PNB 1vipul Ambani

PNB case: Nirav’s aide knew about the fraud, claims CBI

Photo Courtesy: Internet

Special court today remanded aide Vipul Ambani, the president (finance) of Nirav Modi, and nephew of Reliance Industries founder Dhirubhai Ambani till March 5 in connection with the Rs 11,400 crore in Punjab National Bank (PNB).

Five more were arrested yesterday in connection with two FIRs registered by the CBI involving Modi and his uncle Mehul Choksi, the owner of Gitanjali Gems.

Aircel

Aircel warns 5k employees to brace for 'difficult' times

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India's smallest mobile operator Aircel is moving towards calling bankruptcy amid competition in the sector, the company has warned a minimum of 5,000 employees to brace for "difficult" times in the wake of "serious funding issues", as per the media reports.

Aircel's Chief Executive Officer (CEO) Kaizad Heerjee, in an email sent to employees this week, said the company is under severe pressure as it has received "no funding for some time and has been dependent on cash generation" from existing business operations. 

(With agency inputs)

Vijay Mallya

Mallya, Lalit Modi fraud case: CBI denied sharing expense details

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While claiming immunity from disclosures under the RTI Act, CBI has refused to share details of expenses incurred to bring back to India fugitive businessmen Lalit Modi and Vijay Mallya.

Pune-based activist Vihar Dhurve had approached the agency asked for the details of expenses incurred by the government to bring back Mallya, wanted in India on charges of Rs 9,000-crore fraud and Modi, who is facing a money laundering probe.

Both Modi and Mallya have denied allegations of their wrongdoings.

Mallya had fled the country in March, 2016 after the CBI diluted its lookout circular against him.

After which the agency has sent its team manya times to London for the embattled liquor tycoon.

The RTI application was forwarded to the CBI by the Finance Ministry. The agency transferred it to the Special Investigation Team (SIT) looking after these cases.

In its response to the RTI plea, the CBI said it is exempt from making any disclosures under the RTI Act through a government notification of 2011.

According to Section 24 of the RTI Act, a few organisations are exempt under the transparency law.

However, the Delhi High Court had earlier underlined that organisations listed under Section 24 cannot claim exemption from disclosure if the information pertains to "allegations of corruption."

(With agency inputs)

Bank

FIR filed against rotomac pens owner over bank fraud

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Post PNB fraud, On the basis of Bank of Baroda’s alleged complaint for swindling over Rs 800 crore, an FIR has been registered against Rotomac pen promoter Vikram Kothari in New Delhi on Monday.

No arrested have been made till now even after searching the Kothari’s residence in Kanpur from early in the morning said CBI spokesperson.

According to th media reports, CBI also said that, Kothari, his wife and his son are being examined by the CBI, which is conducting the searches.

As per the early reports, Kothari was "missing" from Kanpur with bank loan worth Rs. 837 crore. However, Kothari denied reports that he has left the country. The Kanpur-based company's owner had taken loans of Rs 352 crore from Kanpur branch of Allahabad Bank and Rs 485 crore from three other banks: Bank of Baroda, Indian Overseas Bank, and Union Bank of India. Rajesh Gupta, Recovery Agent of Allahabad Bank, told ANI that the loan amount is being recovered from the attached properties of Kothari.

(With Agency Inputs)

Nirav Modi

PBN scam: I-T joined Nirav's 29 Properties, 105 Bank

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The Income Tax Department Friday provisionally attached 29 properties and 105 bank accounts of beleaguered jewellery designer Nirav Modi the diamond merchant, his family and firms as part of its tax evasion probe, officials said.

Adding further, the department also slapped the new anti-black money act against him for allegedly holding illegal assets abroad.

The asset is suspected to be in Singapore. The Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 deals with cases of overseas illegal assets, which till recently were probed under the Income Tax Act, 1961.

The new legislation has provisions for a steep 120 per cent tax and penalty on undisclosed foreign assets and income, besides carrying a jail term of up to 10 years.

The taxman also filed a charge sheet against Nirav Modi before a special court in Mumbai under various sections of the Income Tax Act, 1961.

(With agency inputs)