#cbi bank

[seemabhatnagar]

Freezing of bank account for unconnected entities is legally untenable.

M/s Jermyn Capital LLC Dubai v. Central Bureau of Investigation

Fact:

M/s Jermyn Capital LLC Dubai (#Appellant Company) was Permitted by Securities Exchange Board of India (#SEBI) to buy & sell share & securities in the #Indian Stock Market.

The appellant company had its shares in its account with #ICICI Bank.

However, due to certain litigation the appellant company quit the trading in the Indian Market in 2006.

But appellant company was subjected to 02 #freeze orders under section 102 #Cr PC. (This section empowers police officers to seize any property which gives suspicion for commission of any offence.)

The freeze order for an amount of Rs.42.51 crore was initiated because of the #pending #investigation against Dharmesh Doshi

Against the freeze order the appellant company approached the Apex Court & the #ApexCourt allowed the appellant Company to sell its shares & convert into cash and repatriate the funds with interest but without bank guarantee.

Rs. 42.51 Crore was repatriated.

Issue arose when appellant company was incapacitated by second freeze order for an amount of Rs. 38.52 crores to repatriate.

Aggrieved by the freeze the appellant company again approached the Apex Court.

 The Apex Court gave liberty to the appellant company to approach trial court for release of the said amount.

 The trial court allowed the repatriation of Rs.38.52 Crores subject to the #Bank Guarantee of an equivalent amount.

Aggrieved by the imposition of Bank Guarantee Clause the appellant Company approached High Court.

High Court confirmed the decision of Trial Court.

Against the order of the High Court present Criminal Appeal is filed before Apex Court.

Observation of the Apex Court:

 Imposition of Bank Guarantee clause as due to pending investigation against Dharmesh Doshi, alleged to have been connected with the appellant company.

Record shows that Dharmesh Doshi has been discharged by the trial court, was never an employee/shareholder/director or holding key managerial position in the appellant company.

Dharmesh Doshi & Appellant Company are 02 separate entities.

Freezing order as such not legally tenable when two entities are unconnected.

Neither in the FIR nor in the chargesheet filed against the Dharmesh Doshi, appellant company was named.

Further during hearing CBI informed the Apex Court that no criminal proceedings is pending against the appellant company pertaining the dispute discussed here.

The freeze order against the appellant company’s properties is redundant as the appellant company is not necessary for the conclusion of the investigation.

The purpose of the freeze order, and the bank guarantee in extension of the freeze order, can only be in operation to aid in the investigation against the alleged crime.

Since the investigation against the appellant company has become redundant as such freeze order has also become redundant.

 The operation of the freeze order has been active for a period of 17 years and has caused huge losses to the appellant company.

Decision:

The Division Bench of Hon’ble Mr. Justice Krishna Murari J & Hon’ble Sanjay Kumar J vide their order dt.09.05.2023 set aside the order of the High Court and permitted the appellant company to withdraw the said amount with 4% simple interest from May08, 2006.

Seema Bhatnagar

[nando161mando]

Iran cenbank to provide $3bn-loan to NIOC for rapid increase in oil production

🔹The Central Bank of Iran (CBI) will issue a $3 billion loan to fund a plan by the country’s state oil company the NIOC to increase oil production by 250,000 barrels per day (bpd) in the near future.

https://www.presstv.ir/Detail/2024/09/15/733345/Iran-CBI-loan-NIOC-oil-production-increase-

#Iran

[rightnewshindi]

नौहराधार को-आप्रेटिव बैंक में करोड़ों के घोटाले के मामले में सीबीआई करेगी जांच, सात कर्मचारी सस्पेंड

Sirmaur News: सिरमौर जिले के नौहराधार को-आप्रेटिव बैंक में करोड़ों रुपए के घोटाले मामले में अब को-आप्रेटिव बैंक मुख्यालय शिमला ने सीबीआई जांच करवाने का निर्णय लिया है। ऐेसे में इस मामले में जो भी कर्मचारी संलिप्त पाए जाएंगे, उनके खिलाफ सख्त कार्रवाई होगी। प्रबंधन ने मामला सीबीआई को भेज दिया है। मामले में फिलहाल प्रबंधन ने 7 कर्मचारियों को सस्पैंड कर दिया है। इसके साथ ही 10 कर्मचारियों के विरुद्ध…

