Jharkhand's Finance Minister has ordered a statewide investigation into alleged fraudulent salary withdrawals from government treasuries, following reports of irregularities in multiple districts.
Jharkhand Police have arrested the prime accused in a fraudulent withdrawal case from the West Singhbhum treasury, along with three others. The accused manipulated departmental computer data for nearly nine years to divert government funds into their own accounts and those of associates.
An accountant in Bokaro district, India, has been arrested for allegedly embezzling over Rs 6 crore from the treasury's salary disbursement account. Investigations are ongoing to determine the full extent of the fraud.
The US Department of Justice has permanently dropped all criminal charges against Indian tycoon Gautam Adani and his nephew Sagar, concluding a high-profile securities and wire fraud case in New York after prosecutors determined they could not sustain the allegations.
The U.S. Department of Justice has permanently dropped all criminal charges against Indian tycoon Gautam Adani and his nephew Sagar, bringing a high-profile securities and wire fraud case in New York to a close after prosecutors concluded they could not sustain the allegations.
Adani Group has agreed to pay USD 275 million to settle allegations of violating US sanctions on Iran. The U.S. Treasury Department's Office of Foreign Assets Control (OFAC) acknowledged the Indian conglomerate's extensive cooperation and proactive disclosures during the investigation.
Over the past three years, the appointments of 20 candidates selected through the Institute of Banking Personnel Selection were cancelled or offers were withdrawn due to poor credit history.
The Trump administration has announced a massive increase in H-1B visa fees, imposing a $100,000 annual charge that will fundamentally alter how American companies hire skilled foreign workers, particularly impacting Indian IT professionals who comprise the largest group of beneficiaries.
Markets regulator Sebi on Wednesday barred former CEO of IndusInd Bank, Sumant Kathpalia, and four other senior officials from accessing the securities markets in connection with an alleged insider trading in the bank's shares. In addition to the market ban, Sebi has impounded Rs 19.78 crore collectively from the five individuals, according to an interim order passed by the regulator.
When the government chooses to either ignore or use identity documents only when it suits them, it shakes people's sense of stability, notes Shyam G Menon.
The Ministry of Corporate Affairs has suggested that Satyam Computer deposit the salary of directors nominated to its board by the government after a multi-crore accounting fraud was exposed at the IT firm in the government treasury.
Historically, the RBI has tried to keep the crooks at bay by issuing a circular a day. What it needs is more onsite supervision. Merely checking high-frequency data with the help of technology is insufficient, notes Tamal Bandyopadhyay.
A former top executive of Citigroup has been charged for allegedly siphoning off more than $19 million from the bank, the latest in a string of frauds that have come to light at the global banking giant.
The problem here is that internal auditors are good at accounts, but they are not trained to track foreign exchange transactions
The Question Hour in Lok Sabha has been disrupted every day since March 13.
on Thursday adjourned sine die, ending the four-week-long second leg of the Budget session, during which treasury and opposition members locked horns over Rahul Gandhi's 'democracy' remark and the Adani issue.
Parliament's Budget session has been a washout since the beginning of its second part on March 13, with the BJP demanding an apology from Gandhi.
Maharashtra minister Sudhir Mungantiwar on Thursday claimed that Gautam Adani prospered during the Congress regime in Gujarat and said one cannot become the prime minister by growing a 'beard', referring to Rahul Gandhi's remarks on the industrialist in Parliament.
It is high time the Indian government signalled discomfort with the UK providing refuge to those accused of financial crimes in India, states Jaimini Bhagwati.
Parliament remained paralysed for the sixth day in a row on Monday due to protests from rival sides.
Leading the Opposition attack over the Adani-Hindenburg issue in the Lok Sabha, Rahul Gandhi on Tuesday linked Gautam Adani's meteoric rise to Prime Minister Narendra Modi's coming to power and said "magic" happened after 2014 that propelled the businessman from the 609th to the second spot on the global rich list.
'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.
Banks say they themselves red-flagged the transactions to RBI. It must be noted that these transactions are not outright evidence of fraud or proof of nefarious activities.
Babulal 'Bob' Bera, US Congressman Ami Bera's 83-year-old father, faces five years in prison.
Gautam Adani was the world's third and Asia's richest man a month back but a damning report by a US firm triggered a massive sell-off in shares of his apples-to-airport group, plunging his own wealth by $80 billion and the tycoon slipping to No.30 on the world billionaire index. Adani's sprawling conglomerate, which spans from sea ports to airports, edible oil and commodities, energy, cement and data centres, is under attack by US short-seller Hindenburg Research, which successfully deflated electric-vehicle maker Nikola Motors in 2020. Hindenburg, which held short positions in unidentified shares of Adani Group firms through its US-traded debt and offshore derivatives, on January 24 accused the conglomerate of "brazen stock manipulation and accounting fraud" and using a number of offshore shell companies to inflate stock prices.
The plea also sought a directive for the constitution of a committee of experts who would find the details of bad debt cases in the country.
Indeed, there were frauds, and the politician-banker-industrialist nexus played a role in the rise of NPAs, but governance issues in Indian banking are far more nuanced and complex, reveals Tamal Bandyopadhyay.
Park is charged with one count of conspiracy to commit computer fraud and abuse and one count of conspiracy to commit wire fraud.
The trade-war between the US and China is prompting investors to flee from risky assets, such as equities, to safe-haven bets, such as gold and treasuries
The five Ahmedabad-based call centres that made calls to people living in the US are Hglobal, Call Mantra, Worldwide Solution, Zoriion Communications and Sharma BPO Services.
The controversy surrounding the transfer of Brazilian Neymar to Barcelona is 'unfair' because the Spanish champions have done nothing wrong, club president Josep Maria Bartomeu said on Monday.
Cos ask US treasury to discuss data localisation norms with Indian officials at all platforms the two countries would meet, including G-20, US-India Strategic Dialogue, and IMF Annual Meet.
The CBI said the RJD leader is likely to get involved in political activities and misuse the grant of bail ahead of upcoming Lok Sabha polls.
Fintechs need to behave with responsibility and transparency. A lot of mis-selling has been happening. Other issues have been plaguing the fledgling industry -- high interest rates, even higher processing fees, harsh collection process and, most critically, data leakage leading to rampant frauds, points out Tamal Bandyopadhyay.
'We have already sanctioned loans worth over Rs 3,000 crore to around 120,000 customers.'
In addition, for those applying for certain L-1A and L-1B must submit an additional $4,500.
The imapsse continues over issues like bank scams and special status demand for Andhra Pradesh.
The agency on Monday questioned three general managers of the Punjab National Bank who have handled the -International Banking Division and Treasury department of the bank, officials said without revealing their identity.
'Investors should not commit fresh money to these stocks right now, unless they can hold for the next three to four years.'
Congress leader Rahul Gandhi took a swipe at the BJP, saying one has to refer to the state-wise election schedule to know when one will have access to the vaccine. The BJP, however, said health is a state subject and its manifesto is for Bihar, not for the entire country, where it has promised that the state will buy the vaccine for its people.
