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There is more than Rs 43,000 crore of unclaimed provident fund money in India, and the government is considering using it to fund its flagship schemes like Swachh Bharat Abhiyan and Housing for All. This means that if you don’t claim your PF now, it could be used to fund government schemes in the future. 
 
As per officials, the idea was popped up by government's think tank NITI Aayog, which overlooks the key schemes of Indian government. The idea was proposed so that these projects are not delayed due to lack of funds. 
 "We are looking into the proposition of taking a loan from <keyword id="6372438" type="ORGANIZATION" weightage="100" keywordseo="EPFO">EPFO</keyword>'s unclaimed kitty to partially pump money into some of our schemes," a senior official of NITI Aayog told ET requesting anonymity. 
 
The government is yet to decide whether the money would be used in the form of a loan or bonds. The EPFO has already invested the PF amount of more than '7 lakh crore in government securities, bonds, debts and equity. 
 
"We are open to the proposal of lending money to the Centre from the unclaimed PF amount provided we earn higher rate of interest on it," said a senior labour ministry official. "We have the flexibility of parking money anywhere, but it has to backed by some security because this is workers' money which can be claimed at any time," he said. 
 
These flagship programmes require huge amounts of money so that they can be implemented and completed timely, including Rs 2 lakh crore for constructing 12 crore toilets across India by 2019 under Swachh Bharat Abhiyan and Rs 6 lakh crore to build 6 crore houses under Housing for All programme by 2022. 
 
<a href="https://letstalkpayments.com/wp-content/uploads/2014/10/Can%E2%80%8B-I%E2%80%8B-Transfer-Money-from-US-to-India-%E2%80%8Bsame-day-Inexpensively-and-Easily%E2%80%8B.jpeg">Image source</a>

If you don’t claim your PF now, it could end up in government’s kitty

Soon, you will be able to withdraw <a href="http://www.businessinsider.in/searchresult.cms?query=provident+fund">PF</a> money online, without running from pillar to post. 
As the <a href="http://www.businessinsider.in/searchresult.cms?query=supreme+court">Supreme Court</a> extended voluntary use of <a href="http://www.businessinsider.in/searchresult.cms?query=aadhar">Aadhaar</a> card to government schemes, the Employees' <keyword id="45028" type="ORGANIZATION" weightage="20" keywordseo="Provident-Fund">Provident Fund</keyword> Organisation (<keyword id="6372438" type="ORGANIZATION" weightage="20" keywordseo="EPFO">EPFO</keyword>) is planning to launch online PF withdrawal facility by March end. 
 
With online facility, PF claims will be settled in three hours of receiving an application. 
 
"We have written to the Labour Ministry for approvals for starting an online PF withdrawal facility. We are hopeful of launching this by March end after yesterday's Supreme Court ruling," said Central Provident Fund Commissioner K K Jalan. 
 
"During this month, we will start settling all PF withdrawal claims having Aadhaar numbers within three days against the mandated period of 20 days though the claims will be filed manually only,” added Jalan. 
 EPFO has also become the registrar of the Unique Identification Authority of India (<keyword id="6355252" type="CITY" weightage="20" keywordseo="UIDAI">UIDAI</keyword>) for purpose of enrolment. 
 
But for the online facility, your Unique (portable PF) Account Numbers (UANs) should be seeded with Aadhaar numbers, including the bank account details. 
 
EPFO website claims that the authority has issued 5.6 crore <a href="http://www.businessinsider.in/searchresult.cms?query=UAN">UANs</a>, out of which 92.88 lakh subscribers have provided their Aadhaar numbers and 2.75 crore bank account details. 
 
EPFO has verified 64.67 lakh Aadhaar numbers and 1.9 crore banks accounts for seeding those with UANs. At present, there are 1.99 crore subscribers who have actually activated their UANs. 
 
(Image: Thinkstock)

PF withdrawal to go online! Settlement will be within 3 hours

To rebuild its image that was lost because of some controversial decisions, authorities at retirement fund body Employees' Provident Fund Organisation (EPFO) has decided to give it a brand makeover. 
 
The first thing that <a href="http://www.businessinsider.in/Your-PF-will-now-earn-interest-even-if-your-employer-has-stopped-contributing-to-it/articleshow/51599478.cms">EPFO</a> would get would be a tagline, so that it can brand itself. This would be followed by a brand ambassador, so that people can connect to it. 
 
