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<ul><li>The Ministry of Home Affairs has empowered the <keyword id="107956" type="ORGANIZATION" weightage="20" keywordseo="Serious-Fraud-Investigation-Office">Serious Fraud Investigation Office</keyword> (SFIO) to request the issuance of look-out-circulars (<keyword id="6355098" type="UNKNOWN" weightage="20" keywordseo="LoC">LOC</keyword>) against people who are suspected of defaulting on large loans. </li><li>Last week, the same power was also granted to the CEOs of India’s public-sector banks, which have largely been the major casualties of these frauds and loan defaults. </li><li>Prior to these changes, the ability to request for LOCs was mainly extended to police authorities, the CBI, Enforcement Directorate, the home and external affairs ministries as well as regional passport offices and customs and tax officials. </li></ul>In the wake of a series of high profile banking scams and loan defaults this year, the most notable of which is <a href="https://www.businessinsider.in/here-are-the-main-findings-from-punjab-national-banks-internal-investigation-into-the-2-billion-nirav-modi-scam/articleshow/64681851.cms">the Nirav Modi case</a>, the Indian government is trying to make it easier to prevent fraudsters from escaping the country and taking up residence elsewhere. To this effect, the Ministry of Home Affairs has empowered the Serious Fraud Investigation Office (SFIO), which is housed under the corporate affairs ministry, to request the issuance of <a href="https://indianexpress.com/article/india/centre-gives-sfio-powers-to-stop-defaulters-from-fleeing-the-country-5468015/">look-out-circulars </a>(LOC) against people who are suspected of defaulting on large loans. Last week, the same power was also granted to the<a href="https://www.livemint.com/Politics/lAjlD5SnzGYkS87SyKxVJI/Govt-authorises-public-sector-bank-CEOs-to-request-for-look.html"> CEOs of India’s public-sector banks</a>, which have largely been the major casualties of these frauds and loan defaults. However, as these public-sector banks aren’t official investigation agencies, the LOCs requested by them can be challenged in court. That is not the case with the SFIO. Prior to these changes, the ability to request for LOCs was mainly extended to police authorities, the CBI, Enforcement Directorate, the home and external affairs ministries as well as regional passport offices and customs and tax officials. A major reason why wilful defaulters like <keyword id="14678" type="PERSON" weightage="20" keywordseo="Vijay-Mallya">Vijay Mallya</keyword>, <keyword id="571991" type="COMPANY" weightage="20" keywordseo="Nirav-Modi">Nirav Modi</keyword> and Mehul Choksi were able to flee India for safer havens was because the agencies or entities that caught wind of their crimes did not have the authority to prevent them from fleeing and had to follow protocols and notify higher powers with said authority. By the time formal channels of communication were activated, it was too late. This is reportedly what happened in the case of Vijay Mallya, who fled India in March 2016. The CBI actually <a href="https://www.hindustantimes.com/india/cbi-ignored-immigration-alert-on-mallya-leaving-india-on-march-2/story-hW83mkAc6qVe14VyFVOIFJ.html">watered-down the LOC</a> it had filed against the liquor baron in October 2015 from “detain” to “inform” after citing a lack of evidence and Mallya’s supposed intention to cooperate, which eventually allowed him to leave the country. The CBI had actually taken over the case from the SFIO, which had been looking into the diversion of funds at Mallya’s companies in September 2015. By broadening the number of stakeholders that can ask for the arrest of a <keyword id="2168141" type="PERSON" weightage="20" keywordseo="Wilful-defaulter">wilful defaulter</keyword>, the move could decrease the chances of this happening again in the future, especially in instances where investigations by the police and CBI are hamstrung by “conflicts of interest” or they don’t follow through with arrests. A few months ago, the central government also passed the <a href="https://www.businessinsider.in/india-takes-its-first-big-step-towards-avoiding-future-nirav-modi-vijay-mallya-like-scams/articleshow/65069668.cms">Fugitive Economic Offenders Act</a>. The law allows the Enforcement Directorate to seize the domestic as well as foreign assets of “economic offenders” who have left the country so their creditors may recover their dues. The crimes involve amounts of ₹1 billion or more. SEE ALSO: <a href="https://www.businessinsider.in/india-takes-its-first-big-step-towards-avoiding-future-nirav-modi-vijay-mallya-like-scams/articleshow/65069668.cms">India takes its first big step towards avoiding future Nirav Modi, Vijay Mallya-like scams</a> <a href="https://www.businessinsider.in/here-are-the-main-findings-from-punjab-national-banks-internal-investigation-into-the-2-billion-nirav-modi-scam/articleshow/64681851.cms">Here are the main findings from Punjab National Bank’s internal investigation into the $2 billion Nirav Modi scam</a> <a href="https://www.businessinsider.in/liquor-baron-vijay-mallya-will-be-the-first-to-be-tried-under-indias-new-fugitive-economic-offenders-ordinance/articleshow/64635569.cms">Liquor baron Vijay Mallya will be the first to be tried under India’s new Fugitive Economic Offenders Ordinance</a>

