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Hindustan Times
20 hours ago
- Business
- Hindustan Times
Over 1,000 SHG women to benefit from loan distribution in Varanasi
Over 1,000 women associated with Self-Help Groups (SHGs) will be benefited from a loan which was distributed in a programme for SHG women at the Rural Self Employment Training Institute (RSETI), Varanasi. The loan distribution programme was held at RSETI. It was organised on the initiative of deputy commissioner self-employment Pawan Kumar Singh and regional head of Union Bank of India Varanasi Shailendra Kumar. On this occasion, Union Bank of India distributed a loan of ₹36,85,000 ( ₹3.68 crore). A demo cheque was symbolically handed over to the women of the group. In the programme, Mamta of Vikaskhand Sevapuri and Mamta of SHG Harhua shared their success stories, highlighting the change and journey in their lives by taking a loan from the SHG. Lead Bank Union Bank of India's Varanasi region head Shailendra Kumar spoke about continuing loan distribution to the women of the group and providing necessary support from the bank. District mission manager Shravan Kumar Singh appealed to the Bank Sakhis to connect more SHG women with livelihood opportunities. On this occasion, Vikram Singh, Rekha Kesari, beneficiaries of Mukhyamantri Yuva Udyam and Solar Rooftop schemes, along with Bank Sakhis and SHG women, were present.
Time of India
2 days ago
- Business
- Time of India
ED says DHFL promoters used public money for extravagant hobbies, lavish purchases
MUMBAI: DHFL promoters Kapil and Dheeraj Wadhawan allegedly utilised "public money" for their "extravagant hobbies", purchasing 25 paintings and a sculpture worth over Rs 63 crore, claimed the Enforcement Directorate 's chargesheet in multi-crore bank loan scam case. Besides the paintings, the loan amount was used for the purchase of gemstones, properties as well as 20 per cent stake in a helicopter, the chargesheet said. The Wadhawan brothers are accused of defrauding a consortium of 17 banks led by Union Bank of India (UBI) to the tune of Rs 34,615 crore. The federal probe agency recently filed its chargesheet against 17 accused, including the Wadhawans and entities owned/controlled by them, before a special Prevention of Money Laundering Act (PMLA) court. The court took cognizance of the chargesheet earlier this month, ruling there is a clear, prima-facie case which demonstrates generation of proceeds of crime, its further placement, layering and integration, leading to an offence under provisions of PMLA. "All the accused persons appear to have been involved in this process of money laundering and ultimately tried to make tainted money untainted," it said. Finding sufficient grounds for further proceedings, the court has issued summons to all the accused, who have been directed to appear before the special judge on June 13. The ED's case stems from a Central Bureau of Investigation (CBI) FIR registered in 2022 based on a complaint made by Union Bank of India. Then CMD Kapil Wadhawan , then director Dheeraj Wadhwan and other accused persons allegedly entered into a criminal conspiracy to cheat a consortium of 17 banks led by UBI to avail loans aggregating to Rs 42,871.42 crore during July 2010 and December 2018 for DHFL for its business activities, the chargesheet said. The probe agency claimed the money was "dishonestly and fraudulently misappropriated and diverted" by Wadhawans in connivance with their associates to their group entities and other related parties. Giving an account of the money trail, the ED said the Wadhawans diverted Rs 11549 crore from DHFL to their beneficially entities without following any loan procedure. It also claimed the DHFL promoters utilized the public funds for fulfilling their extravagant hobbies. "They purchased 25 paintings and one sculpture from the year 2013 onwards and made payment of Rs. 63,44,55,638 for these paintings. Out of this total payment, an amount of Rs. 40,07,26,250 was diverted from the accounts of DHFL," the chargesheet said. The ED further said the Wadhwans paid Rs 11.83 crore and 14.82 crore to Surat-based firms Kushal Exports and Yogi Diam, Surat between 2009-15 in the name of purchase of cut and polished diamonds. However, these entities gave back an equivalent amount to Wadhawans in cash after deducting their commission of 1 per cent. Out of the total payments made by these firms, an amount of Rs 16.94 crore was diverted from the account of DHFL. Further the Wadhawans purchased expensive jewellery worth around Rs 42.10 crore from one Diamantina Fine Jewels LLP & Capart Crush, Bandra, from 2011-12 to 2018-19, the ED claimed. It added that out of the total payment made to Diamantina Fine Jewels, Rs 26.82 crore was diverted from DHFL. The Wadhawans through RKW Developers Pvt Ltd, acquired 20 per cent stake in Varva Aviation, Pune, which owned an Agusta Grand helicopter, by paying Rs 9 crore, the ED chargesheet said, adding Rs 7 crore was diverted from their firm. The ED chargesheet also accused them of converting a part of the said public funds to cash for their miscellaneous uses. The chargesheet claimed the other accused persons who acted as auditor, branch auditor, legal consultant, licensor, bookie as well as kin of the Wadhawans helped them in siphoning off the said diverted amount, causing loss of Rs 34,614.88 crore to the consortium banks. The amount itself is proceeds of crime generated by the accused persons by falsifying accounts, diverting funds and using it for purposes other than what it was sanctioned for, the ED chargesheet said.
