ED files chargesheet against 10 people in Rs 77.36-cr bank loan fraud case

 The Enforcement Directorate (ED) has filed a chargesheet against one Gyan Prakash Sarawgi and nine others in connection with money laundering case related to a bank loan fraud.

The Enforcement Directorate (ED) has filed a chargesheet against one Gyan Prakash Sarawgi and nine others in connection with money laundering case related to a bank loan fraud. The prosecution complaint was filed before a special PMLA court in Ranchi which has taken the cognizance of the matter on June 3. “The prosecution complaint was preceded by a provisional attachment order of May 25, 2020 attaching therewith 10 immovable properties worth Rs 4.25 crore identified as proceeds of crime,” said an ED official.

The case relates to bank fraud wherein the accused persons availed bank loans fraudulently amounting to Rs 77.36 crore on the pretext of trading in textiles, garments and construction items. After getting the loan amount, the accused laundered all the money through a maze of transactions involving many intermediary companies and were finally used into the activities of Sarawgi Builders and Promoters Pvt Ltd which was primarily engaged in the business of real estate.

YES Bank case: ED summons Anil Ambani, Subhash Chandra and Naresh Goyal

The agency also calls Subhash Chandra, Naresh Goyal, Kapil Wadhawan, and Peter Kerkar in money laundering probe

The Enforcement Directorate (ED) has issued summons to a clutch of borrowers of YES Bank, including Essel group Chairman Subhash Chandra, Jet Airways founder Naresh Goyal, Cox & Kings promoter Peter Kerkar, Dewan Housing Finance promoter Kapil Wadhawan, and a few more in connection with the money laundering probe against YES Bank co-founder Rana Kapoor. Besides, the federal agency has issued fresh summons to Reliance Group Chairman Anil Ambani asking him to appear on Thursday.

Ambani was summoned on Monday for questioning related to the stressed loans that were sanctioned to ADAG group during Kapoor’s tenure. But he has filed adjournment application with the ED seeking more time. An ED official said it was examining all the big borrowers of YES Bank and that is why each of the borrower had been asked to join the probe this week. Sources said ED wanted to deep dive into all the accounts which had defaulted and the loans had turned into bad debts. The agency will record the statement of the management and promoters of all the stressed firms and will make it part of the prosecution complaint, the source said.

Other than the bad debt accounts, the probe agency is verifying the rationale behind Kapoor keeping some of his realty assets on mortgage with some housing finance firms. “These properties that were kept on mortgage were actually the illegal gratification, which Kapoor has received on advancing loans to entities without due diligence and were not in line with the Banking Regulation Act,” an ED official said…

Rs 25,000-cr scam: ED books Sharad Pawar, nephew for money laundering

The probe agency said that loans were sanctioned to CSF despite weak financial and negative network

The Enforcement Directorate (ED) has registered a money laundering case against Nationalist Congress Party (NCP) chief Sharad Pawar, nephew Ajit Pawar and several former directors of Maharashtra State Co-operative Bank in connection with a Rs 25,000-crore loan scam. The setback for the Pawars comes a month before Maharashtra goes to the polls. The NCP had won 41 seats in the 2014 Assembly elections.

According to the probe agency, loans were provided to cooperative sugar factories (CSFs) in connivance with then senior officials of the co-operative bank with the purpose of siphoning off money, causing a huge loss to the bank.

“There were several irregularities in the sanctioning of loans… only with the purpose of extending benefits to the directors of the lending bank, for personal gains,” the ED said. These loans were sanctioned between 2007 and 2010.

Explaining the modus operandi, the probe agency said loans were sanctioned to CSFs despite weak financials and negative net worth. No collateral was taken in many cases, and credit was extended based on incorrect representation made by the bank. The bank even extended additional working facilities to certain sugar factories without having any prudent reason….

PMLA case: NCP leader Praful Patel appears before ED for second day

The case emerges from a criminal complaint registered by the ED for alleged irregularities in fixing air slots for international airlines that purportedly led to losses for Air India

Previous common flying pastor and NCP pioneer Praful Patel showed up before the Enforcement Directorate for a moment day Tuesday for addressing regarding a tax evasion test identified with misfortunes endured via Air India as a feature of an asserted multi-crore avionics trick, authorities said.

Patel showed up before the office at its headquarter here in Khan Market around 10.00 am. On Monday likewise, he was examined by the office for concerning right hours. The researching officer of the case recorded Patel’s announcement under the Prevention of Money Laundering Act (PMLA) on Monday and the previous Union bureau priest of the UPA government was comprehended to have “participated” with the office.