India’s corporate fraud investigation agency and the CEOs of state-owned banks can now directly prevent scamsters from leaving the country

(Photo source: IANS) <ul><li><keyword id="14678" type="PERSON" weightage="20" keywordseo="Vijay-Mallya">Vijay Mallya</keyword>, an <keyword id="3658" type="COUNTRY" weightage="20" keywordseo="India">India</keyword>n liquor tycoon and the former boss of Kingfisher Airlines, will be extradited to India by order of a <keyword id="6354868" type="COUNTRY" weightage="20" keywordseo="UK">UK</keyword> court. </li><li>The allegations leveled against him include fraud, money laundering, and conspiracy. </li><li>He left India in 2016 in the middle of the investigation for the UK, a country where he is also a citizen. </li><li>He now has 14 days to file a appeal against the judgement but Central Bureau of Investigation has stated that they ‘hope to see him soon’. </li></ul>A UK court has approved the extradition of India’s liquor tycoon, Vijay Mallya, to India two years after he left India amid charges of fraud and money laundering. The former boss of the Kingfisher Airlines has 14 days to make an appeal against the judgement. The Central Bureau of Investigation (CBI) has released a statement following the order: “We hope to bring him soon and conclude the case. CBI has its own inherent strengths. We worked hard on this case. We are strong on law and facts and we were confident while pursuing extradition process.” The judgement was passed by the Chief Magistrate, Judge Emma Arbuthnot who stated that prima facie (on first impression) there is a case to be made against Mallya for fraud, conspiracy and money laundering. In recent weeks, Mallya has ‘offered’ to pay back what he owes to Indian banks. The allegations against fraud and money laundering amount to an estimated ₹90 billion. He maintains that these charges against him are ‘politically motivated’ and that he has done nothing wrong. According to the <a href="https://economictimes.indiatimes.com/news/politics-and-nation/mallya-extradition-case-arthur-road-jail-keeps-high-security-cell-ready/articleshow/67023180.cms">Economic Times</a>, there is a ‘high-security’ cell kept ready at the Arthur Road prison for Mallya. The same prison housed the 26/11 Mumbai attack terrorist, Mohammad Ajmal Kasab. See also: <a href="https://www.businessinsider.in/vijay-mallaya-wants-to-pay-back-100-public-money-that-he-embezzled-pleads-for-banks-to-take-it/articleshow/66950116.cms">Vijay Mallya wants to pay back '100% public money' that he embezzled, pleads for banks to take it</a> <a href="https://www.businessinsider.in/indias-corporate-fraud-investigation-agency-and-the-ceos-of-state-owned-banks-can-now-directly-prevent-scamsters-from-leaving-the-country/articleshow/66846397.cms">India’s corporate fraud investigation agency and the CEOs of state-owned banks can now directly prevent scamsters from leaving the country</a> <a href="https://www.businessinsider.in/india-takes-its-first-big-step-towards-avoiding-future-nirav-modi-vijay-mallya-like-scams/articleshow/65069668.cms">India takes its first big step towards avoiding future Nirav Modi, Vijay Mallya-like scams</a>

Indian liquor tycoon Vijay Mallya to be extradited — CBI ‘hopes to see him soon’

