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Counted as it is among the world’s fastest growing economies, an unfathomable amount of money flows in and out of the Indian economic system. But there are cracks in said system, and ever so often, a fraudulent mastermind uses them to slip some cash out for their advantage. From <keyword id="19964851" type="General" weightage="20" keywordseo="ponzi" source="keywords">Ponzi</keyword> schemes to bank frauds, the Indian government and investors have fallen victim to many financial scandals — some of which were so sordid that they can be recounted like they happened yesterday. Here’s a rundown of the most infamous scams in Indian financial history: <h2><keyword id="20713434" type="General" weightage="20" keywordseo="harshad-mehta" source="keywords">Harshad Mehta</keyword> Scam (1992) – ₹4,000 Crore </h2>Perhaps the most iconic of all Indian financial scams, Harshad Mehta was known as the "Big Bull" of the stock market. He manipulated stock prices using illegal loopholes in the banking system. By obtaining unsecured loans from banks and investing them in the stock market, Mehta artificially inflated stock prices. His bubble burst when banks demanded their money back, revealing the massive fraud. This scandal led to a major reform in India's financial markets. Mehta died in jail before full legal accountability was reached, but the scam caused a significant loss to investors and led to tighter regulation in the Indian stock market. <h2><keyword id="23122396" type="General" weightage="20" keywordseo="satyam-scam" source="keywords">Satyam Scam</keyword> (2009) – ₹14,000 Crore </h2>Dubbed as India’s Enron, the Satyam scandal involved its founder, <keyword id="23122397" type="General" weightage="20" keywordseo="ramalinga-raju" source="keywords">Ramalinga Raju</keyword>, admitting to falsifying the company's accounts to the tune of ₹14,000 crore. Satyam Computer Services, once considered a blue-chip company, was found guilty of inflating profits and revenues. Raju admitted to the scam after a failed attempt to buy two Maytas firms owned by his family. This case brought corporate governance issues in India to the forefront. Raju was convicted, but the legal processes have allowed him temporary freedom through bail. But this incident called for improved transparency and stricter corporate governance norms. <h2>Punjab National Bank Scam (2018) – ₹13,700 Crore </h2>Diamond merchant Nirav Modi and his uncle Mehul Choksi orchestrated one of the largest frauds in Indian banking history by obtaining fraudulent Letters of Undertaking (LoUs) from Punjab National Bank (PNB). These LoUs allowed them to obtain loans from foreign branches of Indian banks without providing any collateral. The scam involved over ₹13,700 crore, and Modi fled the country, causing significant reputational damage to India’s banking sector. Nirav Modi’s extradition is still pending, and Mehul Choksi remains out of India’s legal jurisdiction. The scam, however, resulted in strengthened banking regulations regarding LoUs and SWIFT transactions. <h2><keyword id="23122399" type="General" weightage="20" keywordseo="vijay-mallya-scam" source="keywords">Vijay Mallya Scam</keyword> (2016) – ₹9,000 Crore</h2>The "King of Good Times" was living large while his airline, Kingfisher, was drowning in debt. Vijay Mallya allegedly defaulted on loans amounting to ₹9,000 crore from various banks. He fled to the UK in 2016, leaving creditors, employees, and stakeholders in financial distress. His lavish lifestyle amidst the collapse of his airline made this scandal a high-profile case. Mallya’s extradition process is ongoing, but he remains out of reach of Indian authorities. The main impact was enhanced scrutiny of loan defaults and triggered legal reforms on extradition. <h2>Saradha Chit Fund Scam (2013) – ₹2,500 Crore </h2>The Saradha Group, operating a ponzi scheme disguised as a chit fund, promised unrealistically high returns to its investors, mostly in West Bengal and Odisha. The scam collapsed, leaving over 1.7 million people, many of whom were low-income investors, without their life savings. Politicians and celebrities were also implicated