&nbsp;A bankruptcy court in New York has dismissed a petition of Indian fugitive diamond merchant Nirav Modi and his associates, seeking dismissal of fraud allegations against them.

The allegations were made by Richard Levin, the court appointed trustee of three US corporations--Firestar Diamond, Fantasy Inc and A Jaffe--indirectly owned by Nirav Modi previously.

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Levin had also sought a minimum compensation of USD 15 million for harm&nbsp;suffered by the debtors of Modi and his associates Mihir Bhansali and Ajay Gandhi.

Southern District of New York Bankruptcy Court Judge Sean H Lane issued the order last Friday, in a major blow to the Indian fugitive and his accomplices.&nbsp;

SDNY Bankruptcy Court Judge Lane in a clear decision denied defendants Modi, Bansali and Gandhi's motions to dismiss US Trustee Richard Levin's amended complaint in the adversary proceeding arising out of Modi's initial chapter 11 bankruptcy petition, alleging fraud, breach of fiduciary duties, RICO and related state law claims,&nbsp;Indian American attorney Ravi Batra told PTI.

Explaining the 60-page order, Batra said Modi ploughed his profits back into his own company as additional sales to falsely raise the stock price/company valuation by setting up a scheme to defraud Punjab National Bank and others of over USD1 billion.

But to get the ill-gotten funds by bank fraud out of his companies, he engaged in a separate fraud to hide those withdrawals for personal benefit as if they were ordinary business transactions, Batra said.

According to the court order, Levin's petition sought to recover damages for harm inflicted by Modi and his two accomplishes on the debtors and their estates as a result of the his six-year extensive international fraud, money laundering and embezzlement scheme.

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It said from early 2011 to early 2018, Modi and his associates orchestrated and carried out a scheme to obtain loans, credits, or other funds under false pretences and without collateral? from numerous banks, including the PNB.

The bank fraud involved the use of letters of undertaking (LoUs), a financial instrument unique to India, designed to facilitate efficient import transactions. Modi and the co-conspirators sought to artificially inflate the import volumes of Modi's India-based companies with sham transactions so as to obtain more LoU funding, it alleged.

To carry out this scheme, Modi and his co-conspirators used a web of shell companies known as shadow entities&nbsp;based in Hong Kong and Dubai that posed as legitimate businesses to create fake import transactions and launder the proceeds, it said.

The PNB and the other defrauded banks are reported to have lost in excess of USD1 billion as a result of the fraud, the judge wrote in his order.

In his petition, Levin listed examples how Modi, Bhansali and Gandhi directly benefited from fraudulently issued LoUs and were involved in circular transactions until early 2013, when the debtors no longer directly participated in import and export transactions underlying LoU issuances and instead received proceeds indirectly through the shadow entities.

A bankruptcy court in New York has dismissed a petition of Indian fugitive diamond merchant Nirav Modi and his associates, seeking dismissal of fraud allegations against them.

