Chinese drone-maker DJI has placed 45 employees under investigation for alleged fraud that could cost the company more than one billion yuan ($150 million) in losses, the firm said Monday.

The world's top civilian drone maker said in an internal memo that most of the employees involved in the fraud worked in the supply chain, and 29 were fired while 16 were reported to the police.

The case is expected to involve more than 100 people and many people will be facing a sentence in jail, according to Friday's memo, whose authenticity was confirmed by a company spokeswoman on Monday.

The initial investigation is just "the tip of the iceberg," the spokeswoman told AFP.

The memo said the employees fraudulently inflated the prices of parts for personal financial gains.

The staffers received kickbacks from suppliers that charged double or triple the price to sell parts to DJI, the memo said.

A company spokeswoman said DJI has established a special anti-corruption group to conduct in-depth investigations.

"DJI will not tolerate corruption because of the rapid development and will not stop its development because of corruption," she told AFP.

The company has become the latest in a string of Chinese tech firms dealing with internal misdeeds in recent months.

China's dominant ride-hailing firm Didi Chuxing uncovered more than 60 cases of corruption within the company last year.

Yang Weidong, former president of Alibaba's video-streaming platform Youku, stepped down and was put under investigation in December on suspicion of accepting improper payments, according to Chinese media.

Chinese drone-maker DJI has placed 45 employees under investigation for alleged fraud that could cost the company more than one billion yuan ($150 million) in losses, the firm said Monday.

Chinese drone-maker DJI has placed 45 employees under investigation for alleged fraud that could cost the company more than one billion yuan ($150 million) in losses, the firm said Monday. The world's top civilian drone maker said in an internal memo that most of the employees involved in the fraud worked in the supply chain, and 29 were fired while 16 were reported to the police. The case is expected to involve more than 100 people and many people will be facing a sentence in jail, according to Friday's memo, whose authenticity was confirmed by a company spokeswoman on Monday. The initial investigation is just "the tip of the iceberg," the spokeswoman told AFP. The memo said the employees fraudulently inflated the prices of parts for personal financial gains. The staffers received kickbacks from suppliers that charged double or triple the price to sell parts to DJI, the memo said. A company spokeswoman said DJI has established a special anti-corruption group to conduct in-depth investigations. "DJI will not tolerate corruption because of the rapid development and will not stop its development because of corruption," she told AFP. The company has become the latest in a string of Chinese tech firms dealing with internal misdeeds in recent months. China's dominant ride-hailing firm Didi Chuxing uncovered more than 60 cases of corruption within the company last year. Yang Weidong, former president of Alibaba's video-streaming platform Youku, stepped down and was put under investigation in December on suspicion of accepting improper payments, according to Chinese media.

Staff fraud may cost China's DJI drone maker $150 million

DR Congo rebuked the African Union on Friday over its calls to suspend the announcement of final results from the presidential election, insisting that the Constitutional Court assessing the vote's legality was impartial.

The court is examining a dispute over the December 30 election to choose a successor to President Joseph Kabila, with runner up Martin Fayulu claiming he was cheated of victory by fraud.

"The court is independent, both of us and the African Union," government spokesman Lambert Mende said.

"I don't think it is the business of the government or even of the African Union to tell the court what it should do."

At a meeting on Thursday in Addis Ababa, AU heads of state and government agreed to send a high-level delegation to Kinshasa help solve the crisis.

AU commission chief Moussa Faki Mahamat and Rwanda's President Paul Kagame, currently the AU chairman, are expected to fly in on Monday.

The summit also said there were "serious doubts" about the provisional results of the vote and called for the final announcement to be suspended -- a matter which now lies in the hands of the Constitutional Court.

Mende, who is also minister of communication and the media, added bluntly: "I don't know if there are countries where people can interfere like that in a legal procedure.

"The court will do what is right for showing the truth. We should all trust it," he said.

Appeal

On January 10, DR Congo's electoral commission declared opposition leader Felix Tshisekedi the provisional winner of the December 30 vote with 38.57 per cent against Fayulu's 34.8 per cent.

But Fayulu declared the result to be an "electoral coup" forged by Tshisekedi and Kabila, and filed an appeal with the Constitutional Court a day later.&nbsp;

He claims he won with 61 per cent of the vote.

The Financial Times and other foreign media have reported seeing documents that confirm Fayulu as the winner.

The court's ruling, and the announcement of the final results have to be completed by next Tuesday when the new president is scheduled to be sworn in.&nbsp;

Fears of violence

The dispute has raised fears that the political crisis that began when Kabila refused to step down at the end of his constitutional term in office two years ago, could turn into a bloodbath.

The vast and chronically unstable country lived through two regional wars in 1996-97 and 1998-2003, and the previous two elections in 2006 and 2011, were marred by bloody clashes.

The AU has taken the firmest line of all major international bodies with regard to the post-election crisis.

The Southern African Development Community (SADC), a bloc that includes Angola and South Africa, initially called for a recount and a unity government.

But in a later communique, it made no mention of those demands, instead of calling on Congolese politicians to "address any electoral grievances in line with the Democratic Republic of Congo's Constitution and relevant electoral laws".

Kagame's visit as part of the AU delegation could complicate matters, analysts say.

Rwanda backed the 1997 ouster of dictator Mobutu Sese Seko by Kabila's father, Laurent-Desire Kabila, but then changed allies. Sporadic clashes occurred last year on the border between the two neighbours.

DR Congo rebuked the African Union on Friday over its calls to suspend the announcement of final results from the presidential election, insisting that the Constitutional Court assessing the vote's legality was impartial.

DR Congo rebuked the African Union on Friday over its calls to suspend the announcement of final results from the presidential election, insisting that the Constitutional Court assessing the vote's legality was impartial. The court is examining a dispute over the December 30 election to choose a successor to President Joseph Kabila, with runner up Martin Fayulu claiming he was cheated of victory by fraud. "The court is independent, both of us and the African Union," government spokesman Lambert Mende said. "I don't think it is the business of the government or even of the African Union to tell the court what it should do." At a meeting on Thursday in Addis Ababa, AU heads of state and government agreed to send a high-level delegation to Kinshasa help solve the crisis. AU commission chief Moussa Faki Mahamat and Rwanda's President Paul Kagame, currently the AU chairman, are expected to fly in on Monday. The summit also said there were "serious doubts" about the provisional results of the vote and called for the final announcement to be suspended -- a matter which now lies in the hands of the Constitutional Court. Mende, who is also minister of communication and the media, added bluntly: "I don't know if there are countries where people can interfere like that in a legal procedure. "The court will do what is right for showing the truth. We should all trust it," he said. Appeal On January 10, DR Congo's electoral commission declared opposition leader Felix Tshisekedi the provisional winner of the December 30 vote with 38.57 per cent against Fayulu's 34.8 per cent. But Fayulu declared the result to be an "electoral coup" forged by Tshisekedi and Kabila, and filed an appeal with the Constitutional Court a day later. He claims he won with 61 per cent of the vote. The Financial Times and other foreign media have reported seeing documents that confirm Fayulu as the winner. The court's ruling, and the announcement of the final results have to be completed by next Tuesday when the new president is scheduled to be sworn in. Fears of violence The dispute has raised fears that the political crisis that began when Kabila refused to step down at the end of his constitutional term in office two years ago, could turn into a bloodbath. The vast and chronically unstable country lived through two regional wars in 1996-97 and 1998-2003, and the previous two elections in 2006 and 2011, were marred by bloody clashes. The AU has taken the firmest line of all major international bodies with regard to the post-election crisis. The Southern African Development Community (SADC), a bloc that includes Angola and South Africa, initially called for a recount and a unity government. But in a later communique, it made no mention of those demands, instead of calling on Congolese politicians to "address any electoral grievances in line with the Democratic Republic of Congo's Constitution and relevant electoral laws". Kagame's visit as part of the AU delegation could complicate matters, analysts say. Rwanda backed the 1997 ouster of dictator Mobutu Sese Seko by Kabila's father, Laurent-Desire Kabila, but then changed allies. Sporadic clashes occurred last year on the border between the two neighbours.

DR Congo slaps down Africa Union call to suspend final vote result

Probity watchdog <a href="http://www.wionews.com/india-news/respond-to-cvc-report-as-soon-as-possible-wont-adjourn-next-hearing-supreme-court-to-cbi-director-alok-verma-178143">Central Vigilance Commission (CVC)</a> has started examining audit reports of state-run banks and insurance companies to check incidents of fraud and suggest corrective measures, officials said Wednesday. &nbsp; &nbsp;

The move assumes significance with banks reporting large-scale fraud cases and the high number of bad loans or non-performing assets, they said.&nbsp;

Vigilance Commissioner T M Bhasin told PTI <a href="http://www.wionews.com/india-news/cbi-chief-verma-meets-central-vigilance-commissioner-denies-corruption-charges-against-him-176281">the CVC</a> is getting a review done of central statutory reports, concurrent auditors' reports and other auditor reports through chief vigilance officers of all public sector banks and insurance companies.&nbsp;

"The same (audit reports) are analyzed in the Commission and a corrective action plan is advised for time-bound implementation," he said.

Chief vigilance officers act as a distant arm of the CVC to check corruption and other fraudulent activities in an organization.&nbsp;

According to government data, various banks have reported an increase in cases of fraud during 2015-16 and 2017-18.

A total of 8,802 frauds have been reported by scheduled commercial banks and public sector banks in 2017-18 as against 7,794 in 2016-17 and 7,482 in 2015-16, according to a written reply given by the Finance Ministry in the Lok Sabha recently.

The Reserve Bank of India (RBI) monitors frauds reported by banks.&nbsp;

For management of fraud risk and to direct the focus of banks to early detection of loan frauds, prompt reporting to RBI and investigative agencies and timely initiation of staff accountability proceedings, RBI has issued a framework for dealing with loan frauds and Red Flagged Accounts (RFA). Timelines have been given for action incumbent on banks in dealing with loan frauds of Rs 50 crore and above, the ministry said.

The red flagging is done on an information technology platform where all banks report large exposure to entities/individuals so other banks can be forewarned about fraud risk, it said.&nbsp;

In October, the CVC completed a first-of-its-kind analysis of top 100 banking frauds, including those in the jewellery and aviation sectors, and shared its findings with the RBI, the Enforcement Directorate (ED) and the Central Bureau of Investigation (CBI) among others.

The analysis focussed on the modus operandi, the amount involved, type of lending (viz. Consortium or individual), anomalies observed, loopholes that facilitated the perpetration of the fraud concerned and the systemic improvements required to plug the gaps in the system and procedures.

The frauds were classified and analysed for 13 sectors — gems and jewellery, manufacturing and industry, agro, media, aviation, service and project, discounting of cheques, trading, information technology, export business, fixed deposits, demand loan and letter of comfort.

The modus operandi of these top 100 loans has been thoroughly analysed and various loopholes or lapses have been identified, Bhasin had said after releasing a report on the matter.&nbsp;

Based on the findings, various industry-specific suggestions for systemic improvement have been given in the final report. The suggestions have also been sent to the Department of Financial Services and the RBI in order to plug the loopholes observed by the Commission, he said.

Probity watchdog Central Vigilance Commission (CVC) has started examining audit reports of state-run banks and insurance companies to check incidents of fraud and suggest corrective measures, officials said Wednesday.

Probity watchdog Central Vigilance Commission (CVC) has started examining audit reports of state-run banks and insurance companies to check incidents of fraud and suggest corrective measures, officials said Wednesday. The move assumes significance with banks reporting large-scale fraud cases and the high number of bad loans or non-performing assets, they said. Vigilance Commissioner T M Bhasin told PTI the CVC is getting a review done of central statutory reports, concurrent auditors' reports and other auditor reports through chief vigilance officers of all public sector banks and insurance companies. "The same (audit reports) are analyzed in the Commission and a corrective action plan is advised for time-bound implementation," he said. Chief vigilance officers act as a distant arm of the CVC to check corruption and other fraudulent activities in an organization. According to government data, various banks have reported an increase in cases of fraud during 2015-16 and 2017-18. A total of 8,802 frauds have been reported by scheduled commercial banks and public sector banks in 2017-18 as against 7,794 in 2016-17 and 7,482 in 2015-16, according to a written reply given by the Finance Ministry in the Lok Sabha recently. The Reserve Bank of India (RBI) monitors frauds reported by banks. For management of fraud risk and to direct the focus of banks to early detection of loan frauds, prompt reporting to RBI and investigative agencies and timely initiation of staff accountability proceedings, RBI has issued a framework for dealing with loan frauds and Red Flagged Accounts (RFA). Timelines have been given for action incumbent on banks in dealing with loan frauds of Rs 50 crore and above, the ministry said. The red flagging is done on an information technology platform where all banks report large exposure to entities/individuals so other banks can be forewarned about fraud risk, it said. In October, the CVC completed a first-of-its-kind analysis of top 100 banking frauds, including those in the jewellery and aviation sectors, and shared its findings with the RBI, the Enforcement Directorate (ED) and the Central Bureau of Investigation (CBI) among others. The analysis focussed on the modus operandi, the amount involved, type of lending (viz. Consortium or individual), anomalies observed, loopholes that facilitated the perpetration of the fraud concerned and the systemic improvements required to plug the gaps in the system and procedures. The frauds were classified and analysed for 13 sectors — gems and jewellery, manufacturing and industry, agro, media, aviation, service and project, discounting of cheques, trading, information technology, export business, fixed deposits, demand loan and letter of comfort. The modus operandi of these top 100 loans has been thoroughly analysed and various loopholes or lapses have been identified, Bhasin had said after releasing a report on the matter. Based on the findings, various industry-specific suggestions for systemic improvement have been given in the final report. The suggestions have also been sent to the Department of Financial Services and the RBI in order to plug the loopholes observed by the Commission, he said.

CVC examining audit reports of state-run banks, insurance companies to check fraud

Pakistan's Federal Investigation Agency on Friday <a href="http://www.wionews.com/india-news/ponzi-scheme-case-additional-chief-metropolitan-magistrate-court-reserves-bail-orders-for-wednesday-177059">arrested suspected</a> mastermind of a fake <a href="http://www.wionews.com/india-news/ponzi-scheme-case-ballari-mining-baron-janardhan-reddy-sent-to-judicial-custody-till-november-24-176663">Ponzi scheme</a> who defrauded people online of around three billion rupees.

