Latest news with #WSS
Business Standard
14 hours ago
- Business
- Business Standard
RITES emerges as L-1 bidder for tender floated by Gujarat Urban Development Company
RITES said that it has emerged as the lowest bidder (L-1) in a quality-cum-cost based selection (QCBS) tender floated by Gujarat Urban Development Company (GUDCL) for a project worth Rs 28.50 crore. The tender is for the appointment of a Third-Party Inspection (TPI) agency for Water Supply, Underground Drainage, and Sewage Treatment Plant (WSS/UGD/STP) projects under the Amrut 2.0/SJMMSVY schemes, managed by GUDC for Urban Local Bodies (ULBs) of Gujarat. This project is slated for completion within 60 months from the date of the letter of award (LoA) or Notice to Proceed (NTP). The order is subject to award after the due process of scrutiny and overall evaluation (technical and financial) by the Gujarat Urban Development Company Limited as per the requisite requirements mentioned in the tender documents, RITES said in a statement. RITES, a Miniratna (Category-I) Schedule 'A' public sector enterprise, is a leading player in the transport consultancy and engineering sector in India, having diversified services and geographical reach. As of 31 March 2025, the Government of India held 72.20% stake in the company. The companys consolidated net profit jumped 29.19% to Rs 141.33 crore in Q4 FY25 as against Rs 109.39 crore posted in Q3 FY25. Revenue from operations rose 6.89% to Rs 615.43 crore in the quarter ended 31 March 2025 from Rs 575.76 crore posted in Q3 FY25. The scrip rose 0.91% to currently trade at Rs 281.70 on the BSE.
Business Standard
18 hours ago
- Business
- Business Standard
RITES emerges L1 bidder for a Gujarat Urban Development Company project
RITES is the lowest bidder (L-1) in the financial bid of the QCBS tender floated by Gujarat Urban Development Company for Appointment of TPI agency for WSS/UGD/STP projects under Amrut 2.0/SJMMSVY under GUDC for ULBs of Gujarat. The order is subject to award after the due process of scrutiny and overall evaluation (technical and financial) by the Gujarat Urban Development Company as per the requisite requirements mentioned in the tender documents. The estimated value of the bid is Rs. 28.50 crore excluding GST.
Scoop
19-05-2025
- Business
- Scoop
Auckland Man Guilty In Serious Fraud Office Prosecution Over Attempted Multi-million Dollar Covid-19 Fraud
Press Release – Serious Fraud Office An Auckland man who tried to fraudulently claim millions of dollars through the Covid-19 wage subsidy scheme (WSS) and other government support schemes has been found guilty following a trial on charges brought by the Serious Fraud Office (SFO). Hun Min Im faced 91 charges related to his attempts to claim $1.88 million from the WSS, as well as from the Small Business Cashflow Scheme, COVID-19 Support Payments and Resurgence Support Payments. In total he attempted to claim $2.3 million and received almost $624,000. On Friday Mr Im was found guilty of 18 charges of obtaining by deception, and 16 charges of using a forged document. Just prior to the end of his trial, which concluded at the Auckland District Court on 13 May, Mr Im pleaded guilty to 54 charges of dishonestly using a document. Three obtaining by deception charges are yet to be determined. Mr Im submitted 42 WSS applications on behalf of eight companies and four sole traders, none of which were trading in New Zealand or had any staff. He forged signatures and used forged documents when incorporating companies, filed GST returns to claim refunds his companies were not entitled to, and sought a further $172,800 in Covid-19 subsidies from Inland Revenue that he was not entitled to. 'Mr Im's offending was deliberate and wide-reaching,' says SFO Director Karen Chang. 'He created a complex web of fake companies and forged documents which our expert teams spent many hours piecing together. He stole the personal information of his tenants and applicants who responded to fake job ads he placed online, to use as shareholders, directors and employees in his companies. 'Mr Im took advantage of public money that was intended to support people and businesses during a time of significant stress and uncertainty. Any money he received was used to fund his personal lifestyle, including an apartment and luxury vehicle.' Misappropriation of targeted Government funding is a key focus area for the SFO, particularly in times of emergency recovery. During such times the focus is on getting help to those who need it most, as quickly as possible. This urgency can create opportunities for those looking to exploit relief programmes. This case was referred to the SFO by the Ministry of Social Development (MSD) following its own initial investigations. Further work alerted SFO to possible fraudulent activity against other Government organisations. Ms Chang says, 'We want to recognise the cooperation and support provided by Inland Revenue, Police and the Companies Office to our investigation. This includes the Police Asset Recovery Unit, which restrained a property and vehicle following a referral from the SFO. The investigation was a great example of agencies working together to investigate abuse of public funds.' The SFO's Counter Fraud Centre (CFC) works closely with the public sector to support efforts to build resilience to fraud and ensure controls are in place to protect public funds. Last year the CFC released a new guide to Managing Fraud During Emergency Relief and Recovery which offers practical tools and principles to safeguard critical funding in times of crisis.
