A day after hundreds of duped depositors from different parts of the State staged a massive demonstration demanding refund of their money, Opposition Congress on Wednesday sought a clarification from Chief Minister Naveen Patnaik on his government’s plan to return money to the investors who had been cheated by chit fund companies. The issue was […]
Pallavi Joshi’s bail plea rejected by Nagpur district court
Nagpur: The bail application of Pallavi Joshi, Shreesurya group director and co-accused in the scam, was rejected by Nagpur District and Session Court on Friday. The bail plea was dismissed by Special judge CS Tarare after the prosecution as well as counsels for the investors persistently
Herbalife shares rose to 7% despite Ackman’s pyramid scam charges against the company
The shares of Herbalife Ltd rose up to 7% on Friday. This has come as a surprise in spite of current attacks from its activist investors Bill Ackman about the nutrition firm being a pyramid scam. A pyramid scam is defined as a scam wherein the company or members of the company promise its investors […]
Swedish companies showing interest to invest in India
New Delhi: According to a business climate survey conducted by the Swedish Chamber of Commerce in India, though the temperament of Swedish companies to invest in India remains extravagant, 54 per cent of companies find Indian labour regulations problematic to their operation and growth. This was the sixth time, the survey was conducted and the […]
Economic Offences Wing struggles with Scams of 12,000 crore
Mumbai: Have a glance of these three fraud cases registered with economic offence wing (EOW): MMM India: Rs. 2,000 crores SpeakAsia fraud: Rs. 2,276 crores NSEL: Rs. 5,600 crores Total pending cases with EOW involves Rs. 12,395 crores, and due to shortage of manpower these cases are struck in court proceedings. For its 11 units […]
Uncovered All Aspects Of SpeakAsia & Qnet Case
“Uncovered All Aspects Of SpeakAsia Case” Speaking about the SpeakAsia scam, Rajvardhan Sinha, Additional Commissioner – EOW, Mumbai Police, says, “We are confident of recovering overseas funds in the case.” Watch as he also talks about EOW’s QNET investigation. “QNET masterminds change names after each investigation,” he tells Bloomberg TV India.
Speak Asia scam: Second accused Ram Niwas arrested from Bangalore airport
The Delhi Crime Branch Economic Offence Wing has apprehended one more primary accused in the Speak Asia rip-off. Ram Niwas was picked up from Bangalore. The Crime Branch has already jailed Ram Niwas Pal, the co-mastermind of Speak Asia scam from the Bangalore flight terminal. His brother Ram Sumiran Pal was detained from Delhi five-days-ago. Ram Niwas, an ex […]
SpeakAsia: Ram Sumiran Pal and his cousin Satish Pal remanded in cop custody till Dec 3
Two primary accused in the SpeakAsia fraud, Ram Sumiran Pal and his relative Satish Pal, were on Friday presented to the metropolitan magistrate’s court and remanded in police custody till December 3, 2013. The two were arrested by the special team of Delhi police and later on handed to the Economic Offences Wing (EOW) of the […]
Oriflame India: Warehouse destroyed by fire
Noida (UP): Goods estimated to be worth crores of rupees were destroyed in a major fire at the main warehouses of a oriflame India pvt ltd in Bisrakh Industrial area of Greater Noida. Ten fire fighters were sent there immediately,It almost took around five hours to bring the situation under control a fire official told. No injured was reported in […]
SpeakAsia: Ram Sumiran Pal Arrested by Mumbai Police
One more high-profile arrest happened in relation to Speak Asia case. Ram Sumiran Pal got arrested by Mumbai police, he was a part of the SpeakAsia administration team. Till now 8 FIRs have actually been registered throughout India including Maharashtra, Andhra Pradesh, Madhya Pradesh, Uttar Pradesh by the Enforcement Directorate. Soon more arrest are likely […]