<ul><li>A Hyderabad civil court passed the stay order on a petition filed by Raju, who was released on bail in 2018. He sought orders to restrain <keyword id="128682" type="COMPANY" weightage="20" keywordseo="Netflix">Netflix</keyword> from releasing the web series on the ground that it would invade his privacy in an unlawful manner.</li><li>Raju also claimed that the narrative contained half-truths and palpably designed to bring down his reputation.</li><li>Netflix released the trailer of the web series which is about Vijay Mallya, Nirav Modi, Subrata Roy and <keyword id="41263" type="PERSON" weightage="20" keywordseo="Ramalinga-Raju">Ramalinga Raju</keyword>.</li></ul> A court in Hyderabad on Tuesday restrained Netflix from releasing web series "<keyword id="9827211" type="UNKNOWN" weightage="20" keywordseo="bad-boy-billionaires">Bad Boy Billionaires</keyword>: India" on the life story of Satyam Computer Services founder B. Ramalinga Raju who was convicted in Satyam scam and three others. A Hyderabad civil court passed the stay order on a petition filed by Raju, who was released on bail in 2018. He sought orders to restrain Netflix from releasing the web series on the ground that it would invade his privacy in an unlawful manner. Raju also claimed that the narrative contained half-truths and palpably designed to bring down his reputation. Netflix has already released the trailer of the web series which is about Vijay Mallya, Nirav Modi, Subrata Roy and Ramalinga Raju. "What would you do to make it to the top? To build an empire? To maintain an image? Bad Boy Billionaires answers just that. Dive into the stories of India's most infamous billionaires - Vijay Mallya, Nirav Modi, Subrata Roy, and Byrraju Ramalinga Raju as they plan, plot and maneuver through their rises and falls. Watch as insiders and experts discuss what made these men genius and, in some cases, the greatest conmen," reads the description by Netflix. A court in Bihar had last week restrained Netflix from using Subrata Roy's name in the web series. The over Rs 7,000 crore Satyam scam came to light on January 7, 2009 when Ramalinga Raju confessed that the company's account books and profits were inflated over many years to the tune of several crores of rupees. Police arrested him two days later on a complaint by some shareholders. The CBI filed three charge sheets against Raju and the other accused, charging them with cheating, criminal conspiracy, forgery, falsification of accounts and breach of trust. A special CBI court in April 2015 had sentenced him, his two brothers and seven others to seven years in prison in the case, said to be India's biggest corporate fraud. However, a month later, the metropolitan sessions court suspended their sentence and granted them bail. SEE ALSO: <a href="https://www.businessinsider.in/india/news/icj-raises-concern-on-sc-decision-in-bhushan-case-says-its-inconsistent-with-international-standards/articleshow/77885669.cms">ICJ raises concern on SC decision in Bhushan case — says it’s inconsistent with international standards</a>

Hyderabad Court stays release of Netflix's Bad Boy Billionaires: India following Ramalinga Raju's objections