A bankruptcy court in New York has dismissed a petition of Indian fugitive diamond merchant Nirav Modi and his associates, seeking dismissal of fraud allegations against them. The allegations were made by Richard Levin, the court appointed trustee of three US corporations--Firestar Diamond, Fantasy Inc and A Jaffe--indirectly owned by Nirav Modi previously. Also Read | Pandora papers: How Nirav Modi's sister Purvi opened a firm in British Virgin Islands Levin had also sought a minimum compensation of USD 15 million for harm suffered by the debtors of Modi and his associates Mihir Bhansali and Ajay Gandhi. Southern District of New York Bankruptcy Court Judge Sean H Lane issued the order last Friday, in a major blow to the Indian fugitive and his accomplices. SDNY Bankruptcy Court Judge Lane in a clear decision denied defendants Modi, Bansali and Gandhi's motions to dismiss US Trustee Richard Levin's amended complaint in the adversary proceeding arising out of Modi's initial chapter 11 bankruptcy petition, alleging fraud, breach of fiduciary duties, RICO and related state law claims, Indian American attorney Ravi Batra told PTI. Explaining the 60-page order, Batra said Modi ploughed his profits back into his own company as additional sales to falsely raise the stock price/company valuation by setting up a scheme to defraud Punjab National Bank and others of over USD1 billion. But to get the ill-gotten funds by bank fraud out of his companies, he engaged in a separate fraud to hide those withdrawals for personal benefit as if they were ordinary business transactions, Batra said. According to the court order, Levin's petition sought to recover damages for harm inflicted by Modi and his two accomplishes on the debtors and their estates as a result of the his six-year extensive international fraud, money laundering and embezzlement scheme. Also Read | US 'concerned' as China denies it conducted hypersonic missile test It said from early 2011 to early 2018, Modi and his associates orchestrated and carried out a scheme to obtain loans, credits, or other funds under false pretences and without collateral? from numerous banks, including the PNB. The bank fraud involved the use of letters of undertaking (LoUs), a financial instrument unique to India, designed to facilitate efficient import transactions. Modi and the co-conspirators sought to artificially inflate the import volumes of Modi's India-based companies with sham transactions so as to obtain more LoU funding, it alleged. To carry out this scheme, Modi and his co-conspirators used a web of shell companies known as shadow entities based in Hong Kong and Dubai that posed as legitimate businesses to create fake import transactions and launder the proceeds, it said. The PNB and the other defrauded banks are reported to have lost in excess of USD1 billion as a result of the fraud, the judge wrote in his order. In his petition, Levin listed examples how Modi, Bhansali and Gandhi directly benefited from fraudulently issued LoUs and were involved in circular transactions until early 2013, when the debtors no longer directly participated in import and export transactions underlying LoU issuances and instead received proceeds indirectly through the shadow entities.

US court dismisses plea filed by Indian fugitive diamond merchant Nirav Modi, associates

Apple on Tuesday rejected allegations from Russia&#39;s state competition watchdog it may have been involved in fixing prices for iPhones, saying resellers set their own prices. 
 
Apple reacted a day after Russia&#39;s Federal Anti-Monopoly Service (FAS) said it had opened a case into the allegations after a consumer had pointed out that identical prices had been set for iPhone 6s and iPhone 6s Plus models, which appeared in Russia in October 2015, at 16 major resellers. 
 
Apple, in emailed comments, said it did not oblige Russian resellers to fix prices for its products. 
 
&quot;Resellers set their own prices for the Apple products they sell in Russia and around the world,&quot; the company&#39;s press office said. 
 
FAS said it was looking into the idea that Apple had somehow obliged Russian resellers to treat its recommended product prices as mandatory. It said an investigation had shown that retailers had set identical prices and kept them at that level for a certain time period, including for other models. 
 
FAS has the power to fine firms it finds guilty of price-fixing. 
 
(Reuters)

The Russian state watchdog had opened a case after a consumer pointed out identical prices had been set for the 6s and 6s Plus models

Apple on Tuesday rejected allegations from Russia's state competition watchdog it may have been involved in fixing prices for iPhones, saying resellers set their own prices. Apple reacted a day after Russia's Federal Anti-Monopoly Service (FAS) said it had opened a case into the allegations after a consumer had pointed out that identical prices had been set for iPhone 6s and iPhone 6s Plus models, which appeared in Russia in October 2015, at 16 major resellers. Apple, in emailed comments, said it did not oblige Russian resellers to fix prices for its products. "Resellers set their own prices for the Apple products they sell in Russia and around the world," the company's press office said. FAS said it was looking into the idea that Apple had somehow obliged Russian resellers to treat its recommended product prices as mandatory. It said an investigation had shown that retailers had set identical prices and kept them at that level for a certain time period, including for other models. FAS has the power to fine firms it finds guilty of price-fixing. (Reuters)

Apple dismisses iPhone price-fixing allegations in Russia

Actress Amber Heard has given a statement to Los Angeles police accusing estranged husband Johnny Depp of domestic violence, her lawyers said on Tuesday, a week after she filed for divorce and obtained a restraining order against Depp. 
 
Heard`s attorneys said in a statement that in an attempt to &quot;protect her privacy and Johnny`s career&quot; the actress initially declined to report to police a May 21 incident between her and Depp that she claimed left her with a bruised eye. 
 
