SIPHONING
SBI manager in Telangana arrested for siphoning Rs 3.3 crore
SBI Ramanthapur branch manager, Ganga Mallaiah Bhageeratha, was arrested for siphoning Rs 3.3 crore from customers' loan accounts. He transferred the funds to personal and family accounts. Accused of cheating and forgery, Bhageeratha and Shaik Saidulu from CAG Banjara Hills branch manipulated loan approvals with fake documents, tricking account holders into transferring excess funds. Bhageeratha is in judicial remand.
Maharashtra government's slum policy strange as it encourages encroachments; its inspection required, says HC
The court said once slums on a private land are recognised under the Slum Act, strangely the encroachment on a private land gets converted into a legitimate right of a free tenement to the encroacher under the slum policy of the state government, which, in our opinion, is as good as a premium on the illegality of the encroacher in encroaching on either private or public land. The court said government authorities need to be conscious of the ground reality that it is a herculean task to remove encroachers from both private and public land.
How bankers are helping cybercriminals siphon your money
13 bankers, including a former Yes Bank deputy manager, were arrested for aiding cybercriminals by providing access to bank accounts for online frauds. The manager, Shaikh, opened accounts without following KYC norms. ACP Priyanshu Dewan commented on the case.
ICICI Bank branch manager forged signatures, siphoned off 'Rs 11.95 crore' by transfer and cash, alleges the customer; case in EOW's net
ICICI Bank branch manager commits fraud: A branch manager of ICICI Bank has forged the signature of a customer with the intention to commit fraud. It is being alleged that the bank's branch manager managed to siphon off about Rs 12 crore and supplied the customer with fake fixed deposit receipt.
Religare requests ED to expedite probe into money allegedly siphoned off by erstwhile promoters
REL said it stands committed to recover the amount siphoned off from REL and its subsidiaries by the erstwhile promoters Malvinder Mohan Singh, Shivinder Mohan Singh and their associates and affiliates.
Over Rs 10,300 crore siphoned off by cyber criminals since 2021: report
Over 4.52 lakh cyber crime cases were reported on the National Cybercrime Reporting Portal (NCRP) in 2021, which rose by 113.7% in 2022, with 9.66 lakh cases being reported on the portal.
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Jet Airways Case: ED attaches Rs 538 crore assets in India, abroad
The ED, in its prosecution complaint against Jet Airways founder Naresh Goyal and others, on Wednesday said it has provisionally attached properties worth ₹538.05 crore in the case, including residential and commercial properties in the names of several companies and people such as Jetair Pvt Ltd, Jet Enterprises Pvt Ltd, Goyal, his wife Anita and son Nivaan, in London, Dubai and various parts of India.
Fresh revelations in Adani issue indicate over Rs 12,000 cr may have been siphoned off in two years: Cong
The Congress party has accused the Adani group of siphoning off more than Rs 12,000 crore from India in two years, calling it the "biggest scam" in modern India. Congress leader Jairam Ramesh claimed that the ruling BJP government had helped the Adani group acquire assets and accused them of using electoral bond funds to buy MLAs and weaken opposition parties.
India accuses China's Vivo of visa violations, siphoning off $13 billion
Chinese smartphone maker Vivo and its Indian affiliates are facing accusations from India's financial crime agency of employees concealing their employment when seeking visas and breaching rules by visiting sensitive areas of Jammu and Kashmir. The accusations come amid rising tension between India and China over business activities and border clashes in 2020. The agency claims that at least 30 Chinese individuals entered India on business visas and worked for Vivo without disclosing their employer.
Thane payment gateway fraud: Rs 16,180 crore siphoned off after hacking
The fraud was taking place since long and came to light following a complaint lodged with Srinagar police station in Maharashtra's Thane city of hacking of the payment gateway account of the company here in April 2023 and Rs 25 crore being siphoned off, an official from Naupada police station said.
Enforcement Directorate opposes HC order granting bail to Preeti Chandra in SC, says Rs 7,000 crore siphoned off
The Supreme Court had on June 16 stayed the high court's June 14 order and issued a notice to Preeti Chandra on the ED's plea challenging the bail. Additional Solicitor General (ASG) S V Raju, representing the ED, claimed in the top court that the case pertained to a scam of "huge magnitude" and Preeti Chandra had a "substantial role" in it.
SC sets aside SAT stay on Sahara Insurance biz transfer to SBI Life
The Indian Supreme Court has overturned an appellate tribunal's decision to stay an IRDAI order directing Sahara India Life Insurance to transfer its business and accounts to SBI Life Insurance as its financial position deteriorates. The Supreme Court noted the tribunal can hear the application for a stay afresh on 3 August and that Sahara's request will be considered independently and in accordance with the law.
Siphoned off policyholder funds: Supreme Court on Sahara India Life
Sahara India Financial Corporation, the major shareholder of Sahara India Life Insurance, is in for a scolding from the Supreme Court. The corporation has been criticised for failing to recover Rs 78.15 crore ($11m) from the insurance company. The court called the corporation a "gross defaulter" that had "siphoned off" funds from the insurance firm's policyholders.
