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<ul><li>The International Consortium of Investigative Journalists (ICIJ) has announced <keyword id="12235620" type="General" weightage="20" keywordseo="Pandora-Papers" source="Orion">Pandora Papers</keyword>, a leak that consists of offshore dealings routed through tax havens across the globe.</li><li>The list includes hundreds of Indians, dozens of whom are prominent and already under investigation by Indian authorities.</li><li>Here’s everything we know so far about the Indians involved in Pandora Papers.</li></ul><keyword id="12237221" type="General" weightage="20" keywordseo="Pandora-Papers-leak" source="Orion">Pandora Papers leak</keyword> includes several prominent Indian names, including cricketing legend Sachin Tendulkar and <keyword id="9171" type="General" weightage="20" keywordseo="Anil-Ambani" source="Orion">Anil Ambani</keyword>, the beleaguered brother of India’s richest person. Over 300 Indian names have been spotted in the leak - the biggest one yet, bigger than even the Panama Papers leak which rocked the world in 2016. The Ministry of Finance took note of the revelations made in the Pandora Papers leak today evening. "The relevant investigative agencies would undertake investigation in these cases and appropriate action would be taken in such cases as per law," stated a <a href="https://twitter.com/IncomeTaxIndia/status/1445015165523546115" data-type="tilCustomLink">press release</a> issued by the ministry. An official spokesperson of India's Central Board of Direct Taxes (CBDT) has said that the revelations of the Pandora papers will be investigated. As per a statement to ANI, a team consisting of representatives from CBDT, Enforcement Directorate, Reserve Bank of India and Financial Intelligence Unit will soon begin the investigation. The investigation will be headed by the Chairman of CBDT. It is worth pointing out that while many of these investments routed through offshore firms are done with the objective of tax avoidance and maintaining secrecy, some of them are legitimate and declared to the relevant authorities in India. That said, here’s everything we know so far about the Pandora Papers leak and the Indians named in it so far: <cmsannotation type="cmsannotation" annotationid="Over 300 Indians in Pandora Papers leak" comment="subhead" text="Over 300 Indians in Pandora Papers leak">Over 300 Indians in Pandora Papers leak</cmsannotation> According to an Indian Express report, there are over 300 Indian names in the Pandora Papers leak, including over 60 prominent ones. The report adds that these will be corroborated and revealed in the coming days. These are some of the people named in the reports. <cmsannotation type="cmsannotation" annotationid="Anil Ambani" comment="subhead" text="Anil Ambani">Anil Ambani</cmsannotation> <div type="image" title="Anil Ambani" msid="86745697" hostid="261"><payload><![CDATA[Anil Ambani]]></payload></div> The beleaguered brother of India’s richest person has found his name in the papers, accusing him of setting up 18 offshore firms that have borrowed and invested $1.3 billion, one of which shares a promoter firm that owns Reliance Capital listed in India. “The Reliance Group conducts business globally and for legitimate business and regulatory requirements, companies are incorporated in different jurisdictions,” a lawyer on behalf of Anil Ambani <a href="https://indianexpress.com/article/express-exclusive/anil-ambani-pandora-papers-7550155/">told the Indian Express</a>. <cmsannotation type="cmsannotation" annotationid="Sachin Tendulkar" comment="subhead" text="Sachin Tendulkar">Sachin Tendulkar</cmsannotation> <div type="image" title="Sachin Tendulkar" msid="86745715" hostid="261" caption="&amp;lt;p&amp;gt;Sachin Tendulkar&amp;lt;/p&amp;gt;"></div> Cricketing legend Sachin Tendulkar had reportedly set up a firm way back in 2007, which was liquidated in 2016, valued at roughly $8.6 million. <a href="https://indianexpress.com/article/express-exclusive/sachin-tendulkar-pandora-papers-panama-expose-7550138/">According</a> to the CEO and Director of the Sachin Tendulkar Foundation, these investments are legitimate and declared in Tendulkar’s tax returns. <cmsannotation type="cmsannotation" annotationid="Nirav Modi" comment="subhead" text="Nirav