Latest news with #SIL
Time of India
23-07-2025
- Business
- Time of India
ED raids 6 locations in Rs 621 cr loan fraud case linked to SEW Infra
Hyderabad: Enforcement Directorate on Tuesday conducted searches at six locations in Hyderabad in connection with a Rs 621 crore loan fraud involving SEW Infrastructure Limited (SIL), Prasad & Company (Project Works) Private Limited (PSPWPL), their group entities, and directors. The searches were carried out under the Prevention of Money Laundering Act. The ED seized financial records, evidence of fund diversion, and property documents valued at approximately ₹120 crore, allegedly in the names of the promoters and their family members. As part of the search operations, the ED also froze 33 bank accounts linked to SIL, SEW Transport Networks Ltd (STNL), their directors, and relatives. The searches were carried out based on a CBI FIR (dated Sept 16, 2020), filed by the agency's anti-corruption branch, Hyderabad, against SEW LSY Highways Ltd and others under charges of criminal conspiracy, cheating, and violations of the Prevention of Corruption Act. The case involves the alleged diversion and siphoning off sanctioned loan amounts, resulting in significant losses to public sector banks. You Can Also Check: Hyderabad AQI | Weather in Hyderabad | Bank Holidays in Hyderabad | Public Holidays in Hyderabad SEW LSY Highways was established as a special purpose vehicle (SPV) to execute a highway project awarded by the Uttar Pradesh State Highway Authority to a consortium comprising SIL and PSPWPL. The project was backed by a Rs 1,700 crore term loan sanctioned by a consortium of 14 banks led by Punjab National Bank , of which Rs 603 crore was disbursed. The ED investigation revealed that SIL had awarded the engineering, procurement, and construction contract to its group entity STNL, which subsequently subcontracted it at lower rates to entities, including PSPWPL. PSPWPL further subcontracted the work at even lower rates, suggesting a circular flow of funds among related entities, designed to divert the loan proceeds, ED alleged. The probe also revealed that PSPWPL, which held a 30% stake in SEW LSY Highways, reportedly received diverted loan amounts and routed them back to the SPV as promoter's contribution, in violation of loan conditions. The highway project remains incomplete, and the loan has since turned into a non-performing asset, with Rs 621 crore outstanding to the lending banks.
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Business Standard
23-07-2025
- Business
- Business Standard
ED conducts searches at 6 locations in Hyderabad in bank-fraud case
The Enforcement Directorate (ED) has conducted searches at six locations in Hyderabad in connection with a bank-fraud case against the promoters and directors of a company and its associate entities. The ED initiated its investigation on the basis of an FIR registered by the Anti-Corruption Bureau of the CBI in Hyderabad against SEW LSY Highways Limited and others under various sections of the Indian Penal Code and the Prevention of Corruption Act for allegedly siphoning off and diverting loan funds, cheating and criminal misconduct, resulting in the loss of public money, the agency said in a statement. The federal agency's Hyderabad zonal office conducted search operations on Tuesday at six locations in Hyderabad under the provisions of the Prevention of Money Laundering Act (PMLA) in connection with a bank-fraud case against SEW Infrastructure Limited (SIL), Prasad and Company (Project Works) Private Limited (PSPWPL), group companies and their promoters and directors, the statement said. SEW LSY Highways Limited was incorporated as a special purpose vehicle (SPV) for the execution of a concession contract awarded by the Uttar Pradesh State Highway Authority to a consortium of SIL and PSPWPL. SEW LSY Highways Limited was sanctioned a term loan of Rs 1,700 crore by a consortium of 14 banks led by the Punjab National Bank (PNB). SEW LSY Highways Limited awarded the engineering, procurement and construction contracts to SIL and its group entities, which further sub-contracted the work to other entities. The ED's investigation has revealed that a part of the project was sub-contracted to group entity SEW Transport Networks Limited (STNL), which in turn further sub-contracted the same at lesser values to other parties, including PSPWPL, which again sub-contracted the same at lesser rates. As a result of this sub-contracting activity to group entities at lesser rates, SIL and its group entities allegedly diverted and siphoned off the loan funds, the ED has alleged. Further, according to the terms of the loan, the promoters were required to bring in their own contribution. However, the investigation has revealed that as part of the loan, funds were diverted to PSPWPL (30 per cent stakeholder in SEW LSY Highways Limited), which in turn infused the loan funds as promoter's contribution. A total amount of Rs 603.68 crore was disbursed to SEW LSY Highways Limited by the banks for the project, the statement said. "However, the project was not completed and the term loan became non-performing asset, resulting in outstanding amount of Rs 621.78 crore to the banks," the ED said. The agency said the search operations resulted in a seizure of financial documents evidencing suspected diversion of funds as well as property documents with a current market value of around Rs 120 crore in the names of the promoters and their family members. A total of 33 bank accounts belonging to SEW Infrastructure Limited, STNL as well as their directors and family members were frozen during the search operations. Further investigation is under progress, the ED said.