FIA Additional Director Cybercrime Circle Mohammed Younis said Ghulam Sarwar was arrested just when he was leaving from his residence to board a flight to Saudi Arabia.

"He is wanted on charges of committing 'online electronic currency fraud' amounting to 3 billion rupees from Karachi," he said.

Younis said Sarwar is a primary suspect in the online fraud case which has affected more than 17,000 people in the country.

According to the FIA officials, the suspect along with other accomplices operated a fake website called 'Channel Timez', with its address shown in Italy, which they used to receive money from people on the pretext of providing lucrative returns on dollar investments.

Sarwar and his partners ran the illegal Ponzi scheme known as "MLM" (Multi-Level Marketing) by using a website for which they had opened several binary accounts for the collection of money from people, Younis said.

"The customers were promised they would be given a profit at the rate of 1.5 per cent in US dollars in electronic currency (e-currency) on a daily basis. Using this method this gang collected some three billion rupees from the customers," he said.

He said the gang was also involved in the illegal business of selling of digital currencies, including Perfect Money, One Life and One Coin, which have been prohibited by the State Bank of Pakistan.

Pakistan's Federal Investigation Agency on Friday arrested suspected mastermind of a fake Ponzi scheme who defrauded people online of around three billion rupees.

Pakistan's Federal Investigation Agency on Friday arrested suspected mastermind of a fake Ponzi scheme who defrauded people online of around three billion rupees. FIA Additional Director Cybercrime Circle Mohammed Younis said Ghulam Sarwar was arrested just when he was leaving from his residence to board a flight to Saudi Arabia. "He is wanted on charges of committing 'online electronic currency fraud' amounting to 3 billion rupees from Karachi," he said. Younis said Sarwar is a primary suspect in the online fraud case which has affected more than 17,000 people in the country. According to the FIA officials, the suspect along with other accomplices operated a fake website called 'Channel Timez', with its address shown in Italy, which they used to receive money from people on the pretext of providing lucrative returns on dollar investments. Sarwar and his partners ran the illegal Ponzi scheme known as "MLM" (Multi-Level Marketing) by using a website for which they had opened several binary accounts for the collection of money from people, Younis said. "The customers were promised they would be given a profit at the rate of 1.5 per cent in US dollars in electronic currency (e-currency) on a daily basis. Using this method this gang collected some three billion rupees from the customers," he said. He said the gang was also involved in the illegal business of selling of digital currencies, including Perfect Money, One Life and One Coin, which have been prohibited by the State Bank of Pakistan.

Suspected mastermind of fake Ponzi scheme held in Pakistan

Iran executed a trader known as the "Sultan of Bitumen" on Saturday over charges of fraud and large-scale smuggling of the oil product, the judiciary's news agency Mizan online reported.

Hamidreza Bagheri Dermani is the third businessman to be executed since an anti-corruption drive was launched over the summer.&nbsp;

He was convicted of "corruption on earth", Iran's most serious offence, after swindling over 10 trillion rials (around $100 million at the current rate) through "fraud, forgery and bribery", Mizan reported.

Dermani, first arrested in August 2014, reportedly forged dozens of documents of fake real estate to acquire bank loans.&nbsp;

He then used front companies to procure more than 300,000 tonnes of bitumen — an oil-based substance used in asphalt and other products and one of Iran's most profitable businesses — Mizan said.

Dermani was also accused of ties to business magnate Babak Morteza Zanjani, who is awaiting execution after being convicted in 2016 of embezzling $2.7 billion while helping the government circumvent international sanctions.

The judiciary said Dermani's loans were facilitated by former central bank governor Mahmoud Reza Khavari, who was convicted in absentia last year after fleeing to Canada in the wake of yet another major embezzlement scandal.

News of Dermani's execution was presented in dramatic fashion on state television on Saturday, with an action-movie soundtrack and full documentary about his crimes.

The footage showed documents claiming Iranian journalist and women's rights activist Hengameh Shahidi, sentenced earlier this month to 12 years in prison on unspecified charges, had tried to pay Dermani's bail last year.

The authorities have been keen to show they are cracking down on "economic disruptors" accused of exploiting shortages and fluctuations in gold and currency prices.&nbsp;

Dozens have been tried and in November a trader dubbed the "Sultan of Coins" and partner were executed for exploiting a surge in gold demand from savers spooked by this year's currency crisis.

Iran has seen a sharp economic downturn this year, fuelled in part by US President Donald Trump's decision in May to withdraw from a landmark 2015 nuclear deal and reimpose crippling unilateral sanctions.

Iran executed a trader known as the "Sultan of Bitumen" on Saturday over charges of fraud and large-scale smuggling of the oil product, the judiciary's news agency Mizan online reported.

Iran executed a trader known as the "Sultan of Bitumen" on Saturday over charges of fraud and large-scale smuggling of the oil product, the judiciary's news agency Mizan online reported. Hamidreza Bagheri Dermani is the third businessman to be executed since an anti-corruption drive was launched over the summer. He was convicted of "corruption on earth", Iran's most serious offence, after swindling over 10 trillion rials (around $100 million at the current rate) through "fraud, forgery and bribery", Mizan reported. Dermani, first arrested in August 2014, reportedly forged dozens of documents of fake real estate to acquire bank loans. He then used front companies to procure more than 300,000 tonnes of bitumen — an oil-based substance used in asphalt and other products and one of Iran's most profitable businesses — Mizan said. Dermani was also accused of ties to business magnate Babak Morteza Zanjani, who is awaiting execution after being convicted in 2016 of embezzling $2.7 billion while helping the government circumvent international sanctions. The judiciary said Dermani's loans were facilitated by former central bank governor Mahmoud Reza Khavari, who was convicted in absentia last year after fleeing to Canada in the wake of yet another major embezzlement scandal. News of Dermani's execution was presented in dramatic fashion on state television on Saturday, with an action-movie soundtrack and full documentary about his crimes. The footage showed documents claiming Iranian journalist and women's rights activist Hengameh Shahidi, sentenced earlier this month to 12 years in prison on unspecified charges, had tried to pay Dermani's bail last year. The authorities have been keen to show they are cracking down on "economic disruptors" accused of exploiting shortages and fluctuations in gold and currency prices. Dozens have been tried and in November a trader dubbed the "Sultan of Coins" and partner were executed for exploiting a surge in gold demand from savers spooked by this year's currency crisis. Iran has seen a sharp economic downturn this year, fuelled in part by US President Donald Trump's decision in May to withdraw from a landmark 2015 nuclear deal and reimpose crippling unilateral sanctions.

Iran executes trader dubbed 'Sultan of Bitumen'

US President Donald Trump could face impeachment and jail time if hush money payments reported by his former lawyer are proven to be campaign finance violations, Democratic lawmakers said on Sunday.

Court filings on Friday in cases that stemmed from a federal probe into Russian activities during the 2016 presidential election pointed to potential problem areas for Trump, including whether he instructed six-figure payments to two women during the campaign to keep quiet about affairs.

Federal prosecutors sought prison time for longtime Trump "fixer" Michael Cohen for paying off an adult film star and a former Playboy model at Trump's behest, evading taxes and lying to Congress about a proposed Trump Organization building in Moscow.

If the payments are proven to be felony campaign finance violations, Democratic US&nbsp;Representative Jerrold Nadler told CNN those would be grounds for impeachment.

"Well, they would be impeachable offences. Whether they are important enough to justify an impeachment is a different question," said Nadler, who will lead the Judiciary Committee when Democrats take control of the House of Representatives in January.

Under US&nbsp;law, campaign contributions, defined as things of value given to a campaign to influence an election, must be disclosed. Such payments are also limited to $2,700 per person.

The White House did not immediately return a request for comment. Press secretary Sarah Sanders said on Friday that Cohen has lied repeatedly and that the filing was insignificant.

Friday's court filings also revealed new information about contacts between people working for Trump and Russians in the cases of Cohen, Trump's former longtime personal lawyer, and Paul Manafort, Trump's short-lived campaign chairman who was convicted in August on tax and bank fraud charges.

Special Counsel Robert Mueller said Manafort lied to investigators about his interactions with a Russian tied to Russian intelligence services. Mueller's office said the lying prompted prosecutors last week to retract a plea agreement with Manafort on two separate conspiracy charges.

"I think what these indictments and filings show is that the president was at the centre of a massive fraud - several massive frauds - against the American people," Nadler told CNN.

Mueller is investigating Russian interference in the 2016 presidential election and whether Trump's campaign colluded with Moscow to sway the election. Russia denies interfering in the 2016 election and Trump has denied any collusion occurred.

The investigation has cast a shadow over Trump's presidency, with its implication Moscow may have had a hand in his White House victory. The Republican president repeatedly has expressed his impatience with the probe that Mueller took over in March 2017, saying it was politically motivated.

PROSPECT OF JAIL TIME

Trump said the filings did not prove any collusion with Russia and called for an end to the investigation.

"Time for the Witch Hunt to END!" Trump said in a Twitter post on Saturday.

However, the end of the Mueller probe could be the beginning of bigger problems for Trump.

"There's a very real prospect that on the day Donald Trump leaves office the Justice Department may indict him, that he may be the first president in quite some time to face the real prospect of jail time," Representative Adam Schiff, the Democrat who will lead the House Intelligence Committee next year, told CBS' "Face the Nation."

Legal experts are divided over whether a sitting president can be charged with a crime, as well as on whether a violation of campaign finance law would be an impeachable offence.

Republican Senator Rand Paul warned against over-criminalizing campaign finance violations, telling NBC's "Meet the Press" that errors in disclosures should be punished with fines, not jail.

Republican Senator Marco Rubio told CNN he was waiting for the results of the Russia investigation and related federal probes. However, he cautioned that "no one should be above the law."

Rubio said it would be a "terrible mistake" if Trump pardoned Manafort, saying that "could trigger a debate about whether the pardon powers should be amended."

Trump has not ruled out a pardon for Manafort, praising him as a good man. In contrast, he has said Cohen, who has cooperated with federal prosecutors, should go to jail.

Schiff said Trump may end up needing to seek a pardon for himself from the next US&nbsp;president. House Democrats have promised an array of investigations into Trump's activities.

"What is clear also is that the Republican Congress absolutely tried to shield the president," Nadler said. "The new Congress will not try to shield the president."

US President Donald Trump could face impeachment and jail time if hush money payments reported by his former lawyer are proven to be campaign finance violations, Democratic lawmakers said on Sunday.

US President Donald Trump could face impeachment and jail time if hush money payments reported by his former lawyer are proven to be campaign finance violations, Democratic lawmakers said on Sunday. Court filings on Friday in cases that stemmed from a federal probe into Russian activities during the 2016 presidential election pointed to potential problem areas for Trump, including whether he instructed six-figure payments to two women during the campaign to keep quiet about affairs. Federal prosecutors sought prison time for longtime Trump "fixer" Michael Cohen for paying off an adult film star and a former Playboy model at Trump's behest, evading taxes and lying to Congress about a proposed Trump Organization building in Moscow. If the payments are proven to be felony campaign finance violations, Democratic US Representative Jerrold Nadler told CNN those would be grounds for impeachment. "Well, they would be impeachable offences. Whether they are important enough to justify an impeachment is a different question," said Nadler, who will lead the Judiciary Committee when Democrats take control of the House of Representatives in January. Under US law, campaign contributions, defined as things of value given to a campaign to influence an election, must be disclosed. Such payments are also limited to $2,700 per person. The White House did not immediately return a request for comment. Press secretary Sarah Sanders said on Friday that Cohen has lied repeatedly and that the filing was insignificant. Friday's court filings also revealed new information about contacts between people working for Trump and Russians in the cases of Cohen, Trump's former longtime personal lawyer, and Paul Manafort, Trump's short-lived campaign chairman who was convicted in August on tax and bank fraud charges. Special Counsel Robert Mueller said Manafort lied to investigators about his interactions with a Russian tied to Russian intelligence services. Mueller's office said the lying prompted prosecutors last week to retract a plea agreement with Manafort on two separate conspiracy charges. "I think what these indictments and filings show is that the president was at the centre of a massive fraud - several massive frauds - against the American people," Nadler told CNN. Mueller is investigating Russian interference in the 2016 presidential election and whether Trump's campaign colluded with Moscow to sway the election. Russia denies interfering in the 2016 election and Trump has denied any collusion occurred. The investigation has cast a shadow over Trump's presidency, with its implication Moscow may have had a hand in his White House victory. The Republican president repeatedly has expressed his impatience with the probe that Mueller took over in March 2017, saying it was politically motivated. PROSPECT OF JAIL TIME Trump said the filings did not prove any collusion with Russia and called for an end to the investigation. "Time for the Witch Hunt to END!" Trump said in a Twitter post on Saturday. However, the end of the Mueller probe could be the beginning of bigger problems for Trump. "There's a very real prospect that on the day Donald Trump leaves office the Justice Department may indict him, that he may be the first president in quite some time to face the real prospect of jail time," Representative Adam Schiff, the Democrat who will lead the House Intelligence Committee next year, told CBS' "Face the Nation." Legal experts are divided over whether a sitting president can be charged with a crime, as well as on whether a violation of campaign finance law would be an impeachable offence. Republican Senator Rand Paul warned against over-criminalizing campaign finance violations, telling NBC's "Meet the Press" that errors in disclosures should be punished with fines, not jail. Republican Senator Marco Rubio told CNN he was waiting for the results of the Russia investigation and related federal probes. However, he cautioned that "no one should be above the law." Rubio said it would be a "terrible mistake" if Trump pardoned Manafort, saying that "could trigger a debate about whether the pardon powers should be amended." Trump has not ruled out a pardon for Manafort, praising him as a good man. In contrast, he has said Cohen, who has cooperated with federal prosecutors, should go to jail. Schiff said Trump may end up needing to seek a pardon for himself from the next US president. House Democrats have promised an array of investigations into Trump's activities. "What is clear also is that the Republican Congress absolutely tried to shield the president," Nadler said. "The new Congress will not try to shield the president."

