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In a shocking case of <keyword id="19901142" type="General" weightage="20" keywordseo="cyber-fraud" source="keywords">cyber fraud</keyword>, a senior <keyword id="20042016" type="General" weightage="20" keywordseo="railway-official" source="keywords">railway official</keyword> in Mumbai was conned out of Rs 9 lakh by <keyword id="20013464" type="General" weightage="20" keywordseo="fraudsters" source="keywords">fraudsters</keyword> posing as officers from the <keyword id="19900833" type="General" weightage="20" keywordseo="Central-Bureau-of-Investigation" source="keywords" meta.keywordsubtype="org" meta.entityname="Central Bureau of Investigation" meta.hostid="261" meta.entityid="Central Bureau of Investigation">Central Bureau of Investigation</keyword> (CBI). The 59-year-old official, who works as the Principal Chief Electrical Engineer (Construction) at <keyword id="20010203" type="General" weightage="20" keywordseo="Chhatrapati-Shivaji-Maharaj-Terminus" source="keywords">Chhatrapati Shivaji Maharaj Terminus</keyword> (CSMT), was tricked into believing he was involved in a <keyword id="19899231" type="General" weightage="20" keywordseo="money-laundering" source="keywords">money laundering</keyword> case and was subjected to a nearly 20-hour video call ordeal that included being "produced" before a fake judge. <h2>The scam unfolds</h2>The incident began on the morning of September 16, when the official received a voice-recorded message on his phone, warning that his mobile would be blocked within two hours unless he pressed ‘0’ for more details. Upon doing so, a video call was immediately initiated, during which a person introduced himself as a CBI officer. The fraudster claimed that the official’s mobile number was linked to a bank account involved in a money laundering scheme worth Rs 5.8 million. Despite the official’s insistence that he had no connection to any such case and didn’t even have a second mobile number, the fraudsters escalated the situation. They alleged that his details were tied to a network of 247 suspicious accounts, one of which was linked to Naresh Goyal, a name that may have been used to further intimidate the victim. <h2>Manipulation and intimidation</h2>The railway official, caught off guard, was instructed to return home from work immediately so the "CBI officers" could conduct a thorough investigation. Once home, the fraudsters kept him on a video call from 2 PM on Monday until 9:30 AM the next day, collecting extensive personal details about his family, finances, and property. <div type="Article" hostid="261" msid="113395702" title="Digitally-native Gen Zers aren&amp;#39;t immune to romance scams" mstype="2" mssubtype="0"></div>At the height of the deception, the scammers told the victim that he would be "produced" before a judge via video call. The so-called judge, who appeared during the extended call, accused the official of unauthorised transactions linked to his bank account. The fraudsters then demanded that he provide all his bank details and transfer Rs 9 lakh to a specified account to resolve the matter. <h2>Realisation and aftermath</h2>Following their instructions, the railway official went to his bank and transferred the money through RTGS. However, as soon as the transaction was completed, he realised he had fallen victim to a scam. He immediately approached the bank manager in a bid to halt the transfer, but it was too late—the money had already gone through. <div type="Article" hostid="261" msid="113221218" title="Noida woman tries getting her sim card converted into e-sim, ends up losing Rs 27 lakh" mstype="2" mssubtype="0"></div>Devastated, the victim reported the incident to Colaba police station, where a case of cyber fraud was registered. The police have launched an investigation into the matter, hoping to trace the fraudsters and recover the stolen funds. (With inputs from PTI)

A railway official was duped out of Rs 9 lakh by ‘CBI agents’ in a bizarre 20-hour video call scam with an ‘online judge’ — here’s what happened