The Hindu
23-07-2025
- Business
- The Hindu
₹621 crore bank fraud: ED raids firms
The Enforcement Directorate (ED) conducted search operations at six locations in Hyderabad in connection with a large-scale bank fraud linked to M/s SEW Infrastructure Ltd. (SIL), M/s Prasad and Company (Project Works) Pvt. Ltd. (PSPWPL), their group firms and promoters. The money laundering probe stems from a case registered by the Central Bureau of Investigation (CBI) against M/s SEW LSY Highways Limited and others for siphoning of loan funds, cheating and criminal misconduct, leading to loss of public money. M/s SEW LSY Highways Ltd was incorporated as a Special Purpose Vehicle (SPV) for the execution of a highway concession contract awarded by the Uttar Pradesh State Highway Authority to a consortium of M/s SIL and M/s PSPWPL. The SPV was sanctioned a term loan of ₹1,700 crore by a consortium of 14 banks led by Punjab National Bank. The Engineering, Procurement and Construction (EPC) contracts for the project were awarded to M/s SIL and its group entities, which in turn sub-contracted the work to other firms. The ED's investigation has revealed a complex web of intra-group sub-contracting through entities such as SEW Transport Networks Ltd (STNL), with work being passed on at successively lower values. This practice enabled the promoters to divert and siphon off substantial portions of the loan funds. PSPWPL, which held a 30% stake in the SPV, also received diverted funds and subsequently infused them back as the promoters' required equity contribution, instead of it coming from legitimate sources. Even after ₹603.68 crore was disbursed by the banks to SEW LSY Highways Ltd, the project remained incomplete and the loan account eventually turned into a non-performing asset. The outstanding amount now stands at ₹621.78 crore. During the search operations on July 22, the ED seized incriminating financial records and property documents, valued at approximately ₹120 crore, held in the names of the promoters and their family members. In addition, 33 bank accounts belonging to SEW Infrastructure Ltd, SEW Transport Networks Ltd, their directors and relatives have been frozen. Further investigation is underway.
New York Post
21-07-2025
- Entertainment
- New York Post
Bride heartbroken after sister-in-law wears white gown to her wedding: ‘Some people are insane'
A bride has shared her frustration after her sister-in-law arrived at her wedding dressed in what looked like a wedding gown. The incident was shared on the popular Reddit forum Wedding Shaming, where an outraged guest posted photos of the offending woman dressed in a white, floor-length gown with floral details, resembling a bride. Advertisement The guest explained that the woman claimed to be wearing a 'sage green' dress in line with the dress code of 'pastel chic'. However, the bride was visibly upset, especially after her mother-in-law had previously asked if she could wear white, which was denied. 'The dress code was summer pastel chic, like Easter colours,' the poster explained. Advertisement 'The girlfriend of the groom's brother wore a sage green (wedding) dress that in no way, shape or form appeared to be sage green, or any other color. 'The veil she's carrying was the flower girl's (her daughter's). This was after the mother-in-law had asked the bride if she could wear a white jumpsuit to the wedding, to which the bride obviously said no.' 5 Reddit post in r/weddingshaming revealing the poor dress choice. Advertisement 5 The design also appeared obviously bridal, with elegant off-the-shoulder sleeves and a figure-hugging silhouette. And it wasn't just the color that threw people off. The design also appeared obviously bridal, with elegant off-the-shoulder sleeves and a figure-hugging silhouette. And to further contradict the woman's 'sage green' claims, her shoes were actually sage green, which look nothing like the color of the dress. Advertisement Commenters weigh in The post amassed thousands of comments and sparked a heated debate, as these posts commonly do, with many commenters feeling sorry for the bride. 'Wow, that's very bridal,' wrote one, as another said: 'Yeah, this is straight up a wedding dress'. 'Some people are insane,' remarked someone else. 5 The post amassed thousands of comments and sparked a heated debate, as these posts commonly do, with many commenters feeling sorry for the bride. Reddit/weddingshaming Another dished out the age-old advice: 'To be safe, you should never wear any white dress to a wedding that is not yours. 'That being said, not all white dresses are wedding dresses. This is absolutely a wedding dress.' Others joked that they thought they were looking at the bride in these photos. Advertisement 'I was like, 'Cool, so what does the sister-in-law look like?'' quipped one. 