The Rajya Sabha MP was approached to show up again on Tuesday as the scrutinizing and recording of his announcement needs to proceed, authorities said. The case rises up out of a criminal objection enlisted by the ED for supposed abnormalities in fixing air spaces for universal aircrafts that purportedly prompted misfortunes for Air India, the national bearer. A case for buy of 111 flying machine for the national Air transporter during Praful Patel‘s residency is additionally under test.

Praful Patel, 62, has additionally been named in an ongoing chargesheet documented by the government office under the steady gaze of a court, as an individual known to supposed avionics lobbyist Deepak Talwar. Talwar was captured by the ED at some point back. The Nationalist Congress Party (NCP)leader, who was incharge of the common aeronautics service somewhere in the range of 2004 and 2011, has not been referenced as a charged for the situation.

The ED has just scrutinized various individuals in the senior administration of the state-claimed aircraft and the aeronautics service. The ED had said in the chargesheet that “the examination so distant from the denounced and others uncover that Patel is a dear companion ofDeepak Talwar”. Patel had before told the media that “he will be glad to collaborate with the ED for their comprehension of the complexities of the flight area”.

Source : Business Standard

CBI questions P Chidambaram in INX Media case: A timeline of events

Delhi HC has granted Chidambaram interim protection from arrest until July 3 in the case

 

 

On May 15 last year, the CBI had registered an FIR for alleged irregularities in the Foreign Investment Promotion Board (FIPB) clearance to INX Media for receiving overseas funds to the tune of Rs 3.05 billion in 2007, when Chidambaram was the finance minister during the first term of the United Progressive Alliance (UPA) government.

Here is a detailed timeline of the INX media case:

May 15, 2017: CBI files FIR alleging irregularities in Foreign Investment Promotion Board (FIPB) clearance to INX Media for receiving overseas funds to the tune of Rs 3.05 billion in 2007 when Karti's father was the Union Finance minister.

June 16, 2017: The Foreigner Regional Registration Officer (FRRO) and the Bureau of Immigration, under the Union Home Ministry, issues look out circular (LOC) against Karti.

August 10, 2017: Madras HC stays the LOCs issued against Karti and four others.

August 14, 2017: Supreme Court (SC) stays Madras HC order staying Centre's LOC issued against Karti.

August 18, 2017: SC asks Karti to appear before the CBI on August 23.

September 22, 2017: CBI tells SC that Karti was prevented from travelling abroad as he was allegedly closing several of his foreign bank accounts.

December 8, 2017: Karti moves SC challenging summons issued by the CBI in the Aircel-Maxis deal case.

January 31, 2018: SC remands back to Madras HC the pleas relating to issuance of LOCs against Karti and others.

February 16, 2018: Karti's CA S Bhaskararaman arrested for allegedly assisting him to manage his "ill-gotten wealth" in India and abroad.

February 28, 2018: Karti is arrested by the CBI at the Chennai airport and brought to Delhi. Delhi court sends him to one-day police custody.

March 1, 2018: Karti sent to five-day CBI custody.

March 5, 2018: Karti challenges in the SC the summons issued to him by the Enforcement Directorate (ED) in the money laundering case.

March 6, 2018: Special court remands him to three-day CBI custody. His plea for bail in CBI case adjourned to March 9.

March 9, 2018: Special court sends him to three more days of police custody in the CBI case.

March 12, 2018: Special court sends Karti to 12-day judicial custody till March 24. Declines his plea for early hearing of his bail plea. Subsequently, on the same day, he moves Delhi HC seeking bail in the corruption case.

March 13, 2018: Delhi HC seeks the CBI's response on his bail plea. Karti's CA S Bhaskararaman granted bail in the corruption case by special court.

March 15, 2018: SC gives interim protection to Karti from arrest by the ED in connection with the case until March 26.

March 16, 2018: Delhi HC reserves order on Karti's bail plea in INX Media corruption case.

March 23, 2018: Delhi HC grants bail to Karti in the INX Media corruption case.

March 26, 2018: A Delhi court sends former media baron Peter Mukerjea to CBI custody until March 31 in the INX Media case.

March 26, 2018: SC extends the interim protection of Karti in connection to the INX media money laundering case until April 2.

March 31, 2018: Peter Mukerjea is sent to judicial custody by a Delhi court until April 13 in connection with the INX Media case.

May 31, 2018: Delhi HC grants P Chidambaram interim protection from arrest until July 3 in CBI's INX Media corruption case.

Read More : Chidambaram