Modi">Nirav Modi</cmsannotation> <div type="image" title="Nirav Modi" msid="86745727" hostid="261" caption="&amp;lt;p&amp;gt;Nirav Modi and Mehul Choksi&amp;lt;/p&amp;gt;"></div> His sister, Purvi Modi, set up a trust in the British Virgin Islands a month before he fled in January 2018. She has been named accused in a $2 billion money laundering case filed against Nirav Modi and Mehul Choksi. <cmsannotation type="cmsannotation" annotationid="Niira Radia" comment="subhead" text="Niira Radia">Niira Radia</cmsannotation> <div type="image" title="Niira Radia" msid="86745766" hostid="261" caption="&amp;lt;p&amp;gt;Niira Radia&amp;lt;/p&amp;gt;"></div> Corporate lobbyist Niira Radia has reportedly set up a dozen firms, conducting her offshore transactions through Sanjay Newatia, a former Credit Suisse banker. An <a href="https://indianexpress.com/article/express-exclusive/pandora-papers-niira-radia-corporate-lobbyist-7550207/">Indian Express report</a> suggests that her name is linked to a dozen offshore firms, an allegation which Radia declines and states “accurate disclosures have been made to all relevant authorities. <cmsannotation type="cmsannotation" annotationid="Gandhi family friend Satish Sharma" comment="subhead" text="Gandhi family friend Satish Sharma">Gandhi family friend Satish Sharma</cmsannotation> <div type="image" title="Satish Sharma - Priyanka Gandhi Vadra" msid="86745776" hostid="261" caption="&amp;lt;p&amp;gt;Satish Sharma with the Gandhi family&amp;lt;/p&amp;gt;"></div> A Gandhi family friend and former Congress leader, Satish Sharma set up a trust in 1995 when he was the Petroleum and Natural Gas minister. He also set up another trust in 2015 when he was a Rajyasabha member. Sharma was the protector of both, the Jan Zegers and JZ II trusts, and his wife a beneficiary. In a response to <a href="https://indianexpress.com/article/express-exclusive/pandora-papers-satish-sharma-congress-7550193/">The Indian Express</a>, Sharma’s wife, Sterre Sharma, noted that these trusts were set up to “manage his assets and pass on his inheritance” to the listed beneficiaries. <cmsannotation type="cmsannotation" annotationid="Cox and Kings’ Ajit Kerkar" comment="subhead" text="Cox and Kings’ Ajit Kerkar">Cox and Kings’ Ajit Kerkar</cmsannotation> Ajit Kerkar, now in jail, set up two trusts in the British Virgin Islands in 2010 and has connections with at least half a dozen offshore firms set up between 2010 and 2016. Most of these firms were reportedly set up by Kerkar and Shyam Maheshwari, who is a partner at Ares SSG group, an investment firm. The trusts set up by Kerkar are guarantors for loans amounting to $79 million. <cmsannotation type="cmsannotation" annotationid="Kiran Mazumdar Shaw" comment="subhead" text="Kiran Mazumdar Shaw">Kiran Mazumdar Shaw</cmsannotation> <div type="image" title="Kiran Shaw" msid="86745794" hostid="261" caption="&amp;lt;p&amp;gt;Kiran Mazumdar Shaw&amp;lt;/p&amp;gt;"></div> Her husband, a British Citizen, has reportedly set up an entity that holds 19.76% in Biocon, and has $85 million in various assets, including cash and real estate. Glentec is registered with RBI and SEBI, Shaw reportedly said, in response to queries raised by the Indian Express. <cmsannotation type="cmsannotation" annotationid="Not all investments are illegitimate" comment="subhead" text="Not all investments are illegitimate">Not all investments are illegitimate</cmsannotation> While some of the investments made by the people reported in the Pandora Papers leak could have been done to avoid taxes, they are not illegitimate if the required disclosures have been made to the relevant authorities. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/irctc-hindustan-aeronautics-zydus-wellness-and-5-others-hold-dominant-positions-in-the-market/slidelist/86736871.cms">These 8 valuable companies rule their sectors with a huge piece of the pie</a> <a href="https://www.businessinsider.in/finance/news/billionaires-and-world-leaders-including-putin-and-king-abdullah-stashed-vast-amounts-of-money-in-secretive-offshore-systems-leaked-documents-find/articleshow/86738076.cms">Billionaires and world leaders, including Putin and King Abdullah, stashed vast amounts of money in secretive offshore systems, leaked documents find</a>