Top Democrats say Trump may face impeachment, jail over hush money

Former South African President Jacob Zuma, who was ousted by his own party in February, appeared at the Durban High Court on Friday for the second time on corruption charges relating to a $2.5 billion arms deal in the late 1990s.

Zuma faces 16 charges of fraud, racketeering and money laundering relating to the deal to buy European military hardware to upgrade South Africa's armed forces after the end of apartheid in 1994.

State prosecutors and Zuma's lawyers presented arguments over a start date for the trial, a rare example of an African leader being held to account for his actions.

Judge Mjabuliseni Madondo adjourned the case to July 27 for the state and the defence to indicate whether they can commence the case. The matter will be heard in the nearby city of Pietermaritzburg to allow for renovations at the Durban court.

"There are still some applications to be launched," he said, adding that it was still too early to say when a trial could start. Lawyers for the state said they were still ready for a trial to start in November.

Zuma, clad in a dark suit and red tie, shook hands and laughed with his supporters as he left the court. Outside, hundreds of supporters sang his name and waved placards.

The national prosecutor this week turned down a request by the 76-year-old to delay Friday's hearing pending the outcome of a separate legal challenge over the state paying his legal fees.

The speed with which prosecutors have moved against Zuma is a sign of his waning influence since he was replaced as head of state by Cyril Ramaphosa, his former deputy, four months ago.

Ramaphosa has made the fight against corruption a top priority as he seeks to woo foreign investment and revamp an ailing economy.

Zuma's supporters say the former president, whose nine years in power were marked by economic stagnation and credit rating downgrades, is the victim of a politically motivated witch-hunt.

Zuma faces 16 charges of fraud, racketeering and money laundering

Former South African President Jacob Zuma, who was ousted by his own party in February, appeared at the Durban High Court on Friday for the second time on corruption charges relating to a $2.5 billion arms deal in the late 1990s. Zuma faces 16 charges of fraud, racketeering and money laundering relating to the deal to buy European military hardware to upgrade South Africa's armed forces after the end of apartheid in 1994. State prosecutors and Zuma's lawyers presented arguments over a start date for the trial, a rare example of an African leader being held to account for his actions. Judge Mjabuliseni Madondo adjourned the case to July 27 for the state and the defence to indicate whether they can commence the case. The matter will be heard in the nearby city of Pietermaritzburg to allow for renovations at the Durban court. "There are still some applications to be launched," he said, adding that it was still too early to say when a trial could start. Lawyers for the state said they were still ready for a trial to start in November. Zuma, clad in a dark suit and red tie, shook hands and laughed with his supporters as he left the court. Outside, hundreds of supporters sang his name and waved placards. The national prosecutor this week turned down a request by the 76-year-old to delay Friday's hearing pending the outcome of a separate legal challenge over the state paying his legal fees. The speed with which prosecutors have moved against Zuma is a sign of his waning influence since he was replaced as head of state by Cyril Ramaphosa, his former deputy, four months ago. Ramaphosa has made the fight against corruption a top priority as he seeks to woo foreign investment and revamp an ailing economy. Zuma's supporters say the former president, whose nine years in power were marked by economic stagnation and credit rating downgrades, is the victim of a politically motivated witch-hunt.

South Africa's ex-president Zuma makes second court appearance on corruption charges

Over 23,000 cases of fraud involving a whopping Rs 1 lakh crore have been reported in the past five years in various banks, according to the Reserve Bank of India (RBI).

A total of 5,152 cases of fraud, up from over 5,000 cases in 2016-17, were reported in banks from April 2017 to March 1, 2018, it said in reply to an RTI query filed by this correspondent.

The highest ever amount of Rs 28,459 crore is said to have been involved in these cases of fraud reported from April 2017 to March 1, 2018, the central bank said.

In 2016-17, banks had reported 5,076 cases of fraud involving Rs 23,933 crore.

From 2013 to March 1, 2018, as many as 23,866 cases of fraud, of Rs 1 lakh or above in each case, were reported. A total of Rs 1,00,718 crore was involved in all the cases put together, according to the RTI reply.

Giving the break-up, the RBI said 4,693 such cases (involving Rs 18,698 crore) and 4,639 cases (involving Rs 19,455 crore) were reported in 2015-16 and 2014-15 respectively.

In 2013-14, banks reported 4,306 cases of fraud, involving Rs 10,170 crore, the central bank said.

"The reported fraud cases are processed and action is taken according to the facts and circumstances of individual cases," the RBI said.

The data assumes significance as central investigating agencies such as the CBI and the ED are looking into various big-ticket fraud cases in banks involving industrialists and others.

Among the prominent ones is the over Rs 13,000-crore fraud in the Punjab National Bank (PNB) allegedly committed by diamantaire Nirav Modi and his uncle Mehul Choksi, the promoter of Gitanjali Gems.

The CBI had recently also booked top officials of two public sector banks, a former CMD of the IDBI Bank, former Aircel promoter C Sivasankaran, his son and companies controlled by him in connection with an Rs 600-crore loan fraud in the IDBI.

The CBI has named 15 bank officials who worked at senior levels at the IDBI in 2010 and 2014 when loans were sanctioned to the companies controlled by Sivasankaran in its FIR registered on a complaint from the Central Vigilance Commission.&nbsp

Managing Director and CEO of Indian Bank Kishor Kharat (who was then MD and CEO of IDBI Bank) and his counterpart in Syndicate Bank Melwyn Rego (then Deputy Managing Director in IDBI Bank), along with then Chairman-cum-Managing Director of IDBI Bank M S Raghavan, have been named in the latest FIR filed by the CBI.

According to government data, the gross non-performing assets (NPAs) of all banks in the country, amounting to Rs 8,40,958 crore in December 2017, were led by industry loans followed by those in the services and agriculture sectors.

The highest amount of gross NPAs was for the country's largest lender, the State Bank of India, at Rs 2,01,560 crore.

Among the others, the NPA for PNB stood at Rs 55,200 crore and for IDBI Bank, Rs 44,542 crore. Bank of India had NPAs worth Rs 43,474 crore Bank of Baroda, Rs 41,649 crore Union Bank of India, Rs 38,047 crore Canara Bank, Rs 37,794 crore and ICICI Bank, Rs 33,849 crore, according to data presented by Minister of State for Finance Shiv Pratap Shukla in the Lok Sabha on March 9.

A total of 5,152 cases of fraud, up from over 5,000 cases in 2016-17, were reported in banks from April, 2017, to March 1, 2018, the Reserve Bank said.

Over 23,000 cases of fraud involving a whopping Rs 1 lakh crore have been reported in the past five years in various banks, according to the Reserve Bank of India (RBI). A total of 5,152 cases of fraud, up from over 5,000 cases in 2016-17, were reported in banks from April 2017 to March 1, 2018, it said in reply to an RTI query filed by this correspondent. The highest ever amount of Rs 28,459 crore is said to have been involved in these cases of fraud reported from April 2017 to March 1, 2018, the central bank said. In 2016-17, banks had reported 5,076 cases of fraud involving Rs 23,933 crore. From 2013 to March 1, 2018, as many as 23,866 cases of fraud, of Rs 1 lakh or above in each case, were reported. A total of Rs 1,00,718 crore was involved in all the cases put together, according to the RTI reply. Giving the break-up, the RBI said 4,693 such cases (involving Rs 18,698 crore) and 4,639 cases (involving Rs 19,455 crore) were reported in 2015-16 and 2014-15 respectively. In 2013-14, banks reported 4,306 cases of fraud, involving Rs 10,170 crore, the central bank said. "The reported fraud cases are processed and action is taken according to the facts and circumstances of individual cases," the RBI said. The data assumes significance as central investigating agencies such as the CBI and the ED are looking into various big-ticket fraud cases in banks involving industrialists and others. Among the prominent ones is the over Rs 13,000-crore fraud in the Punjab National Bank (PNB) allegedly committed by diamantaire Nirav Modi and his uncle Mehul Choksi, the promoter of Gitanjali Gems. The CBI had recently also booked top officials of two public sector banks, a former CMD of the IDBI Bank, former Aircel promoter C Sivasankaran, his son and companies controlled by him in connection with an Rs 600-crore loan fraud in the IDBI. The CBI has named 15 bank officials who worked at senior levels at the IDBI in 2010 and 2014 when loans were sanctioned to the companies controlled by Sivasankaran in its FIR registered on a complaint from the Central Vigilance Commission. Managing Director and CEO of Indian Bank Kishor Kharat (who was then MD and CEO of IDBI Bank) and his counterpart in Syndicate Bank Melwyn Rego (then Deputy Managing Director in IDBI Bank), along with then Chairman-cum-Managing Director of IDBI Bank M S Raghavan, have been named in the latest FIR filed by the CBI. According to government data, the gross non-performing assets (NPAs) of all banks in the country, amounting to Rs 8,40,958 crore in December 2017, were led by industry loans followed by those in the services and agriculture sectors. The highest amount of gross NPAs was for the country's largest lender, the State Bank of India, at Rs 2,01,560 crore. Among the others, the NPA for PNB stood at Rs 55,200 crore and for IDBI Bank, Rs 44,542 crore. Bank of India had NPAs worth Rs 43,474 crore Bank of Baroda, Rs 41,649 crore Union Bank of India, Rs 38,047 crore Canara Bank, Rs 37,794 crore and ICICI Bank, Rs 33,849 crore, according to data presented by Minister of State for Finance Shiv Pratap Shukla in the Lok Sabha on March 9.

Over 23,000 bank frauds worth Rs 1 lakh crore reported in 5 years: RBI

A UK court on Friday admitted the bulk of the evidence submitted by the CBI against Vijay Mallya in connection with his ongoing extradition trial, giving a boost to India's efforts to bring back the embattled liquor baron to face charges of fraud and money laundering amounting to around Rs 9,000 crore.

The 62-year-old flambouyant businessman, who appeared in the Westminister Magistrate's Court here, had his 650,000 pounds bail extended until the next date of hearing on July 11.

When the court reconvenes, oral submissions will be made on closing arguments to be submitted in writing to Judge Emma Arbuthnot over the next two months.&nbsp;

The judge is then expected to indicate plans for a verdict in the case at the next hearing.

During the hearing, the Central Bureau of Investigation (CBI) got a boost as Judge Arbuthnot confirmed that the bulk of the evidence submitted by it will be admissible.

Today's hearing comes days after the Indian government's High Court appeal against a previous Westminster Magistrates' Court extradition ruling that had been denied.

UK-based Sanjeev Kumar Chawla, wanted in India as a key accused in the cricket match-fixing scandal involving former South African captain Hanse Cronje in 2000, had been discharged in October last year on human rights grounds over severe conditions in Delhi's Tihar Jail, where the accused was to be held on being extradited.

District Judge Rebecca Crane had based her verdict to discharge Chawla largely upon the testimony of Dr Alan Mitchell, former head of healthcare at the Scottish Prison Service and an elected member of the European Council's Committee for the Prevention of Torture (CPT).

Mallya's defence team has previously deposed the same prisons expert in his extradition case, who told Judge Arbuthnot during the course of the trial that conditions in all Indian jails are "far from satisfactory".

During the last hearing in the case in March, CPS barrister Mark Summers reiterated that the Indian government had provided further clarifications related to an availability of natural light and medical assistance at Barrack 12 of Mumbai Central Prison on Arthur Road, where Mallya is to be held if he is extradited from the UK.

The trial, which opened at the London court on December 4 last year, is aimed at laying out a prima facie case of fraud against Mallya, who has been based in the UK since he left India in March 2016.

It also seeks to prove there are no "bars to extradition" and that the tycoon is assured a fair trial in India over his now-defunct Kingfisher Airlines' alleged default of over Rs 9,000 crore in loans from a consortium of Indian banks.

The CPS, representing the Indian government, has argued that the evidence they have presented establishes "dishonesty" on the part of the businessman and that there are no bars to him being extradited from the UK to face Indian courts.

Mallya's defence team has deposed a series of expert witnesses to claim he had no "fraudulent" intentions and that he is unlikely to get a fair trial in India.

If the judge rules in favour of the Indian government, the UK home secretary will have two months to sign Mallya's extradition order.

However, both sides will have the chance to appeal to higher courts in the UK against the Magistrates' Court verdict.&nbsp;

Also read: <a href="http://www.wionews.com/world/my-democratic-right-to-vote-in-karnataka-elections-says-vijay-mallya-133253">'My democratic right to vote in Karnataka elections,' says Vijay Mallya</a>

The 62-year-old flambouyant businessman, who appeared in the Westminister Magistrate's Court here, had his 650,000 pounds bail extended until the next date of hearing on July 11

A UK court on Friday admitted the bulk of the evidence submitted by the CBI against Vijay Mallya in connection with his ongoing extradition trial, giving a boost to India's efforts to bring back the embattled liquor baron to face charges of fraud and money laundering amounting to around Rs 9,000 crore. The 62-year-old flambouyant businessman, who appeared in the Westminister Magistrate's Court here, had his 650,000 pounds bail extended until the next date of hearing on July 11. When the court reconvenes, oral submissions will be made on closing arguments to be submitted in writing to Judge Emma Arbuthnot over the next two months. The judge is then expected to indicate plans for a verdict in the case at the next hearing. During the hearing, the Central Bureau of Investigation (CBI) got a boost as Judge Arbuthnot confirmed that the bulk of the evidence submitted by it will be admissible. Today's hearing comes days after the Indian government's High Court appeal against a previous Westminster Magistrates' Court extradition ruling that had been denied. UK-based Sanjeev Kumar Chawla, wanted in India as a key accused in the cricket match-fixing scandal involving former South African captain Hanse Cronje in 2000, had been discharged in October last year on human rights grounds over severe conditions in Delhi's Tihar Jail, where the accused was to be held on being extradited. District Judge Rebecca Crane had based her verdict to discharge Chawla largely upon the testimony of Dr Alan Mitchell, former head of healthcare at the Scottish Prison Service and an elected member of the European Council's Committee for the Prevention of Torture (CPT). Mallya's defence team has previously deposed the same prisons expert in his extradition case, who told Judge Arbuthnot during the course of the trial that conditions in all Indian jails are "far from satisfactory". During the last hearing in the case in March, CPS barrister Mark Summers reiterated that the Indian government had provided further clarifications related to an availability of natural light and medical assistance at Barrack 12 of Mumbai Central Prison on Arthur Road, where Mallya is to be held if he is extradited from the UK. The trial, which opened at the London court on December 4 last year, is aimed at laying out a prima facie case of fraud against Mallya, who has been based in the UK since he left India in March 2016. It also seeks to prove there are no "bars to extradition" and that the tycoon is assured a fair trial in India over his now-defunct Kingfisher Airlines' alleged default of over Rs 9,000 crore in loans from a consortium of Indian banks. The CPS, representing the Indian government, has argued that the evidence they have presented establishes "dishonesty" on the part of the businessman and that there are no bars to him being extradited from the UK to face Indian courts. Mallya's defence team has deposed a series of expert witnesses to claim he had no "fraudulent" intentions and that he is unlikely to get a fair trial in India. If the judge rules in favour of the Indian government, the UK home secretary will have two months to sign Mallya's extradition order. However, both sides will have the chance to appeal to higher courts in the UK against the Magistrates' Court verdict. Also read: 'My democratic right to vote in Karnataka elections,' says Vijay Mallya

Mallya case: CBI gets boost on evidence admissibility, next hearing on July 11

Embattled liquor tycoon Vijay Mallya was back in a UK court on Friday for a hearing in his ongoing extradition trial.

