Companies & Sectors
Stock Guru scam: ED to attach properties of accused couple

The agency’s action to attach these properties under PMLA is aimed at depriving the accused benefits of these assets which are created through the “proceeds of crime” and illegal means

The Enforcement Directorate (ED) is set to attach properties worth over Rs125 crore of the main accused in the Stock Guru scam—Ullas Prabhakar and his wife—under money laundering laws.


The agency has recently recorded the statement of the duo who are lodged in Tihar jail in judicial custody.


The agency had registered a regular case under the Prevention of Money Laundering Act (PMLA) sometime back after the couple was arrested by Delhi police last year.


Flats of the couple in places like Mumbai, Hyderabad, Ratnagiri, Nagpur and few other cities besides other assets like fixed deposits and cash with a total value of a little more than Rs125 crore will be attached and prohibitory orders will be used against their usage or operation by the concerned parties or anyone else, official sources said.


The agency’s action to attach these properties under PMLA is aimed at depriving the accused benefits of these assets which are created through the “proceeds of crime” and illegal means.


The ED would also widen its probe in the case and investigate the role of some Income Tax department officials who had raided the couple last year.


The agency had registered the money laundering case against Ullas Prabhakar alias Lokeshwar Dev and his wife Raksha alias Priyanka Saraswat.


The agency had sometime back told a Delhi court that interrogation and recording of statements of both the accused was necessary for proceeding in the ongoing probe and the ED’s investigators may be allowed to examine them in jail.


Chief metropolitan magistrate (CMM) Ajay Pandey had allowed the plea of the agency then.


Ullas and Raksha were arrested by the Economic Offences Wing (EoW) of the Delhi Police on 10th November last year from Ratnagiri in Maharashtra for allegedly duping around two lakh investors from seven states of nearly Rs500 crore by promising them high returns through their firm M/s Stock Guru India dealing in stock market.




4 years ago

Why the properties of the MLM scamsters / Money chain fraudsters still remain untouched?

FIIs to pay only 5% withholding tax on interest income

The benefit will be available on interest income of FIIs and QFIs accruing between June 2013 and May 2015 irrespective of the date of investment

In a bid to attract greater FII (foreign institutional investor) participation in the debt market, the government today said foreign investors will pay only 5% withholding tax on interest earned from such investments till May 2015.


“In order to provide broad based incentive and encourage greater offshore investment in debt market by FIIs and qualified foreign investors (QFIs), it has been decided that the benefit of lower withholding tax (i.e. 5% instead of 20%) shall be available in respect of interest on investment made in bonds issued by Indian companies and Government securities,” the Finance Ministry said in a statement.


Notifying the decision, it said the reduction in rates and simplification of the withholding tax norms is expected to deepen the Indian debt market and accelerate the pace of growth of the Indian economy.


The benefit will be available on interest income of FIIs and QFIs accruing between June 2013 and May 2015 irrespective of the date of investment, the ministry added.


In 2013-14 Budget speech, finance minister P Chidambaram had announced that necessary changes are proposed to provide benefit of reduced withholding tax to cases where investment is made by a non-resident in rupee denominated long term infrastructure bonds.


In the 2011-12 Budget, the rate of withholding tax on interest payments on the borrowings of Infrastructure Debt Funds (IDF) was reduced from 20% to 5% with an aim to enhance resource availability for infrastructure development.


Subsequently, the tax was reduced from 20% to 5% in respect of interest paid on money borrowed in foreign currency from abroad for three year period during July 2012 to June 2015 on borrowings under a loan agreement and by way of infrastructure bonds issued in foreign currency.


The government has already simplified KYC norms for investments in long term infrastructure bonds by non-resident investors. They now do not need to produce PAN to avail the benefit of reduced withholding tax.


IPL spot fixing: Vindoo Dara Singh arrested by Mumbai police

(Vindoo chatting with Sakshi Dhoni, wife of MS Dhoni during an IPL match)

Vindoo Dara Singh, more famous as winner of Bigg Boss 3, is the latest celebrity arrested in the IPL spot fixing scandal

Vindoo Randhawa, son of late wrestler-actor Dara Singh, was on Tuesday arrested by the Mumbai Crime Branch in connection with the IPL spot-fixing scandal.


The 49-year-old Vindoo, winner of reality television show Bigg Boss season 3, was on many occasions spotted watching IPL matches and attending post-match parties.


His arrest is the first from Bollywood in connection with the latest scandal to hit Indian cricket. According to a Times Now report, Vindoo Dara Singh's arrest follows confession from match fixer Ramesh Vyas.


It is not yet known if he was a link between IPL players and the bookies or was just into betting.


According to police officials, Vindoo was questioned after he was found to be in contact with the bookies and subsequently arrested. Besides Vindoo, the Mumbai police have also arrested Prem Taneja and hawala operator Alpesh Patel and charged them under section 465,466,468,471,419,420, 34, 120 (b), 66 of the Indian Penal Code (IPC) and IT act.


The Crime Branch, which is also probing the IPL spot fixing scandal had yesterday questioned a casting director who sent photographs of models to S Sreesanth and summoned a Telugu film producer having business links with the tainted India pacer.


The Special Cell of Delhi Police had arrested Sreesanth, his Rajasthan Royals teammates—Ajit Chandila and Ankeet Chavan—and Jiju on 15th May night for allegedly indulging in spot-fixing in at least three IPL matches.


According to social media, Vindoo was seen during several IPL matches in the stadium. He was also spotted with Indian cricket team’s captain Mahendra Singh Dhoni’s wife Sakshi while watching some matches.


Vindoo Dara Singh has been sent to police custody till 24th May.



Arun Mehta

4 years ago

Small time Bookies will get caught in the cross fire between the two Metro police rivalry ,as who is smarter.Finally the success will be measured by who gets the higher conviction rate.


Vinay Joshi

In Reply to Arun Mehta 4 years ago

Who can be convicted & how? By either rivals!

As a matter of fact this is not a subject of ML!


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