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The <keyword id="6354572" type="General" weightage="70" keywordseo="cbi" source="Orion">CBI</keyword> has registered an <keyword id="6358015" type="General" weightage="60" keywordseo="fir" source="Orion">FIR</keyword> against Mumbai-based <keyword id="46251" type="General" weightage="100" keywordseo="Unity-Infraprojects" source="Orion">Unity Infraprojects</keyword> Ltd, its chairman managing director (CMD) Kishore Avarsekar, three directors and unknown public servants for allegedly defrauding State Bank of India and a consortium of 15 banks to the tune of Rs 3,847.58 crore. The FIR (First Information Report) was registered on Thursday based on a complaint filed by the Deputy General Manager, <keyword id="13222" type="General" weightage="100" keywordseo="sbi" source="Orion">SBI</keyword>, Stressed Assets Management Branch I, Mumbai. The FIR names UIL, its Chairman Managing Director Kishore Avarsekar, vice chairman and promoter guarantor Abhijit Avarsekar, executive director Ashish Avarsekar, whole-time director promoter Pushpa Avarsekar, unknown public servants, and private persons. According to the complaint, credit/loan facilities, fund-based as well as non-fund based, of approximately Rs 3,800 crore were sanctioned to Unity Infraprojects Limited by SBI and other consortium member banks. The complaint alleged that the fraud took place at its commercial branch in Mumbai where the accused persons siphoned the "Bank's funds by doing fictitious transactions, manipulated and fudged books of accounts with an objective to defraud and cheat the bank and to gain unlawfully at the cost of the Banks' funds". "The said company by way of fictitious transactions undertaken by it through fraudulent LC trade model, improper adjustment entries by fudging data, diversion of funds through non-consortium accounts, diversion of funds through related parties and unexplained excess payouts, siphoned off the funds of SBI and other consortium banks and thereby cheated these banks," the FIR stated. Prima facie, the complaint discloses the commission of offences of criminal conspiracy, cheating and criminal misconduct under sections 120 B and 420 of the Indian Penal Code, and sections 13 (2), 13 (1) (d) of the Prevention of Corruption Act, it added.

CBI FIR against Mumbai-based developer, CMD for defrauding SBI and 15 lenders of Rs 3,800 crore