A senior labour ministry official told ET that the idea behind these changes is to ensure that EPFO becomes a household name, and can come of use to everyone. "Many of our subscribers who are poor workers are not aware of the benefits like the pension, provident fund and even the deposit-linked insurance scheme under EPFO besides several new initiatives undertaken in the last two years. Hence we aim to reach out to the last mile subscriber," the official said. 
 
In the next step of this brand makeover, <a href="http://www.businessinsider.in/Finance-Ministry-lowers-proposed-PF-interest-rate-to-8-7-for-the-first-time/articleshow/51980004.cms">EPFO</a> will also get all its 120 offices renovated, in a bid to make them all look similar to the State Bank of India buildings, with logo and signages installed on their facades. 
 
Some brand experts believe that these initiatives are being taken to handle the negativity that some <a href="http://www.businessinsider.in/Criticism-over-taxing-EPF-forces-Jaitley-to-re-think-his-decision-final-decision-during-Budget-debate/articleshow/51224503.cms">controversial decisions</a> in the past have brought to the body’s image. These decisions included tax on <a href="http://www.businessinsider.in/New-PF-withdrawal-norms-put-on-hold-till-July-31-after-protests/articleshow/51896279.cms">withdrawal of PF money</a> and <a href="http://www.businessinsider.in/PF-withdrawal-deadline-pushed/articleshow/51894892.cms">restriction on the withdrawal</a> of the employers' contributions. 
 
<a href="http://startcompanyindia.com/wp-content/uploads/2014/02/pf.jpg">Image source</a>

The Provident Fund Office going in for a change of image, will also hire a brand ambassador

New Delhi, India's low-cost carrier <keyword id="6358032" type="General" weightage="20" keywordseo="SpiceJet" source="Orion">SpiceJet</keyword> has reportedly not deposited money into the pension funds of its employees for at least 6 to 8 months, a source said. However, a SpiceJet spokesperson told IANS said that the process has already been initiated by the company. "There was a certain deferral in PF but we will be depositing a substantial amount soon and salary disbursement is on time. We are also doing all settlements on time. Everything will be cleared soon. We are hopeful," said the spokesperson. "We are submitting PF together in three to four months and soon it will be cleared," he added. This week on Monday, SpiceJet announced a notable turnaround in its financials for the first quarter, driven by reduced costs which outweighed a decline in revenue. The airline revealed a consolidated net profit of Rs 197.64 crore for the quarter ending June 30. This marked a significant shift from the net loss of Rs 783.72 crore recorded during the corresponding period in the previous year. The impressive upswing in profitability was primarily attributed to a substantial 36 per cent reduction in total expenses for the mentioned quarter, amounting to Rs 2,069.24 crore. However, on Thursday, the Delhi High Court asked low-cost airline SpiceJet and its Chairman and Managing Director (CMD) to pay Rs 100 crore to Kal Airways and its promoter Kalanithi Maran by September 10, failing which the court may consider the attachement of their properties. Appearing for Maran and Kal Airways, senior advocate Maninder Singh submitted that the judgement debtor -- SpiceJet and CMD -- had to file the affidavit of assets and weekly collection within one week which they have failed to file on time and the same has not been filed in a format mandated by this court. On August 9, the court had issued notice on Kal Airways and Maran's application seeking 50 per cent of the daily revenue collection of SpiceJet to be paid to them on a weekly basis. During the hearing on Thursday, Singh further submitted that the order dated February 13 and July 7, passed by the Supreme Court is pre-emptive, conditional and self-operative which has not been complied with till date. Additionally, he submitted that the affidavit filed by the CMD has been filed under sealed cover which has not been served to the decree holders -- Kal Airways and Maran. On the other hand, senior advocate Amit Sibal submitted that the amount calculated by them stood upto Rs 279 crore and not Rs 397 crore, as argued by advocate Singh. He further made an offer to deposit Rs 75 crore within 10 days to which advocate Singh objected and said that they had to pay this amount in April but has not paid till date.