Anil Ambani, Sachin Tendulkar, Kiran Shaw and other Indians named in the Pandora Papers leak

Fugitive diamond merchant <keyword id="571991" type="General" weightage="100" keywordseo="nirav-modi" source="Orion">Nirav Modi</keyword> has filed an application in the <keyword id="6355392" type="General" weightage="80" keywordseo="high-court" source="Orion">High Court</keyword> in London, seeking permission to appeal against his extradition order in the Supreme Court. The 51-year-old diamantaire lost an appeal on mental health grounds earlier this month, when a two-judge High Court bench ruled that his risk of suicide was not such that it would be either unjust or oppressive to extradite him to India to face charges of fraud and money laundering in the estimated USD 2 billion Punjab National Bank (PNB) loan scam case. Nirav, who remains behind bars at Wandsworth Prison in London, had two weeks to file an application seeking an appeal on the grounds of a point of law of general public importance, which according to experts is a high threshold that is not met very often. It is unknown if and when extradition may take place as Nirav Modi still has legal challenges open to him, UK Home Office sources said. The Crown Prosecution Service (CPS), acting on behalf of the Indian authorities, is now expected to respond to the latest application, following which a High Court judge is to give a ruling on paper without a full hearing. The entire process may eventually fall into the New Year, given the Christmas holiday period next month. On November 9, Lord Justice Jeremy Stuart-Smith and Justice Robert Jay who had presided over the appeal at the Royal Courts of Justice in London ruled that they were "far from satisfied that Mr Modi's mental condition and the risk of suicide are such that it would be either unjust or oppressive to extradite him". Their verdict also found every reason to accept that the government of India (GOI) will treat its assurances on Nirav's medical care at Barrack 12 of Arthur Road Jail in Mumbai with "appropriate seriousness". "On the basis of the assurances that the GoI has given, we accept that there will be suitable medical provision and an appropriate plan in place for the management and medical care of Mr Modi, which will be provided in the knowledge that he is a suicide risk (i.e. a person who, in the absence of preventative measures, may or will attempt suicide and will or may succeed)," the judgment read. If his attempt to have his appeal heard in the Supreme Court fails, in principle, Nirav Modi can apply to the European Court of Human Rights (ECHR) to try and block his extradition on the basis that he will not receive a fair trial and that he will be detained in conditions that breach Article 3 of the European Convention on Human Rights, to which the UK is a signatory. The threshold for an ECHR appeal is also extremely high because he would also have to demonstrate that his arguments on those grounds before the UK courts have been previously rejected. The dismissal of the High Court appeal earlier this month marked a major win for the Central Bureau of Investigation (<keyword id="6354572" type="General" weightage="80" keywordseo="cbi" source="Orion">CBI</keyword>) and Enforcement Directorate (ED) case against the businessman, who has been in prison since his arrest on an extradition warrant in March 2019. The latest High Court ruling noted three sets of criminal proceedings against the diamantaire in India the CBI case of fraud on the PNB which caused losses equivalent to over GBP 700 million, the ED case relating to the alleged laundering of the proceeds of that fraud and a third set of criminal proceedings involving alleged interference with evidence and witnesses in the CBI proceedings. Then UK Home Secretary, Priti Patel, had ordered Nirav's extradition based on Judge Sam Goozee's Westminster Magistrates' Court ruling in April 2021 and the case has been undergoing an appeals process since then. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/tata-consumer-keystone-realtors-biocon-among-stocks-to-watch-out-for-on-november-24/articleshow/95729263.cms">Indian markets open higher on indications of US Fed slowing interest rate hikes – Tata Consumer, Keystone Realtors, Biocon in focus</a> <a href="https://www.businessinsider.in/finance/news/mukesh-ambanis-jio-financial-services-deep-pockets-and-wide-reach-to-challenge-the-likes-of-paytm-bajaj-finance/articleshow/95714425.cms">Mukesh Ambani’s Jio Financial Services’ deep pockets and wide reach to challenge the likes of Paytm, Bajaj Finance</a> <a href="https://www.businessinsider.in/india/news/india-projected-to-become-worlds-third-largest-economy-overtaking-japan-and-germany-sp/articleshow/95715786.cms">India projected to become world’s third largest economy overtaking Japan and Germany: S&amp;P</a>

Fugitive diamantaire Nirav Modi seeks permission to appeal against his extradition in UK top court

