Khushboo Narayan


All corporate ethics compromised in Kingfisher Airlines-Deccan Aviation deal: Fraud investigation office
Mon, Nov 20, 2017

The SFIO has found that Kingfisher created three business segments — commercial airlines, ground handling and training — on paper after announcing its merger with DAL to avoid paying capital gains tax.

Gold, diamond worth Rs 2 crore seized from Mumbai airport
Mon, Nov 20, 2017

Sources said the seized precious metal and stone belong to diamond firm Neo Diamonds that operates out of Zaveri Bazaar in suburban Mumbai. According to sources, the seized gold and diamond were being carried in handbags to Hyderabad

Tax raids on Hisaria unearths ‘230-crore hawala entries’
Sun, Nov 19, 2017

The tax searches on the Group, its promoters in Mumbai and a few accommodation entry operators in Kolkata began on November 17 and continued on Saturday

Algorithmic trading case: I-T department swoops on former NSE bosses, brokers
Fri, Nov 17, 2017

The Securities and Exchange Board of India (Sebi) is also investigating the NSE algo trading case to ascertain if brokers made unfair gains in connivance with exchange officials.

How a split-second advantage can bring huge unfair gains at the NSE
Fri, Nov 17, 2017

I-T has searched the premises of top former exchange officials as part of a multipronged investigation into how and why some brokers got preferential access to the trading system.

Rs 220-crore bank fraud: IPL team owner among victims
Mon, Nov 13, 2017

According to sources familiar with the case, the ED has found that Vimal Barot, senior vice-president of Showman Group, who is currently in jail, allegedly got seven firms to invest in fixed deposits with a Mumbai branch of Dena Bank.

Duration of power cuts among lowest in Maharashtra towns
Sat, Nov 11, 2017

Maharashtra also had fewer power cuts — about 2.5 times per month compared to an all-India average of 13.19 times. Only Himachal Pradesh (1.61 times) and Kerala (2.22 times) were better.

Demonetisation anniversary: Mumbai I-T dept probes 290 cases, traces Rs 3,100-crore unaccounted income
Wed, Nov 08, 2017

100 benami property cases under investigation; ED plans to attach assets of two firms for ‘money laundering’

One year of demonetisation: As cash returned, so did gold smuggling
Wed, Nov 08, 2017

Till October 2017, Mumbai Customs had seized 243 kg of smuggled gold worth Rs 61.85 crore.

One year after demonetisation, ATM firms’ reading: cash must still exist
Wed, Nov 08, 2017

At the end of August, the number of transactions through ATMs was 716 million, compared to 756 million in the corresponding period last year. Withdrawals rose to Rs 2.35 lakh crore as against Rs 2.19 lakh crore.

One year of demonetisation: Rs 2,000, Rs 500 fakes are now of ‘highest quality’
Wed, Nov 08, 2017

Between August and October, the Directorate of Revenue Intelligence has seized “high quality” FICN of face value Rs 35 lakh in the two new denominations.

Maharashtra leads the way in average assets managed by mutual fund industry
Sat, Nov 04, 2017

Maharashtra, one of the richest states in the country, accounted for Rs 9.23 lakh crore of assets managed by mutual fund houses in September 2017.

‘Antique smuggler’ booked by DRI: US Homeland Security starts investigation
Thu, Nov 02, 2017

The ASI, granted the DRI permission to launch prosecution against Nanda and a few of his associates allegedly involved in smuggling, under the Antiquities and Art Treasures Act, 1972.

Rajiv Lall: IDFC-Shriram deal came apart on difference of opinion over relative valuation
Tue, Oct 31, 2017

IDFC holds 52.8 per cent stake in IDFC Bank, which started operations in October 2015. The government holds a 7.7 per cent stake in the bank.

Inflating imports: DRI Adjudicating Authority drops second case against Adani
Sat, Oct 28, 2017

With the latest 293-page adjudication order, the two show-cause notices issued by the DRI in 2014 for alleged over-valuation of imports by Adani Group firms to the tune of Rs 5,467 crore have been dropped.

Mumbai saw drop in office space absorption in July-Sept quarter: Study
Sat, Oct 28, 2017

Overall, the study revealed, Mumbai accounted for only 10 per cent of the office space absorbed in the September quarter, below cities such as Hyderabad and Chennai.

Abdul Karim Telgi dies with Rs 190 crore I-T dues unpaid
Fri, Oct 27, 2017

While Telgi in his tax returns declared an income of a few lakh each year between 1996 and 2003, a tax tribunal in Bengaluru said in 2010 that he had accumulated “huge unaccounted sum from the racket of counterfeit stamp papers”.

In 18 states, 350 agents and 70 cities, Telgi’s sprawling empire of fake stamp paper
Fri, Oct 27, 2017

In his statements to the SIT, Telgi indicated the involvement of politicians, bureaucrats and government officials in the scam.

