Latest news with #MaharashtraProtectionofInterestofDepositorsAct
Hindustan Times
25-07-2025
- Business
- Hindustan Times
₹512 cr bank fraud case: Court orders auction of sports academy, land parcel of ex-MLA
Mumbai, A special anti-money laundering court has ordered the auction of properties linked to former MLA Vivekanand Shankar Patil to facilitate repayment to creditors of a cooperative bank based in Panvel in Maharashtra's Raigad district. ₹ 512 cr bank fraud case: Court orders auction of sports academy, land parcel of ex-MLA The properties, comprising a multi-acre sports academy and a land parcel in Panvel, have been attached by probe agencies in an alleged fraud of over ₹512 crore at the Karnala Nagari Sahakari Bank. Patil, the prime accused in the case, represented Panvel as a Peasants and Workers Party of India MLA for three terms and was a legislator from Uran once. A total of 87 properties, including some ancestral assets of Patil, were attached under the MPID Act, or the Maharashtra Protection of Interest of Depositors Act, by Navi Mumbai police's Economic Offences Wing. The Enforcement Directorate , which is also probing a money laundering case linked to the fraud, has dual attachment to some of these properties. Special PMLA Judge Satyanarayan Navander on Tuesday ordered the release of these attached properties, allowing a plea by the bank's liquidator. The liquidator had sought release of Karnala Sports Academy and a plot of land, both located in Panvel taluka, to discharge the bank's liabilities to its creditors, including depositors. All the parties, including the accused, had given their no objection to proceed with the auction of these properties. Given the consensus among all parties, the court deemed it proper to make the attachment of these two properties absolute. It then directed the immediate commencement of the auction process in the interest of the bank's depositors. The ED case is based on an FIR registered against Patil and 75 others in February 2020 by the Economic Offences Wing, which had alleged irregularities of ₹512.54 crore in the Panvel-headquartered Karnala co-operative bank. This article was generated from an automated news agency feed without modifications to text.
Hindustan Times
07-07-2025
- Business
- Hindustan Times
Fadnavis orders inquiry into hotel deal amid row over Sena minister's company
Mumbai, Maharashtra Chief Minister Devendra Fadnavis on Monday announced a high-level inquiry to ascertain any irregularities in the tendering process to auction a hotel in Chhatrapati Sambhajinagar. Fadnavis orders inquiry into hotel deal amid row over Sena minister's company Shiv Sena MLA and state minister Sanjay Shirsat had come under fire after the opposition pointed out that his son's company was one of the three bidders. Ambadas Danve, leader of the opposition in the legislative council, raised the issue through a calling attention motion. The VITS Hotel in Chhatrapati Sambhajinagar belonged to Dhanda Corporation, a company listed on the Bombay Stock Exchange. The properties of the Dhanada Corporation, including the VITS Hotel, were seized under the Maharashtra Protection of Interest of Depositors Act, 1999. The court ordered the auction of the hotel. Accordingly, the Chhatrapati Sambhajinagar collectorate conducted proceedings. According to the government-registered valuer's report in December 2018, the value of the hotel was ₹75.92 crore. In 2025, when the property is being auctioned, the value is pegged as per the 2018 valuation. The value of the hotel is ₹150 crore now as per private valuers, Danve claimed. Danve alleged the lack of transparency in the auction process. He said three companies joined the process including M/s Siddhant Material Procurement and Suppliers Company. He said the company belongs to Maharashtra Social Justice Minister Sanjay Shirsat's son Siddhant. He alleged that the company's registration form states that it had applied for registration in 2024 but has not yet been registered. He alleged cartelisation in the tendering process. M/s Siddhant Material Procurement and Suppliers Company bid for the company at the price of ₹47 crore. The next two bidders bid with a difference of just ₹5 lakh each- at ₹46.95 and ₹46.90 crore. "This is a fraud and the government is being defrauded in a big way. Sidhant Shirsat is the son of Social Justice Minister Sanjay Shirsat. There is no ITR. What action will be taken against the government officer who allowed this irregularity," Danve said. Fadnavis said Revenue Minister Chandrashekhar Bawankule had stated that the entire process has been scrapped and a new process will be initiated to float fresh tenders. "There will be a high-level inquiry to probe if there are any irregularities in this case to ensure transparency," he said. Bawankule said the tender and the process have been cancelled. He said tenders were floated six times in the past but no bid was received. In the process, the base price and conditions kept coming down. He said new tender will be on merit. In the council, Shirsat stated that the tender had been floated six times in the past but received no bid. He also said the tendering process was being carried out as per the court's orders. Amid flak, Shirsat last month said he was asking his son Siddhant to withdraw from the race to procure a hotel. This article was generated from an automated news agency feed without modifications to text.
