which promise exceptionally high returns to fake share trading companies which are not registered, gullible investors are lured almost every other day.
Ayodhya mayor, a local BJP MLA and a former party legislator are among the 40 people whom the Ayodhya Development Authority has accused of illegally trading plots and building infrastructure in such land.
Leading stock exchange NSE's board has given its approval to the Central Bureau of Investigation (CBI) to prosecute its former MD and CEO Chitra Ramkrishna in the co-location scam case, sources said on Monday. The CBI was awaiting the go-ahead of the board of National Stock Exchange of India (NSE) to prosecute Ramkrishna following her arrest in March last year. She was arrested in the co-location scam nearly four years after an FIR was registered by the agency in May 2018.
The Delhi police have arrested top officials of Home Trade allegedly involved in the multi-crore government securities scam that shook the financial sector last year.
The TDP and JD-U will have a lot to answer inside Parliament, day after day, session after session, notes N Sathiya Moorthy.
NSEL scam: Brokers of IIFL, Anand Rathi, Geojit arrested.
Markets regulator Sebi has ordered the attachment of bank accounts and shares and mutual fund holdings of fugitive businessman Mehul Choksi to recover dues totalling Rs 5.35 crore. The latest decision has been taken after Choksi failed to pay the fine imposed on him in October 2022 by Sebi in a case pertaining to indulging in fraudulent trading in the shares of Gitanjali Gems Ltd. Choksi, who was the chairman and managing director as well as part of the promoter group of Gitanjali Gems, is the maternal uncle of Nirav Modi, both of whom are facing charges of defrauding state-owned Punjab National Bank (PNB) of more than Rs 14,000 crore.
The meteoric rise of Shajahan Sheikh from a modest background of a helper in a local transport company to becoming the so-called 'tiger' of Sandeshkhali is what Bollywood film scripts are made of. And so does his fall.
The memo was submitted to Judge Richard Holwell, who is scheduled to sentence Rajaratnam on September 27.
Sebi on Thursday sent a notice to fugitive businessman Mehul Choksi asking him to pay Rs 5.35 crore in a case pertaining to fraudulent trading in the shares of Gitanjali Gems Ltd and warned of arrest and attachment of assets as well as bank accounts if he fails to make the payment within 15 days. The demand notice came after Choksi failed to pay a fine imposed on him by the Securities and Exchange Board of India (Sebi). Choksi, who was the chairman and managing director as well as part of promoter group of Gitanjali Gems, is the maternal uncle of Nirav Modi.
The recent controversy unfolded after West Bengal Chief Minister and TMC leader Mamata Banerjee had in November advocated the need to give due respect to senior members and rejected the notion that elderly leaders should retire from active politics.
'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.
It said Naisar Kothari, a resident of Bhavnagar in Gujarat, was arrested under sections of the Prevention of Money Laundering Act (PMLA) and he has been sent to the ED custody till December 22 by a court.
62-year-old Gupta appeared in Manhattan federal court but it was not immediately known what charges have been slapped against him by the prosecutors.
Raj Kumar Sharma and Manmohan Menani, directors of Barrel Trading and Investment Company in Kolkata, were arrested in connection with the Rs 120 crore scam at the Calcutta Stock Exchange in March, 2001, the police said.
Shah came under scanner last year, when his group company NSEL faced a payment crisis and nearly 18,000 investors allegedly lost millions in late July.
In an apparent reference to Mumbai's Adarsh housing society scam, Maharashtra Chief Minister Prithviraj Chavan on Monday said the case should be disposed of speedily and the guilty should be brought to justice.
Raj Rajaratnam, the Galleon Group founder accused of masterminding the largest insider trading scam in the US history, has asked a judge to exclude some wiretaps from his trial next month, arguing they have little to do with the case.
Bharatiya Janata Party MP Faggan Singh Kulaste and former MP Mahabir Singh Bhagora, who are accused in the 2008 cash-for-vote scam, on Saturday told a Delhi court that they were whisteblowers and their intention was to "expose horse trading" in Parliament.
