Latest news with #Section223
&w=3840&q=100)
Business Standard
4 days ago
- Business
- Business Standard
ED files supplementary prosecution complaint in Amtek Auto bank fraud case
The Directorate of Enforcement (ED) on Monday said it had filed a supplementary prosecution complaint before the Special PMLA Court at Rouse Avenue, New Delhi, in connection with the multi-thousand-crore bank fraud involving the Amtek Auto group and its associate companies. According to the ED, the complaint, filed on August 1, names 56 accused — including group promoter Arvind Dham, his family members, chartered accountants, bankers, resolution professionals, and Mumbai-based stock market operators. The court issued notices to all accused on August 7 under Section 223 of the Bharatiya Nyaya Sanhita (BNSS). The ED probe, launched on the directions of the Supreme Court in February 2024, is based on Central Bureau of Investigation (CBI) FIRs arising from complaints by IDBI Bank and Bank of Maharashtra. Investigators allege that the Amtek group fraudulently diverted loans from public sector banks, manipulated fixed asset valuations, and engaged in criminal misappropriation. Chartered accountants are accused of filing false audit reports, while bankers allegedly sanctioned loans for undue benefits and 'evergreened' credit facilities without following Reserve Bank of India (RBI) norms — resulting in a spike in non-performing assets (NPAs). The ED has also linked the group to stock price manipulation of Castex Technologies Ltd., allegedly using siphoned bank funds to hire Mumbai-based operators to rig share prices, defrauding foreign portfolio investors of nearly Rs 1,000 crore. Following massive defaults, 15 group companies went into insolvency proceedings under the Insolvency and Bankruptcy Code (IBC), with lenders taking an average haircut of 81 per cent — recovering only Rs 6,300 crore of total admitted claims exceeding Rs 34,000 crore. The agency alleges that before insolvency, promoters had moved assets through undervalued transfers to front entities and created nearly 500 shell companies to conceal properties worth over Rs 6,000 crore. According to the ED, it has so far attached assets worth Rs 6,261.37 crore — including earlier attachments of Rs 5,115.31 crore in September 2024 — most valued at book or circle rates, with the market value believed to be much higher. The supplementary complaint expands the scope of prosecution to cover the roles of promoters, senior management, auditors, bankers, resolution professionals, and stock market operators in what the ED describes as a complex web of loan fraud, market manipulation, and asset concealment. In a separate case, the ED's Ahmedabad Zonal Office conducted search operations at various locations linked to Megh Shah and Mahendra Shah across Ahmedabad and Mumbai on August 7 and 8, 2025. 'ED had initiated investigation against Mahendra Shah, Megh Shah, and others under the provisions of the Foreign Exchange Management Act (FEMA), 1999, on the basis of a case involving the seizure of foreign-marked gold of approximately 88 kg (out of which about 52 kg contained foreign markings linked to Dubai, Australia, and Switzerland) in a joint search conducted by the Directorate of Revenue Intelligence (DRI), Ahmedabad, and the Anti-Terrorism Squad (ATS), Gujarat, at Flat No. 104, Avishkar Flats, Mahalakshmi area of Paldi, Ahmedabad,' the ED said in a statement. It further said that during the fresh searches, the ED seized cash amounting to about Rs 15 lakh, four luxury cars — BMW X6M, Bentley Continental GT, BMW 730 LD, and BMW 328 I — numerous imported luxury watches of brands such as Rolex and Cartier valued at Rs 1.51 crore, as well as stamps and cheque books of around 40 entities or companies.
Time of India
18-07-2025
- Time of India
'Want to do business? Serve veg items only': Hindu Raksha Dal protests at Ghaziabad KFC; demands ban on non-veg food during Kanwar Yatra
A screengrab of the video that went viral on social media platforms. GHAZIABAD: Hundreds of members of the Hindu Raksha Dal (HRD) staged a protest outside a KFC outlet in Ghaziabad's Indirapuram area, raising slogans like 'Jai Shree Ram' and 'Har Har Mahadev. ' The group demanded that non-vegetarian food not be served during the ongoing Kanwar Yatra. A video that went viral on social media showed HRD members pulling down the shutter of the outlet. Another video captured the protesters entering the restaurant while shouting religious slogans and asking staff to shut down operations or serve only vegetarian food during the month of Shravan. Pinky Chaudhary, the chief of the group, said, 'Our message is clear. We are asking all non-vegetarian food outlets to refrain from serving such food during the Kanwar Yatra. If they want to remain open, they should serve vegetarian items only.' Taking note of the incident, Nimish Patil, DCP Trans-Hindon, said Section 163 of the Bharatiya Nagarik Suraksha Sanhita (BNSS) has been imposed in the district, and the protesters violated public order. A suo motu FIR has been registered against 10 unidentified individuals under Section 223 of the Bharatiya Nyaya Sanhita (BNS) for disobedience to an order duly promulgated by a public servant. 'We are in the process of identifying the accused involved in the incident,' the DCP added.
