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Rs 792 crore Falcon scam: ED attaches Assets worth Rs 18 crore
HYDERABAD: The Enforcement Directorate (ED), Hyderabad Zonal unit, has attached twelve immovable properties worth Rs 18.14 crore under the Prevention of Money Laundering Act (PMLA) in connection with an ongoing investigation against M/s Capital Protection Force Pvt. Ltd., its promoter Amardeep Kumar, and others. The probe was initiated based on three FIRs filed by the Economic Offences Wing (EOW), Cyberabad, alleging that Amardeep Kumar and his company had cheated investors by promising high returns through the fraudulent 'Falcon Invoice Discounting Scheme'. The ED investigations revealed that M/s Capital Protection Force Pvt Ltd lured investors by offering fabulous returns under the guise of funding invoice discounting. However, no genuine business operations were conducted, and investors were cheated of approximately Rs 792 crore.
Time of India
7 hours ago
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Car sales inch up in July after two-month slump; industry pins hopes on festive cheer
Domestic passenger vehicle sales rose about 1% in July, marking a slight recovery after two straight months of decline, amid persistently sluggish consumer demand. Companies are cautiously optimistic that sales will accelerate further during the coming festive season, starting with Onam in August. Explore courses from Top Institutes in Please select course: Select a Course Category Healthcare Digital Marketing Technology Cybersecurity Management others Finance Operations Management PGDM Product Management Others healthcare Leadership Public Policy CXO MBA Degree Data Science MCA Project Management Data Analytics Data Science Design Thinking Artificial Intelligence Skills you'll gain: Financial Analysis in Healthcare Financial Management & Investing Strategic Management in Healthcare Process Design & Analysis Duration: 12 Weeks Indian School of Business Certificate Program in Healthcare Management Starts on Jun 13, 2024 Get Details As many as 348,000 cars, sedans, and utility vehicles were dispatched from factories to dealerships last month, compared with 344,000 vehicles in July 2024, according to industry estimates. Retail sales were flat at about 328,000 vehicles last month. At the country's largest carmaker Maruti Suzuki , wholesale volumes were largely unchanged at 137,776 vehicles last month. Partho Banerjee, senior executive officer (marketing and sales) said while Maruti has seen an uptick in bookings ahead of the festive season, starting with Onam in Kerala, conversions are slow. 'Growth in rural markets which stood at about 10% last year, has now come down to 2-3%. In urban areas, with layoffs in the IT sector, buyers are cautious,' Banerjee said, adding, 'We have, however, seen an increase in bookings which is a positive sign.' 'With the advent of the festive season, as things stabilise, we expect the demand momentum to pick up,' said Banerjee. Maruti Suzuki has so far recorded a 10% increase in bookings in Kerala. Korean rival Hyundai Motor India too saw sales dip by 10% to 43,973 vehicles in July. Tarun Garg, chief operating officer, said, 'While the overall auto industry has seen some softness in recent months, we remain optimistic with the onset of the festive season and are fully geared up with robust supply and product offerings.' Meanwhile, Tata Motors saw passenger vehicle sales decline by 12% to 39,521 units last month. At Toyota Kirloskar Motor too, sales fell by 1.2% to 29,159 vehicles in July. Mahindra & Mahindra (M&M) and JSW MG Motor India were among the few to buck the sluggish industry trend, recording an increase in wholesale volumes in July. While sales at Mahindra climbed 20% to 49,871 vehicles, JSW MG posted a 46% surge to 6,678 vehicles. Nalinikanth Gollagunta, CEO (automotive division) at M&M said, 'Our SUV growth has been supported by the recent launch of XUV 3XO 'REVX' Series & the commencement of deliveries for Pack two variants of the BE 6 and XUV 9E models.' In the commercial vehicle segment, market leader Tata Motors posted a 4% sales growth at 26,432 units in July. Chennai-based Ashok Leyland recorded a similar 4% rise to 13,501 units while VE Commercial Vehicles' sales of Eicher branded trucks and buses grew 6% to 6,410 units. Two-wheeler sales remained healthy in the month under review. At TVS Motor Company , domestic two-wheeler sales increased 21% to 308,720 units in July. Royal Enfield reported a 25% growth at 76,254 units. In the farm equipment segment, market leader M&M sold 26,990 tractors last month, a 5% increase from a year earlier. 'This performance was driven by sustained land preparation activities, supported by robust cash flows in rural markets following the conclusion of Rabi crop harvesting," said Veejay Nakra, president (farm equipment business) at M&M. 'Additionally, the normal progression of monsoon across most regions further contributed to good demand during the onset of sowing for the Kharif season."
