Court dismisses banker’s anticipatory bail plea

Court dismisses banker's anticipatory bail plea
Court dismisses banker’s anticipatory bail plea

A special court dismissed today the anticipatory bail plea of a private bank official, who was arrested by the Enforcement Directorate (ED) in connection with a fraud case post demonetisation, in a related cheating case.

Special Judge Poonam Chaudhry denied the relief to 32-year-old Vineet Gupta, a branch manager in Axis Bank’s Kashmere Gate branch who was suspended, in the case lodged against him by Delhi Police.

Gupta, who is in judicial custody in the case lodged by the ED, sought anticipatory bail saying he apprehends that police would arrest him if he gets bail in the ED’s case which is pending before another court.

He said his bail plea in the money laundering case is pending before another court.

The prosecutor, however, opposed his plea saying he cannot be given a blanket order granting protection from arrest.

Earlier, Gupta had approached the court seeking to surrender in the cheating case to which the police had said it would take his custody at an appropriate stage.

The ED had lodged a criminal complaint against two bankers and others based on a Delhi Police FIR after three persons were intercepted with Rs 3.7 crore cash in old currency notes in November last year in front of the bank’s Kashmere Gate branch.

Police booked Gupta for cheating and criminal conspiracy under the IPC and under the Prevention of Corruption Act.

Besides Gupta, 33-year-old Shobit Sinha, suspended manager (operations) in the bank, and Kushwaha, suspected to be the mastermind behind floating of shell companies, are lodged under judicial custody in the money laundering case for alleged irregularities related to conversion of old currency and supply of new notes.

Axis Bank had said in a statement, “The bank is committed to following the highest standards of corporate governance and has zero tolerance towards any deviation on the part of any of its employees from the set model code of conduct. In this particular case, the bank has suspended the erring employee and is cooperating with the investigating agencies.

( Source – PTI )

QNet case: Michael Ferreira arrested by Hyd Police

QNet case: Michael Ferreira arrested by Hyd Police
QNet case: Michael Ferreira arrested by Hyd Police

Former world billiards champion Michael Ferreira and three others have been arrested by Hyderabad Police in connection with an FIR registered against them here in the alleged multi-crore rupee fraud involving the multi-level marketing company QNet.

The Central Crime Station (CCS), a wing of Hyderabad Police, has made a breakthrough in a case of cheating which involved QNet and its Indian subsidiary M/s Vihaan Direct Selling India Pvt Ltd, by arresting four directors of Vihaan, Deputy Commissioner of Police (Detective Department) Avinash Mohanty told reporters here.

Michael Joseph Ferreira (78), Malcom N Desai, M V Balaji and Srinivas Rao, all directors and shareholders of Vihaan Direct Selling India Pvt Ltd who were earlier arrested in Mumbai by Maharashtra Police, have been brought to city on PT (production transit) warrants and arrested, the DCP said.

On October 13 last year, a complaint was lodged by one Suman Ghosh, an assistant manager in a private bank here, wherein he stated that he paid Rs 16 lakh (via DD) in the name of Vihaan Direct Selling India Pvt Ltd, on the promise of getting business. But, they did not give him any business despite collecting the amount.

Based on the complaint, a case under sections 406 (criminal breach of trust) and 420 (cheating) of IPC, besides relevant sections of Prize, Chits and Money Circulation Schemes (Banning) Act, Mohanty said.

He said during the course of investigation into the case registered here, on October 8 (this year) they received an information from the EOW wing of Mumbai Police that the four accused persons, who are directors of Vihaan Direct Selling India Pvt Ltd, were arrested and remanded in judicial custody.

Subsequently, Hyderabad Police filed an application at a court in Mumbai seeking their custody in connection with the case registered by them.

The Mumbai court then granted transit remand and the Hyderabad Police took Padma Bhushan recipient Ferreira and three others into custody and brought them to the city late last night.

( Source – PTI )

Air Asia pilot accuses Mallya of fraud, moves court

Air Asia pilot accuses Mallya of fraud, moves court
Air Asia pilot accuses Mallya of fraud, moves court

A pilot with Air Asia has moved court against his previous employer and Kingfisher Airlines chairman Vijay Mallya, alleging that the now-defunct private carrier did not deposit the tax deducted from his salary with the Income Tax department.

Akash Sharma, in a complaint filed before the chief judicial magistrate’s court here, alleged Kingfisher Airlines deducted Rs 9 lakh from his salary in 2010-11 and 2011-12 as TDS but did not deposit the money with the Income Tax department.

MP court convicts 21 in 2006 provident fund fraud case

jailA local court has convicted 21 people for swindling more than Rs 73 lakh as claims fraudulently from Employees Provident Fund Organisation’s (EPFO) office here a decade ago.

CBI special judge Manoj Kumar Shrivastava yesterday awarded seven years imprisonment to key accused in case, the then lower divisional clerk Gajendra Singh in the EPFO Sub Regional Office (SRO) here, and imposed a fine of Rs 66 lakh on him.

