While congratulating the Indian government over the Rs 20 lakh crore economic package, Vijay Mallya lamented that his repeated offers to repay his dues have been ignored.

“Congratulations to the Government for a COVID-19 relief package. They can print as much currency as they want BUT should a small contributor like me who offers 100% payback of State-owned Bank loans be constantly ignored?” he said in a tweet.

Vijay Mallya
@TheVijayMallya

Congratulations to the Government for a Covid 19 relief package. They can print as much currency as they want BUT should a small contributor like me who offers 100% payback of State owned Bank loans be constantly ignored ? Please take my money unconditionally and close.

Vijay Mallya, promoter of the defunct Kingfisher Airlines, who is wanted in India over alleged fraud and money laundering charges amounting to estimated Rs 9,000 crore, added, “Please take my money unconditionally and close.”

Earlier this month, Vijay Mallya had filed an appeal in the UK Supreme Court after losing an appeal in the London High Court against an extradition order to India on alleged charges of fraud and money laundering related to unrecovered loans to Kingfisher Airlines.

In the past, Vijay Mallya had tweeted that he had offered to pay 100 per cent of the amount borrowed by Kingfisher Airlines to the banks but neither banks were willing to take the money nor the Enforcement Directorate was willing to release his attached assets at the behest of the banks.

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On the basis of initiative taken by the Chief Commissioner, Meerut, Data Analytics team analysed suspected firms. They passed on an information on the basis of which CGST Meerut unearthed a case of issuance of fake GST invoices without actual supply of goods and passing on the said fraudulent ITC to the other existing firms after circulation of invoices through a chain of fake firms/ companies which are non- existing. These firms/ companies were operating from a small Janta Flat in Rohini Sector-6, New Delhi.

The modus operandi, inter alia, involved not only creating fake firms/ companies by misusing the IDs of different people but also purchasing non-active companies from others and getting the names of directors changed and using these for fake GST billing purposes. Before passing the ITC to ultimate business buyers, ITC was rotated multiple times among the non-existing firms and companies to make it difficult to find the trail.

Against these fake invoices, ITC was passed on to existing firms/ companies for further utilization in the payment of GST. The end recipients from these fake firms made payment through Bank which was subsequently withdrawn and returned back to those end recipients in cash after deduction of certain commission. On preliminary scrutiny, it appeared that the accused namely Shri Pradeep Kumar (kingpin) and his associates Shri Mohd. Shamshad and Shri Mohd. Sajjad had taken multiple GST Registrations at common address using common email ID and mobile number.

During the search conducted at Meerut, Moradabad and Delhi, incriminating records, cash of Rs. 9.56 lakhs, flex boards of several firms, rubber stamps of various firms/ companies, digital signature dongles, Credit / Debit Cards with different names, photographs, Bank chequebooks, PAN cards etc. have been recovered & seized.

The offence committed by the accused Sh. Pradeep Kumar and his associates Shri Mohd. Shamshad and Shri Mohd. Sajjad is covered under Section 132(1)(b) & (c) of the CGST Act 2017, falling in the category of cognizable and non-bailable offence under Section 132(5) and the same is punishable under Section 132(1)(i) of the said Act. Accordingly, the above 3 accused were arrested under Section 69 of the CGST Act, 2017 on 20.03.2020 and produced before the Economic Offences Court at Meerut. They have been sent to jail on judicial remand for 14 days on 21.03.2020 by order of the Special CJM, Meerut. Further investigations are underway.

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According to ED’s remand papers accessed, Kapoor is suspected to have been involved in laundering ₹4,300 crore. He allegedly received a kickback of ₹600 crore from Dewan Housing Finance Corporation Limited (DHFL), the agency said. The agency alleged that Yes Bank bought ₹3,700 crore worth debentures of DHFL, which granted a ₹600-crore loan to Doit, a company in which Kapoor’s daughters are directors. The ED believes the loan to Doit was a kickback for Yes Bank’s subscription to the debentures of DHFL.

Sources said the probe has revealed that members of the Kapoor family received kickbacks in lieu for the loans sanctioned. The ED is checking if the properties are bought from the proceeds of crime. Among the properties are a bungalow on the city’s Altamount Road, properties in Delhi on Kautilya Road, SP Road and Amrita Shergill Road. The agency is also scanning properties in a foreign location. The worth of the properties is hundreds of crores.

The agency has stumbled upon 47 expensive paintings, including an MF Husain painting of Rajiv Gandhi. The ED has provisionally attached the paintings which were seized during the raids. Former Yes Bank chief executive officer Ravneet Gill also joined the probe on Monday and visited the ED office in Ballard Estate.

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One person has been arrested on 19.02.2020 and remanded to judicial custody of 14 days.

Further investigations in the matter are in progress.

The post CGST wing detects Input Tax Credit fraud of more than Rs 214 crores appeared first on newsmantra.in l Latest news on Politics, World, Bollywood, Sports, Delhi, Jammu & Kashmir, Trending news | News Mantra.

The RBI details in an affidavit that the PMC bank fraudulently submitted facts to the central bank for a sample check, but that “the accounts selected for inspection did not have unknown HDIL accounts.”

While the HDIL accounts shown by PMC Bank were overseen by the RBI inspection team, most of them were declared non-performing assets.

It also states that PMC Bank had also approved the mortgage limit for a wholly owned subsidiary of HDIL, when the bank’s chairman S.W. Variyam Singh was also a director of the company. This is a clear conflict of interest and violation of the RBI master circulars of July 2010 and July 2012 in effect.

S.W. Variyam Singh also chaired a meeting of the PMC bank board, where he approved the mortgage overdraft, again in violation of RBI norms.

The affidavit states that RBI’s inspection team has established links between Wariam Singh and HDIL promoters / directors (now arrested), which may help them get loan facility, and later with other lenders in arrears. Helped to pay a lump sum settlement.

Based on the available records, the scale of the breach and the associated debt, which was available, was very low due to ‘camouflage’ backed by PMC Bank, and what was noted was ‘flagged’, although it was not found Gaya much affects the financial health of the bank.

The inspection was completed on November 2, 2019 and the report is being ready, the affidavit said.

As per the preliminary findings, due to various financial irregularities, the PMC Bank’s networth had turned negative, with a significant erosion in deposits.

Detailing the “modus operandi of hiding the information related to HDIL exposure” employed by the PMC Bank, the RBI affidavit said they tampered with Management Information Systems and NPC Identification Process.

In this, the bank had given special access codes to the HDIL accounts with restricted visibility to less than 25 out of PMC Bank’s 1,800 staffers.

While running the script for system identification of the NPAs, it deliberately excluded the HDIL accounts which were thus omitted from the system generated reports of NPA accounts, and ditto with the Overdrawn Accounts list.

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