Happy Media

 NDTV Arvind Gunasekhar 26.11.2020 New Delhi:  The central probe agency CBI has registered a case of corruption and cheating against the directors of a Delhi-based company for defrauding 12 banks to the tune of ₹ 1,200 crore. However, it is feared that the accused may have fled the country. Sources said that the company's directors were not traceable when the CBI conducted searches on Wednesday. According to sources, while the CBI is taking necessary steps to extradite the accused, the National Company Law Tribunal (NCLT) has also issued non-bailable warrants against the directors of Amira Pure Foods Pvt Ltd. A creditor had moved the NCLT for insolvency proceedings. The liquidator appointed in this case, Akash Shinghal, told NDTV that the directors of this firm are "not cooperating with the proceedings and their whereabouts are unknown". The accused have been identified as Karan A Channa, his wife Anita Diang, Aparna Puri, Rajesh Arora and Jawahar Kapoor. The consort...

Outlook March 05, 2020 PTI Jet Airways founder Naresh Goyal and few others have been booked by the ED in a money laundering case even as the agency is conducting searches at his premises in Mumbai, officials said on Thursday. They said a criminal case against the former chairman of the airlines has been filed under the Prevention of Money Laundering Act (PMLA) after taking cognisance of a recent Mumbai Police FIR filed against him. The Enforcement Directorate carried out raids at Goyal's premises in Mumbai on Wednesday and also questioned him after filing the case, they said. The action is continuing, they added. The Mumbai Police FIR pertains to charges of alleged fraud by Goyal and others against a Mumbai-based travel company. Goyal has earlier been grilled by the central probe agency in a case filed under the Foreign Exchange Management Act (FEMA) in September last year. The agency had carried out similar raids, under the FEMA, in August last ye...

The Indian Express February 28, 2020 Shivajirao Bhosale Cooperative Bank ‘fraud’: Bank depositors in despair As police probe the alleged Rs 71-crore fraud in Shivajirao Bhosale Cooperative Bank, stories of its 95,000 depositors include those of a septuagenarian whose life’s earnings are now frozen, a single mother forced to take a loan to pay for her daughter’s wedding and a family whose belongings were washed away in the September 2019 floods. A Special Court in Pune had, on Wednesday, remanded NCP leader and MLC Anil Bhosale and three other office-bearers of the bank to police custody till March 6 after they were arrested in connection with the fraud late on Tuesday. The Economic Offences Wing (EOW) of the Pune City police, which is probing the case, has arrested Bhosale (55), two directors Suryaji Jadhav (69) and Tanaji Padwal (50), and chief accountant of the bank Shailesh Bhosale (47). Nearly a dozen more members of the dismissed board of directors of the ban...

First Post The CBI has booked former Managing Director of Maruti Udyog, Jagdish Khattar, for alleged bank loan fraud of Rs 110 crore by his new company, officials said on Tuesday. In its FIR filed recently, the CBI has named Khattar and his company Carnation Auto India Limited for allegedly causing a loss of Rs 110 crore to Punjab National Bank, they said. The CBI has carried out searches at the premises of 77-year old Khattar and Carnation Auto on Monday evening, they said. Khattar was with Maruti Udyog Limited from 1993 to 2007 when he retired as Managing Director of the company, they said. After retirement, he had launched Carnation for which he got a loan of Rs 170 crore in 2009. The loan was declared non-performing asset in 2015 with effect from 2012, the FIR said. The agency has registered an FIR under IPC sections related to criminal conspiracy and cheating on a complaint from Punjab National Bank, the officials said. "Carnation is a bonafide busin...

The Indian Express By:  Express News Service   In an effort to provide some relief to depositors of the scam hit Punjab and Maharashtra Cooperative (PMC) Bank, the state government has mooted a proposal for the amalgamation of the bank with the Maharashtra State Cooperative (MSC) Bank. “We are trying to see if the MSC Bank can take over the PMC, which will ensure that all the depositors can benefit. I have had discussions with the MSC Bank chairman on this issue and he told me he is working on it. We will request and send the Reserve Bank of India a letter seeking the amalgamation of the two banks,” said Cabinet Minister Jayant Patil. The PMC Bank has been put under restrictions by the RBI, after an alleged Rs 4,355 crore scam came to light, following which, the deposit withdrawal was initially capped at Rs 1,000, causing panic and distress among depositors. The withdrawal limit was subsequently raised to Rs 50,000. Almost 74 per cent of PMC Bank’s advances went to j...