Time of India
24-04-2025
- General
- Time of India
Indore air quality remains poor in April despite crackdown on stubble burning
Indore: Despite stringent measures including penalties and FIRs against farmers for stubble burning , Indore's average Air Quality Index (AQI) is not 'good', but either 'satisfactory' or 'moderate'. While AQI at most of the pollution monitoring stations of Indore is showing it as 'satisfactory' between 51-100, it has so far recorded above an average 150 mark/daily throughout April at the station situated in central part of the city. Data from the Chhoti Gwaltoli pollution monitoring station reveals that the lowest AQI recorded in the city's central area this month was 118 on April 19, while it peaked at a concerning 291 on April 9. Stubble burning has been identified as a primary contributor to the elevated pollution levels. In response, Indore district administration, in collaboration with the agriculture department, has been imposing penalties on farmers, with some even facing FIRs under Section 223 of BNS. Collector Asheesh Singh had issued an order prohibiting stubble burning, warning of the legal actions. Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like News For Jack Nicholson, 87, He Has Been Confirmed To Be... Reportingly Undo Sources indicate that many farmers continue to violate this order, as the penalty amounts are perceived to be significantly lower than the expenses associated with removing stubble. According to the order, a fine of Rs 2,500 per incident is levied on farmers owning up to two acres of land, Rs 5,000 for those with two to five acres, and Rs 15,000 per incident for farmers with over five acres, citing environmental damage . Furthermore, inadequate monitoring of pollution-generating industries is also cited as a contributing factor to the rising AQI. Approximately 238 such industries operate within the city limits, and despite repeated instructions to switch from coal to Piped Natural Gas (PNG), progress has been limited. Only around 96 industries have adopted PNG, while some of them still continuing to use cheaper coal for production. Adding to the problem, a substantial increase in the number of vehicles, prolonged waiting times at traffic intersections, and traffic congestion are also contributing to the pollution. Data from the Regional Transport Department indicates that there are around 20 lakh vehicles on Indore's roads, fueled by a sharp rise in new vehicle purchases in recent years, facilitated by easy loan availability. "Presently, around 75% of registered vehicles are financed," stated Indore RTO Pradeep Kumar Sharma, adding that while there has been an increase in the purchase of electric vehicles, their adoption rate remains below 5%. RTO records show approximately 45,000 electric vehicles are there in Indore. "Presently, there is an average sale of around 1.5 crore litre petrol and around 1 crore litre diesel in the city," Rajendra Singh Vasu, president of Indore Petrol Dealers' Association, said. He highlighted that around 60% petrol pumps have PCU stations, but still less than 5% vehicles on the road having PUC certificates. He added that though all new vehicles are complying with Bharat Stage 6 (BS6) emission norms to meet stricter limits on pollutants like nitrogen oxides (NOx) and particulate matter (PM) compared to older BS4 norms. However, a large number of vehicles are still on the roads with BS4, BS3 or older norms that are contributing more pollution. Unlike some other states, MP has no rules to remove 15-years older (except government vehicles) from the roads and based on the fitness, the RTO has to renew their registration. "The IMC is establishing new charging stations, which is encouraging the adoption of electric vehicles as they are both environment-friendly and cost-effective," said MP PCB regional officer Srinivas Dwivedi. He also noted that the increasing number of CNG stations has led to a rise in the purchase of CNG vehicles. "The administration has launched a crackdown against farmers burning stubble, and we have been urging industries to switch to PNG," he added. Dwivedi further mentioned that the IMC has also been implementing measures like water spraying, washing tree leaves, and installing fountains to mitigate pollution. Considering the prevailing circumstances, including rapid construction activities and the presence of Construction and Demolition (C&D) waste particles in the air, experts foresee no significant improvement in the AQI until the arrival of the monsoon.