in the case. While Sudipta Sen is behind bars, not all the accomplices have been held accountable. But this Ponzi scheme resulted in reform of chit funds and greater regulatory oversight on such investment schemes. <div type="Article" hostid="261" msid="112337071" title="Noida woman invests in stock market via an app, loses over Rs 69 lakh as it turns out to be a scam" mstype="2" mssubtype="0"></div> <h2><keyword id="6560832" type="General" weightage="20" keywordseo="2g-spectrum-scam" source="Orion">2G Spectrum Scam</keyword> (2008) – ₹1,76,000 Crore </h2>The 2G spectrum allocation scandal involved the underpricing of telecom licences to select companies in exchange for bribes. Telecom minister A. Raja was at the centre of this controversy, which allegedly caused a loss of ₹1.76 lakh crore to the exchequer. The case was seen as a massive blow to public trust in India’s telecom sector and led to significant political fallout. Sadly, all key figures involved were acquitted despite the Supreme Court’s intervention and cancellation of 122 telecom licences. <h2><keyword id="455134" type="General" weightage="20" keywordseo="coal-allocation-scam" source="Orion">Coal Allocation Scam</keyword> (Coalgate) (2012) – ₹1,86,000 Crore </h2>The coal allocation scam, or "Coalgate," involved the illegal allocation of coal blocks to private companies between 2004 and 2009. The CAG of India estimated a loss of ₹1.86 lakh crore to the exchequer due to non-competitive bidding. Many high-profile politicians and industrialists were implicated, making this one of the largest political scandals in India. While some officials faced legal consequences, many key players were not prosecuted. But it did trigger policy reforms in the allocation of natural resources. <h2>DHFL Scam (2019) – ₹34,615 Crore </h2>Dewan Housing Finance Corporation Limited (DHFL) was accused of syphoning off over ₹34,000 crore through a series of shell companies and fraudulent loans. Investigations revealed that the promoters used these funds for personal enrichment and illegal political donations. The case came to light after an investigation by investigative journalists and was later confirmed by a report from KPMG. The case is ongoing, and the main accused are in custody. For now, regulations governing non-banking financial companies (NBFCs) have been strengthened. <h2>Yes Bank Crisis (2020) – ₹3,788 Crore </h2>Yes Bank, under its founder <keyword id="19899935" type="General" weightage="20" keywordseo="rana-kapoor" source="keywords">Rana Kapoor</keyword>, was involved in questionable lending practices. The bank made high-risk loans to companies already in financial trouble, which eventually turned into non-performing assets (NPAs). Kapoor was arrested, and the Reserve Bank of India had to step in to stabilise the bank. The case highlighted serious lapses in corporate governance and risk management. As of now, Rana Kapoor is facing trial, and legal proceedings are active. The RBI has also introduced new measures to monitor the health of banks more rigorously. <h2>Commonwealth Games Scam (2010) – ₹70,000 Crore </h2>The 2010 Commonwealth Games held in New Delhi were overshadowed by corruption allegations involving inflated contracts and kickbacks. <keyword id="23122398" type="General" weightage="20" keywordseo="suresh-kalmadi" source="keywords">Suresh Kalmadi</keyword>, the head of the organising committee, was arrested for awarding contracts at exorbitant rates. The estimated loss to the exchequer was around ₹70,000 crore. This scam tarnished India’s image on the global stage. Kalmadi was arrested but the case has not resulted in major convictions or recoveries, except for stricter oversight on large public projects and international event planning. These scams not only caused financial damage but also eroded public trust in India’s institutions. In response, India has tightened regulatory frameworks, improved corporate governance, and adopted stricter banking standards, although challenges persist in tackling large-scale fraud. <div type="Article" hostid="261" msid="112896255" title="I was scammed out of $300K in a 3-month-long government impersonation scam" mstype="2" mssubtype="0"></div>