New Delhi, The CBI on Friday conducted searches at seven locations including the premises of <keyword id="6358200" type="General" weightage="20" keywordseo="jet-airways" source="Orion">Jet Airways</keyword> and its founder <keyword id="122732" type="General" weightage="20" keywordseo="naresh-goyal" source="Orion">Naresh Goyal</keyword> in Mumbai in connection with an alleged Rs 538-crore fraud case in Canara Bank, officials said. The CBI searches were spread across residences and offices of Goyal, his wife Anita, and former airline director Gaurang Ananda Shetty. The agency has registered a new case of alleged bank fraud of Rs 538 crore on a complaint from Canara Bank, they said. The allegations pertain to alleged diversion of funds among other irregularities, they said. The company was in the process of revival after <keyword id="10393287" type="General" weightage="50" keywordseo="jalan-kalrock-consortium" source="Orion">Jalan Kalrock Consortium</keyword> won the bid for Jet Airways under the insolvency resolution process at <keyword id="6354457" type="General" weightage="50" keywordseo="national-company-law-tribunal" source="Orion">National Company Law Tribunal</keyword> (NCLT).

CBI searches at Jet Airways office, founder Naresh Goyal's residence in bank fraud case

Mumbai, A special PMLA court here on Thursday remanded <keyword id="6358200" type="General" weightage="50" keywordseo="jet-airways" source="Orion">Jet Airways</keyword> founder <keyword id="122732" type="General" weightage="50" keywordseo="naresh-goyal" source="Orion">Naresh Goyal</keyword> in 14-day judicial custody in a money laundering case linked to an alleged fraud of Rs 538 crore at the Canara Bank. The court accepted <keyword id="6361408" type="General" weightage="100" keywordseo="goyal" source="Orion">Goyal</keyword>'s request to send him to the Arthur Road jail in South Mumbai. The <keyword id="6357808" type="General" weightage="50" keywordseo="enforcement-directorate" source="Orion">Enforcement Directorate</keyword> (ED) arrested Goyal on September 1 under the Prevention of Money Laundering Act (PMLA) following a long session of questioning at the central agency's office here. The 74-year-old businessman was produced before the special judge for cases under PMLA, MG Deshspande, at the end of his ED remand on Thursday. The court remanded him in judicial custody as no further remand was sought by the probe agency. The court also accepted Goyal's request to send him to the Arthur Road jail in Byculla instead of Taloja jail in Navi Mumbai. Later, Goyal moved an application saying he suffers from a host of health issues and requested that he be allowed to undergo daily medical checkups by his family physician, specialist consulting doctors and personal doctors, and be provided with medical facilities on a regular basis during his stay in the jail. In the application, Goyal said he was suffering from ischemic heart disease and was operated at the <keyword id="6425633" type="General" weightage="50" keywordseo="asian-heart-institute" source="Orion">Asian Heart Institute</keyword> for "treatment of 80 per cent of blockages in his left main artery which is a life threatening condition". His plea said he also has hypertension, diabetes, restricted mobility, severe shoulder impingement and neck pain due to a fall in June 2022. In another application, Goyal sought appropriate bedding on a daily basis considering his medical conditions and home-cooked food as per dietary prescription. The court has asked the prosecution to file its say on Goyal's applications. The money laundering case stems from an FIR of the <keyword id="6354889" type="General" weightage="50" keywordseo="central-bureau-of-investigation" source="Orion">Central Bureau of Investigation</keyword> (CBI) against Jet Airways, Goyal, his wife Anita and some former company executives of the now-grounded private airline in connection with an alleged Rs 538-crore fraud case at the Canara Bank. The FIR was registered on the bank's complaint which alleged that it sanctioned credit and loans to Jet Airways (India) Ltd to the tune of Rs 848.86 crore of which Rs 538.62 crore was outstanding.