Pune firm chairman arrested, accused of evading Rs 6.94-crore service tax
Wed, Oct 18, 2017

DGGSTI says Madhukar Pathak’s firm indulged in fraud and suppression of taxable value

Mallya transaction with Airbus referred to RBI, ED for forex violation: Probe team
Tue, Oct 17, 2017

Kingfisher Airlines owes over Rs 9,000 crore to at least 17 lenders including SBI, IDBI Bank, Punjab National Bank, Bank of India, Bank of and United Bank of India.

Vijay Mallya firms had deals with company named in Panama Papers: Probe
Mon, Oct 16, 2017

According to the SFIO report, IQ Bridge Limited, Mauritius, and its Indian subsidiary, IQ Bridge Limited, Bangalore, controlled by Mallya and the UB Group, held 15 lakh and 52 lakh equity shares respectively in Kingfisher Airlines before its merger with Deccan Aviation.

ATM count in Maharashtra goes up by 124 from April to June
Sat, Oct 14, 2017

In the three months to June, Maharashtra added 124 ATMs out of the total 444 installed all over the country. It was outstripped by Uttar Pradesh which saw a net 186 ATMs installed in that period. The statistics are released with a one-quarter lag.

Kingfisher kept its board in dark on excess cash for F1 team: Fraud probe
Thu, Oct 12, 2017

Kingfisher did not inform its board about the sponsorship agreement despite it being a related party transaction, which is a violation of Accounting Standards, said the report.

Kingfisher tweaked its accounts to understate losses by Rs 7,151 cr: SFIO
Mon, Oct 09, 2017

By presenting better than actual financials, Kingfisher was able to obtain higher bank loans, some of which were used to meet continuing cash losses, the report alleged.

Kingfisher struck deals with board directors: SFIO report
Sun, Oct 08, 2017

The report said Mallya “roped in persons of eminence” such as Bajpai, Nanda, former India tennis star Vijay Amritraj, retired IAS officer and former Finance Secretary Piyush Mankad, and leading cardiologist Dr Naresh Trehan to make banks “believe that corporate governance was not lax in KFAL (combined)”.

Jet meant for airline was diverted for use by Mallya and his political friends: SFIO report
Sun, Oct 08, 2017

According to SFIO report, the KFAL applied in February 2006 to the Ministry of Civil Aviation (MOCA), seeking a no-objection-certificate (NOC) for import of a jet, now registered as VT-VJM.

Vijay Mallya bought silence, influence, with freebies to politicians, officials, directors: Fraud Office
Sun, Oct 08, 2017

Kingfisher owes over Rs 9000 crore to at least 17 lenders including SBI, IDBI Bank, Punjab National Bank, Bank of India, Bank of Baroda and United Bank of India.

Mumbai has a benign perception of current inflation
Sat, Oct 07, 2017

Guwahati people also had the highest one-year ahead expectations of 15.3 per cent, followed by Bhubaneswar at 12.5 per cent. Mumbai residents project it at 7.8 per cent. The most optimistic were Bengaluru residents at 5.5 per cent.

Tech Mahindra files insolvency petitions against 3 Reliance ADAG firms
Fri, Oct 06, 2017

National Company Law Tribunal to now hear case on October 9.

DRI detects ghost exports from JNPT, 10 Customs officers under the scanner
Wed, Oct 04, 2017

“The DRI has found that no physical export or movement of goods used to take place. The syndicate in connivance with some officers of customs and shipping lines appeared to have defrauded the government by taking drawback merely on the basis of paper transactions."

Seizure of demonetised notes: Probe agencies plan to close case against Vaidyanath co-operative bank
Tue, Oct 03, 2017

Sources familiar with the development said the central agencies were likely to give a clean chit to Dr Suresh Advani, a renowned oncologist and Padma Bhushan recipient who along with Bharatiya Janata Party MP Pritam Munde controls the bank. Advani was among those booked in the case.

Disclosure of defaults by listed firms: Sebi defers proposal
Sun, Oct 01, 2017

The regulator has not disclosed reasons for putting off the move indefinitely.

Aamby Valley auction: No bidder turns up for inspection
Thu, Sep 28, 2017

Sources familiar with the development said even the two prospective bidders who had submitted their KYC forms initially did not turn up for the inspection.

Vijay Mallya assets: Rs 100-crore shares transferred to central govt
Mon, Sep 18, 2017

According to the ED complaint, Kingfisher Airlines allegedly “participated in criminal activities”, which led to the “generation and acquisition” of Rs 900 crore, and was “involved with the concealment, possession, acquisition and use of the proceeds of (the) crime”.

Maharashtra tops in bank loans, shows RBI data
Sat, Sep 16, 2017

The central bank releases quarter-end state-level data on bank credit with a nine-month lag. The latest set of data was released on September 12.

‘Over-invoicing by power companies’: PIL in Delhi HC seeks SIT probe against firms
Thu, Sep 14, 2017

The Directorate of Revenue Intelligence (DRI) is currently investigating over a dozen firms, including firms of the Adani Group, Essar Group and Reliance ADAG Group, among others for alleged over valuation of Indonesian coal imports and power equipment imports between 2011 and 2015.