<ul><li><keyword id="6635697" type="UNKNOWN" weightage="20" keywordseo="rites-share-price">RITES share price</keyword> jumped by 14% in early trade today, a day after the Indian government announced that it is working on plans to invite the private sector to operate passenger trains.</li><li><keyword id="6592972" type="UNKNOWN" weightage="20" keywordseo="RITES">RITES</keyword> is a government-owned technical and engineering consultancy firm that was founded in 1974.</li><li>With over 46 years of experience, RITES offers its consultancy services in 55 countries across Asia, Africa, Middle East, South America and more.</li></ul>The share price of RITES, a government-owned technical and engineering consultancy firm has rallied by nearly 14% today along with other railway stocks like IRCTC and Rail Vikas Nigam. <div type="image" title="RITES share price" msid="76750391" hostid="261" caption="&amp;lt;p&amp;gt;RITES share price&amp;lt;/p&amp;gt;"></div> The rally in these railway stocks comes a day after the Indian government <a href="https://www.indiatoday.in/india/story/private-firms-to-soon-run-passenger-trains-as-indian-railways-moves-fast-on-privatisation-1696051-2020-07-02">announced</a> that it is initiating plans to invite private sector participation in operating passenger trains. This move is expected to bring in ₹30,000 crore investment in the railway sector. <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 0.496875pt;border-right:solid #000000 0.496875pt;border-bottom:solid #000000 0.99375pt;border-top:solid #000000 0.496875pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Company </td><td style="border-left:solid #000000 0.496875pt;border-right:solid #000000 0.496875pt;border-bottom:solid #000000 0.99375pt;border-top:solid #000000 0.496875pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">July 2 share price change </td></tr><tr><td style="border-left:solid #000000 0.496875pt;border-right:solid #000000 0.496875pt;border-bottom:solid #000000 0.496875pt;border-top:solid #000000 0.99375pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">RITES </td><td style="border-left:solid #000000 0.496875pt;border-right:solid #000000 0.496875pt;border-bottom:solid #000000 0.496875pt;border-top:solid #000000 0.99375pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">4% </td></tr><tr><td style="border-left:solid #000000 0.496875pt;border-right:solid #000000 0.496875pt;border-bottom:solid #000000 0.496875pt;border-top:solid #000000 0.496875pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">IRCTC </td><td style="border-left:solid #000000 0.496875pt;border-right:solid #000000 0.496875pt;border-bottom:solid #000000 0.496875pt;border-top:solid #000000 0.496875pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">4% </td></tr><tr><td style="border-left:solid #000000 0.496875pt;border-right:solid #000000 0.496875pt;border-bottom:solid #000000 0.496875pt;border-top:solid #000000 0.496875pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Rail Vikas Nigam </td><td style="border-left:solid #000000 0.496875pt;border-right:solid #000000 0.496875pt;border-bottom:solid #000000 0.496875pt;border-top:solid #000000 0.496875pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">7% </td></tr></tbody></table> <div type="Article" hostid="261" msid="76688571" title="The Ruchi Soya stock has grown by 8,400% in 104 days – while investors rejoice, analysts want a SEBI probe" mstype="2" mssubtype="0"></div> Why is the RITES stock rallying? The RITES stock, along with other railway stocks like IRCTC and Rail Vikas Nigam are rallying on the hopes of the Indian government tapping the private sector for operating passenger trains. This plan is expected to bring in investments to the tune of ₹30,000 crore, which is much needed at a time when the railway infrastructure needs overhaul and maintenance. What does RITES do? RITES is an asset-light company that provides consultancy and technical services in infrastructure and transport projects across the country, and beyond. In the financial year ended March 2020, RITES posted a growth of over 22% in revenue, and a 30% increase in its profit. <div type="image" title="RITES revenue and profit growth 5 quarters till March." msid="76750406" hostid="261" caption="&amp;lt;p&amp;gt;RITES revenue and profit growth over the 5 quarters till March.&amp;lt;/p&amp;gt;"></div> However, much of this revenue and profit growth came from international assignments and turnkey projects, which grew by 21% and 72% respectively. It offers transport consultancy and engineering services to domestic as well as international clients. Over the 46 years of its existence, RITES has offered its services across Asia, Africa, Middle East, South America and more. In India, RITES clients include several government-owned entities like Indian Railways, High Speed Rail Corporation of India, Steel Authority of India and Hindustan Petroleum, among others. RITES also engages with infrastructure companies in the private sector like L&amp;T, Rajdeep Buildcon, Unity Infraprojects and more. However, its domestic growth was low at just 2% in the December 2019 quarter, according to a February report by Way2Wealth Brokers. The private sector participation in railways will bring in additional investment and increase prospects of growth for RITES, which has experience of over 46 years in this sector. “This is the first initiative of private investment for running passenger trains over the Indian Railways network. The private entity shall be responsible for financing, procuring, operation and maintenance of the trains,” the ministry of railways said in a statement. RITES could offer consultancy and engineering services to these companies, making good use of its 46 years of experience in this area. SEE ALSO: <a href="https://www.businessinsider.in/business/corporates/news/ruchi-soya-stock-grown-by-8400-in-104-days-analysts-sebi-probe/articleshow/76688571.cms">The Ruchi Soya stock has grown by 8,400% in 104 days – while investors rejoice, analysts want a SEBI probe</a> <a href="https://www.businessinsider.in/stock-market/markets/news/nestle-reliance-industries-britannia-and-hul-stocks-that-have-doubled-investor-wealth-in-the-last-three-years/articleshow/76294547.cms">These four stocks have doubled investor wealth in the last three years</a> <a href="https://www.businessinsider.in/stock-market/markets/news/heres-what-will-move-sensex-and-nifty-50-this-week/articleshow/76684812.cms">Macro-economic data, auto sales and a continued rise in COVID-19 cases – here’s what will move Sensex and Nifty 50 this week</a>

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CBI FIR against Mumbai-based developer, CMD for defrauding SBI and 15 lenders of Rs 3,800 crore

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If you know what RITES does, you will know why its shares are on fire

Rounak Jain

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