10 financial scams that shook India: A dive into deception

A senior <keyword id="67881" type="General" weightage="80" keywordseo="idbi" source="Orion">IDBI</keyword> Bank official allegedly conspired with businessman <keyword id="14678" type="General" weightage="50" keywordseo="vijay-mallya" source="Orion">Vijay Mallya</keyword> for sanction and disbursement of a loan to the latter's <keyword id="6373962" type="General" weightage="80" keywordseo="kingfisher-airlines" source="Orion">Kingfisher Airlines</keyword>, the Central Bureau of Investigation said in its supplementary chargesheet filed in a Mumbai court. <keyword id="6373968" type="General" weightage="80" keywordseo="mallya" source="Orion">Mallya</keyword> is an accused in the alleged Rs 900-crore IDBI Bank-Kingfisher Airlines loan fraud case, which is being probed by the <keyword id="6354572" type="General" weightage="100" keywordseo="cbi" source="Orion">CBI</keyword>. The Central agency had recently filed a supplementary chargesheet before a special CBI court here. As per the chargesheet, former IDBI Bank general manager Buddhadev Dasgupta abused his position, conspired with colleagues and Mallya in the matter of sanction and disbursement of short-term loan (STL) of Rs 150 crore to Kingfisher Airlines in October 2009. Along with 11 accused named in the earlier chargesheets, the CBI has added the name of Dasgupta in the supplementary chargesheet filed recently. As per the CBI, the STL was requested for six months to meet certain critical obligations to overseas vendors, including aircraft lessors and other service providers. The said loan of Rs 150 crore, as envisaged originally by Dasgupta (by proposal circulated among credit committee members) was to be adjusted/repaid from the aggregate loan of Rs 750 crore originally sought by the airlines. However, after circulation, there was a change in the proposal to show as if the credit committee had treated this as a separate loan, which may (or may not) be adjusted/recovered from the aggregate loan, as per the CBI. While the exposure of IDBI Bank was to be restricted to the aggregate amount of Rs 750 crore, it rose to Rs 900 crore in December 2009 due to this STL being kept as a separate loan largely at the behest of Dasgupta, the charge sheet said. During the course of the investigation, Letter Rogatory (LRs) had been sent to the United Kingdom, Mauritius, USA and Switzerland as per the permission of the CBI court. Courts of one country seek the assistance of courts in another nation for the administration of justice there through LRs. The chargesheet also mentioned the evidence collected during a foreign investigation from these countries. "The properties at UK (Ladywalk in 2015-16 for GBP 12-13 million or Rs 80 crore) and France (Le Grand Jardin in 2008 for Euro 35 Million or Rs 250 crore approximately) were acquired by Mallya even as Kingfisher Airlines was facing severe cash crunch (2008)," the chargesheet said. Mallya was having adequate funds at his disposal between 2008 to 2016-17, but none of it was brought to support the airlines as equity infusion or to honour his obligations as a personal guarantor for the loans availed by KAL from IDBI and other banks in India, it added. The chargesheet, citing the evidence collected through LRs, said sizable amounts were transferred to Force India Formula 1 Team between 2008 to 2012. The chargesheet further said significant amounts were diverted between 2007 to 2012-13 to make payments towards the acquisition and repayment of the loan for a corporate jet used personally by Mallya. These acts on the part of Mallya clearly show he caused the diversion of funds for the corporate jet, Force India Formula One Racing Team, and other such extravagant expenses, and then wilfully defaulted on the loans availed by Kingfisher Airlines, the chargesheet stated. The aforesaid facts disclose the commission of offences like cheating and criminal conspiracy and others under Indian Penal Code and Prevention of Corruption Act provisions against Mallya, Dasgupta and other accused, as per the CBI. Apart from the CBI, the Enforcement Directorate is also probing a money laundering case against Mallya. On January 5, 2019, a special court here declared Mallya a 'fugitive' under the Fugitive Economic Offenders Act. Under the provisions of the Act, once a person is declared a fugitive economic offender, the prosecuting agency has the powers to confiscate his property. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/auto/news/maruti-suzuki-to-hike-prices-of-model-range-from-april/articleshow/98936536.cms">Maruti Suzuki to hike prices of model range from April</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/consumer-commission-orders-flipkart-retailer-to-pay-25000-compensation-for-sending-detergent-soap-instead-of-iphone/articleshow/98936522.cms">Consumer Commission orders Flipkart, retailer to pay ₹25,000 compensation for sending detergent soap instead of iPhone</a>

Former IDBI GM conspired with Vijay Mallya over short term loan to Kingfisher Airlines: CBI

