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Business Standard
10-07-2025
- Business
- Business Standard
SBI MF enters SIF space with new offerings under 'Magnum' brand name: Dy MD
SBI Mutual Fund (MF), the largest fund house in India, is set to enter the specialised investment fund (SIF) space under the 'Magnum' brand. The fund house, which recently received the licence, is exploring products in the equity and hybrid space, said D P Singh, Deputy Managing Director and Joint Chief Executive Officer, SBI MF. The fund house said it chose the name Magnum considering the existing brand association. Many of SBI MF's earlier schemes carried the Magnum name. 'We have sufficient in-house talent with a large and highly experienced investment team, and we plan to leverage on the expertise of our existing team for managing the investment strategies under SIF,' Singh said. SBI is the fifth fund house to announce a foray into the SIF segment. Edelweiss, ITI, Mirae Asset and Quant are the other fund houses that have secured licences. Other players like Axis and Nippon have also announced their plans to enter the space. Most fund houses planning to launch SIFs have opted to rely on their existing fund management teams. SIFs are a new product segment within the mutual fund framework that offers fund managers more flexibility in terms of investment strategy. These funds, which have a minimum ticket size of ₹10 lakh, can be equity, debt or hybrid in structure. 'SIF strategies are more suitable for evolved investors who understand the markets and their technicalities, and for investors who are keen on investment strategies that are more advanced than mutual funds,' Singh said, adding that wealth counters of banks, individual and national distributors are best placed to distribute SIFs. The current SIF rules allow up to seven SIF products: two each in equity (equity long-short, equity ex-top 100 long-short, and sector rotation long-short), hybrid (active asset allocator long-short and hybrid long-short), and debt (long-short and sector long-short) categories.
Hindustan Times
05-07-2025
- Health
- Hindustan Times
Govt officials among 35 booked in pan-India medical colleges scam
MUMBAI: The Central Bureau of Investigation (CBI) has exposed a network of officials from the Union health ministry, National Medical Commission (NMC), intermediaries, and representatives of private medical colleges, who manipulated the regulatory framework governing medical colleges across India. Govt officials among 35 booked in pan-India medical colleges scam The agency has booked 35 individuals for facilitating unauthorised access to highly confidential information on the regulatory status and internal processing of medical colleges, and the unlawful duplication and dissemination of such information. The accused have been charged with criminal conspiracy, bribery and corruption. They are also accused of disclosing inspection schedules and the identities of the inspection team to the medical colleges well in advance of the official communication, according to the CBI's First Information Report (FIR). The leaked information allegedly enabled medical colleges to bribe assessors, set up 'ghost faculty', falsify patient records, and tamper with biometric attendance systems to secure favourable inspection reports, CBI officials said. The accused included three members of the NMC inspection team, eight officials of the Union health ministry and a joint director-division head of the National Health Authority. Also among the accused are Mumbai-based Tata Institute of Social Sciences (TISS)'s chancellor DP Singh, who was chairperson of the University Grants Commission (UGC) from 2018 to 2021 (Despite repeated phone calls and text messages to Singh on Friday, HT was unable to reach him for comment). 'These acts, committed in exchange for monetary and other illicit considerations, undermine the integrity of the regulatory framework and jeopardise the quality of medical education and public health standards in the country,' the CBI FIR stated. The FIR was registered in New Delhi on June 30, under the Bharatiya Nyaya Sanhita (BNS) and the Prevention of Corruption Act. Charges include criminal conspiracy, demand and acceptance of undue advantage by public servants, public servants being bribed, bribing of a public servant by a commercial organisation and abetment of offences. The agency said its sources had revealed that a group of individuals, all of them officials associated with the ministry of health, were involved in unauthorised dissemination of sensitive, classified information relating to the inspection, renewal and issuance of letters of approval for medical colleges, in exchange for bribes. These individuals were alleged to have misused their official positions to track files within the ministry and take photographs of internal notations and comments made by senior ministry officials, according to the CBI FIR. These images were then allegedly shared via mobile phone with private individuals and representatives of medical colleges, thereby violating official secrecy protocols and compromising the integrity of the regulatory process, according to the FIR. Some of the accused allegedly extorted substantial sums of money from various private medical colleges in exchange for regulatory favours. The bribe money was allegedly routed to an accused in Delhi through hawala channels. The FIR alleges that one of the accused funded the construction of a temple he was building in Rajasthan, with the bribe money. It states that he gave ₹75 lakh for the temple's construction to a contractor from money received from an intermediary via hawala channels.