<ul><li>On July 20th, the lower house of India’s <keyword id="6354721" type="ORGANIZATION" weightage="20" keywordseo="parliament">Parliament</keyword> passed the Fugitive Economic Offenders Bill. </li><li>The bill allows the government to seize the domestic as well as foreign assets of “economic offenders” who have left the country so their creditors may recover their dues. </li><li>In addition to loan defaults and money laundering, the crimes that fall under the purview of the bill include tax evasion and the use of black money. </li></ul>With the multi-million dollar frauds of Vijay <keyword id="6373968" type="PERSON" weightage="20" keywordseo="mallya">Mallya</keyword>, Nirav <keyword id="6354642" type="PERSON" weightage="20" keywordseo="Modi">Modi</keyword>, Mehul Choksi and Lalit Modi still fresh in the memory, India’s lower house of Parliament has finally passed a bill aimed at preventing wilful defaulters and scamsters from getting away scot free. The Fugitive Economic Offenders Bill, which was discussed and approved in the Lok Sabha on July 20th, follows a Presidential ordinance in April which was used by the Enforcement Directorate to initiate asset confiscation proceedings against Vijay Mallya last month. It was meant to be passed in the Budget Session, but since the session proved to be extremely unproductive, the government had no choice to take the ordinance route in the interest of acting quickly. The bill will now move to the upper house of Parliament for approval before becoming an act, replacing the ordinance in the process. Asset seizures and trials The bill is meant to provide more firepower to the government’s clampdown on white collar crime. It allows the government to seize the domestic as well as foreign assets of “economic offenders” who have left the country so their creditors may recover their dues. In order to be designated an “economic offender”, the government needs to file a motion in a special court as it did on July 11th for Nirav Modi and Mehul Choksi. While the bill doesn’t enable the government to bring back criminals to the country, the government assumes that the threat of asset confiscation will convince them to come back and stand trial. In addition to loan defaults and money laundering, the crimes that fall under the purview of the bill include tax evasion and the use of black money. The bill cannot come into effect retroactively, meaning that it will only apply to scams that take place after the date of its enactment. However, the government has already used the ordinance to declare the aforementioned scamsters “economic offenders”. The provisions of the bill indicate that the government is mainly interested in the big fish, the scamsters that make headlines. It only applies to cases where the funds laundered or dues total more than ₹1 billion. This was a source of contention, especially amongst opposition parties, which felt that the ₹1 billion threshold would allow a lot of smaller scams to go unresolved. In response, the interim Finance Minister, Piyush Goyal, that the government would tackle smaller cases after resolving big ones.

India takes its first big step towards avoiding future Nirav Modi, Vijay Mallya-like scams

<ul><li>Last week, Interpol’s bureau in Manchester asked the CBI to issue an <keyword id="82903" type="ORGANIZATION" weightage="20" keywordseo="extradition">extradition</keyword> request and provisional arrest warrant for Modi, who is currently living in the UK. </li><li>The extradition request paves the way for Modi’s immediate arrest and presentation before a court. </li><li>Meanwhile, Modi’s fellow conspirator in the case, <keyword id="2763" type="PERSON" weightage="20" keywordseo="Mehul-Choksi">Mehul Choksi</keyword> has taken up citizenship of Antigua. An application for his international arrest warrant is still pending with Interpol. </li></ul>Ever since the $2 billion <keyword id="38935" type="PERSON" weightage="20" keywordseo="Fraud">fraud</keyword> case at <keyword id="62034" type="CITY" weightage="20" keywordseo="Punjab-National-Bank">Punjab National Bank</keyword> came to light in February 2018, the protagonist behind the scam, <keyword id="571991" type="ORGANIZATION" weightage="20" keywordseo="Nirav-Modi">Nirav Modi</keyword>, has remained a free man. Following a request to Interpol from the Central Bureau of Investigation (CBI) to issue a red corner notice, or an international arrest warrant, against him, the absconding billionaire was reported to be seen in Brussels in June. Like fellow wilful defaulter Vijay Mallya, Modi was subsequently confirmed to be living in the UK, where he has reportedly applied for political asylum. And now, it looks like he could soon be arrested, even as early as this week, according to a report by the Indian Express. Last week, Interpol’s bureau in Manchester asked the CBI to issue an extradition request and provisional warrant for Modi’s arrest. A spokesperson for the CBI, Abhishek Dayal, confirmed to news outlets that the extradition request was sent yesterday to authorities in the UK via the Ministry of External Affairs. The extradition request paves the way for Modi to be immediately arrested in the UK and eventually stand before a court. Earlier this month, India’s Enforcement Directorate, a federal agency tasked with fighting economic crimes, also sent an arrest warrant and extradition request to UK authorities in relation to the Nirav Modi scam. Modi is not the only person of interest in the case. The CBI has also filed chargesheets against his fellow conspirator, Mehul Choksi - whose also his uncle, as well as his wife, Ami Modi and son, Nishal. All left India in January, shortly before the scam was revealed. Despite the revocation of his passport, Modi was believed to be travelling on a passport issued by Singapore. Meanwhile, Choksi is said to have taken up citizenship of Antigua, an island in the Caribbean. A request for his extradition was handed over to officials in Antigua and Barbuda at the beginning of August. However, given the absence of a extradition treaty between India and Antigua, the only way for Indian authorities to extradite Choksi is to get Interpol to issue a red corner notice against him. The application for Choksi’s international arrest warrant is reported to be still pending with Interpol. Separately, on August 20th, a special CBI court granted bail to Usha Ananthasubramanian, who was the managing director and CEO of Punjab National Bank when the scam took place. Prior to the fraud case coming to light, Ananthasubramanian was the MD and CEO of Allahabad Bank, a role which she was eventually forced to relinquish. She was named in a chargesheet for failing to properly prevent the fraudulent letters of undertaking from being issued by the bank.