<ul><li>Crowds chanted “chor hai, chor hai (you are a thief)” as they spotted Mallya at the match</li><li>A similar incident occurred in January 2017. </li><li> He owes as much as ₹90 billion to a clutch of banks, led by SBI. </li></ul>Long gone are the days when liquor baron <keyword id="14678" type="PERSON" weightage="20" keywordseo="Vijay-Mallya">Vijay Mallya</keyword> would walk into cricket stadiums as an IPL team owner, welcomed with cheers. The wanted businessman who has now fled India, was booed and heckled by crowds at The Oval as he watched the India-Australia match with his family, in the UK. Crowds chanted “chor hai, chor hai (you are a thief)” as they spotted Mallya at the match. This is not the first time when Mallya, who has fraud and money laundering charges against him in India, was heckled by crowds. A similar incident occurred in January 2017 to Mallya at The Oval stadium, to watch the Champions Trophy match between South Africa and West Indies. According to NDTV reports, crowds cried “chor, chor" (thief, thief)” at him. ‘Here to watch the match’ In a video from the World Cup match, Mallya was seen surrounded by a small crowd, pushing and shoving him, as the cries grew louder. At one point, someone even shouted, “Be a man, apologize to your country,” is heard, to which Mallya mumbled an inaudible response. “I am making sure my mother doesn’t get hurt. I am here to watch the game,” Mallya told news agency ANI, adding that preparations are underway for the next hearing scheduled in July. He has been fighting India's attempts to extradite him., and try him for his financial crimes. Mallya left India in 2016 before a lookout notice was issued against the former owner of Kingfisher Airlines. He owes as much as ₹90 billion to a clutch of banks, led by SBI. Mallya was at The Oval with his son, Siddharth Mallya, and posted a photo with him. 
	<div type="twitter" handle="TheVijayMallya" handlename="Vijay Mallya" image="http://pbs.twimg.com/profile_images/827708603/Copy_of_VJM_4_normal.JPG" favoritecount="13452" retweetcount="1024" status="Great to watch cricket with my son and even sweeter to see India’s emphatic victory over Australia. Congratulations… https://t.co/9EKOcl9RKt" createdat="1560103246000" id="1137781597653098497"></div>



In denial Mallya had repeatedly denied fleeing the country and said he is ready to pay back the money he owes to Indian banks. The London High Court will hear his oral plea against his extradition on July 2. Earlier, the High Court had rejected his plea against the extradition order by the UK Home Office and the Westminster Court. The Enforcement Directorate (ED) had also moved the Special Prevention of Money Laundering Act court last year to get them to declare Mallya declared a “fugitive economic offender”. This will allow them to confiscate his properties estimated to be worth ₹120 billion, making it the first such case of its kind, under the new law.

Vijay Mallya and family was heckled by Indian fans at The Oval in UK

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

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

<ul><li>A <keyword id="6354868" type="COUNTRY" weightage="20" keywordseo="UK">UK</keyword> court has said that liquor baron <keyword id="14678" type="PERSON" weightage="20" keywordseo="Vijay-Mallya">Vijay Mallya</keyword> should be extradited to India in order to answer for his alleged crimes, most of which relate to the default on loans made to the now-defunct <keyword id="6373962" type="COMPANY" weightage="20" keywordseo="kingfisher-airlines">Kingfisher Airlines</keyword>. </li><li>Following the decision by the Westminster Magistrate, the case has now been referred to the UK’s home secretary, who will rule on whether not he should be extradited. </li><li>Meanwhile, Mallya has the option of filing appeals in both the UK High Court and Supreme Court. </li><li>The entire process is expected to take months on end, if not years, given the number of judicial procedures and legal steps involved.</li></ul>Yesterday, a UK court ruled that liquor baron Vijay Mallya could be <a href="https://www.businessinsider.in/indian-liquor-tycoon-vijay-mallya-to-be-extradited-cbi-hopes-to-see-him-soon/articleshow/67027297.cms">extradited to India</a> in order to answer for his alleged crimes, most of which relate to the default on thousands of crores worth of loans made to his now-defunct Kingfisher Airlines. Mallya is suspected to have misled the executives of several Indian banks, including the government-owned State Bank of India, about the financial struggles of the airline and diverted a lot of those funds to his other ventures. After waiting since February 2017, when it made a formal request to the UK for Mallya’s <keyword id="82903" type="ORGANIZATION" weightage="20" keywordseo="extradition">extradition</keyword>, India’s government was obviously <a href="https://www.ndtv.com/india-news/centre-deeply-satisfied-with-uk-courts-verdict-on-vijay-mallya-1960750">happy</a> with the verdict. However, a lot more work and judicial procedures remain to bring Mallya back to India and subsequently pay for his crimes. Following the decision by the Westminster Magistrate, the case has now been referred to the UK’s home secretary, who will rule on whether or not he should be extradited. A decision is expected within two months. Meanwhile, Mallya has two weeks to lodge an appeal in the UK High Court against the lower court’s recommendation to extradite him as well as the home secretary’s decision, as and when it's made. If the appeal, which will only be heard if the home secretary allows it, is rejected, Mallya can then seek recourse in the UK Supreme Court within two weeks of the high court’s verdict. The entire process is expected to take months on end, if not years, given the number of judicial procedures and legal steps involved. Also, given that so much of this is dependent on the discretion of the home secretary, the Indian government will need to consistently make its case for extradition to the UK government. In addition to the severity of his financial crimes, it will have to prove repeatedly that Mallya will be subjected to a fair trial and humane living conditions while in jail. Meanwhile, India’s investigative and law enforcement agencies, primarily the <keyword id="6357808" type="DEFINITION" weightage="20" keywordseo="enforcement-directorate">Enforcement Directorate</keyword> (ED), will get to work on having Mallya declared a “fugitive economic offender.” The designation will allow them to <a href="https://www.businessinsider.in/liquor-baron-vijay-mallya-will-be-the-first-to-be-tried-under-indias-new-fugitive-economic-offenders-ordinance/articleshow/64635569.cms">seize his assets</a>, both domestic and international. Last week, India’s Supreme Court <a href="https://www.livemint.com/Industry/UU8sXq3IsKGTpA4TS6DmjJ/Supreme-Court-refuses-to-stay-ED-proceedings-against-Vijay-M.html">dismissed a plea</a> by Mallya seeking a suspension on proceedings against him by the ED. In addition to securing the “fugitive economic offender” label for Mallya from a special anti-corruption court, the agency is also looking to confiscate ₹125 billion worth of his assets. SEE ALSO: <a href="https://www.businessinsider.in/indian-liquor-tycoon-vijay-mallya-to-be-extradited-cbi-hopes-to-see-him-soon/articleshow/67027297.cms">Indian liquor tycoon Vijay Mallya to be extradited — CBI ‘hopes to see him soon’</a> <a href="https://www.businessinsider.in/liquor-baron-vijay-mallya-will-be-the-first-to-be-tried-under-indias-new-fugitive-economic-offenders-ordinance/articleshow/64635569.cms">Liquor baron Vijay Mallya will be the first to be tried under India’s new Fugitive Economic Offenders Ordinance</a> <a href="https://www.businessinsider.in/vijay-mallya-wants-to-sell-his-assets-to-pay-back-loans-but-it-might-be-too-little-too-late/articleshow/64760900.cms">Vijay Mallya wants to sell his assets to pay back loans, but it might be too little too late</a>