[scamsupdateindia]

ED Arrests Himansh Verma in Rs 1,257 Crore Syndicate Bank Fraud Case

The Enforcement Directorate (ED) has apprehended a significant conspirator involved in the Rs 1,257 crore Syndicate Bank loan fraud. On October 15, Himanshu Verma, also known as Himansh Verma, a resident of Chandigarh, was arrested and subsequently presented before a special court in Jaipur. The judge has remanded Verma to ED custody for 10 days, until October 25.

ED Initiates Money Laundering Investigation

The ED initiated a money laundering investigation under the Prevention of Money Laundering Act, 2002, against officials of the former Syndicate Bank (now Canara Bank) and other suspects. This investigation was based on First Information Reports (FIRs) and a charge sheet filed by the Central Bureau of Investigation (CBI).

Details of the Syndicate Bank Fraud

According to the ED's Jaipur-based Zonal Office, from 2011 to 2016, the main fraudster Bharat Bomb, a Chartered Accountant from Udaipur, Rajasthan, colluded with bank officials to defraud the Syndicate Bank of Rs 1,257 crore through fraudulent loans and fake cheque discounting.

Himansh Verma's Role in the Fraud

The ED's investigation revealed that Himanshu Verma was a key associate of Bharat Bomb, receiving approximately Rs 85 crore in proceeds from the crime. Properties worth Rs 14.88 crore belonging to Verma and his family have been attached by the ED.

"Himanshu Verma received proceeds of crime in various bank accounts he operated and controlled, using complex transactions to place, layer, and integrate the tainted funds," stated the ED.

Verma's Criminal Background and Evasion Tactics

The agency also highlighted that Verma is a hardcore criminal with multiple FIRs registered against him and his family members in various police stations across Punjab and Chandigarh. He is wanted by both the Punjab Police and the CBI.

In an attempt to evade authorities, Verma changed his name to Himansh Verma, obtained a fraudulent police verification report, and secured a new passport under his new name. He traveled abroad via Nepal before the passport authorities canceled his passport upon discovering his criminal background.

Lack of Cooperation with ED Investigation

Despite multiple summonses from the ED, Verma remained uncooperative throughout the investigation, appearing only once.

[townpostin]

Paper Leak Scandal: Roti Bank Chairman Demands Life Sentences for Culprits

Manoj Mishra calls for removal of Education Minister and CBI probe into competitive exam irregularities Social activist highlights exploitation of youth, criticizes political parties for neglecting future of young voters. JAMSHEDPUR – Manoj Mishra, Chairman of Roti Bank, has demanded life imprisonment for those involved in leaking question papers of NEET and other competitive exams. Speaking at a…

[thecreativityindia]

Central Bank Of India Recruitment – 1000 Manager Vacancy; Apply Online [Reminder]

Central Bank Of India Recruitment has released an official notification for the positions of Middle Management Grade Scale II in Mainstream category. A total of 1000 Manager vacancies are available. Interested candidates who meet the eligibility criteria can apply for these vacancies online through the official application website of CBI.

The Last date to apply online for CBI Recruitment 2023 is 15th July, 2023.

➤ Apply/Know More: https://thecreativityindia.online/central-bank-of-india/

[insiderbusiness]

The Kochhars have been released from prison, as evidenced by their presence in the loan fraud case.

[arushii28]

India’s biggest banking fraud – DHFL

This fraud was first discovered in 2019 when it was claimed that the company systematically defrauded banks by siphoning off funds. The banks' credit was systematically disbursing funds as secured and unsecured loans to sham entities or pass-through entities that were allegedly related to DHFL's primary stakeholders through associates or proxies.

These funds were later redirected to DHFL promoters via entities controlled by them. Cobrapost made the initial accusation in February 2019, and the lender banks later appointed KPMG for a 'Special Audit Review' based on this accusation. According to KPMG's findings, large sums of money were diverted to multiple companies (via loans and advances) that shared "interconnected entities and commonalities" with the DHFL promoters. These funds were later used to purchase stocks and bonds.