<ul><li>The State Bank of India overstated its profits by as much as ₹9,500 crore for three years in between 2012-13 to 2014-15, according<a href="https://www.moneylife.in/article/exclusive-rbi-inspection-reports-on-sbi-reveal-evergreening-window-dressing-cover-ups-and-worse/57631.html"> </a>an expose by Moneylife.</li><li>The revelations came out of a Right To Information (RTI) application.</li><li>The country’s largest bank has suppressed employee fraud, covered bad loans, flouted anti-money laundering rules, covered up bad loans by a mechanism referred to as ‘window dressing’.</li><li>In many cases, the bank has not enforced securities provided on a loan, and loans were disbursed even before a charge was created on the collateral.</li></ul> A fourth of the country’s bank deposits are making their way to State Bank of India (SBI). But, how safe is it there? According<a href="https://www.moneylife.in/article/exclusive-rbi-inspection-reports-on-sbi-reveal-evergreening-window-dressing-cover-ups-and-worse/57631.html"> to an expose by Moneylife</a>, the bank has overstated its profits by as much as ₹9,500 crore for three years in between 2012-13 to 2014-15. What makes it worse is that all this information is available with the banking regulator, Reserve Bank of India (RBI), and the dated details came out after a petition was filed under the Right to Information (RTI) Act, by an activist Girish Mittal. <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;">Year </td><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;">Overstated profit </td></tr><tr><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;">2012-13 </td><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;">₹1,220 crore </td></tr><tr><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;">2013-14 </td><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;">₹5,038 crore </td></tr><tr><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;">2014-15 </td><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;">₹3,252 crore </td></tr></tbody></table> Source: Money Life There were two chairpersons running the bank during the period-- Pratip Chaudhuri was the chairman from 2011 to 2013 as Arundhati Bhattacharya too charge to stay on till 2017. SBI’s box of troubles The annual inspection of banks’ accounts by RBI has opened a Pandora’s Box where many evils came out—where the country’s largest bank has suppressed employee fraud, covered bad loans, flouted anti-money laundering rules, covered up bad loans by a mechanism referred to as ‘window dressing’, according to the report. An e-mail sent to SBI seeking answers on the revelations, did not elicit any response. Most Indian banks were found guilty of trying to hide the rising problem of bad loans. They would either give fresh loans to pay old ones or book the losses in a different year to soften the blow on the company’s financials. In SBI’s case, the RTI response reportedly revealed that these factors were seen in the loans given out to diamond trading and power sector. Loans to diamond traders have brought down banks, especially Punjab National Bank scam where diamantaire Nirav Modi made away with unpaid loans of ₹2 billion and is now in the UK. Yet, SBI is not in as much trouble, not from RBI who is aware of the situation, not from its 435 million customers --- that’s over 30% of India’s population! Like Goldman Sachs, it is everywhere and, probably, too big to fail. Flouting Norms The report says that the bank also flouted norms laid down by the Reserve Bank of India (RBI) itself with regards to Know Your Customer (KYC), lending limits set on sectors and individuals. The bank, as per the report, was also lax with its loans. In many cases, the bank has not enforced securities provided on a loan, wherein assets of defaulters are taken over. In some cases loans were disbursed even before a charge was created on the collateral. And, the suppression of data has happened at every level since most of the credit problems were never taken to the board as well. Scrubbing it clean In all, the bank performed a clean-up exercise every time a new chairman took over. The first year a new chairman comes in, huge amounts are written off the books, and has become a common practice with the bank. This leaves the chairman of the bank concentrating on ‘managing profits’. The owner of the bank however is the government. And it seems to be doing its part too. As non-performing assets as a result of bad loans increased and credit growth slowed down, the government is looking to recharge public sector banks (PSBs) with fresh funds. In the latest Budget 2019, the Finance Minister Nirmala Sitharaman said that they would be giving out as much as ₹75,000 crore to re-capitalise government banks, so that they can kickoff growth in the country, with renewed interest. The mistakes of the past have been conveniently forgotten. SEE ALSO 
 <div type="NEWSINCONTEXT" target="false" refhostid="261" refmsid="69557477" refmstype="2" refmssubtype="0"><cdata><![CDATA[An Indian bank is still making the same mistake of hiding the worst and hoping for the best]]></cdata></div>