Delhi HC dismisses govt appeal accusing Reliance of 'fraud, unjust enrichment of over $1.729 billion' for siphoning gas
The Delhi High Court dismissed the Indian government's petition that accused Reliance Industries and its partners of "insidious fraud" and a "unjust enrichment" of $1.729bn by siphoning gas from deposits they did not have the right to exploit. The government had demanded $1.47bn from RIL in 2014 for draining and selling gas that migrated from neighbouring ONGC blocks that share borders with RIL's block. However, the RIL-led consortium including UK-based BP and Canada's Niko Resources was cleared by the International arbitration award on July 24, 2018.
MVA leader Ratnakar Gutte siphoned off over Rs 600 crore loans availed as loans for farmers
The ED made the submission while opposing the bail application of Gutte. However, the special PMLA court earlier this month granted him bail, allowing the arguments of his lawyer Vijay Aggarwal that the ED had not arrested Gutte during the course of its investigation and that he had appeared on every occasion when summoned by the agency.
Board of directors of Maharashtra co-op bank violated norms to siphon off funds: ED
A statement of the federal agency to this effect came after the Pimpri-Chinchwad Police arrested Mulchandani and five of his family members for "obstructing" an ED raid conducted against the former bank chairman on January 27 and "destruction of evidence".
Siphoning of IPO proceeds: Sebi bans Austral Coke, 4 others from securities market for 6 months
It was alleged that the utilisation of funds as shown by the company in the quarterly results under the erstwhile listing agreement for the three quarters ended September 30, 2008, December 31, 2008 have been misstated.
BJP accuses AAP of siphoning off money for construction workers' welfare & using it for party work
The BJP on Friday charged Delhi government with enrolling "bogus" construction employees and diverting funds intended for them to the AAP for party-related projects.
SC issues notice to PNB, others on pleas of SFIO in Bhushan Steel funds siphoning case
A bench comprising Chief Justice U U Lalit and Justices S Ravindra Bhat and Bela M Trivedi took note of the submissions of the SFIO that the accused were complicit in the case related to the fund embezzlement.
CBI: ABG siphoned off borrowed funds on ex-chairman's order
The agency alleged that a large part of the borrowed money "has been moved out of India in violations of the sanctioned terms and conditions of the banks" and used "to acquire assets which are being utilised" by Agarwal - who was arrested by CBI on Wednesday in connection with an alleged ₹22,842-crore bank fraud case - through group entities.
Chawl case: New evidences suggest Sanjay Raut played key role in siphoning crime proceeds: ED charge-sheet
The ED also claimed the Sena leader (60), currently in jail, along with other officials associated with the redevelopment of Patra Chawl (chawls are rows of tenements/tiny apartments), was present at a meeting called by the then-chief minister in 2007 to discuss the financial implication of the multi-crore project.
PM Awas funds siphoned off in Odisha, Bengal: Centre
The ministry has found that bank accounts of 60% of the beneficiaries of PMAY (Rural) in Odisha have been changed from the accounts furnished at the time of survey. Since all transfers are now directly sent to the bank accounts of the beneficiaries, this meant that the identified beneficiaries did not get the amount in the bank accounts.
FASTag scam: Smartwatch can't scan a FASTag and siphon money, NPCI & Paytm clarify
Claims in the video, which show a child cleaning a windshield, scanning the FASTag using a smartwatch and then running away when questioned, are baseless and false, said NPCI. It is misinformation, added Paytm. The video clip, widely shared on different social media platforms, has amassed lakhs of views, shares and comments.
3 Income Tax employees siphoned off crores through fictitious TDS refunds; CBI probes
CBI has named three I-T officials- Abhay Kant, Saurabh Singh and Rohit Kumar- in connection with the case along with nine beneficiaries of the refunds. The tax department has alleged that the officials misused the RSA tokens of assessing officers to work out and authenticate generation of fictitious refunds payable to 11 assessee, on the system, and got the refunds worth over Rs 1.39 crore between August 1, 2020 and August 25, 2021 till the fraud was detected.
NCLT directs investigation against Wave Megacity for alleged siphoning of homebuyers' money
NCLT 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 Section 10 of the Insolvency and Bankruptcy Code (IBC) to initiate insolvency proceedings against itself.
Refugees of Ukraine’s besieged Azovstal Steel Plant describe how they survived in bunkers by siphoning fuel and singing songs
It’s already been two months since Russia first attacked Mariupol and hundreds of Ukraine residents describe the traumatizing plight that they had spent in the bunkers of Mariupol. Each night they sang songs in the joy of their survival.
Funds of educational trust siphoned off for personal gain of promoters: I-T dept
In a statement, the Central Board of Direct Taxes said the action was taken against "a popular chain of educational institutes, running several schools and colleges at multiple locations in India and abroad."
Siphoning of RFL funds: SC dismisses interim bail plea of Shivinder Mohan Singh
Singh had sought interim bail for a short period on “humanitarian grounds” for helping his ailing mother to take part in the last rituals of his maternal uncle, who died on March 8 in Haryana. “We are of the opinion that the presence of the accused was not a must...,” said a bench of Justices M R Shah and B V Nagrathna while dismissing the plea.
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