DHFL

ed-gets-custody-of-wadhawan-brothers-in-dhfl-case

ED gets custody of Wadhawan brothers in DHFL case

ED has arrested DHFL promoters -- Kapil Wadhawan and his brother Dheeraj Wadhawan -- in connection with a money laundering case of Yes Bank. They were produced before a special PMLA court, which remanded them to ED’s custody till May 24.

 

Bombay HC had rejected their anticipatory bail plea on May 12 saying that custodial interrogation was needed because of the serious nature of allegations such as money laundering and the accused had entered into a conspiracy with several others, including Yes Bank promoter Rana Kapoor and his family members.

 

ED had initiated proceedings against Wadhawans based on an FIR registered by the CBI on March 7 against Kapoor for conspiracy, cheating and under relevant provisions of the Prevention of Corruption Act.

 

It is alleged that Yes Bank invested Rs 3,700 crore in short-term, non-convertible debentures of DHFL and Kapoor received Rs 600 crore as kickbacks from DHFL, in the form of loan advanced to two firms, DOIT Urban Ventures (India) Private Ltd and Morgan Credits Private Ltd.

15 May 2020
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UPPCL PF scam: CBI questions IAS officers Alok Kumar and Aparna U

The Central Bureau of Investigation (CBI) on Saturday examined two IAS officers Alok Kumar (1988), the then Chairman of Uttar Pradesh Power Corporation Limited (UPPCL) and Aparna U (2001), the then MD of UPPCL in connection with its ongoing probe into the Rs 2,268 crore Employee Provident Fund scandal in Uttar Pradesh.

 

CBI, on 05 March, registered an FIR against the former secretary of the UP State Power Sector Employees' Trust Pravin Kumar Gupta and former Director (Finance), UPPCL Sudhanshu Dwivedi for violating norms while investing Rs 2,631 crore of the trust's funds with a controversial private mortgage lender Dewan Housing Finance Corporation (DHFL), which is facing an ED probe on charges of money laundering.

10 May 2020
ed-gets-custody-of-wadhawan-brothers-in-dhfl-case

ED gets custody of Wadhawan brothers in DHFL case

By IndianMandarins 15 May 2020

ED has arrested DHFL promoters -- Kapil Wadhawan and his brother Dheeraj Wadhawan -- in connection with a money laundering case of Yes Bank. They were produced before a special PMLA court, which remanded them to ED’s custody till May 24.

 

Bombay HC had rejected their anticipatory bail plea on May 12 saying that custodial interrogation was needed because of the serious nature of allegations such as money laundering and the accused had entered into a conspiracy with several others, including Yes Bank promoter Rana Kapoor and his family members.

 

ED had initiated proceedings against Wadhawans based on an FIR registered by the CBI on March 7 against Kapoor for conspiracy, cheating and under relevant provisions of the Prevention of Corruption Act.

 

It is alleged that Yes Bank invested Rs 3,700 crore in short-term, non-convertible debentures of DHFL and Kapoor received Rs 600 crore as kickbacks from DHFL, in the form of loan advanced to two firms, DOIT Urban Ventures (India) Private Ltd and Morgan Credits Private Ltd.

uppcl-pf-scam-cbi-questions-ias-officers-alok-kumar-and-aparna-u

UPPCL PF scam: CBI questions IAS officers Alok Kumar and Aparna U

By IndianMandarins 10 May 2020

The Central Bureau of Investigation (CBI) on Saturday examined two IAS officers Alok Kumar (1988), the then Chairman of Uttar Pradesh Power Corporation Limited (UPPCL) and Aparna U (2001), the then MD of UPPCL in connection with its ongoing probe into the Rs 2,268 crore Employee Provident Fund scandal in Uttar Pradesh.

 

CBI, on 05 March, registered an FIR against the former secretary of the UP State Power Sector Employees' Trust Pravin Kumar Gupta and former Director (Finance), UPPCL Sudhanshu Dwivedi for violating norms while investing Rs 2,631 crore of the trust's funds with a controversial private mortgage lender Dewan Housing Finance Corporation (DHFL), which is facing an ED probe on charges of money laundering.

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Senior IPS officer sent on compulsory leave?

By IndianMandarins 11 Apr 2020

Senior IPS officer Amitabh Gupta (IPS:1992: MH), Principal Secretary (Special), has been sent on compulsory leave with immediate effect till the inquiry against him reaches to a conclusive end. As usual senior IAS officer Ashok Khemka in his latest tweet condemned the act.

The officer is accused of allowing DHFL promoters Kapil and Dheeraj Wadhawan to travel despite lockdown in the state. He had issued a letter exempting Wadhawans from the lockdown norms citing a family emergency.

Wadhawans, accused in Yes Bank and DHFL fraud cases, were detained at Mahabaleshwar in Satara district on April 9 for violating prohibitory orders amid lockdown. Police found 23 people including members of the Wadhawan family at their farmhouse. Wadhawan family along with others traveled from Khandala to Mahabaleshwar in their cars even when both Pune and Satara districts are sealed amid ongoing lockdown for containing coronavirus. They were spotted at their `Diwan farmhouse’ by civic authorities.

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PF scam takes its toll: Deveraj replaces U Aparna as MD, UPPCL

By IndianMandarins 05 Nov 2019

Following the Opposition’s attack on the BJP Government over investments of approx Rs 2,600 crore of the EPF of the UPPCL in DHFL, a scam-hit housing finance firm, the Yogi Govt removed Power Secretary and MD of the Uttar Pradesh Power Corporation Limited on late Monday evening. M Devraj (IAS:1996:UP) who has returned from central deputation (ADB ,Manilla) will be the new Power Secretary and MD of UPPCL. Ms Aparna was shifted to the Irrigation Department as Secretary. The Opposition (SP and Congress) had demanded the dismissal of Power Minister Shrikant Sharma and the Principal Secretary, Power. Last Saturday, the state government had recommended a CBI probe into the matter saying that the "dubious" decision was taken by the previous Akhilesh government in April 2014 and the process of investment was further carried forward in 2016.

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Garg favours better regulations for NBFCs

By IndianMandarins 06 Jan 2019

Economic affairs secretary Subhash Chandra Garg has said that the lack of timely data is responsible for the current crisis in the shadow banking sector. He called for sound regulations to help develop the sector.

 

The secretary said that the government is trying to work with the Reserve Bank (of India) to create a system for more information about the NBFC sector.

 

The NBFC sector is going through a crisis, particularly related to liquidity, following the liquidity crisis in NBFC major IL&FS since August last year.

 

Post IL&FS crisis, other large NBFCs such as DHFL and Indiabulls had tough times that led to a huge drop in their stock prices.

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