NDTV
05-07-2025
- NDTV
Crores In Bribes, Top Officials And A Godman In India's Biggest Medical Scam
Bhopal: The Central Bureau of Investigation (CBI) has unearthed what it describes as one of the largest medical college scams in the country's history, spanning across multiple states, involving senior officials, middlemen, top educationists, and even a self-styled godman. In this sensational CBI probe exposing the rot in India's medical education system, a nationwide bribery racket has come to light-implicating top names like DP Singh (former UGC Chairman and current TISS Chancellor), self-styled godman Rawatpura Sarkar, Suresh Singh Bhadoria of Indore's Index Medical College, and a vast network of officials and middlemen. The CBI has named 35 individuals in its FIR, including retired IFS officer Sanjay Shukla, who also served as the chairman of the Real Estate Regulatory Authority (RERA). Shukla, a former head of the Chhattisgarh Forest Department and PCCF, is linked to the Rawatpura group in the role of a trustee. However, so far, only one person --director Atul Tiwari -- has been arrested in the case Dummy faculty, fake inspections, and leaked files were part of this multi-crore scam that stretched from Rajasthan, Gurgaon and Indore to Warangal and Visakhapatnam, with crores exchanged through hawala and banking routes -- all to secure illegal approvals for substandard medical colleges. The alleged racket also implicates officials from the Ministry of Health. The Probe The investigation began with a bribe-for-inspection case at Sri Rawatpura Sarkar Institute of Medical Sciences and Research (SRIMSR) in Raipur, where six individuals, including three doctors, were arrested after allegedly accepting Rs 55 lakh to issue a favourable inspection report. The CBI caught the doctors red-handed, recovering Rs 38.38 lakh from an aide of the inspection team head and Rs 16.62 lakh from another official's residence. According to the CBI, the entire bribe was planned, collected via hawala routes, and distributed among the team. But what started in Raipur quickly ballooned into a national scandal. The Godman The inclusion of Rawatpura Sarkar, also known as Ravishankar Maharaj, in the FIR has drawn attention due to his long-standing ties with top politicians, ministers, and bureaucrats. Often referred to as the "Baba close to power," his photographs with IAS, IPS officers and elected representatives have gone viral on social media. Critics allege his trust received undue favours in government schemes, road access projects, and even electricity subsidies-accusations the trust has always denied. This is not the first time Rawatpura Sarkar has courted controversy. His trust has been accused of land encroachments, running unapproved colleges, forcing students into religious participation, and even mental harassment of female followers inside ashrams. Human rights commissions have probed these cases, but few reached formal prosecution stages, until now. Sources say more than 40 medical colleges across India may have obtained their recognition using bribery, falsified records, and manipulated inspections. A Parallel Operation As the probe widened, the CBI stumbled upon a parallel operation running out of Index Medical College in Indore, where officials allegedly deployed ghost faculty, forged biometric attendance, and even issued fake experience certificates to deceive National Medical College (NMC) assessors. Investigators believe that Bhadoria and Rawatpura Sarkar-both originally from Lahar in Madhya Pradesh's Bhind district-had formed a powerful nexus, charging Rs 3 to 5 crore from private institutions across India to guarantee NMC recognition, irrespective of merit or infrastructure. This wasn't a standalone fraud. The CBI found a deep-rooted network of information leaks, dummy inspections, bribery, and criminal conspiracy involving multiple layers of the regulatory system. Officials in New Delhi were allegedly photographing internal files and WhatsApping them to agents, who in turn informed college managements in advance. Among the recipients of this confidential data were Virendra Kumar of Gurgaon, Manisha Joshi of Dwarka, and representatives of several private institutions, including the Registrar of Geetanjali University in Udaipur, Mayur Raval. At the heart of this information racket was Jitu Lal Meena, a former full-time member of the Medical Assessment and Rating Board (MARB), who, according to the FIR, acted as a key middleman and used his influence to extract bribes. In one shocking discovery, the CBI said a portion of these illicit funds was allegedly used by Meena to build a Hanuman temple in Rajasthan at a cost of Rs 75 lakh. The Southern Angle The CBI has uncovered how B Hari Prasad, an agent from Kadiri in Andhra Pradesh, along with partners Ankam Rambabu in Hyderabad and Krishna Kishore in Visakhapatnam, arranged for dummy faculty and fake patients to be presented during NMC inspections. In one case, Krishna Kishore reportedly collected Rs 50 lakh from the director of Gayatri Medical College, while institutions like Father Colombo Institute of Medical Sciences in Warangal paid over Rs 4 crore to secure clearances, with bribes routed through official bank channels to appear legitimate.