Hindustan Times
30-05-2025
- Business
- Hindustan Times
Torres fraud: Mapping the money trail
MUMBAI: The money laundering investigation into the Torres Jewellery fraud has revealed how the key accused used codes, software applications and instant messaging to communicate with each other, move money around, and transfer large sums to the masterminds. Torres Jewellery, whose holding company was Platinum Hern Pvt Ltd, had lured small investors to buy into its fraudulent investment schemes by selling low-value synthetic moissanite stones as high-value gemstones. It also promised exaggerated returns on its investment schemes, using misleading advertisements, fake bonuses and a Ponzi scheme to entice potential victims. The Enforcement Directorate (ED), which on May 22 charge sheeted 13 individuals and entities in the case, has estimated the fraud at ₹177.11 crore, relying on evidence or records that relate to Platinum Hern's finances and accounts, including transactions of its main showroom in Dadar, one of its five showrooms in the Mumbai Metropolitan Region (MMR). The key accused in the case are: Alpesh Khara, Sagar Mehta, Oleksandr Zapichenko alias Alex, Olena Stoian, Victoria Kovalenko, Tazagul Khasatova alias Tanya, Lallan Singh, Tausif Reyaz, Abhishek Gupta and Savesh Surve. They have been booked under sections relating to cheating and criminal breach of trust of the Bharatiya Nyaya Sanhita (BNS); the Maharashtra Protection of Interest of Depositors Act, and the Banning of Unregulated Deposit Schemes Act. Platinum Hern allegedly collected unauthorised cash deposits without the approval of the Reserve Bank of India (RBI), showing only ₹2.10 crore in its bank accounts, the ED said in its chargesheet. The ED's investigation also revealed that Platinum Hern had developed an internal software domain, called ' All the senior cashiers in all the Torres showrooms, along with employees and key managerial staff, were given access with a user ID and password. The software was allegedly used to store details of banking transactions, incoming cash and encashment transactions. It was also designed to facilitate encashment through a unique code-based authentication system, according to ED sources. The codes were allegedly sent to individuals desiring cash encashment through Telegram, an instant messaging app, according to the ED. An investigation into the unique codes revealed the alleged existence of a Telegram group named 'Cash Counter 1', through which the management used to send specific codes to authorise cash disbursements. However, this Telegram group has been deleted by the administrator, rendering the data irretrievable, according to the ED. The investigation also revealed that daily reports sent by senior cashiers to management to track daily sales, income and expenses, including the delivery of cash to specific persons, were found in another alleged Telegram group called 'Record to Report', where senior cashiers of Dadar showroom were members. The information shared within this group, did not cover all working days of a week but was confined to a few specific dates. Further, WhatsApp chats among a few accused persons and the Dadar showroom cashiers allegedly consistently used the term 'Code 2' as an internal trigger for cash pick-ups, the ED's probe found. The alleged chats were for the purpose of collection of cash from the showroom at the behest of the management of Platinum Hern. According to the ED, two key accused, both Ukrainians – Oleksandr Zapichenko alias Alex and Olena Stoian – were the key architects of the financial structuring and laundering operations. Both have fled the country. Another accused, Alpesh Khara, allegedly helped Alex convert the cash collected from customers into a cryptocurrency called 'USDT', which was then credited to digital wallets associated with individuals known to Alex. Another accused, Lallan Singh, through his proprietary concerns, allegedly transferred over ₹13 crore to bank accounts of Platinum Hern as fake investments, after accepting cash from Alex, which was generated through a co-accused against crypto-currency. 'His role was central in laundering illicit funds and creating a false front of legitimate business activity for the company,' an ED source said. He added that the agency is making continued efforts to trace further proceeds of the crime.
