FRAUD PROBE UPDATE
Delhi court cancels look-out circular against accused in Rs 247-crore 'fraud' involving PNB
A Delhi court has rescinded a look-out circular against Akash Gupta, who is allegedly involved in a fraud case. The court found Gupta had complied with previous travel conditions and cooperated with investigations. It emphasized that seriousness of allegations cannot solely justify restrictions on travel. The judge instructed Gupta to inform the CBI about his travel plans and provide necessary documentation.
MCA cautions against investing in Nidhi companies without due diligence
The Ministry of Corporate Affairs has issued a warning regarding Nidhi Companies and their investment practices. Nidhi Companies are mutual-benefit companies permitted to accept deposits and provide loans only to their members. The ministry noted that many of these companies promise unusually high returns to attract investors. Individuals are advised to verify the company's Nidhi status before investing.
SME IPO framework overhaul: Can SEBI deepen liquidity, protect investors without shutting out growth-oriented SMEs?
As SEBI plans to overhaul the SME listing framework, the key challenge for the regulator will be strengthening investor protection while improving liquidity and keeping public-market access viable for growth-oriented SMEs.
School assembly headline August 26: Top national, international, business and sports news for students
School assembly headlines for August 26 cover major national developments, including the Supreme Court's ruling in the Tarun Tejpal case, Delhi's H1N1 surge and DRDO missile tech transfer. International news includes Israeli strikes on a Gaza hospital and US-Iran sanctions tensions. Sports highlights feature India's dominant position against Sri Lanka in Colombo and Mirabai Chanu's Commonwealth record-breaking lift. The bulletin also covers education and economic updates.
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Govt tells banks to flag adverse info on top executives
India's finance ministry is setting a new standard for accountability by instructing state-run banks to swiftly communicate any troubling details regarding their directors and appointees. This move is particularly relevant following the controversial case involving UCO Bank's MD & CEO, who is currently facing a CBI chargesheet.
Don't join the DoT: India’s anti-fraud push is bold, but only half the battle
The Department of Telecom is taking strong action against cyber-fraud. New rules require messaging apps to link SIM cards to devices. The Sanchar Saathi app will now be pre-installed on all new phones. These steps aim to make online transactions safer for everyone.
Shreyas Talpade accused in multi-crore chit fund scam: Shocking allegations surface
Bollywood actor Shreyas Talpade has been named in a multi-crore chit fund scam in Uttar Pradesh’s Mahoba district, along with 14 others. The accused were allegedly associated with The Loni Urban Multistate Credit and Thrift Cooperative Society Limited, which lured villagers with promises of doubling their investments. Reports suggest that after collecting large sums, the company abruptly shut down, leaving investors defrauded. A case has been registered at the Srinagar police station, and authorities have launched an investigation.
Will Trump fire DoJ lawyers who investigated him during Biden's tenure? Here's what his plans are
Donald Trump is planning a major shakeup by firing Department of Justice lawyers who were involved in investigations against him during Biden’s tenure.
ACC not to conduct independent probe into Hindenburg allegations
The cement maker, India's oldest manufacturer of the commodity, said that based on the review of independent law firms hired by the Adani Group, and the pending outcome of regulatory investigations into the matter, ACC has decided to not carry out any separate independent probe.
France fines Amazon over contracts with third-party sellers
In a statement, the competition, consumer and anti-fraud office (DGCCRF) said it had already ordered the company to correct "a significant imbalance in contractual conditions to Amazon's benefit" in December 2021.
Top cryptocurrency prices today: Bitcoin, Ethereum erase gains; Cardano drops 5%
The global crypto market cap was down by 2 per cent to $2.03 trillion mark compared to the last day. The total crypto market volume increased merely by a per cent to $101.84 billion.
Govt to restructure SFIO; increase manpower to 350 at probe agency
The govt is restructuring the Serious Fraud Investigation Office, in an effort to combat the number of cases.
Choksi-Nirav fraud: Sebi probe moves ahead, no clean chit to anyone
The CIU received documentation of two instances in which the Sebi, in 2014 and 2017, opened investigations on a corporate entity owned by Choksi.
PNB fraud case: RBI says examining enforcement action
Replying to an RTI query, the central bank also said it has been issuing necessary instructions to banks from time to time on a variety of issues of prudential supervisory concern.
Black money: SIT holds high-level meet in Delhi
During the meeting, the SIT also reviewed the progress of the ongoing one-time black money compliance window, also called the Income Declaration Scheme (IDS), being run by the Income Tax department.
Cyber crime: CBI likely to set up special branch in Mumbai
"Apart from such scams, CBI is also probing sensational murder cases of Sheena Bora and Narendra Dabholkar among others," Sinha said.
Chit fund scam probe: SFIO blames lack of coordination among govt agencies for scams
SFIO has blamed lack of coordination between government agencies for the proliferation of illegal collective investment schemes.
CBI developing database of cheaters to curb banking frauds
CBI is developing a database of bank fraudsters to check cheating cases which have resulted in loss of nearly Rs 3799 crore during 2010-11.
Court defers Raju case till January 19
SEBI failed to make any headway in interrogating the disgraced founder of Satyam Ramalinga Raju on the Rs 7K cr scam.
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