Billionaire fugitive Nirav Modi could be arrested in the UK as soon as this week

<ul><li><keyword id="128682" type="General" weightage="20" keywordseo="netflix" source="Orion">Netflix</keyword> enters into a longer partnership with Hansal Mehta for more web series like the Scoop.</li><li>Netflix will be engaged in the entire creative process from scripting to marketing and distribution.</li><li>Netflix has had a successful year across series and films with titles such as Khakee - The Bihar Chapter, Rana Naidu, Class, Mission Majnu, Chor Nikal Ke Bhaga, Kathal among others.</li></ul>After the runaway success of Scoop, a web series based on the life of a crime journalist, Netflix has announced a multi-year series partnership with filmmaker Hansal Mehta. Scoop was Mehta’s maiden series on the streaming platform which was inspired by a court case involving journalist Jigna Vora, who was accused of allegedly conspiring with gangster Chota Rajan in the murder of another prominent journalist in 2011. Taking this collaboration forward, Hansal will create multiple series for Netflix in the coming years. Scoop has been called a genre-defining series inspired by crime reporter Jigna Vora’s book ‘Behind Bars in Byculla: My Days in Prison.’ Audiences and critics alike have been captivated by the deeply layered characters and compelling storylines, hailing it as one of the most binge-worthy series of the year. Mehta is a National Award winning director instrumental in delivering many critically acclaimed films and series including Aligarh, Shahid, Citylights and Scam 1992: The Harshad Mehta Story. “As a filmmaker, the idea of creating diverse and dynamic stories constantly keeps me on my toes. What excites me about this partnership with Netflix, which is home to some of the finest talent, is the potential for my work to reach viewers across the world. As was the case with Scoop, Netflix is engaged in the creative process right from scripting, all the way to marketing and distribution which is critical for the success of any creative collaboration. This long-term partnership with them is only going to empower me to dive into a variety of undiscovered stories,” he said. Over the years, docuseries and stories based on real life scams and personalities have captured the imaging of viewers. Another such series by Netflix was Bad Boy Billionaires: India, which documents the major financial scams that rocked India. These included some very colourful personalities like liquor baron <keyword id="14678" type="General" weightage="50" keywordseo="vijay-mallya" source="Orion">Vijay Mallya</keyword>, diamantaire Nirav Modi and Subrata Roy. According to Netflix, the investigative docu series explored the greed, fraud and corruption that built up — and ultimately brought down — India’s most infamous tycoons. Monika Shergill, Vice President - Content, Netflix India, said “Hansal is a master of his craft and has an eye for spotting stories that have a broad appeal and are relevant to a wide audience. Being a nuanced storyteller, he is able to tell these stories like no other. Scoop marks yet another success for our series line-up this year, and with this partnership we look forward to never before seen stories that audiences will love.” Netflix has had a successful year across series and films with titles such as Khakee - The Bihar Chapter, Rana Naidu, Class, Mission Majnu, Chor Nikal Ke Bhaga, Kathal and more.

Netflix taps Hansal Mehta for multi-year partnership following success of ‘Scoop’

