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India's <keyword id="4813205" type="PERSON" weightage="20" keywordseo="Manu-Bhaker">Manu Bhaker</keyword> fired her way to the gold medal with a junior world record in the women's <keyword id="5939595" type="UNKNOWN" weightage="20" keywordseo="10m-Air-Pistol-event">10m air pistol event</keyword> of the World Cup Finals here on Thursday. The 17-year-old Bhaker shot 244.7 to claim the top prize in the prestigious season-ending tournament of International Shooting Sport Federation (ISSF). Her compatriot, Yashaswini Singh Deswal finished sixth in the final of the event. Serbia's Zorana Arunovic won the silver with 241.9, while Quian Wang of China bagged the bronze with 221.8. In the men's 10m air pistol event, Abhishek Verma and Saurabh Chaudhary qualified for the final. Verma topped the qualifications with 588 while Chaudhary was seventh with 581.

17 year old Manu Bhaker wins gold medal in women's 10m air pistol event

The <keyword id="12163" type="COMPANY" weightage="100" keywordseo="Ed">ED</keyword> chief today batted for allowing the agency to independently register and pursue anti-money laundering cases so that its probe is not impacted even if the courts junk the first FIR by any other agency, according to PTI.The ED is in a "three-legged race" and many courts feel that if the case of the scheduled agency is thrown out, "then the ED case automatically fails", Enforcement Directorate chief Karnal Singh said and added this should change as the rules of the game are "different" under the PMLA.His remarks comes in the backdrop of the courts recently discharging the Maran brothers (<keyword id="671656" type="UNKNOWN" weightage="20" keywordseo="Aircel-Maxis">Aircel-Maxis</keyword> 2G spectrum case) and arms dealer <keyword id="344203" type="PERSON" weightage="20" keywordseo="Abhishek-Verma">Abhishek Verma</keyword> in separate <keyword id="6354572" type="ORGANIZATION" weightage="20" keywordseo="CBI">CBI</keyword> cases, based on which the ED had registered criminal cases under the Prevention of Money Laundering Act (PMLA).The ED can, at present, file a case only on the basis of an FIR by agencies like CBI and cannot take up an anti-money laundering investigation independently.The court had held that as the scheduled offence registered by CBI in Aircel-Maxis case is no more valid, the ED case too becomes "groundless" and that nothing survived in it. The ED has appealed against the order.Calling such developments as "bottle necks" in its effort to curb the menace of black money and corruption, Singh said that the "undertsanding of law sometimes creates problems."He was delivering the inaugural speech at the Enforcement Day event, where <keyword id="25455" type="ORGANIZATION" weightage="20" keywordseo="finance">Finance</keyword> Minister Arun Jaitley was the chief guest along with Revenue Secretary Hasmukh Adhia."Our legs are tied with the scheduled agency (CBI in these cases). It is like in sports where we have the three- legged race...our one leg is tied with them (scheduled agency like police or CBI) and many courts feel that the other case fails then the ED case automatically fails."We have gone (in appeal) to the Supreme Court in such a case for a decision," the ED Director said.The rules of game are different in predicate offence investigation and the ED investigation, he said.The ED, sources said, wants legal amendments in the PMLA so that it can register criminal cases on its own rather than forming basis of any other agency's FIR.The ED chief listed some points that differentiate PMLA from other laws."Whenever there is investigation by police, the statement given before police is not admissible in court while statement given before a directorate (ED) officer is admissible in court. Appreciation of evidence is also different. These issues have to be resolved with the passage of time," Singh said.Talking about ED's achievements, the Director said the agency has attached, under PMLA, assets worth over Rs 22,000 crore till now, and half of it has been done in last year alone.A good number of attachments under anti-money laundering laws came as a result of the ED's probe in black money cases which were registered post demonetisation.Prime Minister <keyword id="6354477" type="PERSON" weightage="20" keywordseo="Narendra-Modi">Narendra Modi</keyword> had declared demonetisation of two high value currencies of Rs 1000 and Rs 500 denomination on November 8 last year."The last financial year was full of challenges for ED be it the case of <keyword id="14678" type="PERSON" weightage="20" keywordseo="Vijay-Mallya">Vijay Mallya</keyword>, AgustaWestland, bank fraud cases, the demonetisation issues...officers of the agency performed to their best with their diligence and hardwork," he said.He said the agency filed 76 charge sheets under PMLA last year, while it filed 104 such complaints in the courts this year."The total cases under trial are 353," he said adding first two convictions under PMLA were obtained this year.Singh said cases related to bank frauds, corruption and those related to shell companies are a priority for the agency."Analysis of cases being investigated by ED shows that 27 per cent of total cases are bank frauds or other frauds...and it is the area of concern. The second area of concern, about 20 per cent of the cases, are related to corruption."If we see how money is laundered then the most important laundering process is by the shell companies which we can say is done by accommodation entry operators," he said.He also drew an analogy between money laundering and washing clothes at a 'dhobi ghaat'."It (money laundering) is like suppose you have to wash your clothes...'dhobi ghaat' only washes them but who uses the clothes? Somebody else."If any country is prone to money laundering it becomes like a 'dhobhi ghat'," he said."The people of various countries would come, clean their money and go back and take their money back and we are never benefited out of that," Singh said.He also urged professionals like Chartered Accountants and others to "desist from doing wrong things"."We did some searches (against CAs and other professionals)...we arrested one CA. They should have a clear message that they should work for the country and not for the offenders," the Director said.The ED chief added there are certain other "bottle necks" being faced by it like misunderstanding of legal procedures (by its officials), implementation of law and shortage of manpower.The agency, he said, is in the process of establishing five more cyber labs in addition to the one it has at its headquarters here, so that digital evidence is quickly retrieved and used for investigation purposes. "Our endeavour is to improve professionalism in the ED and I can assure that we will work with utmost sincerity, integrity and professionalism to give results to the country," he said.