The KMPG special audit review also revealed that the company books showed 66 entities with commonalities with DHFL promoters were disbursed Rs 29,100 crore, with Rs 29,849 crore outstanding.

The majority of these entities' and individuals' transactions were in the form of land and property investments. Furthermore, DHFL had a major outstanding of Rs 11,909 crore, which was due to loans and advances totaling Rs 24,595 crore given to 65 entities between April 1, 2015, and December 31, 2018.The promoters of DHFL also disbursed Rs 14,000 crore in project finance, but this was recorded in the company's books as retail loans. The company also displayed an inflated retail loan portfolio of approximately 1,81,664 retail loan accounts that were false and non-existent, with a total outstanding of Rs 14,095 crore. These loans were recorded in separate 'Bandra Books' in a separate database before being merged with OLPL (Other Large Project Loan) accounts. Further investigation revealed that the OLPL category was largely of non-existent retail loans totaling Rs 14,000 crore.

The news of this fraud shook the financial world, and the fallout was felt in the stock markets. After months of false assurances from the company, the UBI-led consortium of banks finally filed charges against the Wadhawan brothers. They are currently imprisoned in connection with CBI and ED investigations.

[quantumresidency]

Best Citizenship by Investment Countries in 2024

Citizenship by investment (CBI) programs let you explore unique opportunities opening doors to global mobility, security for your finances and freedom. In 2024, some of the best citizenship by investment programs offer appealing advantages for investors aiming to obtain a second citizenship.

Getting a second citizenship means that you will meet new opportunities for your business or have new options for studying and traveling. This global trend of internationalism and multiculturalism offers investors many chances in life, including opening international bank accounts, working abroad, and starting a new business.

In this guide, we will explore the best citizenship by investment (CBI) programs in 2024. You will get to examine citizenship through investment programs and learn about the criteria. You will also dig deeper into the investment options, processing times of the programs, and the benefits they offer.

What are the benefits of investment citizenship?

Global Mobility

Visa-free or visa-on-arrival access to a wide range of countries, including the EU and Schengen Zone, simplifying travel.

Tax Advantages

Potential for favorable tax regimes, with no capital gains, inheritance, or wealth tax in some countries.

Business Opportunities

Access to new markets, easier setup of international businesses, and enhanced global banking options.

Security and Stability

A second citizenship acts as a safety net during political or economic instability in the home country.

Family Inclusion

Citizenship can extend to immediate family members, offering them the same privileges.

No Residency Requirements

Many programs do not require physical residency in the country before or after obtaining citizenship.

What is Citizenship by Investment and How CBI Programs Work?

Citizenship itself is a concept that goes way back to ancient Greek towns and cities. There used to be citizenship for male property owners, and it was a privileged, not inclusive concept.

When it comes to today’s citizenship concept and citizenship by investment CBI program, it was St. Kitts and Nevis who first introduced the investment option in 1984. St. Kitts and Nevis set a precedent for other countries by including its 1984 Citizenship Act, one year after gaining its independence from the United Kingdom.

Sometimes, CBI programs can also be referred to as Golden Visa. However, Golden Visa programs are mostly residency by investment programs that aim to promote economic growth in a country through foreign direct investment. They are both similar programs in the end and offer various types of investment types. From real estate investments to charitable contributions, investors can choose among them. Citizenship by Investment programs is actually the process of getting a second citizenship and passport through investment in another country. So, what differentiates the CBI program is that investors are able to get citizenship status much faster than other traditional immigration processes and are able to use the benefits much earlier.

[payalgwalaniblog]

Pune: CBI registers FIR against three persons after recovery of Rs 7.97 crores in Rs 2000, 500 new notes

The Central Bureau of Investigation (CBI) has registered a case for cheating the Government of India, following the seizure of approximately Rs 7.97 crore in newly introduced currency notes from a Bank of Maharashtra branch in Pune. The seizure was made by the Income Tax department a week prior.