'The dress looks like the smell of the colour sage from another room,' laughed another. 'Exactly what I was going to say,' someone else said. 'The poster clearly included pictures of the actual bride for comparison, then forgot to add pictures of the offending sister-in-law … nope'. SIL walks down aisle Advertisement To add insult to injury, the SIL also ended up walking down the aisle in her bridal look. 5 On the other hand, others argued that the risky dress code was to blame for the fashion faux pas. boryanam – 'The flower girl is her daughter, but as a cherry on top: the daughter was also the ring bearer and was too nervous to walk down the aisle so guess who walked down with her? Mommy dearest,' the poster added. Some defended the move Advertisement On the other hand, others argued that the risky dress code was to blame for the fashion faux pas. 'Summer pastel chic is simply asking for trouble,' wrote one. Every morning, the NY POSTcast offers a deep dive into the headlines with the Post's signature mix of politics, business, pop culture, true crime and everything in between. Subscribe here! 'Honestly yes, so many pastels photograph white or look white under some lighting,' another pointed out. Advertisement And someone else revealed they had been caught out by a similar theme. 'I wore a bright yellow floaty pleated dress with a belt to a friend's wedding. It was so clearly bright yellow, I thought it was a safe choice. Nope!' they wrote. While the dress code might be partly to blame, it's clear that most people in the comments agree that the SIL's dress was a poor choice.
Yahoo
20-07-2025
- Entertainment
- Yahoo
42 Horrifically Self-Obsessed Brides Who Thought The Entire World Revolved Around Their Wedding
bride clearly only cared about getting gifts. did this bride. bride was definitely the type to expect bridesmaids to shell out thousands on a bachelorette party. greedy couple asked for a wedding gift from their PHOTOGRAPHER. bride made it clear to everyone it was HER day, not her fiance's. Related: bride was terrified a bridesmaid's boobs wood take attention away from her on her special day. bride feared the same thing after a friend's weight loss. bride was also worried a guest would take attention away from her because she's pretty. couple wanted guests to pay $150 to attend their wedding. couple clearly just decided last-minute they wanted more gifts. couple made guests pay for the rehearsal dinner. couple expected donations for their wedding and got pissy when they didn't receive many. selfish couple defaced public property for their wedding. greedy bride not only wanted to do a money dance, but they wanted to time people so they could squeeze as many in as possible. Related: bride thought her SIL should've waited to get engaged, because she was stealing her thunder. couple wanted guests to pay for their meal. this couple wanted guests to pay for their plus ones. couple wanted to use food trucks — where guests paid for their own food — instead of providing dinner. entitled couple expected people who weren't even invited to donate to their honeymoon fund. selfish bride clearly didn't care about her guests. with this bride. Related: couple was planning on charging bridesmaids and groomsmen to stay in the groom and bridal suites in order to "recuperate some of the cost of the venue rental." bride made her bridesmaids buy $550 dresses, which they had to have payment plans for (and she wonders why they're dropping out?). couple was tacky, tacky, tackyyyyy. couple expected the wedding gifts to cover HALF the cost of their wedding. couple asked for money for their honeymoon fund after their wedding was over, and people had already given gifts. cheap bride returned her worn wedding shoes to save money. cheap couple refused to allow a family member with muscular dystrophy to bring their aide unless they shared a plate. couple who left these behind clearly didn't care about the environment. couple expected strangers to send money to them. with this couple. Related: couple could afford to feed their guests — they just didn't want to. bride was just delulu. bride wanted people to pay to watch their wedding online. did this couple. bride went on a long rant that ended with a reminder to shell out is super classy. bride heard of another bride's cheap behavior and was filled with inspiration. bride wanted bridesmaids to pay for a spa day instead of throwing an actual bachelorette party. entitled bride was upset that her fiancé's parents weren't helping pay for the wedding. tacky couple expected gifts, but couldn't be bothered to write personalized thank-you cards. bride wanted to force her bridesmaids to get professional hair and makeup done and pay for it themselves. finally, this fake bride was just so, so greedy. Also in Internet Finds: Also in Internet Finds: Also in Internet Finds: Solve the daily Crossword
