Over a month after the CBI cracked down on the alleged multi-crore kickbacks-for-loans scam, investigators are believed to have found irregularities in the loan files of at least eight companies, including Lavasa, DB Realty, Mantri Realty and Adani Group. In November, the CBI had arrested three members of Mumbai-based financial service company Money Matters and four others for their involvement in the alleged loan scam. The CBI, after going through loan...

The Reserve Bank of India (RBI) has started investigating the Rs 300-crore Fraud by Citibank manager Shivraj Puri after receiving a report from the bank. Officials at Citibank said the RBI had been regularly updated on its internal investigations since the Fraud came to light. “We have shared all the details with the RBI. The RBI will now investigate the matter further,” the Citibank official said. An RBI spokesperson confirmed that the probe...

Citibank manager Shivraj Puri’s alleged Fraud on wealthy clients has swivelled the spotlight on the growing number of high net-worth individuals whose money banks rush to manage for a fee. The wealth of high net-worth individuals (HNIs) — defined as those who have “investable assets of at least $1 million (around Rs 4.5 crore) — in India is estimated at a staggering $477 billion and is rising each day. According to the...

Indian civil society was dismayed and horror-struck when human rights activist Dr Binayak Sen, who has spent over three decades caring for the poor in tribal areas of central India, was sentenced to life imprisonment for ‘sedition’ along with two others, Piyush Guha and Narayan Sanyal by a Raipur Sessions Court judge.  Protests are taking place everywhere in the country and the members of India’s vibrant civil society, peoples’ movements,...

Calling it a “Fraudulent and politically-motivated judgment,” the Forum of Artists, Cultural Activists and Intellectuals condemned here on Monday the life imprisonment given to activist Binayak Sen by a court in Chhattisgarh and demanded his “unconditional release.” Dr. Sen, Maoist ideologue Narayan Sanyal and city-based businessman Pijush Guha were sentenced to life on December 24 by a Raipur sessions court, which found them guilty of criminal conspiracy to commit sedition under...