Three other accused – the then section supervisor Bhopal Pratap Singh, the then section supervisor of EPFO local office CT Joseph and the then assistant officer of EPFO local office D K Chandane — have been sentenced to five-year imprisonment each and fined.

Seventeen other accused were awarded three years imprisonment each and fined.

The court imposed a total fine of Rs 82.80 lakh on all the convicts including Gajendra Singh.

One of the accused Dhapu Bai was acquitted in the case. Judge Shrivastava found the convicts guilty of entering into a criminal conspiracy and fraudulently and dishonestly settling 26 claims in the name of people who were not the members of EPFO between 2001-2003.

CBI had registered a case against them under section 120 – B, 420, 467, 468, 471 and 477 – A of IPC and 13 (2) read with 13 (1) (d) of Prevention of Corruption Act 1988 on May 31, 2006 on the complaint of the EPFO local office’s the then regional provident commissioner Gazala Ali Khan.

A charge sheet was filed against the convicts on December 31, 2007, CBI officials said.

HC urged to reopen fraud case after cops file closure report

The father of a lady accountant of a cooperative society, who committed suicide two days after being questioned by seniors in a fraud at her workplace, has urged the Bombay High Court to order reopening of the case to probe the involvement of others in the alleged malpractice.

A division bench of justices Ranjit More and Anuja Prabhudessai, on February 9, ordered the prosecution to file a reply to the petition and also submit a copy of summary report filed by police before a Magistrate, saying the case may be abated or closed in view of the death of the accountant.

The accountant, who was working in Chinchani branch of Setu Co-operative Credit Society here had committed suicide on June 8 2012, two days after she was called for questioning by her seniors after a fraud was detected in the society’s accounts.

Her father filed a petition through lawyer Aniket Nikam, saying police had closed the case on the ground that the accountant alleged to have been involved in the fraud had died. However, the petitioner argued that his daughter alone may not have been involved and there could be other staff of the society also involved in the alleged crime.

Advocate Nikam argued that police may have closed the case in order to protect other persons in the alleged fraud and hence it would be just and proper if the case is re-investigated.

Nikam argued the forensic audit report in respect of transactions of the said society categorically said that the alleged fraud could not have been possible without the involvement of other officers because the accounts of members including the Chairman were used for parking of huge funds.

The matter would be heard again on February 23 when police files a reply and the summary report of the closure of the case.

IAS officer’s wife, bank manager jailed in fraud case

Manda Thete a wife of the IAS officer and the bank manager has been sentenced to 18 months in jail in a fraud case by a Special Lokayuka Judge.

IAS officer Ramesh Thete’ wife, and Keshav Deshpande, a bank manager and co-accused in the case, were convicted by Judge Vimal Prakash Shukla.

The two were found guilty in the case related to procurement of Rs 25 lakh loan from the MP State Cooperative Bank here through fraudulent means.

As per the prosecution, Manda had applied for loan in 2002 and at that time value of the house she had given as collateral was shown to be Rs 25 lakh although its market value was just Rs six lakh.

Deshpande, as Manager of the bank, accepted the house assessment value without making any independent inquiry to find its actual cost, according to it.

Manda later invested the loan amount in her cassette company, Smart Audio, and used a part of it to pay old debts.

The fraud came to light after a raid on the officer’s house following a complaint about possession of disproportionate assets.

Fraud case: Subrata Roy gets relief in high court (Lead)

The Delhi High Court Tuesday stayed the proceedings against Sahara India group chairman Subrata Roy and four others in a court here on a complaint that they had duped investors in a proposed housing project.Justice Ajit Bharihoke said: “The proceedings and the execution of the warrants against Roy and four other company officials would remain stayed till May 10, the next date of hearing.”

A Delhi court last month issued a bailable warrant against Roy and the four officials on a complaint that they had duped investors in the project of Rs.25,000 crore, holding that there was enough prima facie material to proceed against them.

Senior advocate Abhishek Manu Singhvi, appearing for Sahara India group, said: “The order of the lower court was malicious as, instead of issuing summons first, it straightaway issued the bailable warrants against Roy and others.”

Chief Metropolitan Magistrate Vinod Yadav earlier asked Delhi Police to execute the warrant against Roy and others by Feb 9.

The lower court passed its order after conducting an inquiry and recording the testimony of complainant Neeraj Pandey and his wife Beena, who alleged they were not allotted a flat even after investing over Rs.1 lakh in the proposed housing project “Sahara Swaran Yojana” in the National Capital Region (NCR) in 2003.

Pandey filed the compliant against six people, including Roy, deputy managing directors Om Prakash Srivastava, Joy Broto Roy and Swapna Roy and Delhi projects in-charge H.S. Rawat.

The complaint, filed April 12, 2009 alleged that despite the promise to give him the house, no progress was made in its project in the NCR region and the company after six years offered to return Rs.1.58 lakh.

The complaint said the company duped investors by promising to build 217 townships across the country.