India's economic engine is revving up, but navigating the global headwinds requires sharp strategy. The rupee's recent volatility against the dollar underscores the complexities facing Indian businesses, impacting everything from import-export trade to domestic inflation. This week alone, we've seen significant shifts in the IT sector, with major players announcing restructuring and a renewed focus on AI-driven solutions. Meanwhile, the burgeoning startup ecosystem continues to attract substantial funding, despite a cautious global investor sentiment. The government's recent policy announcements on infrastructure development and digitalization are poised to further shape the business landscape, creating both opportunities and challenges for entrepreneurs and established corporations alike. Understanding these market dynamics is crucial for success in today's rapidly evolving Indian economy. Stay informed with Abtak.com for the latest insights and analysis on key sectors including finance, manufacturing, and technology – empowering your business decisions in a dynamic market. Explore the complete business news section now to stay ahead of the curve.
Mumbai: The enforcement Directorate has earlier this week submitted a prosecution complaint against Rohit Pawar, grandnephew of Sharad Pawar and MLA from the Karjat-Jamkhed constituency. The money laundering case against Pawar is filed in connection with the role of his firm in Maharashtra State Cooperative Bank scam. The complaint against Pawar is submitted by ED at the time when the economic offence wing, which had probed the predicate offence, wants the case to be closed. EOW's plea is being objected to by ED as well as the complainants. The court is yet to hear on the closure report, pending which the central agency has now submitted a prosecution complaint against Pawar. ED's complaint is yet to come up before the court for cognizance. ED had claimed that loans were given by the management of MSCB to the sugar mills/companies controlled by relatives of the directors of the bank without assessing loan repayment capacity of the sugar mills/companies. The agency also alleged that the bank did not follow the process stated under the SARFAESI Act, 2002 while auctioning defaulting Sugar Sahkari Kharkhana (SSK). It was claimed that SSK were sold at below reserve price. Pawar's firm was also alleged to have been involved in the alleged scam. The agency has also attached his assets of his firm Baramati Agro ltd which owned Kannad Sagar unit.
New Delhi, Dec 4 (PTI) "On the face of it you are a corrupt person. Crores of rupees were recovered from your premises," the Supreme Court on Wednesday told former West Bengal minister Partha Chatterjee, held in an alleged cash-for-job scam in the state. A bench of Justices Surya Kant and Ujjal Bhuyan, which reserved its verdict on the bail plea of Chatterjee, questioned the enforcement directorate (ED) over his continued incarceration saying he cannot be kept inside for an indefinite period. "On the face of it you are a corrupt person. Crores of Rupees were recovered from your premises. Wha ...Read More >
Bengaluru: In a setback to Karnataka Chief Minister Siddaramaiah, the Directorate of Enforcement (ED), Bangalore Zonal Office has provisionally attached 142 immovable properties having an approximate market value of Rs 300 crore under the provisions of the Prevention of Money Laundering Act (PMLA), 2002, in connection with the Mysuru Urban Development Authority (MUDA) scam. Chief Minister Siddaramaiah is accused number one in the case and the investigation is also conducted against others who got the illegal allotments done through the MUDA. His wife B.M. Parvathi is the second accused. "The ...Read More >
Guwahati, Jun 5 (PTI) The Assam Congress on Thursday demanded a CBI inquiry into alleged illegal stone mining in Karbi Anglong district in violation of a Supreme Court order. Addressing a press conference here, former Rajya Sabha member Ripun Bora also alleged that Karbi Anglong Autonomous Council Chief Executive Member Tuliram Ronghang was allowing illegal activities in the district in nexus with Chief Minister Himanta Biswa Sarma. "Large-scale illegal stone mining is taking place in the hills of Karbi Anglong in violation of the Supreme Court order. The SC had banned mining in and around K ...Read More >
New Delhi: The Enforcement Directorate (ED) on Friday carried out searches at 15 places in Mumbai and Kochi in connection with the Mithi River desilting scam that caused a wrongful loss of more than Rs 65 crore to the Brihanmumbai Municipal Corporation (BMC), official sources said. The massive crackdown is underway at the premises across Mumbai and Kochi linked to the accused and suspects as part of an ongoing probe into alleged financial irregularities. According to the sources, the searches are being carried out under the provisions of the Prevention of Money Laundering Act (PMLA) at locat ...Read More >