The extradition of Vijay Mallya: The Indian government has secured a key victory but a lot more work remains

<ul><li>At the Commonwealth Summit last month, UK Prime Minister <keyword id="368666" type="PERSON" weightage="20" keywordseo="Theresa-May">Theresa May</keyword> is said to have questioned her India counterpart <keyword id="6354477" type="PERSON" weightage="20" keywordseo="Narendra-Modi">Narendra Modi</keyword> about the state of India’s <keyword id="100683" type="PERSON" weightage="20" keywordseo="Jails">jails</keyword>. </li><li>The question was in reference to the Indian government’s plan to extradite liquor baron <keyword id="14678" type="PERSON" weightage="20" keywordseo="Vijay-Mallya">Vijay Mallya</keyword>. </li><li>Mallya is contesting the <keyword id="82903" type="ORGANIZATION" weightage="20" keywordseo="extradition">extradition</keyword> on the grounds that India’s prisons are overcrowded and unhygienic. </li></ul>Barring the obvious legal and diplomatic complications, the Indian government’s quest to extradite liquor baron Vijay Mallya from the UK has faced another roadblock. Since December 2017, Mallya’s legal team have been arguing against his extradition by citing <a href="https://timesofindia.indiatimes.com/india/indian-jails-over-crowded-with-poor-hygiene-mallyas-defence/articleshow/62074358.cms">the poor conditions of India’s jails</a>. The topic of the state of India’s jails came to the fore again this week, as reports surfaced that Theresa May, the Prime Minister of the UK, questioned her Indian counterpart Narendra Modi about the same when he visited the UK last month for the Commonwealth Summit. According <a href="https://economictimes.indiatimes.com/news/politics-and-nation/vijay-mallya-extradition-india-slams-uk-for-raising-concerns-over-state-of-indian-jails/articleshow/64362960.cms">to Sushma Swaraj,</a> India’s minister of external affairs, Modi reportedly responded by saying that these jails were the same ones where Jawaharlal Nehru and Mahatma Gandhi were held. The subtext was clear. As the struggle for India’s independence gained momentum in the early 20th century, the British had no qualms about imprisoning a number of national leaders and freedom fighters in the very same jails. Why then, should they protest against the imprisonment of a businessman who is wanted for money laundering and defrauding India’s banks of billions of rupees? A final judgement on Mallya’s extradition is expected to come <a href="https://www.hindustantimes.com/india-news/vijay-mallya-s-extradition-hearing-in-uk-court-to-test-india-s-paperwork/story-wWtRIcMjPyV8psbt7vvIBN.html">on July 11th</a>. A favourable ruling for India is contingent on providing a sufficient amount of evidence and paperwork that there is no threat to Mallya’s life in India and that a “prima facie” case, or a case with sufficient proof to merit a trial, exists in the country. The UK’s Crown Prosecution service, a public prosecutor, is representing India’s interests and is said to have handed a 2000-page dossier from the Indian government to the courts in this regard. As part of the case, the Indian government has also furnished information about the conditions of the prison cell in Mumbai’s Arthur Road jail where Mallya will be detained.

