Man duped of Rs 22 lakh in trading scam, one held
The victim Dillibabu (35) is a resident of Sembium. The complaint states that O Muthumanickam (55) befriended him on a chatting application and convinced him of huge returns on investment.
Muthumanickam collected around Rs 22.7 lakh from the victim and spent it on sports betting and trading websites like Spreadex. However, the victim did not get any returns or the original investment back, after which he filed a police complaint.
The accused was taken into custody from a house on East Coast Road near Uthandi and sent to prison.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
&w=3840&q=100)
Business Standard
18 minutes ago
- Business Standard
Sebi bans DHFL's Kapil Wadhawan, Dheeraj Wadhawan from securities market
Markets regulator Sebi on Tuesday barred Dewan Housing Finance Ltd's former CMD Kapil Wadhawan, ex-director Dheeraj Wadhawan, and four others from the securities markets for up to five years for committing financial irregularities, diverting funds, and fabricating books. The others who have been prohibited by Sebi are -- Rakesh Wadhawan, who was non-executive chairman, Sarang Wadhawan, a former non-executive director, Harshil Mehta, joint managing director & CEO, and Santosh Sharma, a former CFO. Sebi also fined the six individuals Rs 120 crore. Kapil Wadhawan and Dheeraj Wadhawan have each been restrained from the securities markets for five years, while Rakesh Wadhawan and Sarang Wadhawan face a four-year ban, and Harshil Mehta and Santosh Sharma have been prohibited for three years, according to the Sebi order. During these periods, they cannot access the securities market, deal in securities in any manner, or hold any role such as director or key managerial personnel in listed companies, registered intermediaries, or public companies intending to raise funds from the market. Kapil Wadhawan and Dheeraj Wadhawan have each been fined Rs 27 crore, while Rakesh Wadhawan and Sarang Wadhawan face penalties of Rs 20.75 crore each. Harshil Mehta has been fined Rs 11.75 crore, and Santosh Sharma faces a total penalty of Rs 12.75 crore. In its 181-page order, Sebi noted that since 2006, DHFL, along with its promoters, directors, and key managerial personnel, have engaged and participated in an "egregiously fraudulent scheme" to divert funds to "Bandra Book Entities" (BBEs) linked to the promoters. By March 31, 2019, DHFL's loans to BBEs stood at Rs 14,040.50 crore. The BBEs were directly or indirectly connected to Kapil, Dheeraj Rakesh and Sarang, it added. As per the order, promoters issued huge unsecured loans to these entities despite their lack of assets or business, bypassing all due diligence, and falsely recording them as retail housing loans. The regulator found that the fraud operated in several steps. First, large unsecured loans were extended to these BBEs even though they had no net worth, assets, or cash flows to justify such exposure. Second, all standard loan appraisal processes were deliberately bypassed. Third, these weak intercorporate loans to related parties were misrepresented as retail housing loans, creating a false impression of the company's financial health for investors and other stakeholders. "To effect this elaborate deception, a fake virtual branch ('Bandra branch') and previously closed retail loan accounts were employed, alongside three different accounting software, camouflaging the BBE loans as retail housing loans. In the initial years, well over 30 per cent of all loans of DHFL were to these BBEs," Sebi noted. Despite the BBEs not making interest or principal payments, DHFL booked fictitious interest income, which allowed it to show increasing profits instead of losses between FY 2007-08 and FY 2015-16. These misleading financials misled shareholders and distorted DHFL's share price. According to Sebi, the main orchestrators of the fraudulent scheme were Kapil Wadhawan and his brother Dheeraj Wadhawan. Rakesh and Sarang Wadhawan were also involved through their roles on DHFL's board. The investigation found that loans worth Rs 5,662.44 crore were disbursed to 39 BBEs, of which 40 per cent was subsequently routed to 48 other entities connected to the promoters. (Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
&w=3840&q=100)
Business Standard
18 minutes ago
- Business Standard
Court takes cognisance against ABG Shipyard in ₹22,000 cr bank fraud case
A Rouse Avenue court has taken cognizance of a ₹22,000 crore alleged bank fraud and funds siphoning case against Surat, Gujarat-based ABG Shipyard Ltd, its former Director, Auditor, public servants, and subsidiary companies. It is alleged that ABG Shipyard Ltd transferred huge amounts of money to its related parties, and thereafter, adjustment entries were made. The Central Bureau of Investigation (CBI) had filed a charge sheet, supplementary charge against 6 individuals and 17 companies and firms. The Chief Judicial Magistrate (CJM) Deepak Kumar, after taking cognizance, issued summons to the accused persons to appear before the court on the next date on August 22. CJM Deepak Kumar said, "I have perused the chargesheet and supplementary charge sheet alongwith the documents annexed with it, including the statements of the witnesses recorded under Section 161 CrPC and have considered the submissions made by the public prosecutor for the CBI and the Investigation Officer." The court said that there are clear and categorical findings in the final report and supplementary final report against the accused persons regarding the commission of offences for which they have been chargesheeted for the offences punishable under Section 120B/420/477A IPC and substantive offences thereof. "Accordingly, in view of the foregoing discussion and material available on record, I take cognizance," CJM Kumar ordered