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.

ED raids 20 locations linked to Jharkhand CM’s close aid, claims BJP MP

 BJP MP said that places linked with Jharkhand Mining Department Secretary Pooja Singhal in Ranchi, Delhi, Rajasthan, and Mumbai are being raided

BJP MP Nishikant Dubey on Friday claimed that the Enforcement Directorate (ED) are raiding multiple locations linked to Jharkhand Mining Department Secretary Pooja Singhal. Taking to Twitter, the BJP MP said that as many as 20 locations linked with Singhal in Ranchi, Delhi, Rajasthan, and Mumbai are being raided.

“Jharkhand government, i.e. Chief Minister Hemant Soren’s close aide Pooja Singhal ji, who allocated mines at a penny’s worth to the Chief Minister, brothers, operatives and touts, is finally being raided by the ED raids at 20 places. These raids are being conducted at Ranchi, Delhi, Rajasthan, and Mumbai,” he tweeted.

On May 2, the Election Commission of India (ECI) sent a notice to Jharkhand Chief Minister Hemant Soren over “office of profit” allegations against him regarding a mining lease.He has been accused of having awarded himself last year while holding charge of the state mining and environment department….

ED searches 26 locations in ABG Shipyard money laundering case

 Surat-based ABG Shipyard and its former promoters are accused of duping a consortium of 28 banks to the tune of Rs 22,842 crore

The Enforcement Directorate (ED) on Tuesday carried out massive searches at 26 locations of ABG Shipyard in Mumbai, Pune, and Surat, in connection with its money laundering probe into what could be the country’s biggest bank fraud. Surat-based ABG Shipyard and its former promoters are accused of duping a consortium of 28 banks to the tune of Rs 22,842 crore.

“About 24 locations at Mumbai and one each in Pune and Surat have been covered, said an agency official without giving further details. Searches are to be continued on Wednesday, he indicated. Early this month, the federal agency had questioned the shipping firm’s former chairman Rishi Agrawal. The enforcement agency is looking into the alleged “diversion” of bank loan funds, the creation of shell firms to launder the public money, and the role of the executives of the company and others….Read More

VVIP chopper case: Delhi HC junks ED plea to revoke Rajiv Saxena’s pardon

The Dubai-based businessman was extradited to India on January 31 last year in connection with the Rs 3,600-crore alleged scam related to the purchase of 12 VVIP helicopters from AgustaWestland

The Delhi High Court on Monday dismissed the Enforcement Directorate (ED) plea seeking revocation of the pardon granted to businessmen and accused-turned-approver Rajiv Saxena in AgustaWestland chopper deal case. Justice C. Hari Shankar, upholding Saxena approver status, said, “Resultantly, I find myself in agreement with the view, expressed by the learned Special Judge, that, before the recording of his statement under Section 306 (4) of the Cr PC, the application, of the petitioner (ED), as preferred before him, was not maintainable.”

The court noted that a preliminary objection had been advanced by Saxena’s counsel RK Handoo that the CrPC does not contemplate “revocation of pardon”. Handoo has said that pardon, once granted, can neither be revoked nor withdrawn or cancelled.ALSO READ: AgustaWestland case: CBI court lets ED further interrogate Christian Michel

“Strictly speaking, this contention may be correct; however, certain judicial decisions have referred to revocation of pardon, once tendered under Section 306 of the Cr PC, following the issuance of certificate, by the Public Prosecutor under Section 308 (1). Interestingly, Ratanlal and Dhirajlal, too, in their “The Code of Criminal Procedure” – which has, with the passage of time, become a classic of sorts – specifically refer to “revocation of pardon”. In any event, the impugned order, dated 5th March, 2020, does not reject the application, of the petitioner, on the ground that no concept of “revocation of pardon” exists in law, but proceeds to hold that the application was not maintainable, as no statement, of the respondent, had been recorded, before moving the application,” the court said…Read More

ED probes Rana Kapoor's role in YES Bank's Rs 30,000-cr bad loans

The special court under the Prevention of Money Laundering Act granted an extension to keep Rana Kapoor under custody till March 16

The exceptional court under the Prevention of Money Laundering Act (PMLA) allowed an expansion to the Enforcement Directorate (ED) to keep Rana Kapoor under care till March 16. The ED had looked for expansion of Kapoor’s authority to test his job in YES Bank’s terrible obligations of Rs 30,000 crore. It will likewise investigate whether the monies were “siphoned and washed” to the 78 substances constrained by the bank’s fellow benefactor.

“It has been seen that more than Rs 30,000 crore was given as advances by YES Bank to a few organizations/elements during the residency of Kapoor in YES Bank which have changed over into terrible obligations. Kapoor is required to be grilled to learn if, in the pretense of these credits, the monies have been siphoned and washed,” the ED said in its remand application to court.