Rajiv Chhatwal, Rupinder Kaur and Harinder Singh and companies Global Access Technical Support, Source Pundit and Helios Digital Media LLC were the defendants that had been charged in October 2016 by the Federal Trade Commission (FTC) as part of its ongoing crackdown against tech support scams.
Countrywide raids are being conducted in connection with a money laundering case linked to a fertiliser scam.
Goldman Sachs' director Rajat Gupta tipped off Raj Rajaratnam, an accused in insider trading scam, about a deal between Buffett-led Berkshire Hathaway and the Wall Street giant, before the public announcement.
According to an ED order, the agency has seized movable and immovable properties of the firm -- Ms N K Proteins -- in Mumbai, Noida, Ahmedabad and Palanpur in Gujarat under the criminal provisions of the Prevention of Money Laundering Act.
The Enforcement Directorate on Friday arrested the CEO of a defaulting firm on money laundering charge in connection with its probe in the National Spot Exchange Limited scam case.
Central Bureau of Investigation officers who probed cases like 2G, CWG scam and horse trading in Jharkhand Rajya Sabha elections are among the 28 from the agency awarded with prestigious the president's police medal for distinguished service and police medal for meritorious service on Republic Day.
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
Congress general secretary in-charge communications Jairam Ramesh said that in the 'Hum Adani ke Hain Kaun (HAHK)' series under which the Congress posed questions to Prime Minister Narendra Modi, the party had asked him about his "favourite business group's links with the Chinese citizen Chang Chung-Ling (aka Lingo Chang) who has been a director in several Adani Group companies along with Vinod Adani and also made an appearance in the Panama Papers".
The ruling Congress is seeking to retain power in Chhattisgarh by banking on the welfare schemes of the Bhupesh Baghel government, while the Bharatiya Janata Party is hoping to corner it on the issues of alleged corruption, religious conversions and unfulfilled poll promises.
Within six months, outlets carrying Vicks jumped from 60,000 pharmacies to 750,000 general stores. The trade boycott collapsed. Consumers were happy, finding Vicks now at every street corner. A fascinating excerpt from Gurcharan Das's Another Sort of Freedom.
It is revealed that the 2G scam money has been transferred from Chennai to Dubai and Hongkong via Surat.
In a fresh development in NSEL's Rs 5,600 crore scam, the Enforcement Directorate (ED) on Monday registered a preliminary inquiry into the payment crisis, suspecting large-scale money laundering in the beleaguered spot exchange, a senior official said.
Commodity futures market's dream run came to a halt in 2013 as a Rs 5,600 crore scam in Jignesh Shah-led spot exchange NSEL and imposition of transaction tax on non-farm items hampered the growth of business, with turnover estimated to dip by 30 per cent to Rs 125 lakh crore.
The Enforcement Directorate (ED) on Tuesday arrested former Mumbai police commissioner Sanjay Pandey in connection with a money laundering case linked to the alleged illegal phone tapping of NSE employees, officials said.
The Enforcement Directorate on Tuesday arrested Financial Technologies India Limited founder Jignesh Shah in connection with its probe into the Rs 5,600-crore National Spot Exchange Limited money laundering scam.
In the first arrest in the NSEL's Rs 5,600 crore (Rs 56 billion) payout scam, a top official of the beleaguered spot commodity bourse, which defaulted on its payment for the eighth time in a row yesterday, was held on Wednesday by Mumbai police's Economic Offence Wing (EOW).
According to sources, Preneet Kaur, a Congress MP, is believed to have voted in support of the report.
Sunil Bhalla, a senior executive with Polycom, along with three others was named in fresh charges filed by the US Securities and Exchange Commission on Monday.
Sebi had last year banned Indiabulls from carrying out trades but the order was kept in abeyance till completion of the inquiry.
Patience can be rewarding. 'Post-listing, sanity often returns to valuations of newly-listed businesses within six to nine months. Buy then.'
Suhail Hindustani, arrested for his alleged involvement in the 2008 cash-for-vote scam, on Tuesday sought bail from a Delhi court claiming he was merely trying to expose the "horse trading" going on before the voting on Congress-led United Progressive Alliance-I government's trust motion.
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