Special Investigations website Cobrapost has revealed that 23 banks and insurance companies have been engaged in money laundering. Among the 23 banks involved are mostly PSU banks including some big names like the State Bank of India, Bank of Baroda, Punjab National Bank, Canara Bank, IDBI, Oriental Bank and Dena Bank. Aniruddha Bahal, editor-in-chief, Cobrapost.com, joined IBNLive readers for an interaction on the matter.
Q. Hats off to you and your team. I fear that tomorrow there will be a larger scam and this will be forgotten, how do you plan to take this further? Have you discussed with Arvind Kejriwal on how to bring this to its logical conclusion? I am ashamed to be calling myself an Indian, it sends shivers down my spine when I realize how both public sector and private sector are in the same rot. Asked by: Dhaval B Shah
A. We cannot be cynical and not do investigations because we fear that they might not have the impact we hope to or desire. As a media platform we can only do stories and then when they are in the public space there are others whose role it could be to take it forward....
more
06:39 PM, May 06, 2013
Bhubaneswar: A scam as big as the chit fund fraud in West Bengal has been exposed, but this time it is in Odisha. A CNN-IBN exclusive shows how fraudulent investment companies are duping investors in the state. Investors have been swindled off nearly Rs 20,000 crore by 40 finance companies in Odisha. Seashore Group, one of the companies being probed by Odisha police, has duped over 80,000 investors and collected...
06:38 PM, May 01, 2013
Kolkata: As the West Bengal government continues to face the criticism of the Opposition over the chit-fund scam, Chief Minister Mamata Banerjee has ordered closure of two fund-raising companies. "We have given instructions to close the two companies in 24 hours and we are keeping an eye on other such companies," the Chief Minister told reporters on Tuesday in the Assembly lobby after her speech in the House during the...
10:04 AM, May 01, 2013
Kolkata: In a fallout of the Saradha chit fund scam in West Bengal, the state Assembly on Tuesday passed a new bill on protecting investor interests in chit fund companies. The Bill was passed with minor amendments in a special session of the Assembly. However, there was no amendment in the most controversial portions of the Bill, namely the definition of Competent Authority (clause 8) and Section 22 (2) which...
06:03 PM, Apr 30, 2013
Patna: Bihar police on Sunday raided offices of over a dozen chitfund companies on the outskirts of state capital and arrested 11 persons from whom Rs 8 lakh was seized. On a tip off about activities of chitfund companies in Bakhtiyarpur, Barh and Mokama areas of rural Patna, a special team was formed which conducted raids in their offices, a release from the office of Senior Superintendent of Police said....
12:57 AM, Apr 29, 2013
New Delhi: The Corporate Affairs Ministry has decided to order a probe into Saradha Group companies amid growing controversy over the Kolkata-based entity allegedly duping thousands of investors. Corporate Affairs Minister Sachin Pilot along with senior Ministry officials would on Thursday hold a meeting to look into the functioning of various chit funds including issues related to Saradha group companies. A senior official said the Ministry is likely to order...
12:36 PM, Apr 25, 2013
Amid growing public outrage over an allegedly fraudulent investment scheme run by Saradha group, market regulator has begun a fresh probe into the fund-raising activities of the Kolkata-based entity. The capital market regulator is looking into whether its Collective Investment Scheme (CIS) regulations were violated while raising funds from the public, a senior official said. ...
11:45 PM, Apr 23, 2013
Amid growing public outrage over an allegedly fraudulent investment scheme run by Saradha group, market regulator has begun a fresh probe into the fund-raising activities of the Kolkata-based entity. The capital market regulator is looking into whether its Collective Investment Scheme (CIS) regulations were violated while raising funds from the public, a senior official said. ...
11:30 PM, Apr 23, 2013
New Delhi: Amid growing public outrage over an allegedly fraudulent investment scheme run by Saradha group, market regulator has begun a fresh probe into the fund-raising activities of the Kolkata-based entity. The capital market regulator is looking into whether its Collective Investment Scheme (CIS) regulations were violated while raising funds from the public, a senior official said. Sources said that Sebi began the latest round of investigation after certain complaints...