'SpiceJet didn't deposit money into pension funds for months'

Mumbai, Mar 7 () The Enforcement Directorate on Saturday continued questioning Yes Bank founder Rana Kapoor in connection with a money laundering probe against him and others, officials said. They said Kapoor was brought to the agency's office in the Ballard Estate area Saturday afternoon. The ED had searched Rana's residence in the upscale 'Samudra Mahal' complex in the Worli area on Friday night and had grilled him there too. The questioning of Kapoor is continuing, they said. The case against Kapoor is linked to the scam-hit DHFL as the loans lent by the bank to the company allegedly turned non-performing assets (NPAs), they said. Action against Kapoor is being conducted under the Prevention of Money Laundering Act (PMLA) by the ED. The central agency is also probing Kapoor's role in connection with the disbursal of loans to some corporate entities and the subsequent alleged kickbacks reportedly received in his wife's accounts. Other alleged irregularities are also under the agency's scanner, including the one related to the alleged PF fraud in the Uttar Pradesh power corporation, they added. The CBI has recently taken over investigation into the Rs 2,267-crore Employees' Provident Fund fraud in Uttar Pradesh, where hard-earned savings of power sector employees were invested in Dewan Housing Finance Corporation (DHFL). The ED action came after the Reserve Bank on Thursday imposed a moratorium on the capital-starved Yes Bank, capping withdrawals at Rs 50,000 per account and superseded the board of the private sector lender with immediate effect. Yes Bank will not be able to grant or renew any loan or advance, make any investment, incur any liability or agree to disburse any payment. As per the RBI's draft reconstruction scheme, State Bank of India will pick up 49 per cent stake in the crisis-ridden Yes Bank under a government-approved bailout plan. NES SMNSMN

ED continues questioning Yes Bank founder Rana Kapoor

New Delhi, May 13 () Channelising a major chunk of the stimulus package for vulnerable segments like micro, small and medium enterprises (MSMEs) and non-bank lenders will go a long way in protecting jobs and reviving country's economic growth, experts said on Wednesday. Measures like emergency credit line of collateral-free Rs 3 lakh crore from banks and non-banking financial companies (NBFCs) and a Fund of Funds with a corpus of Rs 10,000 crore will help the sector protect jobs and revive country's economic growth which is impacted the lockdown imposed to contain the spread of COVID-19 disease, . Experts also said that reduction of TDS/TCS rates by 25 per cent for non-salary payments to residents will leave more money in the hands of professionals and businesses. Deloitte India Partner, Leader (Government and Public Sector) Arindam Guha said, "Channelising a significant part of the government financing support for vulnerable segments like MSMEs and NBFCs/ housing finance companies (HFCs) in the form of credit or investment guarantees to achieve a multiplier effect and also limit the actual outflow to the extent of default." He said there is a clear focus on structural reforms and ease of doing business as it is evident from the measures around increasing the investment and turnover thresholds for MSMEs to enable them to grow bigger. Guha also lauded steps like advising the state governments and Real Estate Regulatory Authorities to leverage force majeure provisions for providing an additional 6 months to real estate companies and exempting them from the need to obtain a fresh registration certificate or renegotiate contracts with their buyers. Another significant measure was allowing contractors involved in highway/infrastructure construction to avail a standstill period of 6 months without any penalties, he added. JLL CEO and Country Head (India) Ramesh Nair said that the fundamental of any economy is employment generation and the Government of India has made the right interventions by providing the requisite support to MSMEs. The revitalisation of MSMEs will play a major role in the overall revival of the economy, he said adding, this in turn is expected to have a positive impact on the consumer sentiment, which has an important bearing on the real estate sector. "These measures provided to MSMEs will also go a long way in protecting jobs and ensuring income continuity. This in turn will have a positive bearing for potential homebuyers especially in the affordable and mid segments," Nair said. Snapdeal co-founder and CEO Kunal Bahl said these measures will help the MSMEs get back on their feet as additional collateral and guarantee-free loans, equity funding options, better access to government procurement, e-market linkage and higher thresholds are strong enablers. KPMG in India Chairman and CEO Arun Kumar said MSMEs are critical for employment preservation and growth and firing up the MSME sector is the surest way to accelerate job creation. "The finance minister's schemes announced today will provide relief for MSMEs that need immediate succour for their survival as well as help those enterprises that need a fillip to grow. Expanding the definition of MSMEs and introducing new thresholds based on turnover while elevating the investment ceilings for each segment are welcome," Kumar said. The broad focus on enhancing liquidity is timely, including the measures for NBFCs, HFCs and MFIs (micro-finance institutions) and those for the power sector to ease the situation of distribution companies and cash-strapped independent power producers, he said adding that the measures to ease liquidity for lenders and businesses will make a tangible difference. Finance Minister Nirmala Sitharaman on Wednesday announced about Rs 6 lakh crore package comprising Rs 3 lakh crore of collateral-free loans for small businesses and a Rs 30,000 crore lifeline to non-bank and housing finance companies as part of measures to help the economy tide over disruptions caused by the coronavirus lockdown. The minister also announced cut in tax rate on non-salary payments by 25 per cent, support to companies to meet statutory liability on employees' retirement fund, provided a Rs 90,000 crore bailout to cash-starved electricity distribution companies and gave construction firms up to six more months to complete the government projects. Shardul Amarchand Mangaldas &amp; Co Partner Pooja Ramchandani said PF contribution is calculated at 12 per cent of basic wages + dearness allowance + retaining allowance. "The announcement on provident fund reliefs is a positive one. The percentage of PF contribution has been reduced to 10 per cent. Prior to this, the rate of 10 per cent was applicable to establishments with less than 20 employees, sick industries, establishments where losses exceed networth, jute, beedi, brick, coir and gum industries," she said. PwC India Chairman Shyamal Mukherjee said the profound measures to boost liquidity and enable MSMEs to take centre stage in making India self-reliant and play a significant role in the government's vision of Make in India. Nangia Andersen LLP Director Sandeep Jhunjhunwala said the reduction of TDS and TCS rates on non-salaried payments by 25 per cent will set free additional cash in the hands of the vendors and help increase liquidity in the economy. This reduction is estimated to release about Rs 50,000 crore in the hands of people, he said. Consulting firm AKM Global tax Partner Amit Maheshwari said the TDS rate reduction will leave more money in the hands of deductees, especially professionals where the TDS rate is as high as 10 per cent. Kotak Institutional Equities VP and Senior Economist Suvodeep Rakshit said the fiscal measures announced draws strongly upon the aim of providing liquidity and easing the functioning of key sectors. JD MKJ