The 62-year-old, who is wanted in India to face charges of fraud and money laundering amounting to around Rs 9,000 crore, is currently on a 650,000 pounds bail since his arrest on an extradition warrant by Scotland Yard in April last year.

"It's another day in court", Mallya told reporters outside the Westminster Magistrates' Court here.&nbsp;

Chief Magistrate Emma Arbuthnot is set to consider some additional material sought from the Crown Prosecution Service (CPS), arguing on behalf of the Indian government, hear closing arguments, and set a timeline for a verdict in the case&nbsp;which is expected by next month.

At the last hearing in the case on March 16, the judge had noted that it was "blindingly obvious" that rules were being broken by Indian banks which sanctioned some of the loans to the erstwhile Kingfisher Airlines owned by Mallya.

"There are clear signs that the banks seem to have gone against their own guidelines (in sanctioning some of the loans)," she said, "inviting" the Indian authorities to explain the case against some of the bank officials involved because that relates to the "conspiracy" allegations against Mallya.

At the end of that hearing, the judge had indicated her decision on the admissibility of evidence would go in favour of admitting some material and excluding some affidavits, which she said did not pertain to the prima facie case of fraud.

Mallya's counsel, Clare Montgomery, had also argued that evidence which was claimed as a "blueprint of dishonesty" by the CPS was, in fact, a privileged interaction between Mallya and his lawyer about "legal advice in clear contemplation of litigation" and hence should be inadmissible.

The judge said she was still "on the fence" about admitting that correspondence.

Today's hearing comes days after the Indian government's High Court appeal against a previous Westminster Magistrates' Court extradition ruling that had been denied.

UK-based Sanjeev Kumar Chawla, wanted in India as a key accused in the cricket match-fixing scandal involving former South African captain Hanse Cronje in 2000, had been discharged in October last year on human rights grounds over severe conditions in Delhi's Tihar Jail, where the accused was to be held on being extradited.

District Judge Rebecca Crane had based her verdict to discharge Chawla largely upon the testimony of Dr Alan Mitchell, former head of healthcare at the Scottish Prison Service and an elected member of the European Council's Committee for the Prevention of Torture (CPT).

Mallya's defence team has previously deposed the same prisons expert in his extradition case, who told Judge Arbuthnot during the course of the trial that conditions in all Indian jails are "far from satisfactory".&nbsp;

During the last hearing in the case in March, CPS barrister Mark Summers reiterated that the Indian government had provided further clarifications related to the availability of natural light and medical assistance at Barrack 12 of Mumbai Central Prison on Arthur Road, where Mallya is to be held if he is extradited from the UK.

The trial, which opened at the London court on December 4 last year, is aimed at laying out a prima facie case of fraud against Mallya, who has been based in the UK since he left India in March 2016.&nbsp;

It also seeks to prove there are no "bars to extradition" and that the tycoon is assured a fair trial in India over his now-defunct Kingfisher Airlines' alleged default of over Rs 9,000 crore in loans from a consortium of Indian banks.

The CPS, representing the Indian government, has argued that the evidence they have presented establishes "dishonesty" on the part of the businessman and that there are no bars to him being extradited from the UK to face Indian courts.

Mallya's defence team has deposed a series of expert witnesses to claim he had no "fraudulent" intentions and that he is unlikely to get a fair trial in India.

If the judge rules in favour of the Indian government, the UK home secretary will have two months to sign Mallya's extradition order.&nbsp;

However, both sides will have the chance to appeal to higher courts in the UK against the Magistrates' Court verdict.

Vijay Mallya is wanted in India to face charges of fraud and money laundering amounting to around Rs 9,000 crore

Embattled liquor tycoon Vijay Mallya was back in a UK court on Friday for a hearing in his ongoing extradition trial. The 62-year-old, who is wanted in India to face charges of fraud and money laundering amounting to around Rs 9,000 crore, is currently on a 650,000 pounds bail since his arrest on an extradition warrant by Scotland Yard in April last year. "It's another day in court", Mallya told reporters outside the Westminster Magistrates' Court here. Chief Magistrate Emma Arbuthnot is set to consider some additional material sought from the Crown Prosecution Service (CPS), arguing on behalf of the Indian government, hear closing arguments, and set a timeline for a verdict in the case which is expected by next month. At the last hearing in the case on March 16, the judge had noted that it was "blindingly obvious" that rules were being broken by Indian banks which sanctioned some of the loans to the erstwhile Kingfisher Airlines owned by Mallya. "There are clear signs that the banks seem to have gone against their own guidelines (in sanctioning some of the loans)," she said, "inviting" the Indian authorities to explain the case against some of the bank officials involved because that relates to the "conspiracy" allegations against Mallya. At the end of that hearing, the judge had indicated her decision on the admissibility of evidence would go in favour of admitting some material and excluding some affidavits, which she said did not pertain to the prima facie case of fraud. Mallya's counsel, Clare Montgomery, had also argued that evidence which was claimed as a "blueprint of dishonesty" by the CPS was, in fact, a privileged interaction between Mallya and his lawyer about "legal advice in clear contemplation of litigation" and hence should be inadmissible. The judge said she was still "on the fence" about admitting that correspondence. Today's hearing comes days after the Indian government's High Court appeal against a previous Westminster Magistrates' Court extradition ruling that had been denied. UK-based Sanjeev Kumar Chawla, wanted in India as a key accused in the cricket match-fixing scandal involving former South African captain Hanse Cronje in 2000, had been discharged in October last year on human rights grounds over severe conditions in Delhi's Tihar Jail, where the accused was to be held on being extradited. District Judge Rebecca Crane had based her verdict to discharge Chawla largely upon the testimony of Dr Alan Mitchell, former head of healthcare at the Scottish Prison Service and an elected member of the European Council's Committee for the Prevention of Torture (CPT). Mallya's defence team has previously deposed the same prisons expert in his extradition case, who told Judge Arbuthnot during the course of the trial that conditions in all Indian jails are "far from satisfactory". During the last hearing in the case in March, CPS barrister Mark Summers reiterated that the Indian government had provided further clarifications related to the availability of natural light and medical assistance at Barrack 12 of Mumbai Central Prison on Arthur Road, where Mallya is to be held if he is extradited from the UK. The trial, which opened at the London court on December 4 last year, is aimed at laying out a prima facie case of fraud against Mallya, who has been based in the UK since he left India in March 2016. It also seeks to prove there are no "bars to extradition" and that the tycoon is assured a fair trial in India over his now-defunct Kingfisher Airlines' alleged default of over Rs 9,000 crore in loans from a consortium of Indian banks. The CPS, representing the Indian government, has argued that the evidence they have presented establishes "dishonesty" on the part of the businessman and that there are no bars to him being extradited from the UK to face Indian courts. Mallya's defence team has deposed a series of expert witnesses to claim he had no "fraudulent" intentions and that he is unlikely to get a fair trial in India. If the judge rules in favour of the Indian government, the UK home secretary will have two months to sign Mallya's extradition order. However, both sides will have the chance to appeal to higher courts in the UK against the Magistrates' Court verdict.

Vijay Mallya back in UK court for extradition hearing

National Investigation Agency (NIA) has filed a chargesheet against Shahid Yusuf, the son of Hizbul Mujahideen (HM) chief Syed Salahuddin in a terror funding case.

According to the Final Report Yusuf had hatched a conspiracy to received funds from Pakistan through hawala channels to spread terrorism in Jammu and Kashmir.&nbsp

The NIA filed the chargesheet on Friday against Shahid Yusuf, under section 120-B of the IPC and 13, 17, 18, 20, 21, 38 and 40 of the Unlawful Activities (Prevention) Act, 1967, for willfully raising, receiving, collecting 'terror funds' and holding proceeds of terrorism' for furtherance of terrorist activities in Jammu and Kashmir.

His bail plea was dismissed by the trial court in New Delhi on March 7.

The NIA charge sheet included punishment for unlawful activities, punishment for raising funds for terrorist act, punishment for conspiracy, punishment for being member of terrorist gang or organisation, punishment for holding proceeds of terrorism, membership of a terrorist organisation and support given to a terrorist organization, under sections of UAPA.

The final report also accused him of hatching a criminal conspiracy, punishable under section 120-B of Indian Penal Code.&nbsp

The agency said the case was registered on the basis of information regarding funds from Pakistan being sent to Jammu and Kashmir through hawala channels via Delhi to spread terrorism. It has claimed that Yousuf had received a total of nearly Rs. 4.5 lakh through eight international wire transfers.The agency, which had in 2011 arrested several persons including one Ghulam Mohd Bhat with Rs. 21.2 lakh.

Shahid Yousuf was the seventh accused against whom a chargesheet has been filed in the case. The other accused people include Ghulam Mohammad Bhat, Mohammad Sidiq Ganai, Ghulam Jeelani Liloo, Farooq Ahmad Dagga, Mohammad Maqbool Pandit and Aijaz Ahmad Bhat.

Of these seven accused people, five, including Shahid Yusuf, are in custody and two namely Mohd Maqbool Pandit and Aijaz Ahmad Bhat are absconding. Of the four accused facing trial in the case, three accused people namely Mohammad Sidiq Ganai, Ghulam Jeelani Liloo, and Farooq Ahmad Dagga have already pleaded guilty.&nbsp

According to the Final Report Yusuf had hatched a conspiracy to received funds from Pakistan through hawala channels to spread terrorism in Jammu and Kashmir

National Investigation Agency (NIA) has filed a chargesheet against Shahid Yusuf, the son of Hizbul Mujahideen (HM) chief Syed Salahuddin in a terror funding case. According to the Final Report Yusuf had hatched a conspiracy to received funds from Pakistan through hawala channels to spread terrorism in Jammu and Kashmir. The NIA filed the chargesheet on Friday against Shahid Yusuf, under section 120-B of the IPC and 13, 17, 18, 20, 21, 38 and 40 of the Unlawful Activities (Prevention) Act, 1967, for willfully raising, receiving, collecting 'terror funds' and holding proceeds of terrorism' for furtherance of terrorist activities in Jammu and Kashmir. His bail plea was dismissed by the trial court in New Delhi on March 7. The NIA charge sheet included punishment for unlawful activities, punishment for raising funds for terrorist act, punishment for conspiracy, punishment for being member of terrorist gang or organisation, punishment for holding proceeds of terrorism, membership of a terrorist organisation and support given to a terrorist organization, under sections of UAPA. The final report also accused him of hatching a criminal conspiracy, punishable under section 120-B of Indian Penal Code. The agency said the case was registered on the basis of information regarding funds from Pakistan being sent to Jammu and Kashmir through hawala channels via Delhi to spread terrorism. It has claimed that Yousuf had received a total of nearly Rs. 4.5 lakh through eight international wire transfers.The agency, which had in 2011 arrested several persons including one Ghulam Mohd Bhat with Rs. 21.2 lakh. Shahid Yousuf was the seventh accused against whom a chargesheet has been filed in the case. The other accused people include Ghulam Mohammad Bhat, Mohammad Sidiq Ganai, Ghulam Jeelani Liloo, Farooq Ahmad Dagga, Mohammad Maqbool Pandit and Aijaz Ahmad Bhat. Of these seven accused people, five, including Shahid Yusuf, are in custody and two namely Mohd Maqbool Pandit and Aijaz Ahmad Bhat are absconding. Of the four accused facing trial in the case, three accused people namely Mohammad Sidiq Ganai, Ghulam Jeelani Liloo, and Farooq Ahmad Dagga have already pleaded guilty.

NIA files chargesheet against Hizbul Mujahideen chief's son

British banking giant Barclays has agreed to pay a $2 billion fine to resolve a fraud case involving mortgage derivatives sold in the run-up to the 2008 global financial crisis, the US Justice Department said Thursday.

Authorities said the loans underlying the investment vehicles "were significantly less creditworthy than Barclays represented," and the company "intentionally misrepresented" key facts about the mortgages involved.

Federal prosecutors also reached settlements with two former Barclays executives over their roles in the sale and trading of residential mortgage-backed securities (RMBS), a type of investment derivative that bundled home loans into securities sold to investors.

Paul Menefee of Austin, Texas, the former head banker for subprime RMBS securitizations at Barclays, and John Carroll of Port Washington, New York, former head trader for subprime loan acquisitions, will pay a combined total of $2 million.

The settlement makes Barclays the latest major bank to be sanctioned for crisis-era fraud nearly a decade after the collapse of major New York financial institutions dealing in mortgage-backed derivatives sparked a global recession.

Last week, Swiss bank UBS agreed to pay $230 million to New York State, also settling charges the bank had misrepresented the value of mortgages underlying securities sold before the crisis.

Deutsche Bank and Credit Suisse reached similar crisis-related settlements late last year.In exchange for payment of the fine, the Justice Department will withdraw a civil complaint filed against the Barclays in December 2016, leaving the bank with a clean record in the case.