Otago Daily Times
19-05-2025
- Business
- Otago Daily Times
Man guilty of trying to defraud Covid wage subsidy of millions
auckland_district_court.png Auckland District Court. File photo: RNZ A man who tried to fraudulently claim millions of dollars through Covid-19 wage subsidy schemes has been found guilty at the Auckland District Court. Hun Min Im faced 91 charges related to his attempts to claim $1.88 million from the Covid-19 wage subsidy scheme (WSS), the Small Business Cashflow Scheme, Covid-19 Support Payments and Resurgence Support Payments. In total, Im attempted to claim $2.3 million and received almost $624,000. He was found guilty of 18 charges of obtaining by deception and 16 charges of using a forged document while Im pleaded guilty to 54 charges of dishonestly using a document. Three obtaining by deception charges were still yet to be determined. Serious Fraud Office director Karen Chang said Im's offending was deliberate and wide-reaching. "He created a complex web of fake companies and forged documents which our expert teams spent many hours piecing together. He stole the personal information of his tenants and applicants who responded to fake job ads he placed online, to use as shareholders, directors and employees in his companies. "Mr Im took advantage of public money that was intended to support people and businesses during a time of significant stress and uncertainty. Any money he received was used to fund his personal lifestyle, including an apartment and luxury vehicle," she said. Im submitted 42 WSS applications on behalf of eight companies and four sole traders, none of which were trading in New Zealand or had any staff. He forged signatures and used forged documents when incorporating companies, filed GST returns to claim refunds his companies were not entitled to. Im also sought a further $172,800 in Covid-19 subsidies from Inland Revenue that he was not entitled to. The Serious Fraud Office was alerted to this case by the Ministry of Social Development after its own initial investigations, Chang said. "We want to recognise the cooperation and support provided by Inland Revenue, Police and the Companies Office to our investigation." "This includes the Police Asset Recovery Unit, which restrained a property and vehicle following a referral from the SFO. The investigation was a great example of agencies working together to investigate abuse of public funds."
Scoop
19-05-2025
- Business
- Scoop
Auckland Man Guilty In Serious Fraud Office Prosecution Over Attempted Multi-million Dollar Covid-19 Fraud
An Auckland man who tried to fraudulently claim millions of dollars through the Covid-19 wage subsidy scheme (WSS) and other government support schemes has been found guilty following a trial on charges brought by the Serious Fraud Office (SFO). Hun Min Im faced 91 charges related to his attempts to claim $1.88 million from the WSS, as well as from the Small Business Cashflow Scheme, COVID-19 Support Payments and Resurgence Support Payments. In total he attempted to claim $2.3 million and received almost $624,000. On Friday Mr Im was found guilty of 18 charges of obtaining by deception, and 16 charges of using a forged document. Just prior to the end of his trial, which concluded at the Auckland District Court on 13 May, Mr Im pleaded guilty to 54 charges of dishonestly using a document. Three obtaining by deception charges are yet to be determined. Mr Im submitted 42 WSS applications on behalf of eight companies and four sole traders, none of which were trading in New Zealand or had any staff. He forged signatures and used forged documents when incorporating companies, filed GST returns to claim refunds his companies were not entitled to, and sought a further $172,800 in Covid-19 subsidies from Inland Revenue that he was not entitled to. 'Mr Im's offending was deliberate and wide-reaching,' says SFO Director Karen Chang. 'He created a complex web of fake companies and forged documents which our expert teams spent many hours piecing together. He stole the personal information of his tenants and applicants who responded to fake job ads he placed online, to use as shareholders, directors and employees in his companies. 'Mr Im took advantage of public money that was intended to support people and businesses during a time of significant stress and uncertainty. Any money he received was used to fund his personal lifestyle, including an apartment and luxury vehicle.' Misappropriation of targeted Government funding is a key focus area for the SFO, particularly in times of emergency recovery. During such times the focus is on getting help to those who need it most, as quickly as possible. This urgency can create opportunities for those looking to exploit relief programmes. This case was referred to the SFO by the Ministry of Social Development (MSD) following its own initial investigations. Further work alerted SFO to possible fraudulent activity against other Government organisations. Ms Chang says, 'We want to recognise the cooperation and support provided by Inland Revenue, Police and the Companies Office to our investigation. This includes the Police Asset Recovery Unit, which restrained a property and vehicle following a referral from the SFO. The investigation was a great example of agencies working together to investigate abuse of public funds.' The SFO's Counter Fraud Centre (CFC) works closely with the public sector to support efforts to build resilience to fraud and ensure controls are in place to protect public funds. Last year the CFC released a new guide to Managing Fraud During Emergency Relief and Recovery which offers practical tools and principles to safeguard critical funding in times of crisis.