Steps on MSMEs, NBFCs to help protect jobs, revive economy: Experts

<ul><li><keyword id="8883506" type="UNKNOWN" weightage="20" keywordseo="yes-bank-founder-rana-kapoor">Yes Bank founder Rana Kapoor</keyword> was arrested by the Enforcement Directorate (ED) early today, March 8.</li><li>He has been arrested under the provision of the <keyword id="6355007" type="UNKNOWN" weightage="20" keywordseo="Prevention-of-Money-Laundering-Act">Prevention of Money Laundering Act</keyword> (PMLA).</li><li>Authorities claim he was not cooperating with the probe.</li></ul> The Enforcement Directorate arrested Yes Bank founder Rana Kapoor under money laundering charges here in the early hours of Sunday, officials said. The banker was held under the provision of the Prevention of Money Laundering Act (PMLA) around 3 am as he was allegedly not cooperating in the probe, they said. Kapoor's arrest at the ED office in Ballard Estate followed over 20 hours of questioning by the central agency after it raided his residence on Friday night. The arrest comes after charges of alleged financial irregularities and mismanagement in the operations of the private bank surfaced and the RBI and Union government initiated action to control its affairs. Officials said Kapoor, 62, will be produced before a local court during the day to obtain custody. The investigating officer of the case had recorded Kapoor's statement under the PMLA when he was first interrogated on Friday night at his upscale residence in 'Samudra Mahal' complex in Worli area here. He was brought to the ED office on Saturday noon for a fresh round of questioning. On Saturday, the agency widened its probe in the case as the premises of Kapoor's three daughters in Delhi and Mumbai were searched to gather more information and evidence. According to officials, Kapoor's wife Bindu and daughters -- Rakhee Kapoor Tandon, Roshni Kapoor and Radha Kapoor -- are allegedly linked to some companies to which the suspected "proceeds of crime" have been traced. The case against Kapoor is linked to the scam-hit DHFL as the loans lent by the bank to the company allegedly turned NPAs, they said. A Rs 600 crore worth loan extended by the DHFL to an entity is also at the centre of the ED probe, officials said. The central agency is also probing Kapoor's role in connection with the disbursal of loans to some corporate entities and the subsequent alleged kickbacks reportedly received in his wife's accounts. Other alleged irregularities are also under the agency's scanner including the one related to the alleged PF fraud in the Uttar Pradesh power corporation, they added. The CBI has recently taken over investigation into the Rs 2,267-crore Employees' Provident Fund fraud in Uttar Pradesh, where hard-earned savings of power sector employees were invested in Dewan Housing Finance Corporation (DHFL). The ED action came after the Reserve Bank of India (RBI) on Thursday imposed a moratorium on the capital-starved Yes Bank, capping withdrawals at Rs 50,000 per account, and superseded the board of the private sector lender with immediate effect. Yes Bank will not be able to grant or renew any loan or advance, make any investment, incur any liability or agree to disburse any payment. As per the RBI's draft reconstruction scheme, State Bank of India will pick up 49 per cent stake in the crisis-ridden Yes Bank under a government-approved bailout plan. PTI NES AD 03080721 NNNN

