Citizens' Issues
ED arrests two more accused in forex transfer case
New Delhi : The Enforcement Directorate on Thursday arrested two more accused allegedly involved in illegal forex transfer involving the Bank of Baroda.
 
Brothers Varun Bhatia and Gaurav Bhatia were presented before special Judge Sunil Kumar Aggarwal who sent them to ED's custody till March 1.
 
ED's public prosecutor N.K. Matta sought custody saying that the beneficiary of forex transactions who dealt with proceeds of crime, pertaining to the transfer of Rs.6,172 crore in foreign exchange through a bank branch through 59 bank accounts to companies in Hong Kong and Dubai for fake import and export businesses, has to be ascertained.
 
He also said that the agency has to ascertain the role of arrested people, involvement of other associates in money laundering and to confront with the voluminous records received from the banks.
 
Both the arrested accused were owners of three entities allegedly involved in money laundering, ED has alleged.
 
It added that both were summoned to join investigation but Gaurav Bhatia after initially avoiding, joined the investigation but Varun Bhatia remained on run.
 
ED recorded the statement of Gaurav Bhatia on October 27, 2015 wherein he stated that entire work of the accused entities were being looked by his elder brother Varun Bhatia.
 
In October last year, ED arrested four accused - Kamal Kalra, Chandan Bhatia, Gurucharan Singh and Sanjay Aggarwal - in the case.
 
Kalra is out on bail while the other three are in judicial custody.
 
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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Nifty, Sensex will move sideways
For a rally, Nifty has to close above 7,050 first
 
We had mentioned in Wednesday’s closing report that Nifty has to close above 7,110 for the decline to end. The index today closed in the negative for the third consecutive session. The market which was trading sideways up to the beginning of the noon session did not react positively for the rail budget announced today. The index was pulled lower in the noon session to hit a six day(including today) low. The markets were more volatile because the February series of futures and options expired today.
 
India VIX fell 0.91% to close at 22.7450. NSE recorded a volume of 1,067.31 million shares.
 
Investors' sentiments were subdued after the railway minister failed to announce big ticket capital expenditure projects in his budget speech, so as to meet the government's fiscal deficit targets. Further, investors took notice of the fact that railway revenue targets might not be met due to a slowdown in economic activity and that the government looked at monetising the internal resources for fund mobilization.
 
In addition, a sharp fall of over 6% in Shanghai Composite and softening of crude oil prices which declined by 1% to $31, unnverved the investors. 
Besides, a weak rupee dented sentiments. It closed weaker by 15 paise to touch its 30-month closing low. The rupee closed at 68.71 against the US dollar, at level which was last seen during late August, 2013. During the intra-day trade rupee value dwindelled to 68.79 to a US dollar from its previous close of 68.56 to a greenback.
 
The FIIs were net sellers during the day's trade, while the domestic institutional investors (DIIs) bought stocks. The data with stock exchanges showed that FIIs divested Rs 1,465.68 crore, while the DIIs bought stocks worth Rs 806.97 crore.
 
The top gainers and top losers of the major indices are given in the table below:
 
 
The closing values of major Asian indices are given below:
 

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Neighbours made to pay big price for Sanjay Dutt's 'freedom' celebrations
Fans and well-wishers of the Bollywood star have been dancing on the deafening sound of drumbeats since Wednesday night, making the neighbours of Dutt to bear the unbearable noise reaching about 110dB
 
Bollywood actor Sanjay Dutt was set free from a Pune jail on Thursday and returned home in Mumbai to savour 'complete freedom', 23 years after his legal problems began over his possession of an AK-47. However, his neighbours were made to pay a big price with noise levels reaching nearly 110 decibels dB as against permitted levels of 55 dB in residential area. Near the Bandra home there was a contingent of drummers who played a deafening welcome tune for Dutt throughout the day and night.
 
Sumaira Abdulali, Founder of Awaaz Foundation, who also stays in the next building to Dutt, says, "We are working on a campaign 'Get Well Soon, Mumbai', but after hearing this kind of loud noises since yesterday night, I feel like telling my neighbour, 'Get Well Soon, Munnabhai'." 
 
"What is more funny, is there are reporters from all media, many of them tell me that they also do not like what they are doing (with this coverage). However, what bugs me more is these people topple the trees we planted on the road sides," she added.
 
There were also large posters and huge banners welcoming the actor, and a special poster welcoming 'Papa' and 'Uncle' and 'Bro' from his wife and kids, sisters, nieces and nephews.
 
Dutt was accorded a warm welcome as he stepped out of Mumbai airport after flying from Pune in a chartered aircraft with his family members. It was followed by a tumultuous reception in Mumbai.
 
Earlier, Dutt was released around 8.30am from Pune's Yerawada Central Jail (YCJ) where he served the remaining 42 months of his five-year-long rigorous imprisonment.

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COMMENTS

Simple Indian

9 months ago

Like in the Salman Khan case, in this case of Sanjay Dutt, it is evident that in law, all are equal but some are more equal. Sanjay Dutt was shown undue favor with repeated paroles and furloughs, which was unusual. Also, in this episode, the police could have taken suo motu action to contain the revelry by his fans. It's a pity in our country soldiers die fighting for our safety and well-being and remain unsung heroes, while convicts get hero's welcome as if they have won a war for the country.

Meenal Mamdani

9 months ago

I don't have a smart phone but understand that one can download an app which measures the ambient noise in decibels.

According to Ministry of Environment and Forests, acceptable noise level in daytime is 55dB and 45dB at night. According to Noise Pollution regulation and Control Act 2000, person who wants to put up a loud speaker has to obtain prior permission from the local authorities, which I assume is the local police. Between 10pm and 6am, loudspeakers can be used only in confined areas such as auditorium after obtaining permission.

So, as always in India, we have laws on the books but they are for show only, not to be enforced lest some VIPs get irritated.

Sanjay Dutt owes a public apology to all who have been inconvenienced. If he wants to show the public that he has learnt from his past mistakes, he will place a prominent ad in the local paper to say the same and sternly inform his followers that such loud displays will no longer be tolerated.

vnrao

9 months ago

in order to make relevent to film industry must be spending lachs through PR exececise about him otherwise who is interested in him

Meenal Mamdani

9 months ago

Sanjay Dutt is responsible for this irresponsible behavior of his fans if he does not express his displeasure in the sternest of terms and threatens his fans with police action.

We see this too often, utter disregard for those around us. I asked an extremely loud band to lower their volume just a couple of days ago in the cul-de-sac where I am staying in south Mumbai. The responsible person had the gall to tell me that I should turn a deaf ear to it as it was a wedding being celebrated, that my dogs too bark loudly during the day and that this loud music was a part of the religious ceremonies and could not be toned down. Ear shattering Bollywood music part of marriage ritual!! What more idiocy and hubris does one need before concluding that civilized behavior is becoming a rarity in this metropolis.

REPLY

Shirish Sadanand Shanbhag

In Reply to Meenal Mamdani 9 months ago

I fully agree with Meenal's views. Now a days, Police hadrly take any action, when we give correct location of music or drum playing loudly. They say, it is allowed upto 10 pm. No music is allowed to play in very high pitch, any time of a day.
That is the reason when several fans of Sanjay Dutt, even when they were playing the drums at very high pitch, police didn't take any action on them.

Krishnan

9 months ago

Mad fans , sans brains and concern for the others.

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