Scam

NEW DELHI: Telecom minister Manoj Sinha has dismissed as “false, hilarious and unfounded” allegations of the Opposition Congress party that allocating microwave (MW) spectrum in 2015 on a firstcome-first-serve basis (FCFS), instead of auctioning it, was a scam which led to losses of ?69,381 crore to the national exchequer. “The Supreme Court’s 2012 order was on access spectrum and not for backhaulspectrum, and even before and after the verdict, (microwave) airwaves were allocated administratively,” Sinha told reporters on Wednesday. The court had, in its order in 2012, directed all excess spectrum to be auctioned while terming the FCFS model flawed. This was the genesis of the so-called 2G scam, which many believe was one of the reasons behind the electoral rout of the Congress-led UPA in the 2014 general elections. Access spectrum is typically used to provide mobile phone services to consumers while microwave is used for backhaul, or connecting two … [Read more...] about Allegations of scam in microwave allocation ‘unfounded’: Manoj Sinha

More details will doubtless pour out about Sen’s rackets as investigations proceed. But one thing is certain. The vast majority of Saradha’s victims will only get a pittance from the Rs 5 billion compensation fund set up by the Banerjee government, to be part financed by an additional levy on cigarettes, of all things. But the investors’ stake is estimated at Rs 170 billion, if not more. … [Read more...] about What the Saradha scam reveals

The purpose of installing the dummy directors was often to enable clients of the accounting firm, Brown Baldwin, to avoid paying income tax on their employees' wages. In the event the company was liquidated, the dummy director would be held responsible for the company's failure. … [Read more...] about Elvis Presley, Homer Simpson and Bob Marley could be installed as Australian company directors, ASIC admits

The petitioners submitted that the accused had collected huge amounts from the parents of other students too by promising to give admission to MBBS seats in their college and cheated them. Though crimes were registered against the accused, no investigation was conducted, they submitted. The petitioners further submitted that the police initially refused to register complaints against the accused. It was after a magistrate court’s order that the police registered a crime against the college authorities. … [Read more...] about HC orders CB probe into Karakkonam medical college scam

NEW DELHI: The Reserve Bank of India has asked banks to put in place an escrow mechanism that can ring fence their loans to real estate firms and keep a closer tab on the end use of funds. The RBI has been looking to tighten the lending norms for the real estate sector after last year's bribery-for-loan scam involving LIC Housing Finance and some public sector banks. The scandal also exposed several unethical practices, such as diversion of funds. RBI did not respond to an email request for comment. The bank has already advised lenders to closely monitor the end use of funds. A few weeks ago, it also asked the banks to set up an escrow mechanism at the time of providing project loans to real estate companies. An escrow account will help in safeguarding the interests of the lender from repayment risk and in monitoring the end use of funds. An escrow account is a trust account in the borrower's name. Payments from the customers of the borrower are deposited in this … [Read more...] about Banks to secure realty loans with escrow a/cs