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Enforcement Directorate

Feb 23, 2020, 10.06 PM IST

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ENFORCEMENT DIRECTORATE

PMC Bank scam: ED charges HDIL promoters with Rs 2,500 crore diversion

In an over 7,000-page prosecution complaint, which is equivalent to a charge sheet, it filed in a Mumbai court on Monday, the central agency has accused the father-son duo of using the money for either purchasing real estate or for the “evergreening” of other loans, officials privy to the matter said.

RBI flagged irregularities at PMC Bank in 2007: Audit

The fraud could have been prevented had the board acted on the central bank's findings,...

RBI flagged irregularities at PMC Bank in 2007: Audit

The fraud could have been prevented had the board acted on the central bank's findings,...

  • The govt needs to make the Insolvency and Bankruptcy Code speedier, more transparent and hazard-free.

    Controversial Islamic preacher Zakir Naik recently tried to cross over to Maldives from Malaysia but the island nation did not allow it, Maldives' Parliament Speaker Mohamed Nasheed said on Friday.

    A Delhi court on Friday sent former Fortis Healthcare promoter Shivinder Singh to Enforcement Directorate (ED) custody till December 19 in a money laundering case related to alleged misappropriation of funds at Religare Finvest Ltd (RFL).

    The accused firm is Ambidant Marketing Pvt Ltd and its promoters and the case of alleged duping of a number of gullible investors had made headlines last year in Karnataka. The company had hired agents who would convince investors to invest in the plan by giving these agents a heavy commission.

    Shivinder Singh was in judicial custody after the Delhi Police's Economic Offences Wing had arrested him and others recently. A Delhi Court had on Thursday rejected his bail plea in this police case. The ED had earlier arrested Shivinder Singh's brother Malvinder Mohan Singh in this case.

    The properties which were acquired by Mirchi include the 3rd and 4th floor of CEEJAY House in Mumbai's Worli area, an office premise at Arun Chambers, Tardeo in Mumbai, three flats in Sahil bungalow in Worli, three prime commercial shops in Crawford market and bungalows and land (more than 5 acres) in Lonawala, ED said in a statement.

    Liquor co may start exporting directly through parent Heineken’s global distribution net. According to sources, ED is investigating at least five companies in India and overseas for their alleged association with embattled liquor baron Vijay Mallya. On July 24, the ED had raided Ultimate Branding Worldwide, run by Mallya’s former executive assistant V Shashikant.

    The agency is probing alleged illegal purchases of certain properties of the Sir Mohammad Yusuf Trust at Worli, in south-central Mumbai, by Mirchi; ED believes the purchases are “proceeds of crime, and were later sold by Mirchi to two builders through agents.

    A group of Indian public sector banks sought a bankruptcy order against embattled liquor tycoon Vijay Mallya during a High Court hearing in London. Judge Michael Briggs presided over the ongoing hearing in the insolvency division of the court on a bankruptcy petition filed by the banks last year, in relation to lending by Mallya's now-defunct Kingfisher Airlines.

    The Delhi High Court on Monday sought response of the Enforcement Directorate on a plea by former Bhushan Power and Steel Ltd (BPSL) CMD Sanjay Singal, lodged in judicial custody, seeking interim bail in a multi-crore money laundering case linked to an alleged bank loan fraud.

    The Cabinet is likely to approve relevant changes to the three-year-old Insolvency and Bankruptcy Code at the earliest. This will bring much-needed confidence to buyers of distressed assets, acquirers who were otherwise wary about the over-reach of the investigative authorities. Amendments to the IBC, which came into effect in December 2016, will require eventual parliamentary approval.

    Opposing Puri’s bail, the agency had told the special court that on receipt of fresh information gathered from its probe, the Indian govt has shot off letters rogatories to different countries on November 21. ED had told the court that “numerous documents” pertaining to the chopper case were burnt by Puri and “bags of documents were shifted by him to thwart the investigation”.

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