on August 11. The CBI had registered a case on August 25, 2020, on the complaint filed by the consortium of banks, including SBI. The case was registered against M/s ABG Shipyard Ltd, its former managing director Rishi Kamlesh Agarwal, Santhanam Muthuswamy), Ashwini Kumar, Sushil Kumar Aggarwal, Ravi Vimal Newatia, M/s ABG International Pvt Ltd, unknown public servants and unknown private persons alleging the commission of offences of cheating, criminal breach of trust, criminal conspiracy and abuse of official position thereby causing wrongful loss to the tune of Rs. 22,842 crore to the consortium of lending banks comprising of State Bank of India (SBI), erstwhile State Bank of Patiala (presently SBI), erstwhile State Bank of Travancore (presently SBI) etc, led by ICICI Bank. During the investigation, other accused were interrogated and arrayed in the supplementary charge sheet. It is stated that the Investigation has also revealed that the accounts were falsified and misrepresented by the accused persons in criminal conspiracy with each other and thereby defrauded the lender banks by presenting false figures before the lenders and shareholders. Investigation has pointed out that ABG Shipyard, in criminal conspiracy with its promoters, directors, and other key managerial persons, had availed credit facilities from the banks fraudulently. Thereafter, it dishonestly diverted a huge amount of bank funds with ulterior motives to its group concerns. Investigation has further alleged that ABG Shipyard had siphoned off funds for acquiring 14 residential flats in Mumbai for a consideration amount of Rs. 33.50 crores. These flats were purchased by an accused company which was under the control of Rishi Kamlesh Agarwal, Former MD of ABG Shipyard.
Time of India
2 hours ago
- Time of India
Ex-lifeguard sentenced to jail 'till last day of life' for raping 3-yr-old student in school
Noida: A special Pocso court on Tuesday convicted and sentenced a former swimming pool lifeguard at a wellknown school chain's Greater Noida campus to life imprisonment "till the last day of his natural life" for sexually assaulting a three-year-old student in 2018. Tired of too many ads? go ad free now The court, which pronounced a double life term under IPC and the protection of Children from Sexual Offences (Pocso) Act, also held the school's management financially liable for failing to protect the child and ordered the two investigating officers of the case to stand trial for "abetting the assault". Judge Vijay Kumar Himanshu of the additional district and sessions court cum special Pocso court convicted the former lifeguard, Chandidas, under Section 376AB of IPC and Section 5(m) of Pocso (aggravated penetrative sexual assault on a child under 12). Chandidas, who is currently out on bail, was also handed another seven-year term under Pocso Act Section 9(f), read with Section 10, for abusing his position as a school employee. The court imposed a fine of Rs 24,000 on the convict and ordered the school's managing society to pay Rs 10 lakh in compensation to the girl for rehabilitation within one month, as directed by National Legal Services Authority. The child, then a nursery student, was raped by the lifeguard during swimming class at the school's splash pool on July 12, 2018. She had told her class teacher about the incident. On returning home, she complained of stomach pain and discomfort. She later told her mother that the "swimming pool uncle" had touched her private parts. A medical examination at Delhi's Guru Teg Bahadur Hospital confirmed penetrative sexual assault. An FIR was lodged the next day at Surajpur police station. Chandidas was arrested from the school principal's chamber. Tired of too many ads? go ad free now Special public prosecutor (Pocso) Chhavanpal Singh said the prosecution presented 12 witnesses and 14 documentary and electronic exhibits and sought the harshest sentence not just for Chandidas but also for the school, which "failed to act as a custodian of its students". The defence argued that the child's family had a grudge against the school and had "tutored" her into making allegations that were unsupported by medical evidence. The court, however, found the child's statements to police, a magistrate and in court consistent and credible, and corroborated by medical findings from GTB Hospital. The testimony of her parents further supported her account. The court described the school management as a "joint tortfeasor" (legal term for an entity committing a tort or a wrongful act), noting that its inaction and suppression attempts directly contributed to the child's trauma. It cited its powers under Section 33(8) read with Section 9 of the Pocso Act to impose the Rs 10 lakh penalty on the school. "Their attempt to suppress and influence the machinery is clearly apparent and palpable, which cannot be done without the active connivance of the school management society. Hence, the court feels that the school management shall be made vicariously liable for the lapses in terms of awarding compensation for the mental trauma suffered by the victim and her family," the judge noted. The court found the roles of the two IOs, Sita Singh and Rashmi Chaudhary, dubious in the investigation. The IOs had filed a closure report against the principal and class teacher despite evidence available on record. "This court finds there is sufficient evidence available on record to show that to shield the co-accused, the principal and class teacher, both the IOs conducted defective and motivated investigation. Therefore, through deliberate and intentional omission in discharge of duty, they have abetted the offence of sexual assault amounting to rape against the child," the court said in its ruling, declaring the two IOs co-accused under Section 17 of the Pocso Act.
