Companies & Sectors
CBI arrests Ramel Industries directors in chit fund scam
The Central Bureau of Investigation (CBI) on Monday arrested the directors of West Bengal-based Ramel Industries Ltd in its ongoing probe into the multi-crore chit fund scam.
 
Ramendra Mohan Sarkar and Sukanta Deb, directors of Ramel Industries, were arrested on charges of criminal breach of trust and cheating. 
 
The agency had filed a case against the company, its directors and other unidentified persons on November 28, 2014. 
 
"It was alleged that the directors of Ramel Industries had collected money from the investors under its investment scheme by fraudulently promising very high returns and also without the permission from the regulatory bodies, and later misappropriated it," a CBI official said. 
 
The official said the accused had allegedly closed its operations and wound up its business, thereby cheating the investors.
 
The Supreme Court on May 9, 2014, ordered a CBI inquiry into the chit fund scams in West Bengal, Odisha and Assam in which various firms, including Saradha, allegedly duped investors collectively of around Rs 10,000 crore.
 
Ramel Industries had been on the CBI radar after the Saradha bubble burst. 
 
In May 2014, Sebi had barred promoters of Ramel Industries, which is a non Saradha ponzi firm, from raising money from the public. 
 
It also barred them from accessing capital markets till it refunded around Rs 98 crore. According to sources, the group allegedly did not pay heed and continued raising money from the public.
 
The company reportedly has raised around Rs 100 crore.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

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Ashok Chawla named part-time chairman of YES Bank
Former head of the Competition Commission of India (CCI) Ashok Chawla will take over as the non-executive part-time chairman of YES Bank -- the country's fifth-largest private sector bank -- in October as the RBI has given approval for the appointment, the bank said on Monday.
 
Chawla, who is chairman of the National Stock Exchange (NSE), will take charge with effect from October 30 for a period of three years upon the expiry of the term of the current chairperson Radha Singh, the bank said in a statement.
 
Chawla, currently an independent director in the bank, was appointed on the Board on March 5 this year. 
 
A civil servant, Chawla has been posted as Secretary in ministries such as Finance, Economic Affairs and Civil Aviation.
 
He has been on the Boards of the RBI, Insurance Regulatory and Development Authority, State Bank of India and Life Insurance Corporation of India. He was also at different points in time India's Executive Director on the International Fund for Agricultural Development, Alternate Governor for India at the World Bank and at the Asian Development Bank.
 
After his retirement from the civil service, he was appointed as the Chairman of the CCI for the period 2011-2016. 
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

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