"I am pleased that we have been able to reach a fair and proportionate settlement with the Department of Justice," Barclays CEO Jes Staley said in a statement.&nbsp

"It has been a priority for this management team from the start to resolve these historic issues in a timely and appropriate manner wherever possible."

The bank said the settlement would affect its core capital ratio, a closely watched measure of financial soundness, by 0.5 percent.

The settlement lets Barclays put its biggest legal worry in the US behind it. Shares in the British lender jumped in London on the news, with the stock`s price up 0.6 percent toward 1430 GMT.

After a three-year investigation, federal prosecutors accused Barclays of a fraudulent scheme from 2005 to 2007 involving 36 deals in RMBS initially valued at $31 billion.&nbsp

Barclays misled investors about the assets` quality, causing billions of dollars in losses, the Justice Department said in a statement.

The bank lied about the creditworthiness of borrowers whose loans underpinned the securities and who then defaulted at "exceptionally high rates," the statement said.

US federal authorities have faced public outrage and hostile scrutiny from lawmakers over the perceived failure to bring criminal cases against any senior bank executives for their roles in sparking the crisis -- despite a Justice Department finding that industry practices involved widespread fraudulent conduct.

Last month, Britain`s Serious Fraud Office announced charges against Barclays Bank over emergency fundraising from Qatar during the financial crisis -- adding to charges against parent company Barclays PLC and four former top executives.

British banking giant Barclays has agreed to pay a $2 billion fine to resolve a fraud case involving mortgage derivatives sold in the run-up to the 2008 global financial crisis, the US Justice Department said Thursday

British banking giant Barclays has agreed to pay a $2 billion fine to resolve a fraud case involving mortgage derivatives sold in the run-up to the 2008 global financial crisis, the US Justice Department said Thursday. Authorities said the loans underlying the investment vehicles "were significantly less creditworthy than Barclays represented," and the company "intentionally misrepresented" key facts about the mortgages involved. Federal prosecutors also reached settlements with two former Barclays executives over their roles in the sale and trading of residential mortgage-backed securities (RMBS), a type of investment derivative that bundled home loans into securities sold to investors. Paul Menefee of Austin, Texas, the former head banker for subprime RMBS securitizations at Barclays, and John Carroll of Port Washington, New York, former head trader for subprime loan acquisitions, will pay a combined total of $2 million. The settlement makes Barclays the latest major bank to be sanctioned for crisis-era fraud nearly a decade after the collapse of major New York financial institutions dealing in mortgage-backed derivatives sparked a global recession. Last week, Swiss bank UBS agreed to pay $230 million to New York State, also settling charges the bank had misrepresented the value of mortgages underlying securities sold before the crisis. Deutsche Bank and Credit Suisse reached similar crisis-related settlements late last year.In exchange for payment of the fine, the Justice Department will withdraw a civil complaint filed against the Barclays in December 2016, leaving the bank with a clean record in the case. "I am pleased that we have been able to reach a fair and proportionate settlement with the Department of Justice," Barclays CEO Jes Staley said in a statement. "It has been a priority for this management team from the start to resolve these historic issues in a timely and appropriate manner wherever possible." The bank said the settlement would affect its core capital ratio, a closely watched measure of financial soundness, by 0.5 percent. The settlement lets Barclays put its biggest legal worry in the US behind it. Shares in the British lender jumped in London on the news, with the stock`s price up 0.6 percent toward 1430 GMT. After a three-year investigation, federal prosecutors accused Barclays of a fraudulent scheme from 2005 to 2007 involving 36 deals in RMBS initially valued at $31 billion. Barclays misled investors about the assets` quality, causing billions of dollars in losses, the Justice Department said in a statement. The bank lied about the creditworthiness of borrowers whose loans underpinned the securities and who then defaulted at "exceptionally high rates," the statement said. US federal authorities have faced public outrage and hostile scrutiny from lawmakers over the perceived failure to bring criminal cases against any senior bank executives for their roles in sparking the crisis -- despite a Justice Department finding that industry practices involved widespread fraudulent conduct. Last month, Britain`s Serious Fraud Office announced charges against Barclays Bank over emergency fundraising from Qatar during the financial crisis -- adding to charges against parent company Barclays PLC and four former top executives.

Barclays to pay $2 billion fine for crisis-era fraud: US authorities

IDBI Bank Ltd said on Tuesday fraudulent loans of Rs 772 crore were issued from five of its branches in Andhra Pradesh and Telangana, sending its shares lower on Wednesday.&nbsp;

Some of the loans, which were issued during fiscal years 2009-2013 for fish farming businesses, were obtained against fake lease documents of non-existent fish ponds and by inflating the value of collateral, the company said.

The company found major lapses in processing and disbursing the loans by two of its officials. The lender dismissed one of the officials, while the other official had already retired, it said.

The Central Bureau of Investigation (CBI), has registered cases for two of the five complaints, relating to branches at Basheerbagh and Guntur, the company said.

The bank said earlier on Tuesday it initiated a quality assurance audit, expected to be completed by April.

IDBI shares fell as much as 3.5 per cent to 73.6 rupees by 0512 GMT, while the index for public sector lenders Nifty PSU Bank index dropped as much as 1.8 per cent.

($1 = 65 rupees)

IDBI shares fell as much as 3.5 per cent to 73.6 rupees

IDBI Bank Ltd said on Tuesday fraudulent loans of Rs 772 crore were issued from five of its branches in Andhra Pradesh and Telangana, sending its shares lower on Wednesday. Some of the loans, which were issued during fiscal years 2009-2013 for fish farming businesses, were obtained against fake lease documents of non-existent fish ponds and by inflating the value of collateral, the company said. The company found major lapses in processing and disbursing the loans by two of its officials. The lender dismissed one of the officials, while the other official had already retired, it said. The Central Bureau of Investigation (CBI), has registered cases for two of the five complaints, relating to branches at Basheerbagh and Guntur, the company said. The bank said earlier on Tuesday it initiated a quality assurance audit, expected to be completed by April. IDBI shares fell as much as 3.5 per cent to 73.6 rupees by 0512 GMT, while the index for public sector lenders Nifty PSU Bank index dropped as much as 1.8 per cent. ($1 = 65 rupees)

IDBI Bank discloses fraud of Rs 772 crore, shares fall

The British judge hearing the extradition case of liquor baron&nbsp;Vijay Mallya&nbsp;today said that it was &quot;blindingly obvious&quot; that rules were being broken by Indian banks which sanctioned some of the loans to the erstwhile&nbsp;Kingfisher Airlines.

Presiding over a hearing at Westminster Magistrates&#39; Court in London, Judge Emma Arbuthnot described the case as a &quot;jigsaw puzzle&quot; with different pieces of &quot;massive evidence&quot; to be put together to paint a picture, which she said she was now able to see &quot;more clearly&quot; than a few months ago. 
 
&quot;There are clear signs that the banks seem to have gone against their own guidelines [in sanctioning some of the loans],&quot; she said, &quot;inviting&quot; the Indian authorities to explain the case against some of the bank officials involved because that relates to the &quot;conspiracy&quot; point against Mallya. 
 
The 62-year-old businessman, who is on trial for the UK court to rule if he can be extradited to India to face charges of fraud and money laundering amounting to around Rs 9,000 crores, watched the proceedings from the dock. 
 
The Crown Prosecution Service (CPS), arguing on behalf of the Indian government, laid out their arguments against the defence calling into question the admissibility of some of evidence submitted by the Indian authorities. 
 
Pointing out that Mallya had &quot;chosen not to give evidence&quot; in the case, CPS counsel Mark Summers rejected the defence claims on the evidence as &quot;nonsense&quot;. 
 
&quot;The government of India has established by other copious evidence a prima facie case of fraud,&quot; he said. 
 
The judge is expected to rule on the admissibility of evidence and set a timeframe for her final verdict. However, the matter could be delayed over further clarifications required on the source of some of the emails submitted as evidence by the Indian authorities. 
 
Mallya&#39;s counsel, Clare Montgomery, argued that evidence that was claimed as a &quot;blueprint of dishonesty&quot; by the CPS was in fact privileged conversation between Mallya and his lawyer about &quot;legal advice in clear contemplation of litigation&quot; and hence should be inadmissible. 
 
On a separate category of evidence presented by the Indian government, Mallya&#39;s team questioned the reliability of investigating officers in the case and pointed to over 150 pages of &quot;near identical material&quot; purporting to be statement of witnesses taken under Section 161 of the Indian CrPC. 
 
&quot;They do not appear to be in any way an account of things that witnesses would have said but rather seem to be somebody else&#39;s analysis put into the mouths of the witnesses, down to the spelling mistakes,&quot; Montgomery said, adding that the documents were &quot;identically reproduced&quot; with not only the same words but also the same typing errors. 
 
The judge did not seem to be convinced by this argument and said she had found only two-three cases of mistakes but did not see a &quot;problem&quot; in the preparation of the statements. 
 
Judge Arbuthnot had also sought further clarifications related to availability of natural light and medical assistance at Barrack 12 of Mumbai Central Prison on Arthur Road, where Mallya is to be held if he is extradited from&nbsp;Britain. 
 
The CPS indicated to the judge that the government had provided all the necessary clarifications along with photographs of the two cells that comprise Barrack 12. 
 
The extradition trial, which opened at the London court on December 4, is aimed at laying out a prima facie case of fraud against the tycoon, who has been based in the UK since he left India in March 2016. It also seeks to prove that there are no &quot;bars to extradition&quot; and that Mallya is assured a fair trial in India over his now-defunct Kingfisher Airlines&#39; alleged default of loans from a consortium of Indian banks.

The CPS, representing the Indian government, has argued that the evidence they have presented confirms &quot;dishonesty&quot; on the part of the businessman and that there are no bars to him being extradited from the UK to face Indian courts. 
 
Mallya&#39;s defence team has deposed a series of expert witnesses to claim he had no &quot;fraudulent&quot; intentions and that he is unlikely to get a fair trial in India.

Mallya was arrested by&nbsp;Scotland Yard&nbsp;on an extradition warrant in April 2017 and has been out on bail on a bond worth 650,000 pounds. Chief Magistrate Arbuthnot is expected to pronounce her verdict in the case by May this year. 
 
If she rules in favour of the Indian government, the UK home secretary will have two months to sign Mallya&#39;s extradition order. However, both sides will have the chance to appeal in higher courts in the UK against the chief magistrate&#39;s verdict.

&nbsp;

The 62-year-old businessman, who is on trial for the UK court to rule if he can be extradited to India to face charges of fraud and money laundering amounting to around Rs 9,000 crores, watched the proceedings from the dock

The British judge hearing the extradition case of liquor baron Vijay Mallya today said that it was "blindingly obvious" that rules were being broken by Indian banks which sanctioned some of the loans to the erstwhile Kingfisher Airlines. Presiding over a hearing at Westminster Magistrates' Court in London, Judge Emma Arbuthnot described the case as a "jigsaw puzzle" with different pieces of "massive evidence" to be put together to paint a picture, which she said she was now able to see "more clearly" than a few months ago. "There are clear signs that the banks seem to have gone against their own guidelines [in sanctioning some of the loans]," she said, "inviting" the Indian authorities to explain the case against some of the bank officials involved because that relates to the "conspiracy" point against Mallya. The 62-year-old businessman, who is on trial for the UK court to rule if he can be extradited to India to face charges of fraud and money laundering amounting to around Rs 9,000 crores, watched the proceedings from the dock. The Crown Prosecution Service (CPS), arguing on behalf of the Indian government, laid out their arguments against the defence calling into question the admissibility of some of evidence submitted by the Indian authorities. Pointing out that Mallya had "chosen not to give evidence" in the case, CPS counsel Mark Summers rejected the defence claims on the evidence as "nonsense". "The government of India has established by other copious evidence a prima facie case of fraud," he said. The judge is expected to rule on the admissibility of evidence and set a timeframe for her final verdict. However, the matter could be delayed over further clarifications required on the source of some of the emails submitted as evidence by the Indian authorities. Mallya's counsel, Clare Montgomery, argued that evidence that was claimed as a "blueprint of dishonesty" by the CPS was in fact privileged conversation between Mallya and his lawyer about "legal advice in clear contemplation of litigation" and hence should be inadmissible. On a separate category of evidence presented by the Indian government, Mallya's team questioned the reliability of investigating officers in the case and pointed to over 150 pages of "near identical material" purporting to be statement of witnesses taken under Section 161 of the Indian CrPC. "They do not appear to be in any way an account of things that witnesses would have said but rather seem to be somebody else's analysis put into the mouths of the witnesses, down to the spelling mistakes," Montgomery said, adding that the documents were "identically reproduced" with not only the same words but also the same typing errors. The judge did not seem to be convinced by this argument and said she had found only two-three cases of mistakes but did not see a "problem" in the preparation of the statements. Judge Arbuthnot had also sought further clarifications related to availability of natural light and medical assistance at Barrack 12 of Mumbai Central Prison on Arthur Road, where Mallya is to be held if he is extradited from Britain. The CPS indicated to the judge that the government had provided all the necessary clarifications along with photographs of the two cells that comprise Barrack 12. The extradition trial, which opened at the London court on December 4, is aimed at laying out a prima facie case of fraud against the tycoon, who has been based in the UK since he left India in March 2016. It also seeks to prove that there are no "bars to extradition" and that Mallya is assured a fair trial in India over his now-defunct Kingfisher Airlines' alleged default of loans from a consortium of Indian banks. The CPS, representing the Indian government, has argued that the evidence they have presented confirms "dishonesty" on the part of the businessman and that there are no bars to him being extradited from the UK to face Indian courts. Mallya's defence team has deposed a series of expert witnesses to claim he had no "fraudulent" intentions and that he is unlikely to get a fair trial in India. Mallya was arrested by Scotland Yard on an extradition warrant in April 2017 and has been out on bail on a bond worth 650,000 pounds. Chief Magistrate Arbuthnot is expected to pronounce her verdict in the case by May this year. If she rules in favour of the Indian government, the UK home secretary will have two months to sign Mallya's extradition order. However, both sides will have the chance to appeal in higher courts in the UK against the chief magistrate's verdict.