Jet Airways founder Naresh Goyal sent to 14-day judicial custody

Mumbai, <keyword id="6358200" type="General" weightage="50" keywordseo="jet-airways" source="Orion">Jet Airways</keyword> founder <keyword id="122732" type="General" weightage="50" keywordseo="naresh-goyal" source="Orion">Naresh Goyal</keyword>'s "resistance" in diluting his stakes and "incessant siphoning off of funds for personal pecuniary gains" led to the downfall of the airline, the <keyword id="6357808" type="General" weightage="50" keywordseo="enforcement-directorate" source="Orion">Enforcement Directorate</keyword> said in its chargesheet filed before a court here in the alleged fraud of Rs 538 crore at the Canara Bank. The ED claimed that the airline could have survived had Goyal kept aside his "ulterior motive" and allowed professionals to make quick and strategic decisions to change the operating cash flow of the company. It alleged that Goyal blatantly siphoned off funds from the loss-making Jet Airways (India) Limited (JIL), drained it out of funds and kept on infusing money into the related entities owned by his family members, both in India and abroad. The probe agency on Tuesday filed its chargesheet against Naresh Goyal, his wife Anita Goyal and four companies - JIL, Jetair Private Limited, Jet Enterprises Private Limited and Jet Airways LLC, Dubai - in connection with the case. Special judge <keyword id="12192455" type="General" weightage="50" keywordseo="m-g-deshpande" source="Orion">M G Deshpande</keyword>, hearing cases related to the Prevention of Money Laundering Act (PMLA), took cognisance of the chargesheet on Wednesday. Goyal in his statement to the ED said that the JIL was grounded as it incurred huge losses due to major factors, including high fuel prices, along with taxes in India, high landing navigation charges and airport charges and predatory pricing. However, in its chargesheet the ED said its probe has established that reasons attributed for the downfall of JIL inter alia include the irrational decision taken by top executives in running the affairs of the airline, resistance of Goyal in diluting his stake and incessant siphoning off of funds from the JIL for personal pecuniary gains. "Due to mounting debt to the creditors and huge wasteful expenditure, the company needed to be recapitalised. Unfortunately, in this regard even the board was seemingly powerless because this was a shareholder matter and without the proactive agreement of the largest shareholder, i.e. the promoter of JIL, this matter would not go forward," it said. Because of the adamant stand taken by the promoter of JIL to suit his needs, the largest shareholder chose not to dilute his share in the company until, again, the fate of the airline was sealed, it claimed. The chargesheet further said its investigation revealed that there were few strategic investors who had shown interest to infuse equity in the airlines, namely Tata, TPG (Private Equity) as well as Etihad, but it did no materialize as it would entail dilution of the equity of Goyal, which he was not inclined to do. The chargesheet claimed that Naresh Goyal was blatantly siphoning off funds from JIL which was already a loss-making entity for a long time. He drained JIL out of funds and kept on infusing money into the related entities which were personally owned by his family members, both in India and abroad without any financial rationale, the charge-sheet said. It mentioned that his family was living an "ultra-luxurious life" and receiving "obnoxious" amounts of funds from the JIL indirectly without contributing anything to the JIL. The probe agency's complaint claimed that Naresh Goyal has created foreign trusts and is holding expensive assets abroad and is totally non-cooperative and evasive in his conduct during its investigation. Its probe into the role of Goyal is complete and hence this prosecution complaint is being filed. Efforts are on to trace all the proceeds of the crime earned by him and parked in multiple entities, it added. The money laundering case stems from an FIR of the Central Bureau of Investigation (CBI) against Jet Airways, Goyal, his wife Anita and some former company executives of the now grounded private airline in connection with an alleged Rs 538-crore fraud case at the Canara Bank. The FIR was filed on the bank's complaint which alleged that it sanctioned credit limits and loans to Jet Airways (India) Ltd to the tune of Rs 848.86 crore of which Rs 538.62 crore was outstanding. The ED, in its chargesheet said that since this amount was obtained from different banks as loan was diverted and siphoned off in the garb of inter alia malafide professional and consultancy expenses, diversion of funds for personal expenses of the Goyal family, lending to related parties and subsequent writing off these loans etc, resulted in turning the loan accounts into NPA. The investigation revealed that the JIL under Naresh Goyal used similar modus operandi for all the consortium loans. Therefore, public money worth Rs 5716.34 crore obtained from the Consortium of Banks led by SBI and PNB is considered to be the total proceeds of crime, generated out of criminal activities relating to commission of scheduled offences by JIL and its promoters. On the role of his wife Anita Goyal, the ED mentioned that she is a beneficiary in several trusts of Naresh Goyal in foreign jurisdictions. She has also been associated with several related entities of JIL in India and foreign jurisdictions from which she derived remuneration/consultancy. The ED claimed that Anita Goyal was appointed as consultant to the CEO of Jetair Pvt Ltd in March, 2015 for a yearly contract of Rs 1,15,00,000. Her contract was renewed in March 2016, with a sharp increment in her consultancy fee to Rs 2,40,00,000 per annum. The contract kept on renewing till date. Moreover, it is noteworthy that there is no document evidencing the services rendered by Anita Goyal to Jetair. The consultancy given by Anita Goyal was based on oral commands, it said. Until March 2023, she had collected a consultancy fee of Rs 12,20,00,000, the charge-sheet claimed. The ED arrested Naresh Goyal on September 1 under the PMLA. He is currently in judicial custody and locked at Arthur Road jail here.