Yes Bank founder Rana Kapoor arrested by ED on charges of money laundering

Note: The article is authored by <keyword id="15099386" type="General" weightage="80" keywordseo="dr-mahesh-bhatt" source="Orion">Dr Mahesh Bhatt</keyword>, Chief Business Officer, <keyword id="6381892" type="General" weightage="80" keywordseo="teamlease-services" source="Orion">TeamLease Services</keyword>. Moonlighting is by no means a new concept. Before it assumed its current notoriety in the media thanks to its wide prevalence in the IT industry, drivers, cleaners and maids have been augmenting their incomes by moonlighting, sometimes even doing things they are not trained to do. Even within professional circles such as advertising, media, education and healthcare, moonlighting has been quite widely prevalent in <keyword id="3658" type="General" weightage="80" keywordseo="india" source="Orion">India</keyword>. Today, in the tech industry, moonlighting is the biggest open secret. This is predominantly a result of its work from anywhere (WFA) flexibility and salary structures that have not been revised for decades now, and are out of sync with inflation and the cost of living. Social media has bolstered the impact of moonlighting, making it a conversation across platforms. Leaders engaging in this conversation with a strong tone have been questioned and berated by the new generation of the workforce. The generational shift in mindset has been transforming the future of work. There are enough non-traditional traits of Gen-Z in the realm of work, workplace and evolving trends. Every 6-8 years, a new generation of the workforce enters with a different mindset. This accelerated with the pandemic-induced hybrid workforce evolution and is transforming the way of work. The predictability quotient has considerably reduced except for one thing that is certain - evolution. Moving towards a digital ecosystem has been a blessing. But was it the first flash of red light? Seamless linkages across Aadhaar, <keyword id="61610" type="General" weightage="80" keywordseo="pan" source="Orion">PAN</keyword> and PF in some cases brought a few such cases into the public domain. Nonetheless, moonlighting became a swift and easy choice for most employees to supplement their incomes with the rising inflation. With the pandemic, hybrid work policies, WFA mannerisms, quiet quitting, quiet firing, and moonlighting picked up momentum. According to HR experts, the incidence of moonlighting has increased in the wake of the Covid-19 pandemic in 2020, with people wanting to earn more money in the face of job losses, inflation or having more time as a result of working from home. However, <keyword id="115437" type="General" weightage="20" keywordseo="india-inc-" source="Orion">India Inc.</keyword> did not anticipate moonlighting to attain such a gigantic proportion so quickly. Other reasons could be the entrepreneurial bug that has bitten all tech employees alike, the need for higher incomes and lastly the demand for flexibility in workplaces. As per some unofficial estimates, despite a return-to-office mandate, less than 15% of the employees turn up to work, especially at the junior level. This impacts mid-level managers as they have a lesser incentive to return to office. However, there is no clarity on what level the laid-off employees involved in moonlighting fell under - entry, middle or senior. If it were at the entry level, it may just be possible that the salaries were lower compared to the cost of living in major cities. That made staying at home and working for two jobs a better proposition for them. While for mid- and senior-level employees, it could be that they got more exciting projects, helping them enhance their skill sets and of course supplementing their income. From a broader lens, for organisations, it is an ethical and moral issue concerning intellectual property. It might just affect productivity due to increasing fatigue and stress. From a legal standpoint, if the contract forbids moonlighting, it is a strict NO. A person may work more than one job in India without breaking the law unless prohibited by the employment contract. However, section 60 of the Factories Act bars dual employment for an adult worker. All in all, moonlighting is an ethical issue. It becomes a logical thing to do in India, where overtime pay is an alien concept and plentiful employees are underpaid on full-time jobs. The war of talent is real and is deeply impacting employers. Employees who are part of the skilled working population are spoilt for choice with an ‘abundance mindset’. Moonlighting in today’s world is going to stay. What is needed is not confrontation but collaboration between employer and employee. After all, human capital investments define a company and its culture!