ED wants independence in registering anti-money laundering cases

MUMBAI: The combined entity of Flipkart and <keyword id="319719" type="COMPANY" weightage="80" keywordseo="Myntra">Myntra</keyword> will soon launch a fashion incubator, a first of its kind move by an Indian startup, in its aggressive push to gain complete dominance of the fast-growing online apparel category. In typical venture capital-style investing, the e-commerce combine will select fashion entrepreneurs, give them a platform to retail and after six months to a year pick up equity stakes for up to a million dollars in the best performing brands. 
 Startup incubators are widely run by large technology companies, to spot new ideas and talent, but this would be the first such attempt by an Indian <keyword id="2180871" type="POSITION" weightage="40" keywordseo="e-commerce-player">e-commerce player</keyword>. 
 
Flipkart-Mynta will look to select at least 3-5 such brands annually which can later be retailed on other platforms- online and offline-- said a top executive from the company. The first batch of the incubator is expected to roll out in July which will get on board as many as 20 such entrepreneurs. 
 “The idea is to create sizeable indigenous fashion brands by mentoring young entrepreneurs who do not have access to capital, supply chain and distribution platforms,” said <keyword id="705865" type="PERSON" weightage="60" keywordseo="Mukesh-Bansal">Mukesh Bansal</keyword>, CEO, Myntra &amp; SVP, Flipkart Fashion. We want these budding designers to operate as independent entities in the long-term selling to even our rival e-tailers, Bansal told TOI. 
 
Having merged Myntra with Flipkart last month in a Rs 2,000 crore deal, Bansal said with increased focus on private brands, the combined entity may also evaluate acquisitions going forward to shore up its fashion portfolio. 
 
Abhishek Verma, business head at Myntra said they've roped in mentors for the first batch of the incubator. We’ve got fashion designers, entrepreneurs and successful names from the business of apparel to be a part of the programme. 
 
Myntra’s own set of brands clocking sales of upwards of $10 million include the likes of Dressberry and Roadster. We have an ambitious plan of building multiple hundred million-dollar private brands in the coming years but it’s not feasible to have such a large in-house team therefore, this incubator makes a lot of sense as we scale up our portfolio, Bansal said. 
 The fashion e-commerce category is poised to become the second largest, only after electronics, pushing e-tailers to adopt a frenetic paced growth strategy for the vertical. <keyword id="18635" type="CITY" weightage="40" keywordseo="Amazon">Amazon</keyword>, the world’s largest online retailer, which is starting to get a toehold in the Indian e-commerce market recently forayed into the fashion and apparel category. 
 In the offline retail world, Future group’s founder <keyword id="44950" type="PERSON" weightage="40" keywordseo="Kishore-Biyani">Kishore Biyani</keyword> has been an early backer of several local fashion entrepreneurs who have gone on to create successful brands like AND and Biba. Biyani exited these companies last year only to make windfall gains from his early investments.

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17 year old Manu Bhaker wins gold medal in women's 10m air pistol event

PTI

ED wants independence in registering anti-money laundering cases

BI India Bureau

Myntra Set To Launch Fashion Incubator

Times Of India

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