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Business Standard
16-05-2025
- Politics
- Business Standard
Justice Bela Trivedi, 11th woman SC judge, retires after 3.5 years on bench
Justice Bela M Trivedi, who was the eleventh woman judge to be elevated to the Supreme Court in its 75-year-old history on Friday demitted office after spending three-and-a-half years on the bench. Justice Trivedi, who had the rare distinction of being elevated to the top court after starting out as a trial court judge in Gujarat in July 1995, was part of the top court's several landmark judgements. "It was a happy coincidence that her father was already working as the judge, city civil and sessions court when she was appointed. The Limca Book of Indian records has recorded the entry in their 1996 edition that 'Father - daughter judges in the same court'," Justice Trivedi's profile on the apex court website said. She was elevated as a judge of the apex court on August 31, 2021 when a record nine new judges, including three women, were administered oath of office. On Friday, Justice Trivedi sat in the ceremonial bench headed by Chief Justice B R Gavai as a tradition marking the exit of a top court judge. She was part of a five-judge Constitution bench, which by a 3:2 majority, in November 2022 upheld 10 per cent reservation introduced in 2019 for economically weaker sections in admissions and government jobs that excluded the poor among the SC/ST/OBC categories. A seven-judge Constitution bench, which Justice Trivedi was part of, in August 2024 by a 6:1 majority held that states are constitutionally empowered to make sub-classifications within the Scheduled Castes, which form a socially heterogeneous class, for granting reservation for the uplift of castes that are socially and educationally more backward among them. Justice Trivedi, in her 85-page dissenting verdict, said it is only Parliament which can include a caste in the SC list or exclude it, and states are not empowered to tinker with it. A bench comprising Justice Trivedi in November 2021 said touching genitals of a child or any act involving physical contact with "sexual intent" amounts to sexual assault under Section 7 of the POCSO Act as the most important ingredient is sexual intent and not skin-to-skin contact. It quashed the controversial "skin-to-skin" judgements of the Bombay High Court in two cases under the POCSO Act. Justice Trivedi penned a verdict holding that the moratorium imposed under the Insolvency and Bankruptcy Code does not prohibit the attachment of properties under the Maharashtra Protection of Interest of Depositors Act. A bench headed by Justice Trivedi on May 15 paved way for a Uttar Pradesh government scheme to develop the Shri Banke Bihari Temple corridor in Mathura for the benefit of scores of devotees. Born on June 10, 1960 at Patan in north Gujarat, she practised as a lawyer in the Gujarat High Court for about 10 years. She was appointed as a judge, city civil and sessions court at Ahmedabad, on July 10, 1995. She had worked on different posts like registrar vigilance in the high court and law secretary in the Government of Gujarat. She was elevated as a judge of the Gujarat High Court on February 17, 2011. Justice Trivedi was transferred to the Rajasthan High Court where she worked since June 2011 till she was repatriated to the parent high court in February 2016. (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.)
Hindustan Times
16-05-2025
- Politics
- Hindustan Times
Eleventh woman judge in SC history, Justice Bela M Trivedi bids adieu
New Delhi, Justice Bela M Trivedi, who was the eleventh woman judge to be elevated to the Supreme Court in its 75-year-old history on Friday demitted office after spending three-and-a-half years on the bench. Justice Trivedi, who had the rare distinction of being elevated to the top court after starting out as a trial court judge in Gujarat in July 1995, was part of the top court's several landmark judgements. "It was a happy coincidence that her father was already working as the judge, city civil and sessions court when she was appointed. The Limca Book of Indian records has recorded the entry in their 1996 edition that 'Father - daughter judges in the same court'," Justice Trivedi's profile on the apex court website said. She was elevated as a judge of the apex court on August 31, 2021 when a record nine new judges, including three women, were administered oath of office. On Friday, Justice Trivedi sat in the ceremonial bench headed by Chief Justice B R Gavai as a tradition marking the exit of a top court judge. She was part of a five-judge Constitution bench, which by a 3:2 majority, in November 2022 upheld 10 per cent reservation introduced in 2019 for economically weaker sections in admissions and government jobs that excluded the poor among the SC/ST/OBC categories. A seven-judge Constitution bench, which Justice Trivedi was part of, in August 2024 by a 6:1 majority held that states are constitutionally empowered to make sub-classifications within the Scheduled Castes, which form a socially heterogeneous class, for granting reservation for the uplift of castes that are socially and educationally more backward among them. Justice Trivedi, in her 85-page dissenting verdict, said it is only Parliament which can include a caste in the SC list or exclude it, and states are not empowered to tinker with it. A bench comprising Justice Trivedi in November 2021 said touching genitals of a child or any act involving physical contact with "sexual intent" amounts to sexual assault under Section 7 of the POCSO Act as the most important ingredient is sexual intent and not skin-to-skin contact. It quashed the controversial "skin-to-skin" judgements of the Bombay High Court in two cases under the POCSO Act. Justice Trivedi penned a verdict holding that the moratorium imposed under the Insolvency and Bankruptcy Code does not prohibit the attachment of properties under the Maharashtra Protection of Interest of Depositors Act. A bench headed by Justice Trivedi on May 15 paved way for a Uttar Pradesh government scheme to develop the Shri Banke Bihari Temple corridor in Mathura for the benefit of scores of devotees. Born on June 10, 1960 at Patan in north Gujarat, she practised as a lawyer in the Gujarat High Court for about 10 years. She was appointed as a judge, city civil and sessions court at Ahmedabad, on July 10, 1995. She had worked on different posts like registrar vigilance in the high court and law secretary in the Government of Gujarat. She was elevated as a judge of the Gujarat High Court on February 17, 2011. Justice Trivedi was transferred to the Rajasthan High Court where she worked since June 2011 till she was repatriated to the parent high court in February 2016.