Moonlighting – The open secret in the tech industry

(Eds: Combines related stories) Mumbai, Mar 8 () Rana Kapoor, the founder of crisis-ridden Yes Bank, was arrested by the ED on Sunday under money-laundering charges after over 20 hours of questioning and remanded to its custody till March 11, a day after the CBI booked him for allegedly receiving kickbacks of Rs 600 crore in form of loans to a company held by his three daughters.As the agencies tightened the noose around the 62-year-old, his daughter Roshni Kapoor was stopped by ED from taking a flight to London as she is required to join the probe, officials said.On Saturday, the agency had widened its probe as the premises of Kapoor's daughters in Delhi and Mumbai were searched to gather more evidence.The banker was taken into custody at the ED office in Ballard Estate under the provisions of Prevention of Money Laundering Act around 3 am on Sunday as he was allegedly not cooperating in the probe, they said. Kapoor was questioned for over 20 hours after ED raided his residence on Friday night.On Sunday, the ED produced Kapoor before a holiday court in Mumbai and sought his remand, saying the role of some companies run by his family members needs to be established and they need to confront all these people with him.The defence lawyer, however, said Kapoor has been selectively targeted by ED and he is cooperating with the probe agency. "We are ready to cooperate and submit all the documents that the agency wants. I have fully cooperated with them," Kapoor said in the court."From the last few days I was not well, hence my family members took me to Breach Candy Hospital, but still I am cooperating with ED," he told in the court.However, the ED told the court it wants to conduct a through investigation and "many people are under the scanner". The court then remanded Rana Kapoor in ED's custody till March 11.Kapoor was arrested by ED on the basis of the CBI FIR registered on Saturday, after allegations of financial irregularities and mismanagement in the operations of Yes Bank surfaced and the RBI and the Union government initiated action to control its affairs.Sources said the CBI booked Kapoor, DoIT Urban Ventures Ltd, a company allegedly held by his family members and promoter-director of DHFL Kapil Wadhawan for alleged criminal conspiracy, cheating and corruption. The details of the FIR emerged on Sunday when the enforcement case information report (ECIR) of ED became public.The CBI alleged Kapoor entered into a criminal conspiracy with Wadhawan for extending financial assistance to DHFL though Yes Bank in return for substantial undue benefits to himself and his family members through companies held by them.According to the CBI FIR, the scam started taking shape between April and June 2018 when Yes Bank invested Rs 3,700 crore in short-term debentures of scam-hit DHFL.In return, Wadhawan allegedly "paid kickback of Rs 600 crore" to Kapoor and family members in the form of loans to DoIT Urban Ventures (India) Pvt Ltd, officials said.DoIT Urban Ventures is held by daughters of Kapoor - Roshini, Radha and Rakhee - which are 100 per cent share holders of the company through Mogran Credits Pvt Ltd, it alleged."Rana Kapoor obtained undue pecuniary advantage from DHFL in the matter of investment in the debentures of DHFL by Yes Bank, through the companies held by his wife and daughters," the FIR alleged.The ED investigating officer had recorded Kapoor's statement under PMLA when he was first interrogated on Friday night at his upscale residence in 'Samudra Mahal' complex in Worli area here.He was brought to the ED office on Saturday noon for a fresh round of questioning.According to officials, Kapoor's wife Bindu and daughters - Rakhee Kapoor Tandon, Roshni Kapoor and Radha Kapoor - are allegedly linked to some companies to which the suspected "proceeds of crime" have been traced.The central agency is also probing Kapoor's role in connection with the disbursal of loans to some corporate entities and the subsequent alleged kickbacks reportedly received in his wife's accounts.Other alleged irregularities are also under the agency's scanner including the one related to the alleged PF fraud in the Uttar Pradesh power corporation, they added.The CBI has recently taken over investigation into the Rs 2,267-crore Employees' Provident Fund fraud in Uttar Pradesh, where hard-earned savings of power sector employees were invested in Dewan Housing Finance Corporation (DHFL).The Reserve Bank of India had on Thursday imposed a moratorium on Yes Bank, capping withdrawals at Rs 50,000 per account, and superseded the board of the private sector lender with immediate effect.Yes Bank will not be able to grant or renew any loan or advance, make any investment, incur any liability or agree to disburse any payment.As per the RBI's draft reconstruction scheme, State Bank of India will pick up 49 per cent stake in Yes Bank under a government-approved bailout plan. NES/ABS AB RT ABHABH