Hindustan Times
05-07-2025
- Hindustan Times
Govt officials among 35 booked by CBI in medical college graft case
Hyderabad/Mumbai The Central Bureau of Investigation (CBI) has registered a case against officials of the Union health ministry, National Medical Commission, intermediaries and representatives of private medical colleges in connection with alleged irregularities and corruption during the mandatory inspections of private medical colleges. Govt officials among 35 booked by CBI in medical college graft case The first information report, which was registered by the CBI on June 30 and came to light on Thursday, named 35 people, including former University Grants Commission chair and Tata Institute of Social Sciences Chairman DP Singh, Gitanjali University Registrar Mayur Raval, Rawatpura Institute of Medical Sciences and Research Chairman Ravi Shankar ji Maharaj and Index Medical College Chairman Suresh Singh Bhadoria, officials familiar with the matter were quoted as saying by news agency PTI. The accused were booked under Section 61(2) (criminal conspiracy) of the Bharatiya Nyaya Sanhita and Sections 7, 8, 9, 10, and 12 of the Prevention of Corruption Act. In the FIR, which was seen by HT, the CBI charged the accused of being part of a deep-rooted criminal conspiracy in the unauthorised sharing of classified regulatory information, manipulation of statutory inspection processes, and widespread bribery to secure favourable treatment for private institutions. The CBI said it had received reliable information that certain officials associated with the Union ministry of health and family welfare, and the National Medical Commission (NMC) have allegedly facilitated unauthorized access to and unlawful duplication and dissemination of confidential files and sensitive information pertaining to the regulatory status and internal processing of medical colleges within the ministry. 'Furthermore, they have been involved in manipulating the statutory inspection process conducted by the NMC by pre-emptively disclosing the inspection schedules and identities of the designated assessors to the concerned medical institutions, well in advance of the official communication,' the central agency said in the FIR. Such prior disclosures enabled the medical colleges to orchestrate fraudulent arrangements, including the bribing of assessors to secure favourable inspection reports, deployment of non-existent or proxy faculty and admission of fictitious patients to artificially project compliance during inspections. 'They were also found tampering with the biometric attendance systems to falsify faculty presence records,' the FIR said. The officials of the Union health ministry were misusing their official access by locating and tracking relevant files within the ministry and capturing photographs of internal notes and comments made by senior ministry officials. 'These images are then being shared through personal mobile devices with private individuals and representatives of medical colleges, thereby violating official secrecy protocols and compromising the integrity of the regulatory process,' the FIR said.
Time of India
04-07-2025
- Sport
- Time of India
Badminton tournament starts today
Kanpur: Second cosco Kanpur district badminton championship will be organized by the district badminton association at Ragendra Swarup Sports Academy from July 5 to 7. According to secretary, Kanpur district badminton association, DP Singh matches of Under – 17 will be played from 9 am while matches of Under – 19 will be played from 1 pm. Singles, doubles and mixed doubles events in both groups will be held. On the basis of performance in this championship district team for state championship will be picked. Youth Olympics Games: CM Yogi Adityanath will be the chief guest of the closing function of Youth Olympic games, which will be organized by the Kanpur Olympic Association from July 12 to 21. tnn