The prime ministers of India and the UK reportedly argued over the state of India's jails

The <keyword id="6357808" type="ORGANIZATION" weightage="100" keywordseo="Enforcement-Directorate">Enforcement Directorate</keyword> (ED) has said that former liquor baron <keyword id="14678" type="PERSON" weightage="100" keywordseo="Vijay-Mallya">Vijay Mallya</keyword>, who fled India to avoid repaying millions of dollars of loan to Indian banks, had laundered more than Rs 1,300 crore using 13 shell companies in countries like US, Ireland, Mauritius and France. The latest indictment was made in the charge sheet that ED filed on June 14 in the <keyword id="6355008" type="UNKNOWN" weightage="100" keywordseo="money-laundering">money laundering</keyword> case that involves a loan of about Rs 900 crore from IDBI-KFA bank. Other than <keyword id="6373968" type="PERSON" weightage="100" keywordseo="Mallya">Mallya</keyword>, there are eight more people indicted in the 57-page long charge sheet for their alleged roles in the case. The charge sheet was filed under various sections of the Prevention of Money Laundering Act (PMLA) and was presented before a special anti-money laundering court in Mumbai. Mallya, who has been in the UK since March 2016, was arrested by Scotland Yard on April 18 this year, and India has been trying to extradite him from the UK for the loan fraud cases.

Vijay Mallya used 13 shell companies to launder over Rs 1,300 crore, says ED

India’s banks can breathe a sigh of relief. On May 8th, a UK court upheld a decision by the <keyword id="6511712" type="ORGANIZATION" weightage="20" keywordseo="karnataka-debt-recovery-tribunal">Karnataka Debt Recovery Tribunal</keyword> regarding <keyword id="6360137" type="COMPANY" weightage="20" keywordseo="kingfisher">Kingfisher</keyword> tycoon <keyword id="14678" type="PERSON" weightage="20" keywordseo="Vijay-Mallya">Vijay Mallya</keyword>’s outstanding dues and maintained a worldwide freeze on his assets. The freeze will prevent Mallya from selling any assets in the England and Wales. Mallya is wanted in India for suspected fraud and money laundering. As a result, a consortium of 13 Indian banks - which includes the state-owned <keyword id="6354731" type="UNKNOWN" weightage="20" keywordseo="state-bank-of-india">State Bank of India</keyword>, IDBI Bank and Punjab National Bank - who extended loans to Mallya’s now-defunct Kingfisher Airlines will be able to to collect $1.55 billion worth of claims against his assets in the UK. The prosecution, which was representing the banks, successfully argued that Mallya “willfully defaulted” on the loans in spite of his considerable financial resources. The case reportedly marked the first time a ruling by an Indian tribunal had been registered in a UK court. Most importantly, it sets a precedent wherein a worldwide freeze can be imposed on a <keyword id="2168141" type="PERSON" weightage="20" keywordseo="Wilful-defaulter">wilful defaulter</keyword>’s assets. The ruling will also give the Indian government’s extradition proceedings against Mallya, which are expected to conclude in July 2018, a much-needed boost. To add insult the injury, the UK court has also barred Mallya’s legal team from appealing the ruling. If they wish to seek recourse, they will have no option but to directly petition the UK’s Court of Appeals. Mallya was <a href="https://www.nytimes.com/2017/04/18/business/vijay-mallya-extradition.html">arrested in April 2017 </a>on an extradition warrant over charges of defrauding his Indian creditors of $1.4 billion in loans. Currently out on bail, he has been absconding in England since March 2016 and refuses to come back to India over fears of an unfair trial. He has several cases pending against him in India over money laundering, tax evasion and credit defaults.