<h1 style="line-height:1.44;margin-top:0pt;margin-bottom:8pt;border-bottom:solid #eeeeee 0.75pt;background-color:#ffffff;padding:0pt 0pt 15pt 0pt;"> </h1>

India’s largest bank was caught lying about its profits for 3 years but no one got punished, according to an expose

<ul><li>Number of bad loans alone was close to $149 billion last year.</li><li> <keyword id="571991" type="ORGANIZATION" weightage="20" keywordseo="Nirav-Modi">Nirav Modi</keyword> and his uncle Mehul Choksi allegedly defrauded Punjab National Bank of over <a href="http://www.thehindu.com/business/Industry/all-you-need-to-know-about-nirav-modi-and-the-177-billion-pnb-fraud/article22753973.ece" data-type="tilCustomLink">₹1.77 billion</a>. </li><li>According to proxy advisory firm Institutional Investor Advisory Services (IiAS), in 2016-17 alone the Indian banking sector reported 12,553 frauds aggregating to Rs 181.7 billion. </li></ul> India’s already troubled banking sector is being demolished by the surging number of bad loans and/or bank frauds that are coming to light. Though this is not at all a new phenomenon, the Nirav Modi case has opened up a Pandora’s box full of dodgy transactions -- that typically involves cases where the borrower intentionally tries to deceive the lending bank and does not repay the loan -- that run in millions and even billions. As a result of which, the CBI is on an overdrive to nab these offenders. According to data from the Reserve Bank of India (RBI), accessed through a right-to-information request by a <a href="https://in.reuters.com/article/india-banks-fraud/exclusive-unpublished-data-shows-indias-fraud-problems-extend-far-beyond-pnb-idINKCN1G00SJ">Reuters</a> reporter, in the five financial years leading up to 31 March 2017 showed that state-run banks reported 8,670 “loan fraud” cases totalling ₹612.6 billion. And the number of bad loans alone was close to a whopping <a href="https://www.ndtv.com/india-news/unpublished-data-shows-indias-fraud-problems-extend-far-beyond-pnb-1813569" data-type="tilCustomLink">$149 billion</a> last year. According to proxy advisory firm Institutional Investor Advisory Services (IiAS), in 2016-17 alone the <a href="https://www.firstpost.com/business/frauds-cost-rs-18170-cr-in-12553-cases-to-banking-sector-in-fy17-advisory-firm-report-4411267.html">Indian banking sector reported 12,553 frauds aggregating to Rs 181.7 billion</a>. Here’s are of the biggest frauds that came to light in the past financial year. Kanishk Gold Pvt Ltd./consortium of 14 banks led by <keyword id="6354731" type="UNKNOWN" weightage="20" keywordseo="state-bank-of-india">State Bank of India</keyword> (SBI): Kanishk Gold Pvt Ltd. has been <a href="https://timesofindia.indiatimes.com/business/india-business/jewellery-chain-kanishk-gold-defrauds-14-banks-to-tune-of-rs-824-15-crore/articleshow/63394221.cms" data-type="tilCustomLink">accused</a> by a consortium of 14 banks led by SBI of defaulting on a loan of ₹8241.5 million. While the principal loan amount is about ₹8241.5 million, adding the interest due would indicate a loss of more than ₹10 billion. In a letter dated 25 January 2018 to the CBI, SBI charged Kanishk with "manipulating records, shutting shop overnight." Nirav Modi / <keyword id="6476298" type="UNKNOWN" weightage="20" keywordseo="Punjab-National-Bank">Punjab National Bank:</keyword> The all-too-famous case in which companies owned by billionaire jeweller Nirav Modi and his uncle Mehul Choksi allegedly defrauded India's second-biggest state-run bank of over <a href="http://www.thehindu.com/business/Industry/all-you-need-to-know-about-nirav-modi-and-the-177-billion-pnb-fraud/article22753973.ece" data-type="tilCustomLink">₹1.77 billion</a>, making it India's biggest detected loan fraud. Apparently, two junior officers at a single branch had illegally issued fraudulent “letters of undertaking” (a guarantee that a bank is obliged to repay the loan if the actual borrower fails) without any collateral to the accused. When the accused failed to pay up, the bank employees involved issued more LoUs on behalf of PNB, asking other banks to give out fresh loans to the firms. The Central Bureau of Investigation (CBI) registered the case on 31 January 2018. Vikram Kothari / consortium of 7 banks led by Bank of India: The CBI arrested <keyword id="5888255" type="COMPANY" weightage="20" keywordseo="Rotomac">Rotomac</keyword> owner Vikram Kothari and his family in the alleged “willful” loan default to the tune of ₹ 36950 million on 22 Feb 2018. As alleged, the case relates to bank loans <a href="https://thewire.in/banking/banking-sector-hit-second-scam-rs-3695-cr-rotomac-promoters-probed" data-type="tilCustomLink">worth ₹ 29190 million</a> from 2008 onwards taken by Mr Kothari’s companies from a consortium led by Bank of India and comprising Bank of Baroda, Indian Overseas Bank, Union Bank of India, Allahabad Bank, Bank of Maharashtra and Oriental Bank of Commerce. This amount inflated to ₹ 36950 million after including accrued interest, because of repeated defaults on payment. Dwarka Das Seth International Pvt Ltd / Oriental Bank of Commerce: On 24 February 2018, the CBI registered a case against Delhi-based diamond exporter, Dwarka Das Seth International Pvt Ltd, for an alleged <keyword id="77600" type="PERSON" weightage="20" keywordseo="bank-fraud">bank fraud</keyword> to the tune of <a href="https://economictimes.indiatimes.com/news/politics-and-nation/cbi-approaches-interpol-to-locate-promoter-of-dwarka-das-seth-jewellers/articleshow/63129931.cms" data-type="tilCustomLink">₹3898.5 million</a>. The company was supposedly using letters of credit (LoCs) to pay off other creditors against the purchase of gold and other precious stone and transfer gold and funds outside the country using fictitious transactions. The company was also engaging in business transactions with non-existent entities, it said. Totem Infrastructure Ltd / consortium of eight banks led by Union Bank of India: CBI arrested the promoters of Totem Infrastructure Ltd — Tottempudi Salalith and Tottempudi Kavita — on 23 March 2018 in connection with an alleged <a href="https://timesofindia.indiatimes.com/business/india-business/cbi-arrests-promoters-of-totem-infra-in-rs-1394-crore-fraud-case/articleshow/63433753.cms" data-type="tilCustomLink">₹13940 million</a> fraud perpetrated against a consortium of eight banks. They were also accused of using the funds that were loaned to them for purposes other than what they were meant for. Aircel promoter C Sivasankaran and more / IDBI Bank: The CBI on Thursday (26 April 2018) registered a case against 15 former and serving senior IDBI Bank officials along with 24 others including former Aircel promoter C Sivasankaran, the heads of two public sector banks — Melwyn Rego of Syndicate Bank and Kishor Kharat of Indian Bank — and former CMD of IDBI Bank M S Raghavanand in an alleged <a href="http://www.thehindu.com/business/Industry/idbi-bank-fraud-case-cbi-books-indian-bank-and-syndicate-bank-chiefs-aircel-founder/article23684141.ece" data-type="tilCustomLink">₹6-billion</a> bank fraud case. The CBI claims loans worth ₹3220 million and ₹5230 million were given to Sivasankaran’s two offshore companies – Axcel Sunshine Limited (British Virgin Islands) and Finland-based Win Wind Oy respectively – which turned non-performing assets.