Mumbai, Jun 6 (PTI) The Enforcement Directorate on Friday conducted searches at the premises of actor Dino Morea and some others in Maharashtra apart from some locations in Kerala as part of a money laundering investigation linked to the Mithi river desilting "scam", official sources said. The fraud is alleged to have caused a Rs 65 crore loss to the Brihanmumbai Municipal Corporation (BMC). The raids are covering more than 15 premises located in Mumbai and Kochi. This includes the premises of Morea, his brother, contractors and some others, the sources said. The investigation is being cond ...Read More >
Berhampur (Odisha), Jun 6 (PTI) Environmental activist Medha Patkar on Saturday appealed to the people of Odisha for protection of Rushikulya river. The government planned to construct a dam in the river Pipalapnaka under Sorada block in the district. While participating in the Save Rushikulya river movement in Ganjam district, she said, "Rivers may be small or big, but they are our mother. We have to protect the rivers from attacks." She attended a meeting were organised by the Rushikulya Banchao Kriyaanusthan Committee (RBKC) and the Centre for Climate Justice, spearheading the agitation a ...Read More >
New Delhi [India], July 1 (ANI): The Enforcement Directorate (ED) has seized several incriminating documents, digital devices, and details of movable and immovable properties during searches conducted at 13 locations in Delhi, NCR and Punjab's Mohali in an ongoing investigation against Raheja Developers Ltd, its Directors, and others, the agency said on Tuesday. The raids were conducted on June 27 under the provisions of the Prevention of Money Laundering Act (PMLA), 2002. The federal agency initiated an investigation on the basis of multiple First Information Reports (FIRs) registered by De ...Read More >
New Delhi [India], July 2 (ANI): While hearing the Directorate of Enforcement's (ED) arguments on a money laundering complaint in the National Herald case, Delhi's Rouse Avenue Court raised certain queries to the ED about the shareholding of Associated Journals Limited (AJL) and whether the Congress party was a victim, as it had given a loan to AJL. Additional Solicitor General (ASG) SV Raju submitted that there was a conspiracy to siphon off the assets of AJL, a company with assets worth Rs 2000 crore, a fact known to Congress leaders. Special Judge Vishal Gogne heard the arguments at lengt ...Read More >
NEW DELHI: The government on Saturday extended the term of the chairman of the Central Board of Direct Taxes (CBDT) Ravi Agrawal by one year, an official notification said.The Appointments Committee of the Cabinet approved the re-appointment of Agrawal, an IRS officer of the 1988 batch, as CBDT chairman for one year from July 1 this year to June 30, 2026, on contract basis.Agrawal took over as the CBDT chairman from Nitin Gupta in June 2024 after Gupta's extended tenure ended. Agrawal has been a member of CBDT. He was member administration and had served as DG investigation in Delhi. The gover ...Read More >
Mumbai, Jul 2 (PTI) Opposition in the Maharashtra legislative assembly twice staged a walk-out on Wednesday over the issues of farmer suicides and non-payment to soybean cultivators whose crop was procured by government agencies. More than 700 farmers have ended their lives in the state in the first three months of this year, claimed Congress leader Vijay Wadettiwar as he moved an adjournment motion seeking a discussion on the issue. Speaking on the notice for adjournment, he questioned the BJP-led government's priorities, citing the sanctioning of Rs 20,000 crore for the Shaktipeeth express ...Read More >
New Delhi, Jul 2 (PTI) The Enforcement Directorate on Wednesday alleged Sonia and Rahul Gandhi wanted to usurp the assets of Associated Journals Limited (AJL), a Rs 2,000 crore company, the publisher of National Herald newspaper. Special judge Vishal Gogne was hearing the submissions on the point of cognisance in the National Herald case. Additional solicitor general S V Raju said a conspiracy was hatched to form Young Indian Private Limited in which the Gandhis held 76 per cent shares to usurp the assets of AJL, which took a Rs 90 crore loan from the All India Congress Committee (AICC) desp ...Read More >
NEW DELHI: The Enforcement Directorate (ED) on Wednesday told a Delhi court that Congress leaders Sonia Gandhi and Rahul Gandhi acquired full control of Associated Journals Limited (AJL), publisher of the National Herald newspaper, for a mere Rs 50 lakh, despite the company holding real estate assets worth over Rs 2,000 crore. The submission was made before Special Judge (PC Act) Vishal Gogne at Rouse Avenue Courts, as the Court continued hearing arguments on whether to take cognisance of the ED's prosecution complaint in the alleged money laundering case linked to the National Herald. Addit ...Read More >
NEW DELHI: An Enforcement Directorate team undertaking searches in a cyber fraud linked money laundering case was allegedly attacked here on Thursday, officials said. The agency has registered a police FIR about the incident that took place at a farmhouse that was raided by ED officials in the Bijwasan area of southwest Delhi that falls under the Kapashera police station. An Enforcement Officer (EO) suffered minor injuries during the attack. He is continuing with the searches after he was given first aid, officials said. The probe pertains to a case against the PYYPL app. The alleged accus ...Read More >