&quot;Johnny`s team has forced Amber to give a statement to the LAPD to set the record straight as to the true facts ...,&quot; Heard`s lawyers Samantha Spector and Joseph P. Koenig said. 
 
&quot;Amber has suffered through years of physical and psychological abuse at the hands of Johnny,&quot; they said. 
 
Representatives for Depp did not immediately respond to a request for comment. Los Angeles Police Department spokeswoman Officer Liliana Preciado declined to comment, citing privacy. 
 
Depp`s 17-year-old daughter Lily-Rose supported her father on Instagram, posting a photo captioning her father as &quot;the sweetest most loving person I know.&quot; 
 
Heard, 30, said in court papers filed in Los Angeles last week that Depp, 52, had been abusive to her throughout their relationship, culminating in an argument during which he hurled a cell phone at her face and shattered objects in her apartment. 
 
Depp`s lawyer argued in a court document that Heard &quot;is attempting to secure a premature financial resolution by alleging abuse.&quot; 
 
Judge Carl H. Moor granted a temporary restraining order requiring Depp to stay at least 100 yards away from Heard and move out of the couple`s shared downtown Los Angeles condominium. A hearing was scheduled for June 17. 
 
Heard, who will star in upcoming superhero ensemble &quot;The Justice League Part One,&quot; said she was seeking $50,000 a month for spousal support. 
 
Depp, one of Hollywood`s leading actors and box office draws, and Heard married in February 2015 after meeting on the set of 2011`s &quot;The Rum Diary.&quot; 
 
Heard`s lawyers said they held off serving Depp with the divorce petition at the Hollywood premiere of his latest film &quot;Alice Through the Looking Glass&quot; last week because the actress wanted to keep it private. 
 
The Disney film failed to perform strongly at U.S. and Canadian box offices this past weekend, grossing $28.1 million, with some critics blaming the poor performance on negative headlines.&nbsp;

Actress Amber Heard has given a statement to Los Angeles police to this effect, a week after she filed for divorce

Actress Amber Heard has given a statement to Los Angeles police accusing estranged husband Johnny Depp of domestic violence, her lawyers said on Tuesday, a week after she filed for divorce and obtained a restraining order against Depp. Heard`s attorneys said in a statement that in an attempt to "protect her privacy and Johnny`s career" the actress initially declined to report to police a May 21 incident between her and Depp that she claimed left her with a bruised eye. "Johnny`s team has forced Amber to give a statement to the LAPD to set the record straight as to the true facts ...," Heard`s lawyers Samantha Spector and Joseph P. Koenig said. "Amber has suffered through years of physical and psychological abuse at the hands of Johnny," they said. Representatives for Depp did not immediately respond to a request for comment. Los Angeles Police Department spokeswoman Officer Liliana Preciado declined to comment, citing privacy. Depp`s 17-year-old daughter Lily-Rose supported her father on Instagram, posting a photo captioning her father as "the sweetest most loving person I know." Heard, 30, said in court papers filed in Los Angeles last week that Depp, 52, had been abusive to her throughout their relationship, culminating in an argument during which he hurled a cell phone at her face and shattered objects in her apartment. Depp`s lawyer argued in a court document that Heard "is attempting to secure a premature financial resolution by alleging abuse." Judge Carl H. Moor granted a temporary restraining order requiring Depp to stay at least 100 yards away from Heard and move out of the couple`s shared downtown Los Angeles condominium. A hearing was scheduled for June 17. Heard, who will star in upcoming superhero ensemble "The Justice League Part One," said she was seeking $50,000 a month for spousal support. Depp, one of Hollywood`s leading actors and box office draws, and Heard married in February 2015 after meeting on the set of 2011`s "The Rum Diary." Heard`s lawyers said they held off serving Depp with the divorce petition at the Hollywood premiere of his latest film "Alice Through the Looking Glass" last week because the actress wanted to keep it private. The Disney film failed to perform strongly at U.S. and Canadian box offices this past weekend, grossing $28.1 million, with some critics blaming the poor performance on negative headlines.