The ED included that it was examining credits of over Rs 20,000 crore from the perspective of inconsistencies, renumeration and preoccupation. Examination has uncovered that around 78 organizations claimed by Kapoor’s relatives were being controlled and overseen by Kapoor. The ED stated, “Records identified with these organizations/firms are to be acquired,” and included that Kapoor would be gone up against to discover redirecting of assets from YES Bank to these organizations. The ED named Kapoor, his significant other Bindu and three little girls — Roshini, Radha and Raakhe — as denounced in the issue.

Rs 740-cr fraud: Ranbaxy ex-promoters Malvinder, Shivinder Singh arrested

The misappropriation came to light after an independent forensic audit was conducted by the new board

In an unprecedented development, two industrialist brothers Malvinder and Shivinder Singh, former promoters of the erstwhile pharma giant Ranbaxy and till recently counted among the richest businessmen of the country, were arrested on Thursday for alleged fraud.

While the Economic Offence Wing (EOW) of the Delhi Police arrested Shivinder Mohan Singh early in the day in a case of fraud and misappropriation of funds to the tune of Rs 740 crore linked to Religare Finvest, his elder brother Malvinder Mohan Singh was also taken into custody hours later. Both were former promoters of Religare, Fortis Healthcare and Ranbaxy.

The police were on the lookout for Malvinder Singh through the day, according to sources in the know. Sunil Godhwani, former managing director of Religare, as well as two other key executives Kavi Arora and Anil Saxena, have also been arrested, a statement issued by the EOW said.

“The alleged persons having absolute control on Religare Enterprises Limited (REL) and its subsidiaries put Religare Finvest Limited (RFL) in poor financial condition by way of distributing the loans to the companies having no financial standing and controlled by the alleged persons. These companies wilfully defaulted on repayments, causing a loss to RFL to the tune of Rs 2,397 crore,” the EOW said while confirming the arrests.

The EOW action followed a complaint filed by Religare Finvest, a subsidiary of Religare Enterprises. Religare Finvest had last December filed a criminal complaint against the Singh brothers, Godhwani and others for cheating, fraud and misappropriation of company funds to the tune of Rs 740 crore…

SC cancels Amrapali group RERA registration for cheating homebuyers

Top court says Amrapali defrauded buyers in connivance with banks, Noida, Greater Noida authorities, appoints state-owned NBCC India to complete pending projects

Current Affairs: The Supreme Court on Tuesday dropped the RERA (Real Estate Regulation and Development Act) enrollment of Amrapali gathering organizations for duping homebuyers, occupying their cash and neglecting to finish extends on schedule. In a remarkable move, the top court likewise designated state-claimed NBCC India to finish the pending ventures of the NCR-based designer.

The homebuyers, who had purchased pads in these stuck undertakings of Amrapali, will currently need to store the rest of the cash in a record opened with the Supreme Court inside a quarter of a year.

Expressing that there was a “genuine sort of extortion played upon the purchasers in dynamic intrigue with the authorities of the Noida and Greater Noida Authorities and that of the banks”, a two-judge seat of Justice Arun Mishra and Justice U Lalit held that Amrapali had occupied homebuyers’ cash through sham organizations, false bills and closeout of pads to related gatherings at underestimated costs.

SC drops Amrapali bunch RERA enrollment for tricking homebuyers According to Anuj Puri, executive, ANAROCK Property Consultants, the SC judgment is required to start a trend that was long due and can possibly carry alleviation to a large number of home purchasers the nation over…

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

NDTV surges 20% as Sebi orders Vishvapradhan Commercial to make open offer

The stock is locked in upper circuit of 20% at Rs 39 on the BSE in early morning trade on Wednesday.

 

Shares of NDTV are locked in upper circuit of 20% at Rs 39 on the BSE in early morning trade on Wednesday, after the Securities and Exchange Board of India (Sebi) on Tuesday passed an order asking Vishvapradhan Commercial Pvt Ltd (VCPL) to make an open offer for the company.

Till 09:25 am; a combined 160,893 shares changed hands on the counter and there were pending buy orders for 462,932 shares on the BSE and NSE.

“The order noted that VCPL had acquired indirect control through a loan agreement in 2009, which would have necessitated an open offer at the time. The regulator has now asked for this open offer to be made with interest,” Business Standard reported. CLICK HERE FOR COMPANY NEWS

Meanwhile, the Bombay High Court on Tuesday directed the Reserve Bank of India (RBI) to consider the compounding applications filed by news organisation NDTV in a case of alleged violation of the Foreign Exchange Management Act (FEMA).

“The Bombay High Court has today directed the Reserve Bank of India (RBI) to consider the compounding application(s) filed by the Company. The Court has ruled in favour of the writ petition number 2026/2017 filed by NDTV against the RBI and Enforcement Directorate,” NDTV said in a BSE filing on Tuesday.

“NDTV had approached the Bombay High Court against the RBI’s refusal to consider its compounding applications in circumstances where the RBI was relying on the Enforcement Directorate’s unsubstantiated allegations against NDTV. The Bombay High Court has today quashed the directive issued by the Enforcement Directorate to RBI which had prevented the compounding, “ it added.

Read More : NDTV Share Price