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Tata Motors forays into Dominican Republic with commercial vehicles

Economic Times2 days ago
New Delhi: Tata Motors on Wednesday said it has forayed into the Dominican Republic market through a strategic partnership with Equimax, its authorised distributor.
ADVERTISEMENT The launch marks a significant milestone in the company's global expansion strategy and introduces a tailored portfolio of commercial vehicles designed to meet the evolving needs of the region's logistics, infrastructure, and last-mile delivery sectors, the Mumbai-based auto major said in a statement.
"The Dominican Republic presents a high-potential market aligned with Tata Motors' commercial vehicles' global growth ambitions. With its growing economy and infrastructure, our advanced commercial vehicle solutions are well-positioned to support national development goals," Tata Motors Commercial Vehicles Head International Business Asif Shamim said. Tata Motors said its commercial vehicles are sold in over 40 countries worldwide, with a portfolio that spans sub-1-tonne mini-trucks to 60-tonne heavy-duty trucks and 9- to 71-seater passenger transport solutions.
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Cyient to design chips with improved power, M2M capabilities: official
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Time of India

timean hour ago

  • Time of India

Cyient to design chips with improved power, M2M capabilities: official

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ED freezes ₹110 crore linked to illegal betting platform Parimatch
ED freezes ₹110 crore linked to illegal betting platform Parimatch

Hindustan Times

time2 hours ago

  • Hindustan Times

ED freezes ₹110 crore linked to illegal betting platform Parimatch

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ED action on Reliance official, influencer part of ramped-up probe into Rs 20,000-crore loan scam
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Indian Express

time3 hours ago

  • Indian Express

ED action on Reliance official, influencer part of ramped-up probe into Rs 20,000-crore loan scam

The searches on Angarai Sethuraman, a key official of the Anil Ambani group, and the arrest of Chandigarh-based influencer Sandeepa Virk come at a time when the Enforcement Directorate (ED) is switching to the second phase of its probe into what they now describe as a Rs 20,000 crore loan scam, The Indian Express has learnt. The agency has alleged that Sethuraman and Virk were together trying to 'influence' their probe into the Anil Ambani group in relation to the alleged scam. The ED had, in a statement Wednesday, alleged that Sethuraman had 'siphoned off' Rs 18 crore in loan he took from Reliance Commercial Finance Ltd (RCFL) and that he had been in contact with Virk for 'illegal liaising work'. Sethuraman, Group President (Corporate Affairs), Reliance Group, told The Indian Express that his residence was searched for over 30 hours the past two days and that the allegations were 'baseless'. 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The agency was now planning to call members of the credit committees for questioning and put Anil Ambani through another round of questioning. The Indian Express sent a set of questions on the allegations of a Rs 20,000 crore loan scam to the Anil Ambani group's corporate office but received only Sethuraman's statement released to the media Wednesday. In that statement, Sethuraman had denied any connection or involvement with Virk or any transactions related to her, and that the home loan he took was granted following due process. Virk, meanwhile, was arrested on August 12 under the provisions of PMLA, 2002 and produced before a court which granted custody to ED till August 14 for further investigation. According to the agency, Virk and her associates are alleged to have 'exerted undue influence through misrepresentation and defrauded individuals by soliciting money under false pretences'. 'Probe conducted by the ED has revealed that Virk has acquired immovable property in her name by making false promises and cheating,' the ED spokesperson alleged in a statement. The agency also said that Virk claimed to 'the owner of a website purportedly selling FDA-approved beauty products'. However, the ED claimed, the 'products listed on the site have been found to be non-existent' and that 'the website serves as a front for laundering funds'. It claimed that Virk was 'in regular touch with' Sethuraman 'with whom she had been communicating regarding illegal liaising work'. In Punjab, Virk has been linked to an FIR filed at the Phase-8 police station in Mohali in November 2016 against a man identified as Amit Gupta, alias Nageshwar Gupta, accusing him of fraud amounting to Rs 6 crore committed under the pretext of investment in a film production company. Following the FIR, based on a complaint from Chandigarh resident Jasneet Kaur, Gupta was arrested in 2017 and a charge sheet was filed against him. During trial, he was declared a Proclaimed Offender under Section 299 CrPC on October 21, 2024. According to police records, Virk's name was mentioned in the initial complaint as an associate of Gupta but she was not listed as an accused in the case. The Mohali police is now ascertaining the status of court proceedings in the original FIR following the ED's action against Virk. – With ENS, New Delhi

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