Ratul Puri case: Bank fraud figure to cross Rs 1,400 cr
The Enforcement Directorate (ED) probe involving Ratul Puri, nephew of Madhya Pradesh Chief Minister Kamal Nath, arrested in a money laundering case, has revealed that the amount of the bank fraud is approximately Rs 1,492 crore, much higher than Rs 354 crore as mentioned by the Central Bank of India in its complaint.
 
An ED source related to the probe told IANS: "Investigation has revealed that Moser Baer had bought Blue Ray discs from Pacific International FZE, a company of Rajiv Saxena, which purchased the same from Singulus Technologies, Germany."
 
He said the total quantum of purchase was approximately $3.3 million and the price differential per unit was "double" the amount.
 
"Investigation has revealed that Ratul was the beneficiary of the said tainted money, generated by diverting bank funds through over-invoicing," he said.
 
He said Saxena started business of supplying solar power panels to the Moser Baer group from Midas Metals International LLC, which were sourced from West Asia Trading and Enertec Ltd.
 
"The said companies belong to Ratul, and were used for earning a profit margin and diversion of funds," he said.
 
He said, "The total quantum of business undertaken herein was Rs 1,492.36 crore approximately."
 
According to the ED source, Puri was the Executive Director of Moser Baer till 2012, but he remained in the "decision making" of Moser Baer and was a "key" figure in the day-to-day functioning of the company.
 
The source pointed out that to ascertain the proceeds of crime, many people have been summoned and their statements are recorded during the course of investigation carried out during the custody remand of Puri.
 
He said in the court on Monday, its Special counsel Vikas Garg and DP Singh argued how Puri's counsel Vijay Agarwal was trying his best to delay and jeopardise the probe.
 
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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    NCLAT Asks Jet CoC if It Will Work with Dutch Administrator
    The National Company Law Appellate Tribunal (NCLAT) on Wednesday asked the Committee of Creditors (CoC) of Jet Airways to file an affidavit stating whether it is ready to cooperate with the Dutch bankruptcy administrator which is also pursuing insolvency proceedings against the airline.
     
    The appellate tribunal has directed the CoC to file the affidavit within a week's time.
     
    The debt-riddent Jet Airways is facing insolvency proceedings in The Netherlands too. It was declared bankrupt there after it had failed to pay two European creditors. The Dutch court subsequently appointed a bankruptcy administrator.
     
    The three-judge bench headed by NCLAT Chairman SJ Mukhopadhaya, will next hear the matter on 4th September.
     
    Jet Airways on 17th April  had announced temporary suspension of all flight services as it failed to secure interim funding from lenders to maintain even bare minimum operations.
     
    Currently, Jet is under the insolvency process, under which a CoC has invited expressions of interest (EoI) from potential bidders. 
     
    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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    COMMENTS

    arvind

    1 year ago

    No wounder as a saying goes 'Invest or start a airline if you are a billionaire and want to become a millionaire'
    But in India its different. Promoter can make money as long as PSBs are leanding/donating money.

    Deepak Narain

    1 year ago

    It is unfortunate this Company has reached this situation. It needs to be brought to life in the general public interest. Most public-sector companies have also reached this fate in the past and closed down. Some stern vigil and control is needed, free from political interference.

    Auto slowdown: SBI waives processing fee on car loan, more PSBs to follow
    In a bid to boost car sales amid piling inventories, the State Bank of India (SBI) on Tuesday waived processing fee on car loans during the upcoming festival season and is also offering the lowest interest rate starting 8.70 per cent on car loans, with no escalation in interest.
     
    The move is likely to be followed by other PSBs in different formats to make credit cheaply available to the buyers. Officials from at least three public lenders said they would respond to the SBI move in their own way to benefit auto buyers during the festival season.
     
    The Indian auto sector is going through an unprecedented downturn. Auto sales in July this year fell to a 20-year low, and at the current monthly average sales, total projected annual sales of passenger vehicles for 2019-20 may drop to yearly sales levels seen in 2014-15 and 2015-16.
     
    Tuesday's SBI announcement came after the largest Indian lender on Sunday extended by 15-30 days the loan repayment period for stressed automobile dealers to help them out of current inventory builds-ups. The bank has an exposure of Rs 11,500 crore to auto dealers.
     
    "Normally, the repayment period is 60 days. So we extend it for 75 days for some dealers and to 90 days for a few others. We are talking to each dealer. We also had meetings with the Federation of Auto Dealers. We are actively engaged with all of them. On a case to case basis, whichever dealer has faced any problem on account of excess inventories, we have been working out solutions for all of them," said P.K. Gupta, Managing Director-Retail & Digital Banking, SBI. 
     
    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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    COMMENTS

    Arumugaraja

    1 year ago

    Ride sharing apps are also contributing to declining personal car sales.

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