Here are the biggest bank frauds that happened in India the previous financial year

New Delhi, Feb 27 () Sebi on Thursday slapped a total fine of Rs 5 crore on fugitive Mehul Choksi, Gitanjali Gems and another individual for violating various regulations, including listing norms, in connection with a massive fraud on state-run lender PNB. Choksi, promoter and managing director of Gitanjali Gems, is the maternal uncle of Nirav Modi, who is also facing charges for defrauding state-run Punjab National Bank (PNB) of over Rs 14,000 crore. Both Choksi and Modi fled India after the PNB scam came to light in early 2018. While Choksi is said to be in Antigua, Modi is lodged in a British jail and has challenged India's extradition request. In its order, Sebi said it is imposing a fine totalling Rs 5 crore on Choksi, Gitanjali Gems and Dhanesh Sheth, the executive director of Gitanjali. "... the default is grave and the gravity of this matter cannot be ignored," Sebi said. It quoted a communication from PNB that it had reported to the RBI total fraud of over Rs 11,394 crore in case of unauthorized issuance of LOUs, foreign letters of credit and inland letter of guarantees in the group accounts of Nirav Modi Group and Gitanjali Group and in the account of one Chandri Paper &amp; Allied Products Pvt Ltd. The overall fraud size is said to be even larger at over Rs 14,000 crore. "I am of the considered opinion that the deliberate defiance of the mandatory obligations and hiding the crucial and material information from investors, regulators and stock exchange, as found in this case should be dealt with sternly and the penalty in such cases should serve as effective deterrence," Sebi Adjudicating Officer Santosh Shukla said in a 28-page order. Sebi has penalised the entities for failing to make various requisite disclosures. Gitanjali has not made disclosures regarding withdrawal of credit limits by PNB in view of the alleged fraud by the firm and its subsidiaries, the sudden obligation to repay Rs 1,045.88 crore within 10 days and subsequent developments in the matter. The firm also failed to make disclosures on various litigations and actions by enforcement agencies against it, its managing director and other senior managerial personnel to the stock exchanges and also failed to reply on various clarifications sought by the exchanges till date, Sebi said. In addition, no disclosure was made on resignation of director, company secretary and chief finance officer to the stock exchanges. No disclosures with respect to delay in payment of interest and principal amount for a period of more than three months from the due date and default in payment of interest and principal to LIC on NCDs was made. Sebi noted that LIC has exposure to the firm under secured non-convertible debentures (NCDs) for Rs 125 crore. Gitanjali had issued post-dated cheques which were payable up to July 2019. However, the company stopped making repayments from October 2017. The firm has "prima facie" defaulted on debt obligations to LIC since October 2017, Sebi said. "Noticees actively and deliberately concealed the important information and did not disclose at all by the noticees, to the stock exchanges," it added. Highlighting Choksi's and Sheth's responsibility in making disclosures, Sebi said "instead of fulfilling their responsibilities, based on various media reports, it has been noted that the noticee no. 2 (Choksi) abdicated his responsibilities by leaving the country in the first week of January 2018, days before the alleged fraud came to light. Further, there is no information available with respect to the noticee no. 3 (Sheth)." "In this case, the Noticees have committed repeated and serious defaults by not disclosing subsequent material events / information with regard to material events as found hereinabove. The defaults by the Noticees are blameworthy and serious considering the degree of responsibility bestowed upon them by the statute," Sebi noted. Regarding Choksi and Sheth, Sebi said "the conduct of these directors is apparently mala fide." SRS BJ ABMABM

PNB fraud: Sebi imposes Rs 5-cr fine on Mehul Choksi, others

He is the man behind the success of <a href="http://www.businessinsider.in/topic/Delhi-Metro">Delhi’s lifeline – metro</a>. As the architect behind the country’s most successful metro railways, E Sreedharan has also earned appreciation for having successfully built the <a href="http://www.businessinsider.in/Chugging-Out-To-Sea-Five-Coast-hugging-Train-Rides-Along-Indian-Shores/The-Konkan-magic-Karnataka-Goa-Maharashtra/slideshow/27638820.cms">Konkan Railways</a> on one of <a href="http://www.businessinsider.in/Chugging-Out-To-Sea-Five-Coast-hugging-Train-Rides-Along-Indian-Shores/The-Konkan-magic-Karnataka-Goa-Maharashtra/slideshow/27638820.cms">the most challenging terrain in the south-western coast</a> of India. But the Katra-Banihal stretch in Jammu and Kashmir is taking a toll on his reputation. 
 
Doubts are being raised over the expertise of Sreedharan as a Delhi High Court battle over the safety of the line that's already eight years behind schedule. The high court had appointed a panel headed by Sreedharan to examine plans for the 111-kilometre, Katra-Banihal stretch after <a href="http://www.businessinsider.in/topic/Prashant-Bhushan">Prashant Bhushan's</a> Centre for Public Interest Litigation (CPIL) filed a PIL on the matter. The railways, rushing to finish the line in five years, has already spent more than Rs 10,000 crore over the past 13 years on the section in a politically sensitive state where the Bharatiya Janata Party is part of the governing coalition. 
 
Meanwhile, even the railways has raised questions over the safety of Konkan Railways as 71 passengers, till date, have been killed since the beginning of the stretch. It also said that, "in stark comparison to Konkan line's record, there has been no casualty in the Jammu-Baramullah line", which was built in far tougher geological conditions. 
 
Sreedharan didn’t respond to any queries and has decided to respond to the court to what the railways had to say about his report or regarding the Konkan Railway. 
 