UK court allows Indian banks to collect claims worth $1.55 billion from tycoon Vijay Mallya

<ul><li>The UK is the first country to approve the Oxford-AstraZeneca COVID-19 vaccine for active immunisation. </li><li>The country has ordered 100 million doses of the vaccine and the vaccine is likely to start rolling out by January 4. </li><li>However, European watchdog has warned that there isn’t enough data to be giving the Oxford vaccine approval just yet. </li></ul>The Oxford-AstraZeneca COVID-19 vaccine — also called the ‘jab’ — has been approved for mass vaccination in the UK. The country has already ordered 100 million doses of the vaccine, which are expected to start rolling out the vaccine from January 4. "The government has today accepted the recommendation from the Medicines and Healthcare products Regulatory Agency (MHRA) to authorise Oxford University/AstraZeneca's COVID-19 vaccine for use," said the Health and Social Care department spokesperson. MHRA’s authorisation for the emergency supply of Oxford covid vaccine is aimed at the active immunisation of individuals 18 years or older, according to AstraZeneca. What does this mean for India? This could spell good news for India, who has been keeping its eye on the UK, with its own approval of the vaccine is pending. As compared to the Pfizer and Moderna COVID-19 vaccines, the Oxford-AstraZeneca vaccine is more suited to India’s cold storage infrastructure. <table style="border-width: initial; border-style: none; width: 468pt; table-layout: fixed;"></colgroup><tbody><tr><td colspan="2" style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Vaccine candidates and the temperatures they need to survive: </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Vaccine </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Cold chain </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Pfizer/BioNTech </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-70 degrees Celsius </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Moderna </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-20 degrees Celsius </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Oxford/AstraZeneca </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">2-8 degrees </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Johnson and Johnson </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">2-8 degrees </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Novavax </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">2-8 degrees </td></tr></tbody></table>Source: Respective companies The Serum Institute of India (SII) is hopeful that the India variant, called COVISHIELD, will receive the required regulatory approval in ‘few days.’ "We have 40-50 million doses of Covishield stockpiled. Once we get regulatory approvals in a few days, it will be down to the government to decide how much they can take and how fast. We will be producing around 300 million doses by July 2021," said Serum Institute CEO Adar Poonawalla during a press conference on Monday. However, officials at the European Medicines Agency (<a href="https://www.businessinsider.in/science/health/news/oxford-astrazeneca-covid-19-vaccine-approval-is-unthinkable-claims-european-watchdog/articleshow/80022921.cms">EMA</a>) have warned that giving the vaccine approval at this stage is ‘unthinkable’. "The data we have at the moment is not even enough to give the AstraZeneca vaccine a conditional authorisation," they told Belgian newspaper het Nieuwsblad. "We need additional data about the quality of the vaccine. And after that, the company has to formally apply.” As of now, AstraZeneca recommends two doses administered with a gap of between four to 12 weeks. SEE ALSO: <a href="https://www.businessinsider.in/india/news/india-detects-14-new-cases-of-uk-covid-19-strain-putting-the-tally-at-20/articleshow/80020163.cms">India detects 14 new cases of mutated COVID-19 strain in UK returnees, putting the tally at 20</a> <a href="https://www.businessinsider.in/business/corporates/news/three-anil-ambani-companies-accused-of-fraud-ten-times-more-than-vijay-mallya/articleshow/80002892.cms">Three Anil Ambani companies have reportedly been accused of fraud by banks⁠ — the amount at stake is nearly ten times more than what Mallya owed</a> <a href="https://www.businessinsider.in/india/news/new-strain-of-uk-covid-19-virus-is-a-lot-more-contagious-warns-indias-health-ministry/articleshow/80011618.cms">The new strain of COVID-19 is a lot more contagious, warns India's Health Ministry</a>