Vijay Mallya case: UK judge says 'obvious' Indian banks broke rules

Andhra Bank, already hurt by an industry-wide spillover of a huge alleged fraud in another lender, saw its shares slide to a 15-year low on Monday after authorities filed new complaints against a former director in a separate long-running case.

The Enforcement Directorate, which fights financial crime, said on Friday it filed additional charges against Anup Garg, a former director of state-run Andhra Bank, in connection with a more than 50 billion rupee ($769.3 million) fraud case involving Sterling Biotech that was filed last year.

Authorities have accused senior executives of Sterling and Garg of &quot;criminal conspiracy&quot; and falsifying accounts to allow Sterling to raise much larger loans from Andhra Bank and other lenders than it would have been able to otherwise.

The Central Bureau of Investigation (CBI) had filed a complaint in the case last year in October.

Agencies have accused Garg, a chartered accountant who was on the bank&#39;s board for three years until October 2009, of receiving bribes from the Sterling executives between 2008 and 2009.

Sterling group companies owed a total 53.83 billion rupees to banks as of end-2016, according to the CBI. All the loans have turned non-performing, the agency said.

In a stock exchange filing after the close of trading on Monday, Andhra Bank, headquartered in Hyderabad, said it was the lead bank for two Sterling group companies to which its total exposure is about 11.5 billion rupees as on date.

The bank&#39;s exposure to the Sterling group companies have been classified as non-performing since March 2015, Andhra Bank said, adding it reported last December the accounts as fraud to the Reserve Bank of India and has also filed a police complaint.

Sterling Biotech executives were not reachable for comment when contacted on the board line of the company&#39;s Mumbai office.

Garg was also not reachable for a comment.

A $2 billion fraud disclosed last month in second-biggest state-run lender Punjab National Bank has shaken the country&#39;s financial sector at a time when Indian banks are battling near-record $146 billion of soured assets.

After the PNB fraud case, the government has ordered banks to probe all non-performing loans of more than 500 million rupees to see if there was any sign of any fraud.

Andhra Bank shares closed 6.7 percent lower at 35.95 rupees, their lowest level since August 2003. The stock fell as much as 17.1 percent during trade.

Sterling Biotech fell 3.5 percent, its maximum daily limit, to 2.75 rupees ($0.0423).&nbsp;

Agencies have accused Garg, a chartered accountant who was on the bank's board for three years until October 2009, of receiving bribes from the Sterling executives between 2008 and 2009

Andhra Bank, already hurt by an industry-wide spillover of a huge alleged fraud in another lender, saw its shares slide to a 15-year low on Monday after authorities filed new complaints against a former director in a separate long-running case. The Enforcement Directorate, which fights financial crime, said on Friday it filed additional charges against Anup Garg, a former director of state-run Andhra Bank, in connection with a more than 50 billion rupee ($769.3 million) fraud case involving Sterling Biotech that was filed last year. Authorities have accused senior executives of Sterling and Garg of "criminal conspiracy" and falsifying accounts to allow Sterling to raise much larger loans from Andhra Bank and other lenders than it would have been able to otherwise. The Central Bureau of Investigation (CBI) had filed a complaint in the case last year in October. Agencies have accused Garg, a chartered accountant who was on the bank's board for three years until October 2009, of receiving bribes from the Sterling executives between 2008 and 2009. Sterling group companies owed a total 53.83 billion rupees to banks as of end-2016, according to the CBI. All the loans have turned non-performing, the agency said. In a stock exchange filing after the close of trading on Monday, Andhra Bank, headquartered in Hyderabad, said it was the lead bank for two Sterling group companies to which its total exposure is about 11.5 billion rupees as on date. The bank's exposure to the Sterling group companies have been classified as non-performing since March 2015, Andhra Bank said, adding it reported last December the accounts as fraud to the Reserve Bank of India and has also filed a police complaint. Sterling Biotech executives were not reachable for comment when contacted on the board line of the company's Mumbai office. Garg was also not reachable for a comment. A $2 billion fraud disclosed last month in second-biggest state-run lender Punjab National Bank has shaken the country's financial sector at a time when Indian banks are battling near-record $146 billion of soured assets. After the PNB fraud case, the government has ordered banks to probe all non-performing loans of more than 500 million rupees to see if there was any sign of any fraud. Andhra Bank shares closed 6.7 percent lower at 35.95 rupees, their lowest level since August 2003. The stock fell as much as 17.1 percent during trade. Sterling Biotech fell 3.5 percent, its maximum daily limit, to 2.75 rupees ($0.0423).

Andhra Bank sinks to a 15-year low amid fraud probe involving ex-director

ICICI Bank chief Chanda Kochhar and Axis Bank chief Shikha Sharma have been summoned by the&nbsp;Serious Fraud Investigation Office (SFIO) in connection with the over Rs 13,000-crore PNB scam.&nbsp;

ICICI Bank had led a consortium of 31 banks which had lent Mehul Choksi&#39;s Gitanjali Gems Rs 1,000 crore. Choksi is <a href="http://www.wionews.com/india-news/who-is-nirav-modi-the-billionaire-jeweller-at-centre-of-rs-11000-crore-scam-32970" target="_blank">Nirav Modi&#39;s</a> uncle and partner.&nbsp;

Also read: <a href="http://www.wionews.com/india-news/pnb-scam-rahul-gandhi-questions-pm-modis-silence-says-ek-nirav-modi-hai-dusra-modi-nirav-hai-34878" target="_blank">Rahul Gandhi questions PM Modi&#39;s silence, says &#39;</a><a href="http://www.wionews.com/india-news/pnb-scam-rahul-gandhi-questions-pm-modis-silence-says-ek-nirav-modi-hai-dusra-modi-nirav-hai-34878" target="_blank">ek</a><a href="http://www.wionews.com/india-news/pnb-scam-rahul-gandhi-questions-pm-modis-silence-says-ek-nirav-modi-hai-dusra-modi-nirav-hai-34878" target="_blank"> Nirav Modi Hai, </a><a href="http://www.wionews.com/india-news/pnb-scam-rahul-gandhi-questions-pm-modis-silence-says-ek-nirav-modi-hai-dusra-modi-nirav-hai-34878" target="_blank">dusra</a><a href="http://www.wionews.com/india-news/pnb-scam-rahul-gandhi-questions-pm-modis-silence-says-ek-nirav-modi-hai-dusra-modi-nirav-hai-34878" target="_blank"> Modi </a><a href="http://www.wionews.com/india-news/pnb-scam-rahul-gandhi-questions-pm-modis-silence-says-ek-nirav-modi-hai-dusra-modi-nirav-hai-34878" target="_blank">nirav</a><a href="http://www.wionews.com/india-news/pnb-scam-rahul-gandhi-questions-pm-modis-silence-says-ek-nirav-modi-hai-dusra-modi-nirav-hai-34878" target="_blank"> hai&#39;</a>

PTI reported that the SFIO has asked the heads of all 31 banks to come in for questioning. Kochhar, Sharma and the other bank chiefs are expected to be questioned at the SFIO&#39;s headquarters in Mumbai.&nbsp;

Kochar and Sharma will be questioned about the loans their banks made to Modi and Choksi but, news reports said, they are not being seen as suspects in the scam. &nbsp;

The PNB scam is being investigated by a slew of agencies including the CBI, the Enforcement Directorate and the SFIO.&nbsp;

The scam was first reported from a Mumbai branch of the Punjab National Bank.&nbsp;

It is alleged that PNB officials colluded with Modi and others to issue them Letters of Understanding (LoUs), basically bank guarantees. It was on those LoUs that Modi and Choksi got their bank loans.&nbsp;

ICICI Bank had led a consortium of 31 banks that had lent Rs 1,000 crore to Mehul Choksi's Gitanjali Gems

ICICI Bank chief Chanda Kochhar and Axis Bank chief Shikha Sharma have been summoned by the Serious Fraud Investigation Office (SFIO) in connection with the over Rs 13,000-crore PNB scam. ICICI Bank had led a consortium of 31 banks which had lent Mehul Choksi's Gitanjali Gems Rs 1,000 crore. Choksi is Nirav Modi's uncle and partner. Also read: Rahul Gandhi questions PM Modi's silence, says 'ek Nirav Modi Hai, dusra Modi nirav hai' PTI reported that the SFIO has asked the heads of all 31 banks to come in for questioning. Kochhar, Sharma and the other bank chiefs are expected to be questioned at the SFIO's headquarters in Mumbai. Kochar and Sharma will be questioned about the loans their banks made to Modi and Choksi but, news reports said, they are not being seen as suspects in the scam. The PNB scam is being investigated by a slew of agencies including the CBI, the Enforcement Directorate and the SFIO. The scam was first reported from a Mumbai branch of the Punjab National Bank. It is alleged that PNB officials colluded with Modi and others to issue them Letters of Understanding (LoUs), basically bank guarantees. It was on those LoUs that Modi and Choksi got their bank loans.

PNB scam: ICICI's Chanda Kochhar, Axis Bank's Shikha Sharma summoned by Serious Fraud Investigation Office

Real Madrid midfielder Luka Modric was charged with perjury by Croatian prosecutors. He is accused of providing&nbsp;false testimony in a trial about financial deals with a former Dinamo Zagreb director, who was charged with embezzlement and tax fraud. If found guilty, the Croatia captain faces up to five years in prison.

The 32-year-old midfielder was charged with &quot;committing the criminal offence of giving false testimony&quot; last June during a trial against Mamic and three others before a local tribunal, a prosecutors&#39; statement said.

In line with Croatian law the prosecutors did not name Modric as the indictee but identified him as a &quot;Croatian citizen born in 1985&quot; but the local media identified him as Modric.Mamic is accused -- along with his brother Zoran Mamic and two others -- of abuse of power and graft that cost the former Croatian champions more than 15 million euros ($18.4 million), and the state 1.5 million euros.

Cash was allegedly embezzled through fictitious deals related to player transfers. Modric testified last June over the details of his 2008 transfer from Dinamo to Tottenham Hotspur.

From there he joined Real Madrid in 2012.

The prosecutors charge Modric that, when questioned at the tribunal, he falsely said he had signed an annex to a contract with Dinamo over conditions for future transfers while still playing in Croatia.

When questioned during investigations in 2015, Modric said the annex was signed after he joined Tottenham, according to the prosecutors.&nbsp;

Mamic is considered the most powerful man in Croatian football and his connections extend into many spheres of public life.

Most Croatian football fans see him as the real boss of the Croatian Football Federation and believe its formal chief Davor Suker is merely Mamic&#39;s puppet.

Modric, who grew up as a refugee in Zadar on the Dalmatian coast, was highly popular in Croatia where he has a reputation for modesty.

But the testimony has tarnished his image.

&nbsp;

Mamic is being charged with embezzlement and tax fraud related to a series of player deals

Real Madrid midfielder Luka Modric was charged with perjury by Croatian prosecutors. He is accused of providing false testimony in a trial about financial deals with a former Dinamo Zagreb director, who was charged with embezzlement and tax fraud. If found guilty, the Croatia captain faces up to five years in prison. The 32-year-old midfielder was charged with "committing the criminal offence of giving false testimony" last June during a trial against Mamic and three others before a local tribunal, a prosecutors' statement said. In line with Croatian law the prosecutors did not name Modric as the indictee but identified him as a "Croatian citizen born in 1985" but the local media identified him as Modric.Mamic is accused -- along with his brother Zoran Mamic and two others -- of abuse of power and graft that cost the former Croatian champions more than 15 million euros ($18.4 million), and the state 1.5 million euros. Cash was allegedly embezzled through fictitious deals related to player transfers. Modric testified last June over the details of his 2008 transfer from Dinamo to Tottenham Hotspur. From there he joined Real Madrid in 2012. The prosecutors charge Modric that, when questioned at the tribunal, he falsely said he had signed an annex to a contract with Dinamo over conditions for future transfers while still playing in Croatia. When questioned during investigations in 2015, Modric said the annex was signed after he joined Tottenham, according to the prosecutors. Mamic is considered the most powerful man in Croatian football and his connections extend into many spheres of public life. Most Croatian football fans see him as the real boss of the Croatian Football Federation and believe its formal chief Davor Suker is merely Mamic's puppet. Modric, who grew up as a refugee in Zadar on the Dalmatian coast, was highly popular in Croatia where he has a reputation for modesty. But the testimony has tarnished his image.

Croatian footballer Luka Modric charged with false testimony

Nationalist Congress Party (NCP) MP Majeed Memon has quoted a report alleging that the accused celebrity jeweller,&nbsp;<a href="http://www.wionews.com/india-news/pnb-scam-ed-attaches-nirav-modis-property-of-over-rs-500-crores-33929">Nirav Modi</a> had deposited cash worth Rs 90 crore at one of the branches of the scam-hit Punjab National Bank (PNB)&nbsp;hours before the announcement of demonetisation.

Memon also took to Twitter to convey the same, and hinted on suspicion of connivance between the accused and the BJP-led government at the Centre, by adding, &quot;What does it suggest?&quot;&nbsp;

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A report reveals that Nirav Modi deposited huge cash amount in one PNB branch on 8 th Nov. 2017, hours before PM announced demonitization. What does it suggest ?
&mdash; Majeed Memon MP (@advmajeedmemon) <a href="https://twitter.com/advmajeedmemon/status/967295252364255233?ref_src=twsrc%5Etfw">February 24, 2018</a></blockquote>
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Calling for an investigation into the alleged incident, Memon said that this was reported during the time absconding billionaire jeweller&nbsp;Nirav Modi&nbsp;left India.

&quot;When Nirav Modi left India, at that time it was reported that some hours prior to Prime Minister&#39;s announcement of demonetisation in 2016, Nirav Modi deposited 90 crore rupees of cash in one branch of PNB, and he probably exchanged it for bullion or something,&quot; Memon told ANI, adding, &quot;I think that there should be proper investigation to see if there is any element of truth to it.&quot;

The allegations by Memon come a day after the government on Saturday<a href="http://www.wionews.com/india-news/passports-of-nirav-modi-mehul-choksi-suspended-mea-gives-one-week-to-respond-33087"> revoked the passports </a>of Nirav Modi and Mehul Choksi who are at the forefront of the alleged multi-million <a href="http://www.wionews.com/india-news/you-were-getting-lous-issued-illegally-says-pnb-in-letter-to-nirav-modi-33705">Punjab National Bank (PNB) fraud</a>.