"Whatever I have to say, I will say it in the court," he told The Economic Times. About the Katra-Banihal line, he said that the court had asked advocates from both sides to tabulate what he had said in the report and what railways were saying. The court will decide, he added. 
 
Officials, on the other hand said, the Prime Minister's Office is closely monitoring progress of the Katra-Banihal line and wants the railways to take a tough stand on the case. Prime Minister Narendra Modi is said to have sought regular reports from the railway ministry on the line. The railways has promised the PMO that the line will be completed by 2020. 
 
"In fact, when the PM got to know that the main reason for delay of the project was the PIL, he asked attorney general Mukul Rohatgi to personally review the case. Additional solicitor general Maninder Singh has been arguing for the railways ever since," an official told the financial daily. 
 
The Sreedharan committee submitted its report in February, stating "the biggest concern regarding the existing alignment is the poor survivability of the tunnels, bridges and cuttings against the threats of landslides, earthquakes, and the security risks arising out of the nearness of the line to the LoC (Line of Control)". The railways dismissed the report's conclusions. 
 
"The committee had no topographic sheets to study, no geological, geotechnical, slope stability or seismic study reports to study about a paper alignment which is not even properly marked on paper," it said. "Therefore, the conclusions of the committee are mere conjectures, fallacious, specious and delusive statements." 
 
It said none of the committee members had visited the site. "Therefore, the committee had to suggest that the proposed alignment in the report is only a 'paper alignment'," the railways said, adding that "the existing alignment is a well-researched, well-investigated line where work is progressing successfully without any mishaps or problems." 
 
The railways also said the committee did not hold discussions with officials and international experts working on the project. "The committee did not consider the voluminous documentation provided by the project team. The committee did not allow presentations from experts, and it did not provide any technical justification and logic supported by any calculations or analysis in support of its paper alignment," it told the court. 
 
The Railway Board was the sole authority competent to take decisions, including track alignment. 
 
Asking the court to dismiss the PIL, the railways said that if "such administrative decisions continue to be challenged, it would open a Pandora's Box, making other infrastructure projects prone to challenge and scrutiny thereby affecting the progress of work and as a consequence affecting development of the country at the instance of vested interests."

The man who created India’s
most lucrative Metro project, E Sreedharan’s credibility is under
doubt!