Economic Times
7 hours ago
- Economic Times
Car sales inch up in July after two-month slump; industry pins hopes on festive cheer
Agencies Representative image Domestic passenger vehicle sales rose about 1% in July, marking a slight recovery after two straight months of decline, amid persistently sluggish consumer are cautiously optimistic that sales will accelerate further during the coming festive season, starting with Onam in many as 348,000 cars, sedans, and utility vehicles were dispatched from factories to dealerships last month, compared with 344,000 vehicles in July 2024, according to industry estimates. Retail sales were flat at about 328,000 vehicles last month. At the country's largest carmaker Maruti Suzuki, wholesale volumes were largely unchanged at 137,776 vehicles last month. Partho Banerjee, senior executive officer (marketing and sales) said while Maruti has seen an uptick in bookings ahead of the festive season, starting with Onam in Kerala, conversions are slow. 'Growth in rural markets which stood at about 10% last year, has now come down to 2-3%. In urban areas, with layoffs in the IT sector, buyers are cautious,' Banerjee said, adding, 'We have, however, seen an increase in bookings which is a positive sign.' 'With the advent of the festive season, as things stabilise, we expect the demand momentum to pick up,' said Banerjee. Maruti Suzuki has so far recorded a 10% increase in bookings in Kerala. Korean rival Hyundai Motor India too saw sales dip by 10% to 43,973 vehicles in July. Tarun Garg, chief operating officer, said, 'While the overall auto industry has seen some softness in recent months, we remain optimistic with the onset of the festive season and are fully geared up with robust supply and product offerings.'Meanwhile, Tata Motors saw passenger vehicle sales decline by 12% to 39,521 units last month. At Toyota Kirloskar Motor too, sales fell by 1.2% to 29,159 vehicles in July. Mahindra & Mahindra (M&M) and JSW MG Motor India were among the few to buck the sluggish industry trend, recording an increase in wholesale volumes in July. While sales at Mahindra climbed 20% to 49,871 vehicles, JSW MG posted a 46% surge to 6,678 vehicles. Nalinikanth Gollagunta, CEO (automotive division) at M&M said, 'Our SUV growth has been supported by the recent launch of XUV 3XO 'REVX' Series & the commencement of deliveries for Pack two variants of the BE 6 and XUV 9E models.' In the commercial vehicle segment, market leader Tata Motors posted a 4% sales growth at 26,432 units in July. Chennai-based Ashok Leyland recorded a similar 4% rise to 13,501 units while VE Commercial Vehicles' sales of Eicher branded trucks and buses grew 6% to 6,410 units. Two-wheeler sales remained healthy in the month under review. At TVS Motor Company, domestic two-wheeler sales increased 21% to 308,720 units in July. Royal Enfield reported a 25% growth at 76,254 units. In the farm equipment segment, market leader M&M sold 26,990 tractors last month, a 5% increase from a year earlier.'This performance was driven by sustained land preparation activities, supported by robust cash flows in rural markets following the conclusion of Rabi crop harvesting," said Veejay Nakra, president (farm equipment business) at M&M. 'Additionally, the normal progression of monsoon across most regions further contributed to good demand during the onset of sowing for the Kharif season."