UK approves Oxford-AstraZeneca COVID-19 vaccine

<ul class="generic-article__summary--ul content--ul"><li class="generic-article__summary--li content--li"><keyword id="176803" type="PERSON" weightage="20" keywordseo="Saffronart">Saffronart</keyword> to help auction assets seized from alleged perpetrators in Punjab National Bank scandal.</li><li class="generic-article__summary--li content--li">The items include artworks, Hermes handbags, a Rolls-Royce and limited-edition watches. </li></ul>The Punjab National Bank scandal is likely to cost India’s second largest state-owned lender about US$2 billion. Sale of assets seized from the alleged perpetrators including diamond designer <keyword id="571991" type="PERSON" weightage="20" keywordseo="Nirav-Modi">Nirav Modi</keyword>, starting this month, suggests a long road to recovery. Through the Enforcement Directorate, the agency responsible for fighting economic crime in India, the government has engaged Mumbai-based Saffronart to auction a litany of luxury goods to recoup its losses. The list includes prized artworks by Indian and Chinese painters, Hermes’ Birkin and Kelly handbags and a Jaeger-LeCoultre watch in platinum. A <keyword id="925742" type="COMPANY" weightage="20" keywordseo="Rolls-Royce-Ghost">Rolls-Royce Ghost</keyword> and a Porsche Panamera S are also going under the hammer. An on-site live auction is set for February 27 and an online bidding on March 3 and 4, with both events expected to raise US$5.7 million and US$7.1 million, respectively, the auction house estimated in an email to the Post on Wednesday. “These works are of significant interest to strong collectors and connoisseurs of Indian and Chinese art,” said Dinesh Vazirani, CEO and co-founder of Saffronart, which has conducted 250 auctions over its 20-year history. “In terms of interest, the bags and cars have a much wider appeal.” Diamond jewellery designer <keyword id="740578" type="DOMAIN" weightage="20" keywordseo="Nirav">Nirav</keyword> Modi fled India in 2018 after the Punjab National Bank scandal broke out. Photo: Mint via Getty Images Modi fled the country in early 2018, days before the scandal broke out revealing the issuance of letters of understanding for trade that bypassed Punjab National Bank’s internal controls. The Enforcement Directorate has since attached at least US$1 billion worth of assets belonging to Modi and other people charged in the case. Modi is being remanded in the UK’s Wandsworth prison until February 27 as he fights an extradition in a trial that is set to begin in May, according to an Economic Times <a href="https://economictimes.indiatimes.com/news/politics-and-nation/pnb-fraud-case-nirav-modi-to-appear-for-remand-hearing-in-uk/articleshow/73761275.cms" target="_blank" class="link-text">report</a>. on January 30. In another UK courtroom, <keyword id="14678" type="PERSON" weightage="20" keywordseo="Vijay-Mallya">Vijay Mallya</keyword> is appealing against his extradition as India’s government seeks to recover loans tied to the collapse of his <keyword id="6373962" type="COMPANY" weightage="20" keywordseo="kingfisher-airlines">Kingfisher Airlines</keyword>, the Hindustan Times reported on Wednesday.<h4 style="margin-top: 0.714286rem; margin-bottom: 1.42857rem; font-variant: inherit; font-stretch: inherit; font-size: 2rem; line-height: 2.42857rem; font-family: Roboto, sans-serif; vertical-align: baseline; display: inherit;"></h4>The two cases bear some semblance to some of <keyword id="21718" type="LOCATION" weightage="20" keywordseo="Asia">Asia</keyword>’s biggest corporate scandals. Low Taek Jho has been in hiding since the US$4.5 billion scandal involving the looting at a Malaysian state investment fund. Carlos Ghosn fled to Lebanon after being charged for alleged financial misconduct while helming Japanese carmaker Nissan Motor. For India, they are emblematic of the state of its banking industry. Years of poor lending controls, weak recoveries and occasional frauds have saddled the financial system with ever more soured loans. The country’s 42 commercial banks collectively wrote off 2.12 trillion rupees (US$29.7 billion) of bad loans in 2018-19, the <a href="https://www.business-standard.com/article/finance/india-s-banks-wrote-off-rs-2-trillion-worth-of-bad-loans-in-2018-19-119112900099_1.html" target="_blank" class="link-text">Business Standard reported</a> , citing official data released in parliament. That was 42 per cent higher than a year earlier, and equivalent to about one-fifth of their non-performing assets, it said. For Saffronart, its business can do with some stamp of recognition. The government last year engaged the firm to auction a cache of works by Indian and Chinese artists, raising almost US$8 million for the tax recovery department. Saffronart has set the industry standard for the process of valuation for artworks and collectibles, Vazirani said, “based on expertise and data analytics.”

You Searched For "UK mallya case" and got 10 results

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Vijay Mallya and family was heckled by Indian fans at The Oval in UK

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

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The extradition of Vijay Mallya: The Indian government has secured a key victory but a lot more work remains

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Vijay Mallya used 13 shell companies to launder over Rs 1,300 crore, says ED

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UK court allows Indian banks to collect claims worth $1.55 billion from tycoon Vijay Mallya

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UK approves Oxford-AstraZeneca COVID-19 vaccine

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Nirav Modi, Punjab National Bank scandal, Rolls-Royce and the rise of a Mumbai auction house

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