The Congress on Saturday accused the Centre of being aware of all details, hours after Finance Minister Arun Jaitley slammed regulators for failing to detect the fraud.&nbsp;

Senior Congress leader Kapil Sibal had said, &ldquo;Why blame only regulator? What about the political system and the fact that Finance Ministry must&#39;ve known about it.&rdquo;

Nirav Modi, who holds an Indian passport, had left India on January 1, while his brother Nishal, a Belgian citizen, departed from the country&nbsp;the same day. Modi&#39;s wife Ami, a US citizen, left on January 6 and his maternal uncle and business associate Mehul Choksi left on January 4. 
&nbsp;

Calling for an investigation into the alleged incident, Majeed Memon said that this was reported during the time absconding billionaire jeweller Nirav Modi left India

Nationalist Congress Party (NCP) MP Majeed Memon has quoted a report alleging that the accused celebrity jeweller, Nirav Modi had deposited cash worth Rs 90 crore at one of the branches of the scam-hit Punjab National Bank (PNB) hours before the announcement of demonetisation. Memon also took to Twitter to convey the same, and hinted on suspicion of connivance between the accused and the BJP-led government at the Centre, by adding, "What does it suggest?" A report reveals that Nirav Modi deposited huge cash amount in one PNB branch on 8 th Nov. 2017, hours before PM announced demonitization. What does it suggest ? — Majeed Memon MP (@advmajeedmemon) February 24, 2018 × Calling for an investigation into the alleged incident, Memon said that this was reported during the time absconding billionaire jeweller Nirav Modi left India. "When Nirav Modi left India, at that time it was reported that some hours prior to Prime Minister's announcement of demonetisation in 2016, Nirav Modi deposited 90 crore rupees of cash in one branch of PNB, and he probably exchanged it for bullion or something," Memon told ANI, adding, "I think that there should be proper investigation to see if there is any element of truth to it." The allegations by Memon come a day after the government on Saturday revoked the passports of Nirav Modi and Mehul Choksi who are at the forefront of the alleged multi-million Punjab National Bank (PNB) fraud. The Congress on Saturday accused the Centre of being aware of all details, hours after Finance Minister Arun Jaitley slammed regulators for failing to detect the fraud. Senior Congress leader Kapil Sibal had said, “Why blame only regulator? What about the political system and the fact that Finance Ministry must've known about it.” Nirav Modi, who holds an Indian passport, had left India on January 1, while his brother Nishal, a Belgian citizen, departed from the country the same day. Modi's wife Ami, a US citizen, left on January 6 and his maternal uncle and business associate Mehul Choksi left on January 4.

Nirav Modi exchanged notes worth Rs 90 crore in PNB hours before demonetisation, alleges NCP lawmaker

The latest banking scam, this time in the Punjab National Bank to the tune of INR 11,000 crores, is yet another reminder of just how well the Indian economy is being managed in the interests of the super-wealthy. Over the years, and particularly during the boom years of the 2000s, when employment growth was negligible and &ldquo;jobless growth&rdquo; became a commonly used phrase, India&rsquo;s corporate elite, including some of its best-known business houses, went on a borrowing spree. They borrowed from private and public sector banks, they borrowed domestically and abroad. It is now clear that many of these loans were never intended to be repaid. The public sector banks, in particular, issued thousands of crores worth of loans without due diligence or even with active collaboration in the fraud.&nbsp;

Starting in the early years of this decade, the Reserve Bank of India itself was under pressure to do something about the building problem and started forcing public sector banks to reveal how many such loans were on their books. This is when the true extent of the problem, long-festering, started becoming apparent.&nbsp;

As per the recent estimates, there are around INR 10 lakh crores worth of bad loans in the Indian banking system. This number will likely rise. To gain a sense of proportion this is around 7% of India&rsquo;s GDP. The entire union budget for this year was INR 24.42 lakh crores and the fiscal deficit was around 6.2 lakh crores. This year&rsquo;s MGNREGA budget is INR 55,000 crores.

The amount of money borrowed by India&rsquo;s wealthy citizens in connivance with its officials with no intention of ever repaying it is larger than the amount that the union government spends on health, education, food and fuel subsidies, agriculture, rural and urban development, combined.&nbsp;

But this is not the end of the bad news for the country&rsquo;s ordinary citizens who still struggle for small amounts of credit to run their businesses and households. First, it is not known how much of this massive borrowing became a useful investment in the economy and how much was converted into unproductive foreign and domestic assets, as well as luxury consumption.

If the Nirav Modi case is any indication, then we may expect more the latter than the former. Second, not only have we paid once in the form of the opportunity cost of these loans, i.e. the alternative uses to which we could have put this credit, we are paying for it a second time in the form of the budget outlays on what is called bank recapitalisation. This is where the government uses its tax revenue to replace bad assets (loans that will never be repaid) with good ones. This allocation for the current budget was INR 2.11 lakh crores, larger than the allocation for many crucial development programs.

National outrage has understandably followed the latest revelations. But sadly, as expected, this has given the proponents of bank privatisation another excuse to push their agenda. Since the vast majority of bad loans in the banking system are on the books of the public sector banks, the solution seems simple. Privatise them. Make them subject to market discipline and such corruption and negligence will not occur. But this argument appealing to the power of the market to discipline finance can only be convincing to those who have been asleep through the 2008 financial crisis. The cronyism, corruption, conflicts of interest, and open fraud that were the hallmark of this crisis are very well-documented. That very few high profile convictions resulted is a testament to the power of the finance lobby in the United States and elsewhere than to the lack of evidence.&nbsp;

What makes us think that the equally, if not more, compromised Indian institutional climate will respond any better under a largely private banking sector than a public one? Privatisation of banks does not alter the fact that 1% of the richest Indians control nearly 60% of its wealth. Further, a private banking system is not the same as a competitive one. The US has the former, but no one would mistake it for the latter.

The PSU banks have to be reformed is clear. But &ldquo;reform&rdquo; is not a synonym for &ldquo;privatise.&rdquo; What we urgently need is public, accountable, and functional finance.

The country&rsquo;s permanently credit-starved micro, small and medium sector, including agriculture, can truly transform this economy if supported well. Their individual credit requirements are not high, but they are large in numbers. Such a situation is ideal for a distributed public banking system. The current high-handedness and lack of accountability in public banking is not an excuse to privatise it. It is an excuse to make it accountable locally. Something we have never attempted seriously. Banking performs the crucial function of linking savers with borrowers, those with capital to those who can use it. Further, having the power to create money by making loans, banks are endowed with one of the most powerful tools of development. There is no argument for making this incredible power beholden to elite interests. There is every argument for making it as decentralised and distributed as possible.

But what about the bad loans? Here too the choice is clear; whether to pursue those who stole the money and to retrieve it, or to pay for our theft ourselves. The answer should be obvious.

(Disclaimer: The opinions expressed above are the personal views of the author and do not reflect the views of ZMCL)

There are around INR 10 lakh crores worth of bad loans in the Indian banking system. This number will likely rise.

The latest banking scam, this time in the Punjab National Bank to the tune of INR 11,000 crores, is yet another reminder of just how well the Indian economy is being managed in the interests of the super-wealthy. Over the years, and particularly during the boom years of the 2000s, when employment growth was negligible and “jobless growth” became a commonly used phrase, India’s corporate elite, including some of its best-known business houses, went on a borrowing spree. They borrowed from private and public sector banks, they borrowed domestically and abroad. It is now clear that many of these loans were never intended to be repaid. The public sector banks, in particular, issued thousands of crores worth of loans without due diligence or even with active collaboration in the fraud. Starting in the early years of this decade, the Reserve Bank of India itself was under pressure to do something about the building problem and started forcing public sector banks to reveal how many such loans were on their books. This is when the true extent of the problem, long-festering, started becoming apparent. As per the recent estimates, there are around INR 10 lakh crores worth of bad loans in the Indian banking system. This number will likely rise. To gain a sense of proportion this is around 7% of India’s GDP. The entire union budget for this year was INR 24.42 lakh crores and the fiscal deficit was around 6.2 lakh crores. This year’s MGNREGA budget is INR 55,000 crores. The amount of money borrowed by India’s wealthy citizens in connivance with its officials with no intention of ever repaying it is larger than the amount that the union government spends on health, education, food and fuel subsidies, agriculture, rural and urban development, combined. But this is not the end of the bad news for the country’s ordinary citizens who still struggle for small amounts of credit to run their businesses and households. First, it is not known how much of this massive borrowing became a useful investment in the economy and how much was converted into unproductive foreign and domestic assets, as well as luxury consumption. If the Nirav Modi case is any indication, then we may expect more the latter than the former. Second, not only have we paid once in the form of the opportunity cost of these loans, i.e. the alternative uses to which we could have put this credit, we are paying for it a second time in the form of the budget outlays on what is called bank recapitalisation. This is where the government uses its tax revenue to replace bad assets (loans that will never be repaid) with good ones. This allocation for the current budget was INR 2.11 lakh crores, larger than the allocation for many crucial development programs. National outrage has understandably followed the latest revelations. But sadly, as expected, this has given the proponents of bank privatisation another excuse to push their agenda. Since the vast majority of bad loans in the banking system are on the books of the public sector banks, the solution seems simple. Privatise them. Make them subject to market discipline and such corruption and negligence will not occur. But this argument appealing to the power of the market to discipline finance can only be convincing to those who have been asleep through the 2008 financial crisis. The cronyism, corruption, conflicts of interest, and open fraud that were the hallmark of this crisis are very well-documented. That very few high profile convictions resulted is a testament to the power of the finance lobby in the United States and elsewhere than to the lack of evidence. What makes us think that the equally, if not more, compromised Indian institutional climate will respond any better under a largely private banking sector than a public one? Privatisation of banks does not alter the fact that 1% of the richest Indians control nearly 60% of its wealth. Further, a private banking system is not the same as a competitive one. The US has the former, but no one would mistake it for the latter. The PSU banks have to be reformed is clear. But “reform” is not a synonym for “privatise.” What we urgently need is public, accountable, and functional finance. The country’s permanently credit-starved micro, small and medium sector, including agriculture, can truly transform this economy if supported well. Their individual credit requirements are not high, but they are large in numbers. Such a situation is ideal for a distributed public banking system. The current high-handedness and lack of accountability in public banking is not an excuse to privatise it. It is an excuse to make it accountable locally. Something we have never attempted seriously. Banking performs the crucial function of linking savers with borrowers, those with capital to those who can use it. Further, having the power to create money by making loans, banks are endowed with one of the most powerful tools of development. There is no argument for making this incredible power beholden to elite interests. There is every argument for making it as decentralised and distributed as possible. But what about the bad loans? Here too the choice is clear; whether to pursue those who stole the money and to retrieve it, or to pay for our theft ourselves. The answer should be obvious. (Disclaimer: The opinions expressed above are the personal views of the author and do not reflect the views of ZMCL)

Opinion: After Nirav Modi frauds PNB, are we to pay for our theft ourselves?

Senior management officials at Gitanjali Gems have called it quits. In a regulatory filing on Monday, the company revealed that CFO Chandrakant Karkare, company&rsquo;s vice-president (compliance) and a company secretary have resigned.&nbsp;

One of the board members has also resigned, the company added.

&ldquo;Recently, my wife has undergone a major surgery called Hemicolectomy at Lilavati Hospital. The post-operation recovery is not up to the expected level. This has resulted in a restriction on me carrying responsibilities as CFO and will be very difficult for me in future, kindly accept my resignation from the post of CFO with immediate effect,&rdquo; Karkare&#39;s resignation letter read.

A copy of the CFO&#39;s resignation letter has been submitted to the BSE.&nbsp;

Shares of Gitanjali Gems tumbled for the fourth straight session on Monday. At BSE, Gitanjali Gems&#39; stock plummetted 9.99% to Rs33.80 -- its lower circuit limit.

Gitanjali Gems is embroiled in the Rs 11,400 crore Punjab National Bank loan scam.&nbsp;

Meanwhile, the CBI and Enforcement Directorate continue to conduct raids across the country.&nbsp;

The CBI search in the ongoing PNB fraud continues today. The search is being conducted in the Punjab National Bank&#39;s Mid Corporate Branch, Brady House in Mumbai.

CBI searches were carried out at three places in Kanpur, questioning the three accused Directors - Vikram Kothari, Sadhana Kothari &amp; Rahul Kothari. Residential premises and offices of Rotomac Directors have also been sealed by the CBI in New Delhi.