Mumbai: The Enforcement Directorate (ED) has summoned Bollywood actor Dino Morea and asked him to appear next week. He has been summoned in connection with the Rs 65 crore Mithi river desilting case, ED officials said. On Friday, the Enforcement Directorate (ED) conducted raids at fifteen locations in the Mithi river desilting case, including at actor Dino Morea's home in Mumbai. The raid comes days after the actor appeared before the Mumbai Police for questioning in a corruption case. His brot ...Read More >
New Delhi, Jun 8 (PTI) A Kerala businessman, who recently levelled corruption charges against an ED officer posted in the state, has recorded his statement with the central agency where he is understood to have denied knowing or having any evidence against the said investigator, official sources said Sunday. The businessman, Aneesh Babu, deposed before the Enforcement Directorate in Delhi on June 6 and his statement was recorded under audio-visual camera by the agency as per the provisions of section 50 of the Prevention of Money Laundering Act (PMLA). Such a statement made under the anti-mo ...Read More >
Bengaluru, Jul 1 (PTI) The Karnataka High Court on Tuesday ordered a comprehensive probe by the Central Bureau of Investigation (CBI) into the alleged Valmiki Scheduled Tribes Development Corporation scam. Previously, the CBI's role in the case was confined to examining limited irregularities. However, the High Court has now directed a full-fledged investigation, requiring the state's Special Investigation Team (SIT) to transfer all case-related documents and evidence to the central agency. The case involves serious allegations of embezzlement of funds earmarked for the welfare of tribal co ...Read More >
New Delhi [India], December 4 (ANI): The Enforcement Directorate (ED) seized cryptocurrency worth Rs 1.36 crore (USDT) from private wallets, along with unexplained cash amounting to Rs 47 lakh, during an investigation into a major money laundering case. The case pertains to cyber fraud involving illegal proceeds of approximately Rs 640 crore, generated through betting, gambling, part-time job scams, and phishing operations. The ED also recovered various incriminating documents linked to the fraud during its crackdown. Also Read | Banking Laws (Amendment) Bill, 2024 Set To Boost Consumer Expe ...Read More >
Mumbai, Jun 6 (PTI) The Enforcement Directorate on Friday conducted searches in Maharashtra and Kerala as part of a money laundering investigation linked to the Mithi river desilting "scam" that is alleged to have caused a Rs 65 crore loss to the BMC, official sources said. The raids are covering more than 15 premises located in Mumbai and Kochi. The investigation is being conducted under the Prevention of Money Laundering Act (PMLA), the sources said. The ED case against certain officials of the Brihanmumbai Municipal Corporation (BMC) and some others stems from a Mumbai Police economic off ...Read More >
Mumbai, Jun 28 (PTI) A 70-year-old doctor was cheated by cyber criminals of Rs 3 crore and kept under "digital arrest" for eight days after being accused of involvement in a non-existent money laundering scam, a Mumbai police official said on Saturday. In the month of May, the victim got a call from a person identifying himself as telecom department staffer Amit Kumar, who told her a SIM card had been bought with her personal details for use in criminal activities. "She then got a call from another person who identified himself as Crime Branch officer Samadhan Pawar. He told the victim that ...Read More >
Chandigarh, Jun 30 (PTI) The Punjab Vigilance Bureau Monday took Shiromani Akali Dal (SAD) leader Bikram Singh Majithia to Himachal Pradesh in connection with a disproportionate assets (DA) case registered against the former minister, said sources. The Punjab Vigilance Bureau on June 25 arrested Majithia in a disproportionate assets case allegedly involving laundering of Rs 540 crore of "drug money". Majithia, who is the brother-in-law of SAD president Sukhbir Singh Badal, is learnt to have been taken to Mashobra in Himachal Pradesh for verification of property allegedly linked to his family ...Read More >
Bengaluru (Karnataka) [India], July 1 (ANI): The Karnataka High Court on Tuesday handed over the investigation of the Valmiki case to the Central Bureau of Investigation. The court has ordered the Special Investigation Team (SIT) appointed by the state government (CID) to transfer all the documents related to the case to the CBI. Also Read | Fraudulent Website sarvashikshaabhiyan.com Makes Fake Job Offers, Claiming To Be Official Website of Sarva Shiksha Abhiyan, PIB Fact Check Reveals Truth. The court has directed the CBI to submit a detailed status report. Earlier in 2024 October, Enforc ...Read More >
New Delhi, July 2: The Enforcement Directorate (ED) on Wednesday told a court here that the Congress party wanted to usurp around Rs 2,000 crore assets of the now-defunct National Herald newspaper. Additional Solicitor General (ASG) S.V. Raju, representing the ED, submitted before the Rouse Avenue Court that a conspiracy was hatched to form Young Indian Ltd -- in which Congress Parliamentary Party Chairperson Sonia Gandhi and Leader of Opposition in the Lok Sabha Rahul Gandhi are majority stakeholders -- to acquire control over the newspaper's vast assets aimed at benefiting the party leadersh ...Read More >