01:42 PM, Apr 23, 2013
Washington: Amidst Congressional debate on the comprehensive immigration reform, a top US Senator has accused big Indian IT companies - TCS, Infosys and Wipro - of abusing the H-1B visa system. "There are some specific abuses of H-1B," Senator Richard Durbin, said during a Congressional hearing on immigration reform by the powerful Senate Judiciary Committee on Monday, during which the lawmakers discussed threadbare the H-1B visa issues. In fact, Senator...
01:32 PM, Apr 23, 2013
As lakhs of investors in West Bengal lose their savings in a chit fund scam following the collapse of the Saradha Group, the state government on Monday formed a special investigation team (SIT) and instituted a high-level inquiry into chit fund companies operating in the state. ...
11:55 PM, Apr 22, 2013
New Delhi: The Delhi High Court on Friday refused to grant interim relief on a patent row to US pharmaceuticals major Merck Sharp and Dohme (MSD) which sought a restraint on Indian firm Glenmark Pharmaceuticals manufacturing and marketing anti-diabetes drugs Zita and Zita-Met. Justice Rajiv Sahai Endlaw dismissed the interim application of the multinational pharma major the Mumbai-based firm be restrained from manufacturing and selling the anti-diabetes medicines on the...
05:54 PM, Apr 05, 2013
In a landmark verdict, the Supreme Court dismissed a plea by the Swiss pharmaceutical giant Novartis on Monday for a patent on its cancer drug Glivec, paving the way for more affordable life-saving cancer drugs. How does it affect the Indian pharmaceutical industry and the global biggies who are looking at India as a quick-growth market? Pharmaceutical industry expert Vikas Dandekar joined IBNLive readers for an interaction on the issue....
05:30 PM, Apr 01, 2013
Shares of the Swiss pharmaceutical giant Novartis fell about 4.5 per cent on Monday after the Supreme Court of India dismissed its plea for a patent on its cancer drug, Gelvic. Shares of select Indian pharmaceutical companies rallied as the industry is set to receive a boost following the verdict. ...
11:48 AM, Apr 01, 2013
The court battle among airport operators, tax authorities and Kingfisher Airlines' lessors over repossession of its planes may have a negative impact on other Indian carriers leasing aircraft from global leasing companies, a leading aviation consultancy firm has said. Major aircraft leasing companies and financers have started adopting a cautious approach towards Indian carriers, with some even threatening to pull out of India, it said. ...
10:18 AM, Mar 31, 2013
After attacking two offices of private company Indiabulls, Raj Thackeray's Maharashtra Navnirman Sena (MNS) justified its violence, saying the party was just reflecting the anger and the anxiety of the common man in the face of the government's inability to deal with the drought. ...
07:33 AM, Mar 26, 2013
The CBI on Friday seized 11 cars belonging to BCCI chief and India Cements promoter N Srinivasan as part of its ongoing raids in Chennai, sources said. The sources added that Srinivasan had evaded paying tax on the imported cars. ...
08:33 PM, Mar 22, 2013
Wipro Ltd on Wednesday said it has been recognised by the Ethisphere Institute, a leading business ethics think-tank, as one of the 2013 World's Most Ethical (WME) Companies, for the second year in a row. The Ethisphere Institute is an international organisation dedicated to the creation, advancement and sharing of best practices in business ethics, governance, anti-corruption and sustainability. ...
11:02 PM, Mar 06, 2013
In January 2009, in what is widely referred to as 'India's Enron', 300,000 shareholders of Satyam Computer Services (now Mahindra Satyam) came together and sued the company. Satyam's founder Ramalinga Raju had confessed to misstating accounts, and the company stock plummeted. The shareholders claimed damages worth Rs 5,000 crore. ...
02:55 PM, Mar 01, 2013
India is aggressively pursuing tax claims against multinational firms operating in the country as the government seeks to rein in its budget deficit, taking particular aim at IT and back-office functions, tax officials say. It has targeted several multinational companies in recent years for tax audits on transfer-pricing, but over the past 12 months has widened the scope of the investigations, officials added. ...
09:28 AM, Feb 18, 2013