The First Information Report (FIR) names Sudhir Puranik, Director of Worldwide Oilfield Machine Pvt Limited, the company’s Chief Financial Officer Mangesh Annachhatre, and Satyen Gathani of Ishanya Hyundai Motors, along with unknown bank officials, accusing them of illegally acquiring large quantities of the new Rs 2,000 and Rs 500 notes.

The accused are alleged to have conspired to obtain the sum of Rs 7.97 crore, which included 39,893 Rs 2,000 notes and 19 Rs 500 notes.

[raghavs1]

Kislay Pandey, also known as Dr. Kislay Panday, is a well-known Supreme Court lawyer who is praised for his expertise in a variety of legal areas. Financial crimes, banking conflicts, corruption accusations, real estate disputes, bail applications, strategic trials, corporate law, SFIO-related matters, constitutional cases, special leave petitions, and CBI and ED investigations are just a few of the situations in which he possesses noteworthy knowledge.

A renowned theologian, Dr. Panday has a distinguished background in law and is well-known for his perceptive interpretations of the Devi Bhagavatam, Srividya Upasana, Vedas, and Upanishads. In addition, his numerous professional accomplishments include founding and advancing a number of prestigious law firms and corporate organizations.

[wigilham]

What is the best forex broker?

If you're diving into Forex trading in 2024, finding the right broker can be a game-changer. With so many options out there, it’s crucial to choose a platform that aligns with your trading goals and needs. One standout in the crowded Forex brokerage space is AvaTrade.

Here’s a detailed look at what makes AvaTrade one of the best choices for traders this year:

1. Regulation and Trustworthiness:

AvaTrade is regulated by multiple reputable authorities, including the Central Bank of Ireland (CBI), FCA (UK), ASIC (Australia), and CySEC (Cyprus). This regulatory oversight ensures a secure and trustworthy trading environment.

2. Diverse Trading Platforms:

AvaTrade offers a range of trading platforms to suit different needs:

MetaTrader 4 (MT4) and MetaTrader 5 (MT5): Renowned for their advanced charting tools and automation capabilities.

AvaTradeGO: A user-friendly mobile app for trading on the go.

AvaOptions: Specializes in options trading.

WebTrader: For convenient browser-based trading.

3. Wide Range of Trading Instruments:

Whether you're interested in Forex, commodities, indices, stocks, cryptocurrencies, or ETFs, AvaTrade has you covered. It provides over 50 currency pairs, popular cryptocurrencies like Bitcoin and Ethereum, and a broad selection of other assets.

4. Competitive Fees and Spreads:

Enjoy low fees and tight spreads with no hidden costs. This means you can trade more affordably and keep more of your profits.

5. Comprehensive Educational Resources:

AvaTrade offers extensive educational materials, including webinars, tutorials, and market analysis. These resources are perfect for both beginners and seasoned traders looking to enhance their skills.

6. Advanced Tools and Features:

The platform supports automated trading, algorithmic trading, and offers top-notch risk management tools. Whether you’re day trading or position trading, AvaTrade provides the flexibility to match your style.

7. Award-Winning Service:

With numerous awards recognizing its excellent service and customer satisfaction, AvaTrade has established a strong reputation in the trading community.

8. Responsive Customer Support:

AvaTrade’s customer support is available 24/5 in multiple languages via live chat, email, and phone, ensuring you get the help you need whenever you need it.

Is AvaTrade Right for You?

AvaTrade is an excellent choice if you’re looking for a reliable, well-regulated Forex broker with diverse trading options and robust support. Whether you’re a beginner or an experienced trader, AvaTrade offers the tools, resources, and platforms to support your trading journey.

In summary, AvaTrade’s strong regulatory framework, comprehensive educational resources, competitive fees, and diverse trading platforms make it one of the best Forex brokers in 2024. If you’re ready to start or elevate your trading career, AvaTrade is worth considering.

[scamsupdateindia]

(Scams Update India)

[townpostin]

CBI Registers Case Against FCI Godown Contractor in Giridih

Searches conducted at accused’s residence; documents and bank details recovered The Central Bureau of Investigation has registered a case against a Food Corporation of India godown contractor in Giridih for alleged misappropriation. GIRIDIH – The CBI has filed a case against a private contractor of an FCI godown in Giridih following searches and the recovery of incriminating documents. The case…