ED arrests Yes Bank founder Rana Kapoor; CBI alleges kickbacks to firm held by daughters

The Gupta family from India, who control shipping company Astra Global, have accused a banker in a lawsuit of doctoring bank statements and concealing a long-running grift that robbed the family of millions of dollars.Over some 10 years, Dubai-based Iyer Vaidyanathan Narayan cultivated a tight relationship with the Gupta family between 2009 and 2019, according to a <a href="https://www.documentcloud.org/documents/22187517-astra-global-dmcc-et-al-v-narayan-et-al-complaint">lawsuit</a> filed in New York on August 16.The lawsuit claims that while Narayan was making nice with the fam, he was also draining their bank accounts. He has also been accused of providing false bank statements to keep his clients unaware of his actions.What is perhaps most bizarre (if proven true), is that reportedly Narayan — who is now in police custody in Dubai over a separate criminal complaint filed by Astra in October 2020 — is still <a href="https://www.businessinsider.com/ganesh-narayan-astra-global-lawsuit-chatwal-hotel-2022-8">reaping the profits</a>.This post first appeared in 10 Things on Wall Street, a newsletter by Insider that brings you all the biggest stories dominating the finance industry — delivered daily to your inbox. Sign up <a href="https://www.businessinsider.com/subscription/newsletter/10-things-on-wall-street?r=US&amp;IR=T">here</a>. Download Insider's app <a href="https://link.insider.com/click/27645591.160803/aHR0cHM6Ly93d3cuaW5zaWRlci5jb20vYXBwP25yX2VtYWlsX3JlZmVyZXI9MSZ1dG1fc291cmNlPVNhaWx0aHJ1JnV0bV9tZWRpdW09ZW1haWwmdXRtX2NvbnRlbnQ9T3BlbmluZ19iZWxs/62667762063d6b9bef0cffb3Bf9c9aa56">here.</a><a href="https://www.businessinsider.com/ganesh-narayan-astra-global-lawsuit-chatwal-hotel-2022-8"></a>1. Former Indosuez Wealth Management banker Iyer Vaidyanathan Narayan has been accused of stealing $50 million. The lawsuit also accused him of doctoring bank statements, and that the stolen money was put toward hotels in New York and Miami, and land in the Catskills.Narayan, known as Ganesh, was a managing director and the head of non-resident Indian business at Indosuez, the wealth-management arm of French bank Crédit Agricole. He flew from Dubai to New Delhi on several occasions to schmooze with the Gupta family. He attended their happy family events like a 25th wedding anniversary, and mourned with them at funerals in recent years.Despite the niceties, Narayan used <a href="https://www.businessinsider.com/ganesh-narayan-astra-global-lawsuit-chatwal-hotel-2022-8">misappropriated funds and shell companies</a> to make investments in hotels like The Chatwal in Midtown Manhattan and the Dream South Beach in Miami, according to the lawsuit.Narayan was fired from Indosuez in the second half of 2020 when the bank became aware of his alleged actions.Insider's Zoe Rosenberg and Jack Newsham have the latest on this extraordinary <a href="https://www.businessinsider.com/ganesh-narayan-astra-global-lawsuit-chatwal-hotel-2022-8">story here</a>.In other news:<a href="https://www.businessinsider.com/alternative-investing-startups-fintechs-2022"></a><div type="image" title="Alternative investing startups to watch, according to VCs, from left: Altan Insights founder and CEO Russell Lieberman, RealBlocks CEO Perrin Quarshie, and Allocate co-founders Hana Yang and Samir Kaji" height="1249" width="1666" msid="93802323" hostid="261"></div>2. Venture-capital investors poured $4.8 billion into the next frontier of alternative-investment startups in 2021. Meet six up-and-coming investing startups that VCs said are shaking up how everyday investors access alternative assets like <a href="https://www.businessinsider.com/alternative-investing-startups-fintechs-2022">private equity and fine art</a>.3. Q2, a digital-banking and lending provider to companies like Betterment and Acorns, wants to win over big names like Apple and Amazon. Its digital-banking unit is building