<ul><li>The <keyword id="6355187" type="UNKNOWN" weightage="20" keywordseo="lok-sabha">Lok Sabha</keyword> lost 127 hours and 45 minutes due to disruptions while the Rajya Sabha wasted 121 hours. </li><li>In the time spent sitting by the Lok Sabha, a grand total of five bills were passed as against a planned target of 40. Two of these, the Finance Bill and the Appropriation Bill, were passed in less than half an hour. </li><li>Around ₹3.7 billion rupees of taxpayers money was lost as a result of the disruptions to the Budget Session. </li></ul>The 2018 Budget session, which concluded on April 6th, saw India’s <keyword id="6354721" type="ORGANIZATION" weightage="20" keywordseo="parliament">Parliament</keyword> record another unflattering statistic. According to PRS Legislative Research, Delhi-based think tank, it was the <a href="http://www.prsindia.org/uploads/media/Budget%202018/Vital%20Stats%20-%20Budget%20Session%202018.pdf">least productive Budget Session</a> since 2000. Based <a href="http://164.100.47.193/statement/files/statementofwork.pdf">on information</a> from the Lok Sabha secretariat, 127 hours and 45 minutes were wasted in the Lower House of Parliament while business was conducted for only 34 hours. The Rajya Sabha (Upper House) fared slightly better, sitting for 44 hours and wasting 121. All in all, 249 out of a total of 327 hours were completely wasted, culminating in a productivity level of 24%. If you can call it productivity. In human terms, if an MP in the recent session was given four hours to do something, he or she spent three hours arguing about this responsibility, 45 minutes sitting down to think about it and 15 minutes actually doing it. In the time spent sitting by the Lok Sabha, a grand total of five bills were passed as against a planned target of 40. Two of these - the Finance Bill, which comprises taxation measures, and the Appropriation Bill, which details spending plans for government ministries - were passed in quick succession on March 14th. The Speaker of the Lok Sabha, Sumitra Mahajan, was able to pass the bills in less than half an hour without any discussion by administering the “guillotine process”. When a guillotine is applied, all outstanding proposals need to be voted on once a fixed time for discussion is over. The hours wasted by Parliament aren’t borne by MPs but by taxpayers. In September 2012, following a washed-out Monsoon session, the Union Minister for Parliamentary Affairs, Pawan Kumar Bansal, said that the cost to the Exchequer of running the Parliament for <a href="https://www.ndtv.com/india-news/each-minute-of-running-parliament-in-sessions-costs-rs-2-5-lakh-govt-498784">one minute was ₹250,000</a>, a figure which has since been routinely quoted. Based on this estimate, around ₹3.7 billion rupees of taxpayers money was lost as a result of the disruptions to the Budget Session, excluding the salaries of MPs. But one can’t just look at this in monetary terms. There is a significant cost to bills being delayed, not only for the intended beneficiaries of such bills, but in terms of the time they take up in future sessions of Parliament which would normally be reserved for newer bills. At the end of the Budget Session, there were <a href="http://www.prsindia.org/uploads/media/Budget%202018/Session%20wrap%20Budget%20Session%202018.pdf">68 bills pending</a> for discussion and passage, including the Transgender Persons (Protection of Rights) Bill, the Financial Resolution and Deposit Insurance Bill and the Whistleblowers Protection Bill. India’s electorate aren’t unfamiliar with washouts in Parliament. A number of sessions in recent years have been been largely unproductive and beset by interruptions. For example, the Winter Session in 2016, which took place right after the demonetisation, lost 19 of its 21 days due to disruptions. In the absence of institutional incentives to be productive, India’s MPs have no qualms in substituting debate with protests. These disruptions, rather than individual actions, are usually a coordinated ploy by opposition parties too highlight the government’s failings and are met with a equal reaction by ruling parties who wish to stall discussion over a topic. The blame game This Budget Session was no different and both sides were to blame. First, the <keyword id="1575" type="ORGANIZATION" weightage="20" keywordseo="Congress">Congress</keyword> and <keyword id="14666" type="ORGANIZATION" weightage="20" keywordseo="BJP">BJP</keyword> pointed fingers at each other over the Nirav Modi scam at Punjab National Bank. Then, the Telugu Desam Party (TDP), along with opposition parties, started protesting against the Centre’s decision to not give the state special category status. This led to a notice of a no-confidence motion, which was never brought to the floor, which only served to amplify the Opposition’s protests. Even though the BJP had the seats to quash the no-confidence motion, it probably did not want to risk the scrutiny and questions that came with such a motion. Finally, the latter end of the session featured disruptions related to the Cauvery water sharing dispute between Karnataka and Tamil Nadu as well as the Supreme Court’s dilution of the SC/STs Act. The blame game and hollow gestures continued well after the end of the Budget Session. On April 5th, the members of the ruling administration said that they would <a href="https://timesofindia.indiatimes.com/india/nda-mps-wont-take-pay-for-23-wasted-days/articleshow/63618705.cms">forgo their salaries </a>for the 23 wasted days in the second part of the Budget Session, which they attributed to the Congress. On April 9th, Rahul Gandhi led <a href="https://www.financialexpress.com/india-news/rahul-gandhis-fast-at-rajghat-sajjan-singh-jagdish-tytler-asked-to-leave-top-developments/1126556/">a nationwide, day-long fast </a>to protest against the BJP government and the Parliament’s inability to function. The BJP responded with <a href="http://indianexpress.com/article/india/pm-narendra-modi-fast-on-april-12-why-is-pm-fasting-bjp-protests-rahul-gandhi-congress-amit-shah-parliament-5133495/">its own fast</a> against the stalling of Parliamentary proceedings by opposition parties few days later. <keyword id="834154" type="PERSON" weightage="20" keywordseo="No-work-no-pay">No work no pay</keyword>? The decision of the BJP MPs to forgo their salaries has brought the notion of “no work no pay” back into the spotlight. As part of the latest Union Budget, the finance minister, Arun Jaitley, decided to double MPs monthly salaries from ₹50,000 to ₹100,000. In 2007, when the BJP led the Opposition, the Speaker of the Lok Sabha, Somnath Chatterjee, <a href="https://economictimes.indiatimes.com/news/politics-and-nation/somnath-wants-no-work-no-pay/articleshow/2225592.cms">proposed the concept</a> of “no work no pay for MPs”, pointing to the obvious flaw in a system that allowed them to claim their daily allowance for sitting in Parliament even when the session was disrupted. Last month, Manoj Tiwari, a BJP MP and head of its Delhi unit, <a href="https://economictimes.indiatimes.com/news/politics-and-nation/manoj-tiwari-wants-no-work-no-pay-rule-for-mps/articleshow/63385053.cms">proposed the rule again</a>. While the rule makes sense on paper, it presupposes that MPs are motivated to work by their salaries. Many of them are rich to begin with. According to the Association of Democratic Reforms, <a href="https://adrindia.org/media/adr-in-news/13rd-mps-have-criminal-records-82-cent-are-crorepatis-adr">82% of the new Lok Sabha MPs </a>in 2014 had a net worth of over ₹10 million. In fact, the average worth of an MPs assets was ₹146 million. Perhaps the number of days could be increased. While this won’t raise productivity and will likely increase the burden of taxpayers, it could help tackle the growing pile of pending bills and allow more time for matters of public interest to be discussed. The Indian Parliament meets for roughly <a href="http://www.prsindia.org/media/articles-by-prs-team/the-house-is-not-in-session-4425/">70 days a year</a>, compared to 150 in the UK and 140 in the US. Furthermore, MPs are primarily motivated by votes. They are elected to represent the interests of the people who voted for them, not to add numbers to their parties’ protests in the house. It is the responsibility of voters to keep their representatives accountable. Parliamentary disruptions inhibit the functioning of our democracy. The disruptors should be rewarded accordingly when elections come around.

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