Naresh Goyal's 'incessant siphoning of funds' among reasons behind Jet Airways' downfall: ED

<ul><li>The Enforcement Directorate (ED) registered a fresh case against former <keyword id="6358200" type="ORGANIZATION" weightage="20" keywordseo="jet-airways">Jet Airways</keyword> chairman <keyword id="122732" type="PERSON" weightage="20" keywordseo="Naresh-Goyal">Naresh Goyal</keyword> and the grounded airline. </li><li>The case has been registered under the Prevention of Money Laundering Act (PMLA). </li><li>It will look into the alleged account irregularities found during the Foreign Exchange Management Act (FEMA) violations case registered last year. </li></ul>The Enforcement Directorate (ED) filed a fresh case to probe the allegations of money laundering against grounded Jet Airways and its former chairman Naresh Goyal. Officials told <a href="https://www.businessinsider.in/business/news/ed-books-former-jet-airways-boss-goyal-for-money-laundering-conducts-raids/articleshow/74485474.cms">PTI</a> that the ED carried out raids at Goyal’s premises in Mumbai. He was detained at his South Mumbai residence for questioning all night after the case was filed. The new money laundering case was registered under the Prevention of Money Laundering Act (<a href="https://www.businessinsider.in/business/news/ed-books-former-jet-airways-boss-goyal-for-money-laundering-conducts-raids/articleshow/74485474.cms">PMLA</a>) against the two yesterday, March 4. In order to register an offence under PMLA, a predicate offence is required. 
	<div type="image" title="jet3" msid="74485789" hostid="261" caption="&amp;lt;p&amp;gt;Former Jet Airways chairman Naresh Goyal leaving the South Mumbai ED office after questioning in September 2019&amp;lt;/p&amp;gt;&amp;lt;p&amp;gt;&amp;lt;span&amp;gt;&amp;lt;/span&amp;gt;&amp;lt;/p&amp;gt;"></div>

 Last year, the ED filed its first case alleging violations with respect to the Foreign Exchange Management Act (<a href="https://m.economictimes.com/industry/transportation/airlines-/-aviation/ed-questions-jet-founder-naresh-goyal-in-fema-case/articleshow/71532979.cms">FEMA</a>). At the time, authorities were able to get details of 19 companies owned by Goyal, including five located outside India. Money laundering of up to ₹8,000 crore Authorities were able to ascertain the specifics of how money was siphoned offshore by Goyal using nefarious means. The ED is known to have digital evidence and incriminating documents of the payments made to foreign banks. The new case will look into the alleged irregularities, including the diversion of funds, committed by the grounded airline. A <a href="https://economictimes.indiatimes.com/industry/transportation/airlines-/-aviation/agencies-suspect-jet-owners-siphoned-rs-8k-cr-via-bogus-bills/articleshow/72287222.cms">TOI</a> report claims that probe agencies suspect that more than 5,000 bogus bills — including those by aircraft lessors, maintenance agencies and general sales agents — were used to launder as much as ₹8,000 crore from the airline into tax havens. 
	<div type="image" title="jet3" msid="74485794" hostid="261" caption="&amp;lt;p&amp;gt;Former Jet Airways chairman Naresh Goyal leaving the South Mumbai ED office after questioning in September 2019&amp;lt;/p&amp;gt;"></div>