new banking products to expand its reach, and giving itself a <a href="https://www.businessinsider.com/q2-helix-banking-fintech-winning-over-amazon-apple-2022-8">facelift in the process</a>.4. Trend-following quants dominated hedge fund performance during the first half of this year. Here are eight <a href="https://www.businessinsider.com/trend-following-quants-cta-hedge-funds-performance-2022-8">CTA funds to watch</a>.5. It's long been an open secret in Silicon Valley that Twitter has been a poorly run mess. Now, with a whistleblower sounding the alarm, Elon Musk has more ammunition in his legal battle with <a href="https://www.businessinsider.com/twitter-whistleblower-jack-dorsey-ceo-agrawal-mismanaged-company-2022-8">the social-media platform</a>.6. Mental-health companies could see further consolidation as valuations slump in a crowded market. Here are eight companies that could get snapped <a href="https://www.businessinsider.com/deal-targets-mental-health-consolidation-analysts-2022-8">up in the next year</a>.7. Before Damola Adamolekun became chief executive of P.F. Chang's, he interned at Goldman Sachs during the last recession. Here is his advice for other executives and founders on navigating an economic downturn in <a href="https://www.businessinsider.com/ceo-pf-changs-how-to-prepare-economic-downturn-2022-8">this as-told-to essay</a>.8. Marketing and media startups are a hot ticket for investors at the moment. These startups are using technology to disrupt advertising and marketing. Check out 29 pitch decks they've <a href="https://www.businessinsider.com/pitch-decks-that-advertising-media-startups-used-to-raise-millions-2021-6">used to raise capital</a>.9. The Four Seasons hotel chain will fly passengers to global destinations using its custom Airbus A321neo private jet. Itineraries, which start at $135,000, include a 13-day trip from Athens to Johannesburg, and a 16-day journey <a href="https://www.businessinsider.com/photos-four-seasons-global-private-jet-travel-itineraries-135000-2022-8">from Tokyo to Bangkok</a>.<a href="https://www.businessinsider.com/banker-of-the-week-peggy-flannery-people-sustainability-generate-capital-2022-8"></a><div type="image" title="Peggy Flannery" height="1746" width="2328" msid="93802324" hostid="261"></div>10. And here's our Friday Banker of the Week. Meet Peggy Flannery, a former Goldman Sachs sales and trading banker who left the bank to ply her trade in sustainable investing.She has just been promoted to managing director at sustainable-infrastructure firm Generate Capital, and helped the firm oversee a unique deal with Starbucks and help it raise $2 billion in the last year from long-term investors like pension funds.Check out the full story <a href="https://www.businessinsider.com/banker-of-the-week-peggy-flannery-people-sustainability-generate-capital-2022-8">here.</a>Done deals:<ul><li>Trilon Group, an Alpine Investors infrastructure portfolio company, <a href="https://www.businesswire.com/news/home/20220824005559/en/Trilon-Group-Announces-Partnership-With-Alta-Planning-and-Is-on-Track-to-Be-Ranked-a-Top-100-Design-Firm">has acquired Alta</a> Planning + Design, Inc. Alta is a sustainability-consulting firm.Trilon manages a group of infrastructure consultant firms.</li><li>Erie Insurance has launched Erie Strategic Ventures, a venture-capital fund that will invest in entrepreneurs working in personal and commercial insurance.</li></ul>Curated by Aaron Weinman in New York. Tips? Email <a href="mailto:aweinman@insider.com">aweinman@insider.com</a> or tweet <a href="https://twitter.com/aaronw11">@aaronw11</a>. Edited by Hallam Bullock (tweet <a href="https://twitter.com/hallam_bullock">@hallam_bullock</a>) in London.

Doctored bank statements and a decade-long graft. This banker has been accused of stealing $50 million in a lawsuit that claims the money went toward hotels in New York, Miami, and land in the Catskills.

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