Business Standard PTI  October 11, 2019 Amid the crisis at Punjab & Maharashtra Cooperative Bank (PMC), HDFC chairman  Deepak Parekh   said it is "brutally unfair" that we have regular loan waivers and corporate loan write-offs but no financial system to protect the common man's savings. The scam at PMC Bank has affected thousands of its depositors as their money is stuck with the urban cooperative bank's after RBI had put a withdrawal limits at Rs 25,000 per accounts last month. The restrictions from the RBI came in after it found the bank's exposure to real estate developer HDIL was in too much in excess of what the regulations require and also as the lender hid the NPAs of HDIL. PMC's exposure to HDIL is around Rs 6,500 crore, which is 73 percent of its loan book of Rs 8,880 crore, as per bank's own admission. "To my mind, there is no greater cardinal sin in finance than misuse of the common man's hard earned savings. ...

FirstPost PTI October 10, 2019 He depositors had gathered outside the BJP's office in Mumbai ahead of Sitharaman's scheduled press interaction in the run-up to the 21 October Maharashtra Assembly elections The PMC Bank was put under 'directions' by the Reserve Bank of India (RBI) last month due to weak financial health, wherein the central bank has capped the deposit withdrawals at Rs 25,000 PMC is in bad health allegedly due to its exposure to the near-bankrupt realty player HDIL, to which it has loaned over 70 percent of its Rs 9,000 crore in advances Finance Minister Nirmala Sitharaman on Thursday faced irate depositors of Punjab and Maharashtra Co-operative (PMC) Bank, and promised to bring in legislative changes for upholding of their interests. The depositors had gathered outside the BJP's office here ahead of Sitharaman's scheduled press interaction in the run-up to the 21 October Maharashtra Assembly elections. The PMC Bank w...

The Indian Express October 10, 2019 By George Mathew, Anil Sasi  The PMC scam went undetected for around 11 years despite the RBI requiring all regulated entities — including cooperative banks — to submit details of transactions and accounts to it since February 2016. The last time Reserve Bank of India was forced to issue a statement on the robustness of India’s banking system was back in October 2008 in the wake of the global financial crisis. So, on October 4, after the implosion at the Punjab and Maharashtra Co-operative Bank, when the RBI reiterated that the banking system was “safe and sound”, quite a few eyebrows were raised. Not just because this was seen as an over-reaction, disproportionate to the rumblings at a mid-sized, Maharashtra-based cooperative bank with a deposit base of just Rs 11,000 crore, but also because the RBI itself has a few questions to answer. For, the PMC scam went undetected for around 11 years despite the RBI requiring all regula...

Indian Express Ocotber 09, 2019 By Inputs from PTI This is the first time that India has received details from Switzerland under the AEOI framework, which provides for exchange of information on financial accounts that currently active as well as those accounts that were closed during 2018. India has received the first tranche of details about financial accounts of its residents in Swiss banks under the automatic info exchange framework, the Switzerland government said Monday. The Indian Express had first reported in July this year that India was all set to receive the bank account details under the automatic exchange of information (AEOI) programme, which provides for exchange of information on financial accounts that are currently active as well as those accounts that were closed during 2018. The next exchange would take place in September 2020. The Federal Tax office had then stated that “several dispatches might be necessary” in the case of India, giving an i...

Indian Express Mohamed Thaver October 07, 2019 Waryam Singh, the fourth person to be arrested from Mahim on Saturday evening in the Rs 4,355-crore scam at the bank, was remanded in police custody till October 9.  WARYAM SINGH, the former chairman of the Punjab and Maharashtra Co-operative (PMC) bank “was a bridge between the bank officials and business tycoons” who carried out the scam, the Mumbai Police told the court while seeking custody of Singh. Singh, the fourth person to be arrested from Mahim on Saturday evening in the Rs 4,355-crore scam at the bank, was remanded in police custody till October 9. While the police claimed he was the link between the accused, his lawyers argued that he was not aware about the day to day activities at the bank. The Economic Offences Wing (EOW) of Mumbai Police, which is investigating the case, mentioned in its remand that Singh was also on the Board of Directors of HDIL in the past. “Hence, he is the connecting link who broug...

The Wire September 21, 2019 The special operations group of Rajasthan police has uncovered a chit-fund scam worth Rs 1,100 crore perpetrated by a muti-state cooperative society named Sanjivani cooperative society. According to the investigation officials, the cooperative society had 211 branches in Rajasthan and 26 in Gujarat, which duped approximately 1,46,991 investors who are known to have put in an estimated Rs 953 crore. Between 2015-2019, the chairman of the society, along with other officials, forged documents to show fake loan disbursements. With the investors’ money, the members took over ten real estate and pharma companies, purchased land in South Africa and also set up a hotel in New Zealand. Speaking to The Wire, additional superintendent of police Satya Pal Midha who is the investigating officer in the case said: “While investigating Sanjivani society’s account book, we found about 59,000 fake loan disbursement entries worth an average of Rs 2 lakh eac...