HYDERABAD: The Enforcement Directorate (ED) on Wednesday conducted searches at multiple locations in Hyderabad, including the residences of former HMDA director (town planning) Shiva Balakrishna and his relatives, in connection with illegally acquired properties and suspected money laundering. Based on an FIR filed by the ACB, the ED registered an Enforcement Case Information Report (ECIR) under the Prevention of Money Laundering Act (PMLA) and is investigating the matter. The investigation is examining whether funds were transferred to Balakrishna as part of a quid pro quo arrangement throug ...Read More >
New Delhi, Jul 3 (PTI) Former Delhi minister and AAP leader Satyendar Jain appeared before the Enforcement Directorate (ED) on Thursday for questioning in a money laundering case linked to alleged corruption in the augmentation of some Delhi Jal Board sewage treatment plants, official sources said. Jain, 60, reached the federal probe agency's office here around 11:15 am and his statement was recorded under the Prevention of Money Laundering Act (PMLA), they said. The Aam Aadmi Party (AAP) politician has held portfolios like Health, Industries, Power, Public Works Department, Home and Urban D ...Read More >
New Delhi, Dec 13 (PTI) The Supreme Court on Friday granted conditional future bail to former West Bengal minister Partha Chatterjee in a money laundering case related to the cash-for-job scam. A bench of Justices Surya Kant and Ujjal Bhuyan said that Chatterjee shall be released on February 1, 2025 subject to the trial court framing charges before the winter vacation and examination of vulnerable witnesses by the second and third week of January 2025. The top court said upon his release Chatterjee shall not hold any public office but can continue as MLA. The bench said that a suspect canno ...Read More >
New Delhi, June 7 (SocialNews.XYZ) Leader of Opposition (LoP) in the Lok Sabha, Rahul Gandhi, has received robust support from INDIA bloc allies following his explosive allegations of "match-fixing" in the 2024 Maharashtra Assembly elections. His opinion piece, published in a national daily, has stirred a political storm, with Opposition leaders asserting that the article lays bare the scale of electoral manipulation and the Election Commission's failure to respond to legitimate concerns. In his op-ed, Gandhi accused the BJP-led Mahayuti of engineering a large-scale rigging operation to win ...Read More >
Ranchi: Jharkhand Chief Minister Hemant Soren got big relief from the Jharkhand High Court, which on Wednesday exempted him from personally appearing before the MP-MLA Special Court in Ranchi in a case related to alleged disobedience of Enforcement Directorate (ED) summonses. The Bench of Justice Anil Kumar Choudhary issued a notice to the ED and directed it to file a response. The next hearing has been scheduled for December 16. Earlier, the MP-MLA Special Court had dismissed Soren's plea for exemption from personal appearance on November 25, ordering him to appear on December 4. Aggrieved ...Read More >
New Delhi, Dec 13 (PTI) The Supreme Court on Friday granted conditional future bail to former West Bengal minister Partha Chatterjee in a money laundering case related to the cash-for-job scam. A bench of Justices Surya Kant and Ujjal Bhuyan said that Chatterjee shall be released on February 1, 2025 subject to the trial court framing charges before the winter vacation and examination of vulnerable witnesses by the second and third week of January 2025. Also Read | Atul Subhash Suicide Case: Wife Nikita Singhania Absconds, Karnataka Police Arrest Her Mother, Brother From Uttar Pradesh's Jaunp ...Read More >
Bengaluru: The Karnataka government on Thursday took strong action against the police officers allegedly responsible for the Bengaluru stampede, suspending several high-ranking officials, including the city's police commissioner. Addressing a press conference, Chief Minister Siddaramaiah also announced a one-man commission to probe the lapses that triggered the deadly stampede. "Cubbon Park Police Station police inspector, station house master, station house officer, ACP, Central Division DCP, cricket stadium in-charge, additional commissioner of police, commissioner of police have been susp ...Read More >
Bhubaneswar: A low-pressure area forming over the north Bay of Bengal and adjoining coastal areas of Bangladesh and West Bengal is expected to trigger heavy to very heavy rainfall across parts of Odisha through July 4, the India Meteorological Department (IMD) said Saturday. An upper air cyclonic circulation currently persists over southwest Bangladesh and adjoining Gangetic West Bengal, extending up to 7.6 km above mean sea level and tilting southwestward with height, the IMD said. Under its influence, a low-pressure area is likely to develop over the region within the next 48 hours. The sy ...Read More >