<ul><li><keyword id="344501" type="PERSON" weightage="20" keywordseo="Rakesh-Asthana">Rakesh Asthana</keyword>, the special director of the <keyword id="6354889" type="ORGANIZATION" weightage="20" keywordseo="central-bureau-of-investigation">Central Bureau of Investigation</keyword> (<keyword id="6354572" type="ORGANIZATION" weightage="20" keywordseo="CBI">CBI</keyword>), made a <keyword id="1472146" type="PERSON" weightage="20" keywordseo="deposition">deposition</keyword> to the Cabinet Secretary last week about the rift between him and <keyword id="276608" type="PERSON" weightage="20" keywordseo="Alok-Verma">Alok Verma</keyword>, the director of the agency. </li><li>Verma opposed Asthana’s appointment to the No.2 position at the CBI over concerns that he was a person of interest in an investigation into the money laundering practices of Sterling Biotech. </li><li>The rift reached breaking point last month when Verma, who was overseas, declined to give Asthana the power to represent him at a meeting of the Central Vigilance Commission (CVC).</li></ul>Last week, the conflict between Alok Verma, the director of the Central Bureau of Investigation (CBI), <keyword id="3658" type="COUNTRY" weightage="20" keywordseo="India">India</keyword>’s main investigation agency, and his deputy, special director Rakesh Asthana, escalated yet again. The latter was instructed to inform <keyword id="1706029" type="PERSON" weightage="20" keywordseo="Pradeep-Kumar-Sinha">Pradeep Kumar Sinha</keyword>, the Cabinet Secretary, of the details of the rift and the progress of certain cases. The official deposition, which followed an order from the Prime Minister’s Office, came amid complaints that the rift between the two was holding up the CBI’s investigation of a number of politically sensitive cases such as the Vijay Mallya wilful defaulter case and the 2G spectrum allocation issue. But what exactly are the reasons for this rift? The primary reason has to do with the appointment of Asthana, a former IPS officer from Gujarat, as the agency’s special director in October 2017. A petition was filed by Common Cause, an NGO, against the appointment, citing his close relations with a firm, Sterling Biotech Ltd, that was the subject of an investigation by the Income Tax Department and CBI for money laundering. Asthana was said to be a person of interest in the case, with suspicion that he had received bribes from the company. However, the Supreme Court subsequently cleared Asthana’s appointment the following month. It bears mentioning that the central government had also defended Asthana’s appointment, given his track record of heading up a number of important <keyword id="72743" type="PERSON" weightage="20" keywordseo="investigations">investigations</keyword> such as the Godhra riots issue and the AgustaWestland scam. Verma was said to be opposed to Asthana’s appointment, and had reportedly raised objections about the same issue. Concurrently, Asthana was gradually stripped of his responsibility in leading a number of important investigations. However, he made his voice heard on a number of issues, and opposed Verma’s appointment of two senior officials - RP Upadhyay and Rajeev Krishna- who were subsequently disqualified in May by the Central Vigilance Commission (CVC) , a government body to address corruption and vet appointments to the CBI. The rift reached breaking point last month. Given that Verma was on a work trip overseas, he missed a meeting of the CVC on July 12th. However, straying from protocol, he did not give Asthana the power to represent him. The meeting was for the induction of certain IPS officers to replace the officials that had been removed from consideration against Verma’s wishes. The CBI told the CVC that Asthana did not have the power to represent Verma since he was under investigation. Now what? The Cabinet Secretary is expected to mediate the conflict. Asthana is said to be a favourite of Narendra Modi and Amit Shah, so it seems likely that he will maintain his position at the CBI. At this point, the institutional integrity of the agency has already been compromised. The government will try and prevent the rift from getting further out of hand and hope for a speedy resolution. A number of cases are in the process of being investigated, and given that this is an election year, the resolution of at least a few of them will be necessary.

You Searched For "vijay mallya scam" and got 7 results

India’s corporate fraud investigation agency and the CEOs of state-owned banks can now directly prevent scamsters from leaving the country

Dilsher Dhillon

Indian liquor tycoon Vijay Mallya to be extradited — CBI ‘hopes to see him soon’

Prabhjote Gill

Hyderabad Court stays release of Netflix's Bad Boy Billionaires: India following Ramalinga Raju's objections

IANS

India takes its first big step towards avoiding future Nirav Modi, Vijay Mallya-like scams

Dilsher Dhillon

Billionaire fugitive Nirav Modi could be arrested in the UK as soon as this week

Dilsher Dhillon

Netflix taps Hansal Mehta for multi-year partnership following success of ‘Scoop’

BI India Bureau

Here’s why the top two officials of India’s main investigative agency are fighting with each other

Dilsher Dhillon

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