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INVESTIGATION INTO INSOLVENCY FRAUD
ED searches at 17 locations in corporate insolvency process caseThe Enforcement Directorate has launched a money laundering probe, conducting searches across 17 locations in Maharashtra and Delhi. The in...- From $22 billion to zero: Success, not failure, brought Byju downByju's, once a $22 billion edtech giant, has collapsed. Founder Byju Raveendran faces jail for contempt. The company's downfall stems from ...
- NCLAT says NCLT cannot directly order SFIO Probe; refers matter to CentreThe National Company Law Appellate Tribunal (NCLAT) has held that the National Company Law Tribunal (NCLT) could not directly order an inve...
- ED has attached proceeds of crime worth Rs 64,920 cr in bank fraud cases: FM Nirmala SitharamanIn the Lok Sabha, Nirmala Sitharaman said the Fugitive Economic Offenders Act (FEOA), 2018 was enacted to deter economic offenders from eva...
- Supreme Court issues notice to Centre, others on plea for probe into multi-crore rupees insolvency fraudA bench comprising Chief Justice Surya Kant and Justice Joymalya Bagchi took note of the submissions of lawyer Ashwini Upadhyay and issued ...
- Anil Ambani’s Reliance Communications loan fraud totals Rs 14,000 crore: SourcesAnil Ambani's Reliance Communications has been accused of loan fraud exceeding ₹14,000 crore, according to ED sources. SBI has labelled RCo...
- Banks can flag fraud despite IBC shield: NCLTThe National Company Law Tribunal (NCLT) has ruled that a moratorium under the IBC doesn't prevent banks from classifying accounts as fraud...
- NCLT has powers to direct probe into company's affairs in insolvency matters, says NCLATNCLAT clarified that NCLT can order investigations into company affairs under the Companies Act in IBC cases, but only after providing conc...
- ED restitutes assets worth Rs 4,025 crore in Bhushan Steel bank 'fraud' caseThe Enforcement Directorate (ED) returned ₹4,025 crore to JSW, the successful bidder for Bhushan Power and Steel Ltd's assets under the Ins...
- Ministry of Finance meets PSBs, investigative agencies on bank fraudsThe finance ministry convened a meeting with public sector banks, government agencies, and investigative bodies like the CBI to expedite ba...
- NCLT directs investigation against Wave Megacity for alleged siphoning of homebuyers' moneyNCLT also imposed a fine of Rs 1 crore on Wave Megacity for attempting to play fraud on thousands of homebuyers by filing a petition under ...
- BPSL fraud : SFIO arrests Aarti SingalThe anti-fraud investigation office has been probing BPSL and its erstwhile management for alleged irregularities under the Company Law for...
- NCLT allows liquidator to sell company stressed assets attached by agencies“The liquidator is permitted to sell the assets of the corporate debtor…which were attached by the Enforcement Directorate, subject to the ...
- NCLAT asks investigative agencies to clarify over JSW Steel's immunity in BPSL matterA three-member NCLAT bench headed by Chairperson Justice S J Mukhopadhaya asked the agencies to file their reply affidavits by January 20 s...
- Government moves NCLAT against NCLT orders directing probe into cos' affairs by SFIOIn a petition moved before the NCLAT, the SFIO submitted that it being a statutory investigative office can direct to investigate into the ...
- Corporation Bank files insolvency pleas against Nirav Modi companiesLast year, soon after the scam came to light, Firestar Diamond had filed for bankruptcy in New York.
- SFIO arrests Bhushan Steel ex-promoter Neeraj Singal for alleged fund diversionHe is accused of siphoning off around Rs 2000 crore from the loans availed by Bhushan using more than 80 companies.
- 3 cos linked to bank fraud, bad debts face SFIO probeRuchi Soya, Sterling Biotech and Kanishk Gold are among the firms whose cases have been forwarded for probe.
- IPs do forensic audits to track bidders’ agendaFear is that some of the bidders may be using old promoter’s money through round tripping.
- Make bankruptcy law accountable, not time-bound: KrollUS-based risk consulting firm Kroll says entire process going to become a legalised and formal way of writing off fraud.
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