 Some of the suspected companies and directors are a part of the Offshore Leaks report by the International Consortium of Investigative Journalists (ICIJ), said the report. Goyal’s troubles are far from over Goyal was in hot water after Jet Airways had to <a href="https://www.businessinsider.in/indias-second-largest-airline-is-shutting-down-after-running-out-of-money/articleshow/68925635.cms">shut down in April last year</a> when it ran short on funds. Currently, at least three agencies are looking into Goyal and Jet Airways — the Income Tax Department, Serious Fraud Investigation Office (SFIO) and the ED. As the ED builds its case under FEMA and the PMLA, the IT department is looking into charges of tax evasion of more than ₹650 crore and SFIO is analysing company affairs. (With inputs from IANS and PTI) See also: <a href="https://www.businessinsider.in/business/news/ed-books-former-jet-airways-boss-goyal-for-money-laundering-conducts-raids/articleshow/74485474.cms">ED books former Jet Airways boss Goyal for money laundering; conducts raids</a> <a href="https://www.businessinsider.in/tata-group-may-bid-for-jet-airways-assets/articleshow/70022109.cms">The ₹10 trillion Tata Group may want some of Jet Airways’ parts after the airline’s employees decided to bid</a> <a href="https://www.businessinsider.in/indias-second-largest-airline-is-shutting-down-after-running-out-of-money/articleshow/68925635.cms">India's second-largest airline is shutting down after running out of money</a>

Naresh Goyal questioned all night by ED after fresh charges of money laundering

Mumbai, Mar 5 () Jet Airways founder Naresh Goyal and few others have been booked by the ED in a money laundering case even as the agency is conducting searches at his premises, officials said on Thursday.They said a criminal case against the former chairman of the airlines has been filed under the Prevention of Money Laundering Act (PMLA) after taking cognisance of a recent Mumbai Police FIR filed against him.The Enforcement Directorate carried out raids at Goyal's premises in Mumbai on Wednesday and also questioned him after filing the case, they said.The action is continuing, they added.The Mumbai Police FIR pertains to charges of alleged fraud by Goyal and others against a Mumbai-based travel company.Goyal has earlier been grilled by the central probe agency in a case filed under the Foreign Exchange Management Act (FEMA) in September last year.The agency had carried out similar raids, under the FEMA, in August last year against Goyal, his family and others.ED has alleged in the past that the businessman's empire had 19 privately-held companies, five of which were registered abroad.The agency is probing charges that these firms allegedly carried out "doubtful" transactions under the guise of selling, distribution and operating expenses.The ED suspects that expenses at these companies were allegedly booked at fake and high costs and as a result, they "projected" huge losses.Alleged shady aircraft lease transactions with non-existent offshore entities are also under the ED scanner and it is suspected that Jet Airways made payments for lease rental to "ghost firms", which purportedly routed the ill-gotten money in Goyal's companies.A full-service carrier, Jet Airways shut its operations in April last year after running out of cash.A month earlier, Goyal had stepped down as the chairman of Jet Airways. NES RUP