Time of India
2 days ago
- Time of India
Man loses Rs 1.3L in customs scam involving fake foreign friend in Gurgaon
Gurgaon: A resident was allegedly defrauded of Rs 1.32 lakh by cybercriminals who posed as customs officials and exploited his concern for a supposed foreign Facebook friend who turned out to be a fake person. The complainant stated that he received calls on April 18 from an unknown number claiming to be from the customs department. The caller told him that his foreign friend "Aliana", who supposedly arrived from Europe, was detained at the airport due to medical clearance issues and unpaid customs duties. The accused demanded Rs 130,000 for an "Anti-Money Laundering Certificate" to release her and assured Kumar that she would refund him once freed. "I just wanted to help my friend, but it seems she never existed," Kumar wrote in his detailed statement, adding that he now doubted the identity of "Aliana", whom he had previously interacted with on Facebook. Distressed and convinced of the urgency, Kumar transferred Rs 1,32,500 via PayTM from his Union Bank of India account using a scanner shared by the fraudster. After the payment, the caller claimed that Aliana had been released and would return his money. However, when Kumar tried to contact her via WhatsApp, he found himself blocked, and he later realised he had been scammed. Following the complaint, police registered the case under Sections 318(4) and 319 of the BNS.
Time of India
2 days ago
- Business
- Time of India
Loan fraud case: ED says Wadhawans used public money for extravagant hobbies, lavish purchases
DHFL promoters Kapil and Dheeraj Wadhawan allegedly utilised "public money" for their "extravagant hobbies", purchasing 25 paintings and a sculpture worth over Rs 63 crore, claimed the Enforcement Directorate's chargesheet in multi-crore bank loan scam case. Besides the paintings, the loan amount was used for the purchase of gemstones, properties as well as 20 per cent stake in a helicopter, the chargesheet said. The Wadhawan brothers are accused of defrauding a consortium of 17 banks led by Union Bank of India (UBI) to the tune of Rs 34,615 crore. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like If You Eat Ginger Everyday for 1 Month This is What Happens Tips and Tricks Undo The federal probe agency recently filed its chargesheet against 17 accused, including the Wadhawans and entities owned/controlled by them, before a special Prevention of Money Laundering Act (PMLA) court. The court took cognizance of the chargesheet earlier this month, ruling there is a clear, prima-facie case which demonstrates generation of proceeds of crime, its further placement, layering and integration, leading to an offence under provisions of PMLA. Live Events "All the accused persons appear to have been involved in this process of money laundering and ultimately tried to make tainted money untainted," it said. Finding sufficient grounds for further proceedings, the court has issued summons to all the accused, who have been directed to appear before the special judge on June 13. The ED's case stems from a Central Bureau of Investigation (CBI) FIR registered in 2022 based on a complaint made by Union Bank of India. Then CMD Kapil Wadhawan , then director Dheeraj Wadhwan and other accused persons allegedly entered into a criminal conspiracy to cheat a consortium of 17 banks led by UBI to avail loans aggregating to Rs 42,871.42 crore during July 2010 and December 2018 for DHFL for its business activities, the chargesheet said. The probe agency claimed the money was "dishonestly and fraudulently misappropriated and diverted" by Wadhawans in connivance with their associates to their group entities and other related parties. Giving an account of the money trail, the ED said the Wadhawans diverted Rs 11549 crore from DHFL to their beneficially entities without following any loan procedure. It also claimed the DHFL promoters utilized the public funds for fulfilling their extravagant hobbies. "They purchased 25 paintings and one sculpture from the year 2013 onwards and made payment of Rs. 63,44,55,638 for these paintings. Out of this total payment, an amount of Rs. 40,07,26,250 was diverted from the accounts of DHFL," the chargesheet said. The ED further said the Wadhwans paid Rs 11.83 crore and 14.82 crore to Surat-based firms Kushal Exports and Yogi Diam, Surat between 2009-15 in the name of purchase of cut and polished diamonds. However, these entities gave back an equivalent amount to Wadhawans in cash after deducting their commission of 1 per cent. Out of the total payments made by these firms, an amount of Rs 16.94 crore was diverted from the account of DHFL. Further the Wadhawans purchased expensive jewellery worth around Rs 42.10 crore from one Diamantina Fine Jewels LLP & Capart Crush, Bandra, from 2011-12 to 2018-19, the ED claimed. It added that out of the total payment made to Diamantina Fine Jewels, Rs 26.82 crore was diverted from DHFL. The Wadhawans through RKW Developers Pvt Ltd, acquired 20 per cent stake in Varva Aviation, Pune, which owned an Agusta Grand helicopter, by paying Rs 9 crore, the ED chargesheet said, adding Rs 7 crore was diverted from their firm. The ED chargesheet also accused them of converting a part of the said public funds to cash for their miscellaneous uses. The chargesheet claimed the other accused persons who acted as auditor, branch auditor, legal consultant, licensor, bookie as well as kin of the Wadhawans helped them in siphoning off the said diverted amount, causing loss of Rs 34,614.88 crore to the consortium banks. The amount itself is proceeds of crime generated by the accused persons by falsifying accounts, diverting funds and using it for purposes other than what it was sanctioned for, the ED chargesheet said. PTI
Bloomberg
3 days ago
- Automotive
- Bloomberg
VinFast in Talks for $200 Million Loan Ahead of India Debut
VinFast Auto Ltd. is in talks to raise a loan of as much as $200 million from Indian state-owned banks, people familiar with the plan said, ahead of the Vietnamese electric vehicle maker's debut in the world's third-biggest car market. Central Bank of India Ltd. and Union Bank of India Ltd. are among those in discussions with VinFast for the loan, the people said, asking not to be identified as the talks are private.