Amber Heard accuses Johnny Depp of domestic violence

Actor Mark Salling, who had a supporting role as a high school athlete-turned-singer in the TV series &quot;Glee,&quot; was indicted on Friday on charges of receiving and possessing child pornography, officials said.

The 33-year-old Salling agreed to turn himself in on June 3 to face the charges filed in federal court in Los Angeles, the U.S. Attorney&#39;s Office for the region said in a statement.

Representatives for Salling, a Los Angeles resident, and his attorney, did not immediately return calls.

The federal charges against the Texas-born Salling for receipt and possession of child pornography stem from his arrest by Los Angeles police and federal agents on Dec. 29, 2015. He was released on bail of $20,000 and was initially expected to be charged in Los Angeles County court.

But after investigators realized the &quot;scope of the collection&quot; of child porn they had uncovered, the case was handed over to federal prosecutors, the U.S. Attorney&#39;s Office said.

&quot;The traditional stereotype about the kinds of people who commit child sexual exploitation crimes simply doesn&#39;t dovetail with reality,&quot; Joseph Macias, a special agent in charge for the Department of Homeland Security, said in a statement on the filing of the charges.

Macias added that child pornography suspects can be of &quot;all ages and from all walks of life.&quot;

Salling&#39;s arrest came after investigators received a tip that he was in possession of child porn, Los Angeles police said in a statement at the time.

A laptop, a hard drive and a mobile flash drive from Salling&#39;s home contained thousands of images and videos of child pornography, and investigators continue to review the material, federal prosecutors said.

In the meantime, the charges against the actor center on a still image and three videos of child pornography depicting young girls, the statement said. The two charges each carry a maximum sentence of 20 years in federal prison.

Salling on the Fox television show &quot;Glee,&quot; which ran from 2009 to 2015, played Puck, a bully and a football player who shows a softer side when he joins the glee club at his high school.

Before that show, Salling had a number of smaller roles, including a part in 1996 horror film &quot;Children of the Corn IV: The Gathering.&quot;

Actor Mark Salling, who had a supporting role as a high school athlete-turned-singer in the TV series "Glee," was indicted on Friday on charges of receiving and possessing child pornography, officials said. The 33-year-old Salling agreed to turn himself in on June 3 to face the charges filed in federal court in Los Angeles, the U.S. Attorney's Office for the region said in a statement.

Actor Mark Salling, who had a supporting role as a high school athlete-turned-singer in the TV series "Glee," was indicted on Friday on charges of receiving and possessing child pornography, officials said. The 33-year-old Salling agreed to turn himself in on June 3 to face the charges filed in federal court in Los Angeles, the U.S. Attorney's Office for the region said in a statement. Representatives for Salling, a Los Angeles resident, and his attorney, did not immediately return calls. The federal charges against the Texas-born Salling for receipt and possession of child pornography stem from his arrest by Los Angeles police and federal agents on Dec. 29, 2015. He was released on bail of $20,000 and was initially expected to be charged in Los Angeles County court. But after investigators realized the "scope of the collection" of child porn they had uncovered, the case was handed over to federal prosecutors, the U.S. Attorney's Office said. "The traditional stereotype about the kinds of people who commit child sexual exploitation crimes simply doesn't dovetail with reality," Joseph Macias, a special agent in charge for the Department of Homeland Security, said in a statement on the filing of the charges. Macias added that child pornography suspects can be of "all ages and from all walks of life." Salling's arrest came after investigators received a tip that he was in possession of child porn, Los Angeles police said in a statement at the time. A laptop, a hard drive and a mobile flash drive from Salling's home contained thousands of images and videos of child pornography, and investigators continue to review the material, federal prosecutors said. In the meantime, the charges against the actor center on a still image and three videos of child pornography depicting young girls, the statement said. The two charges each carry a maximum sentence of 20 years in federal prison. Salling on the Fox television show "Glee," which ran from 2009 to 2015, played Puck, a bully and a football player who shows a softer side when he joins the glee club at his high school. Before that show, Salling had a number of smaller roles, including a part in 1996 horror film "Children of the Corn IV: The Gathering."

'Glee' star Mark Salling indicted on federal child porn charges

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