ED books former Jet Airways boss Goyal for money laundering; conducts raids

<keyword id="1005622" type="COMPANY" weightage="20" keywordseo="Bhushan-Power-Steel">Bhushan Power &amp; Steel</keyword> Limited is a Public enterprise involved in the manufacturing and marketing of steel products. The company offers flat products that include coated products, galvanized aluminum products, color coated products, cold rolled products, cable tapes, and long products including sponge iron products and iron making products. In addition, the company also manufactures and markets a range of steel pipes, grooved pipes, carbon steel tubes, and hollow steel sections. The other products of the company include HR coils, black pipes, GI pipes, GP sheets, GC sheets, DRI, billets, CR coils, precision tubes, Tor steel, carbon wire rods, and special alloy <keyword id="184333" type="DOMAIN" weightage="20" keywordseo="Steel-wire">steel wire</keyword> rods. Industries served The industry verticals served by the company’s products include irrigation, agriculture, HVAC, fire extinguishing, construction including RHS, SHS and CHS, gas and oil pipe lines, automobiles, cerement industry, sugar manufacturing, paper mills, steel companies, bicycles, power projects, and general engineering companies around the world. History of Bhushan power and Steel Bhushan Power and Steel Limited was established in the year 1970. The small outlay manufactured door hinges. The second product manufactured by the company during the early years was rail track fasteners. In 1973, the company set up its facility in <keyword id="6360078" type="LOCATION" weightage="20" keywordseo="chandigarh">Chandigarh</keyword> to manufacture Tor steel and wire rod. Eventually the company expanded its manufacturing facilities which are seven in number today. Manufacturing facilities and corporate office The manufacturing facilities of the company are spread across the country. The company has four of its plants in Chandigarh, one in Mohali, Punjab, one in Kolkata and one in Thelkoloi, Orissa. The corporate office of Bhushan Power and Steel is located in New Delhi. Company information Bhushan Power and Steel was incorporated in the year 1999. The company is classified as a non-government enterprise and is registered with the Registrar of Companies in Delhi. The authorized share capital of the company is Rs. 4,499,999,700 and the paid up capital is Rs. 1,937,149,950. The main concern of the company is manufacturing and marketing Basic Iron &amp; Steel products. The Directors of Bhushan Power &amp; Steel Limited include Sanjay Singal, Hardev Chand Verma, Dinesh Yadav Kumar, Ravi Parkash Goyal, Aarti Singal, and Ram Naresh Yadav. Bhushan Power &amp; Steel Limited's Corporate Identification Number is (CIN) U27100DL1999PLC108350 and its registration number is 108350. The registered address of the company’s corporate office is F-Block, 1st Floor International Trade Tower, Nehru Place, New Delhi, 110019, India. The recent fraud accusation Bhushan Power and Steel was accused recently of committing a borrowing fraud of Rs. 3,805 crores. A statement issued by <keyword id="62034" type="COMPANY" weightage="20" keywordseo="Punjab-National-Bank">Punjab National Bank</keyword> said, “It has been observed that the company has misappropriated bank funds, manipulated books of accounts to raise funds from consortium lender banks”. The Punjab National Bank also said it had already created a provision of Rs. 1,932 crores in the company’s account. Today, Bhushan Power and Steel is one of the most indebted companies of the country. Its name appears among the 12 companies referred to by the Reserve <keyword id="6355303" type="DOMAIN" weightage="20" keywordseo="bank-of-india">Bank of India</keyword> to a bankruptcy court for the purpose of deb resolution under the existing insolvency law.

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A railway official was duped out of Rs 9 lakh by ‘CBI agents’ in a bizarre 20-hour video call scam with an ‘online judge’ — here’s what happened

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CBI searches at Jet Airways office, founder Naresh Goyal's residence in bank fraud case

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Jet Airways founder Naresh Goyal sent to 14-day judicial custody

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Naresh Goyal's 'incessant siphoning of funds' among reasons behind Jet Airways' downfall: ED

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Naresh Goyal questioned all night by ED after fresh charges of money laundering

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ED books former Jet Airways boss Goyal for money laundering; conducts raids

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Everything You Need To Know About Bhushan Power And Steel

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