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Maharashtra: Enforcement Directorate conducted raids at a <a href="https://twitter.com/hashtag/Gili?src=hash&amp;ref_src=twsrc%5Etfw">#Gili</a> showroom in Thane <a href="https://twitter.com/hashtag/GitanjaliGems?src=hash&amp;ref_src=twsrc%5Etfw">#GitanjaliGems</a> <a href="https://t.co/pW3Z7a37Ei">pic.twitter.com/pW3Z7a37Ei</a>
&mdash; ANI (@ANI) <a href="https://twitter.com/ANI/status/965560979248599040?ref_src=twsrc%5Etfw">February 19, 2018</a></blockquote>
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The Enforcement Directorate visited the residence of former Allahabad Bank director Dinesh Dubey. Dubey had alleged that the bank had granted a loan to Gitanjali Gems in 2013 despite his dissent.&nbsp;

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<a href="https://twitter.com/hashtag/Vadodara?src=hash&amp;ref_src=twsrc%5Etfw">#Vadodara</a>: ED team reaches residence of former Allahabad Bank director Dinesh Dubey who had alleged that loan was given to Gitanjali Gems in 2013 despite his dissent note <a href="https://twitter.com/hashtag/PNBFraud?src=hash&amp;ref_src=twsrc%5Etfw">#PNBFraud</a> <a href="https://t.co/vHmR4IGleh">pic.twitter.com/vHmR4IGleh</a>
&mdash; ANI (@ANI) <a href="https://twitter.com/ANI/status/965522785463390208?ref_src=twsrc%5Etfw">February 19, 2018</a></blockquote>
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According to Enforcement Directorate, assets worth Rs 5716 Crore have been seized in the raids till now. 39 raids were conducted today, out of which 10 were in Mumbai.&nbsp;

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Today 13 <a href="https://twitter.com/hashtag/PNB?src=hash&amp;ref_src=twsrc%5Etfw">#PNB</a> officials including the then GM level officers were questioned, four of <a href="https://twitter.com/hashtag/NiravModi?src=hash&amp;ref_src=twsrc%5Etfw">#NiravModi</a> group employees were also quizzed today: CBI
&mdash; ANI (@ANI) <a href="https://twitter.com/ANI/status/965560002864930816?ref_src=twsrc%5Etfw">February 19, 2018</a></blockquote>
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There has been no response on the summons sent to <a href="https://twitter.com/hashtag/NiravModi?src=hash&amp;ref_src=twsrc%5Etfw">#NiravModi</a> or the other accused so far. It is also being investigated as to why Gokulnath Shetty wasn&#39;t promoted in all these years. First LoU was issued in March 2011 &amp; was rolled over: ED Sources <a href="https://twitter.com/hashtag/PNBFraudCase?src=hash&amp;ref_src=twsrc%5Etfw">#PNBFraudCase</a>
&mdash; ANI (@ANI) <a href="https://twitter.com/ANI/status/965558325868982272?ref_src=twsrc%5Etfw">February 19, 2018</a></blockquote>
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(With inputs from PTI)

One of the board members has also resigned, the company added

Senior management officials at Gitanjali Gems have called it quits. In a regulatory filing on Monday, the company revealed that CFO Chandrakant Karkare, company’s vice-president (compliance) and a company secretary have resigned. One of the board members has also resigned, the company added. “Recently, my wife has undergone a major surgery called Hemicolectomy at Lilavati Hospital. The post-operation recovery is not up to the expected level. This has resulted in a restriction on me carrying responsibilities as CFO and will be very difficult for me in future, kindly accept my resignation from the post of CFO with immediate effect,” Karkare's resignation letter read. A copy of the CFO's resignation letter has been submitted to the BSE. Shares of Gitanjali Gems tumbled for the fourth straight session on Monday. At BSE, Gitanjali Gems' stock plummetted 9.99% to Rs33.80 -- its lower circuit limit. Gitanjali Gems is embroiled in the Rs 11,400 crore Punjab National Bank loan scam. Meanwhile, the CBI and Enforcement Directorate continue to conduct raids across the country. The CBI search in the ongoing PNB fraud continues today. The search is being conducted in the Punjab National Bank's Mid Corporate Branch, Brady House in Mumbai. CBI searches were carried out at three places in Kanpur, questioning the three accused Directors - Vikram Kothari, Sadhana Kothari & Rahul Kothari. Residential premises and offices of Rotomac Directors have also been sealed by the CBI in New Delhi. Maharashtra: Enforcement Directorate conducted raids at a #Gili showroom in Thane #GitanjaliGems pic.twitter.com/pW3Z7a37Ei — ANI (@ANI) February 19, 2018 × The Enforcement Directorate visited the residence of former Allahabad Bank director Dinesh Dubey. Dubey had alleged that the bank had granted a loan to Gitanjali Gems in 2013 despite his dissent. #Vadodara: ED team reaches residence of former Allahabad Bank director Dinesh Dubey who had alleged that loan was given to Gitanjali Gems in 2013 despite his dissent note #PNBFraud pic.twitter.com/vHmR4IGleh — ANI (@ANI) February 19, 2018 × According to Enforcement Directorate, assets worth Rs 5716 Crore have been seized in the raids till now. 39 raids were conducted today, out of which 10 were in Mumbai. Today 13 #PNB officials including the then GM level officers were questioned, four of #NiravModi group employees were also quizzed today: CBI — ANI (@ANI) February 19, 2018 × There has been no response on the summons sent to #NiravModi or the other accused so far. It is also being investigated as to why Gokulnath Shetty wasn't promoted in all these years. First LoU was issued in March 2011 & was rolled over: ED Sources #PNBFraudCase — ANI (@ANI) February 19, 2018 × (With inputs from PTI)

PNB scam: Amid nationwide raids, top Gitanjali Gems officials quit 

Punjab National Bank MD Sunil Mehta said Thursday that the massive Rs 11,400 crore scam his bank finds itself in began in 2011 but that the bank &quot;detected it in the third week of January (2018).&quot;&nbsp;

Mehta added that &quot;we promptly investigated it for 3-4 days, we went to CBI on 29 Jan and FIR was booked on (Jan) 30.&quot;&nbsp;

&quot;We got to know that two of our employees did some un-authorised transactions. The bank intiated criminal action against our staff members,&quot; Mehta said.&nbsp;

&quot;This is a standalone incident. It has taken place only in one of our branches,&quot; Mehta added.&nbsp;

Also read:&nbsp;<a href="http://www.wionews.com/india-news/for-indias-banks-worst-of-their-bad-loan-woes-may-be-yet-to-come-32894" target="_blank">For India&#39;s banks, worst of their bad-loan troubles may be still to come</a>

PNB has the &quot;capability and the capacity to come out of this&quot;, Mehta said.&nbsp;&nbsp;

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Hum kisi bhi galat kaam ko badhaava nahi denge. Hum log iss (<a href="https://twitter.com/hashtag/PNBScam?src=hash&amp;ref_src=twsrc%5Etfw">#PNBScam</a>) cheez ko surface pe lekar aaye: Sunil Mehta, MD PNB <a href="https://t.co/miWOwaWSO0">pic.twitter.com/miWOwaWSO0</a>
&mdash; ANI (@ANI) <a href="https://twitter.com/ANI/status/964058313582432257?ref_src=twsrc%5Etfw">February 15, 2018</a></blockquote>
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He added that &quot;In response to our registered FIR, raids are being conducted on involved groups establishments; documents and records are being seized. Steps are being taken to protect financial interest of banks.&quot;

'We promptly investigated it for 3-4 days, we went to CBI on 29 Jan and FIR was booked on (Jan) 30,' Sunil Mehta said

Punjab National Bank MD Sunil Mehta said Thursday that the massive Rs 11,400 crore scam his bank finds itself in began in 2011 but that the bank "detected it in the third week of January (2018)." Mehta added that "we promptly investigated it for 3-4 days, we went to CBI on 29 Jan and FIR was booked on (Jan) 30." "We got to know that two of our employees did some un-authorised transactions. The bank intiated criminal action against our staff members," Mehta said. "This is a standalone incident. It has taken place only in one of our branches," Mehta added. Also read: For India's banks, worst of their bad-loan troubles may be still to come PNB has the "capability and the capacity to come out of this", Mehta said. Hum kisi bhi galat kaam ko badhaava nahi denge. Hum log iss (#PNBScam) cheez ko surface pe lekar aaye: Sunil Mehta, MD PNB pic.twitter.com/miWOwaWSO0 — ANI (@ANI) February 15, 2018 × He added that "In response to our registered FIR, raids are being conducted on involved groups establishments; documents and records are being seized. Steps are being taken to protect financial interest of banks."

Scam began in 2011, bank discovered it in January 2018: PNB MD

According to Minister of State for Finance Shiv Pratap Shukla&nbsp;the government has learned about the incidents of fraudulent withdrawal of money through Aadhaar.&nbsp;

Shukla&#39;s written reply to Rajya Sabha noted at least six such cases to have been reported by four Public Sector Banks involving fraud worth Rs 1.5 crore.&nbsp;

Shukla further noted that the government has been taking appropriate measures to prevent such cases from occurring again. Action has also been initiated against the ones involved in the reported cases.

According to reports, two cases were reported in Bank of India involving a sum of Rs 1.37 crore while another two cases surfaced in Syndicate Bank involving Rs 2.26 lakh.

The government noted that in both the cases Aadhaar mapping was carried out by business correspondents or staff.&nbsp;

Allahabad Bank and UCO Bank have also reported similar cases involving Rs 1.95 lakh and Rs 0.49 lakh respectively.

Meanwhile,&nbsp;UIDAI has cautioned people against using plastic, laminated Aadhaar cards stating that their unauthorised printing could render the QR code dysfunctional or even expose personal data without an individual&#39;s informed consent.

UIDAI CEO Ajay Bhushan Pandey urged individuals not to share their Aadhaar number or personal details with unauthorised agencies for getting it laminated or printed on plastic cards.

The nodal body cautioned unauthorised agencies not to collect Aadhaar information from the public for printing of Aadhaar cards saying collecting such information or unauthorised printing of Aadhaar card is a criminal offence punishable with imprisonment under the law.&nbsp;

(With inputs from agencies)&nbsp;

&nbsp;

At least six such cases to have been reported by four Public Sector Banks involving fraud worth Rs 1.5 crore

According to Minister of State for Finance Shiv Pratap Shukla the government has learned about the incidents of fraudulent withdrawal of money through Aadhaar. Shukla's written reply to Rajya Sabha noted at least six such cases to have been reported by four Public Sector Banks involving fraud worth Rs 1.5 crore. Shukla further noted that the government has been taking appropriate measures to prevent such cases from occurring again. Action has also been initiated against the ones involved in the reported cases. According to reports, two cases were reported in Bank of India involving a sum of Rs 1.37 crore while another two cases surfaced in Syndicate Bank involving Rs 2.26 lakh. The government noted that in both the cases Aadhaar mapping was carried out by business correspondents or staff. Allahabad Bank and UCO Bank have also reported similar cases involving Rs 1.95 lakh and Rs 0.49 lakh respectively. Meanwhile, UIDAI has cautioned people against using plastic, laminated Aadhaar cards stating that their unauthorised printing could render the QR code dysfunctional or even expose personal data without an individual's informed consent. UIDAI CEO Ajay Bhushan Pandey urged individuals not to share their Aadhaar number or personal details with unauthorised agencies for getting it laminated or printed on plastic cards. The nodal body cautioned unauthorised agencies not to collect Aadhaar information from the public for printing of Aadhaar cards saying collecting such information or unauthorised printing of Aadhaar card is a criminal offence punishable with imprisonment under the law. (With inputs from agencies)

Aadhaar used in fraudulent withdrawal of money: Minister of State for Finance

The Westminster magistrates&#39; court in London on Thursday decided to extend liquor baron Vijay Mallya&#39;s bail till April 2 in association with his extradition case.&nbsp;

The bail raised concerns over the reliability of evidence provided by India. Judge Emma Arbuthnot has extended Mallya&#39;s &pound;650,000 bail.&nbsp;

Mallya was accompanied by his wife Pinky Lalwani and his son Siddharth Mallya.&nbsp;

Questions were raised over Mallya&#39;s&nbsp;admissibility, reliability and evidentiary value of documents submitted by India, in particular, the statements submitted by a wide array of witnesses such as banking officials.

&quot;Many of the documents that the Indian government relies on are unsubstantiated assertions which have been proven to be unreliable or false while others are hearsay or narrative accounts or statements made ex-post facto&quot;, Mallya&#39;s defence counsel Clare Montgomery&nbsp;said.

It was also brought to notice that there were no supporting documents in relation to the IDBI Bank case, which is the main axis on which the extradition trial hinges.

&quot;Some of these statements not only had the same words by the same typos. For example, there are similar anomalies in witness statements made by different individuals weeks apart&quot;, Montgomery said, prompting laughter in the court, much to the discomfiture of representatives of the Indian government.

&quot;Much evidence suggests that officers, in this case, have not behaved in a reliable manner. For instance, they have completely failed to reveal to the court the background of how the lending was approved by various banks, have submitted misleading statements, pro-forma statements and statements that were false&quot;, Montgomery said.

She also pointed to a number of Indian law commission reports that have &quot;unanimously&quot; agreed that investigators often &quot;project&quot; their biases on to witnesses.&nbsp;

The Crown Prosecution Service (CPS), arguing on behalf of the Indian government, has been asked to revert to the court by January 22.&nbsp;

Also read:<a href="http://www.wionews.com/india-news/indian-jails-over-crowded-with-poor-hygiene-mallyas-defence-26778">&nbsp;Indian jails overcrowded with poor hygiene: Mallya&#39;s defence lawyer</a>

The Delhi court on January 4 had declared beleaguered businessman Vijay Mallya a proclaimed offender for evading summons in a FERA violation case.

Chief Metropolitan Magistrate Deepak Shehrawat passed the order after noting that Mallya <a href="http://www.wionews.com/india-news/vijay-mallya-declared-proclaimed-offender-by-delhi-court-28547" target="_blank">failed to appear</a> before it despite repeated summons.

Mallya, who is undergoing an extradition trial over Rs 9,000-crore fraud and money laundering charges, will face a parallel litigation brought by 13 Indian banks to <a href="http://www.wionews.com/india-news/more-trouble-for-mallya-hearing-of-litigation-seeking-to-freeze-usd-15-billion-of-his-assets-next-year-26725" target="_blank">freeze nearly $1.5 billion of his assets</a>.

(With inputs from ANI)

The bail raised concerns over the reliability of evidence provided by India. Judge Emma Arbuthnot has extended Mallya's £650,000 bail

The Westminster magistrates' court in London on Thursday decided to extend liquor baron Vijay Mallya's bail till April 2 in association with his extradition case. The bail raised concerns over the reliability of evidence provided by India. Judge Emma Arbuthnot has extended Mallya's £650,000 bail. Mallya was accompanied by his wife Pinky Lalwani and his son Siddharth Mallya. Questions were raised over Mallya's admissibility, reliability and evidentiary value of documents submitted by India, in particular, the statements submitted by a wide array of witnesses such as banking officials. "Many of the documents that the Indian government relies on are unsubstantiated assertions which have been proven to be unreliable or false while others are hearsay or narrative accounts or statements made ex-post facto", Mallya's defence counsel Clare Montgomery said. It was also brought to notice that there were no supporting documents in relation to the IDBI Bank case, which is the main axis on which the extradition trial hinges. "Some of these statements not only had the same words by the same typos. For example, there are similar anomalies in witness statements made by different individuals weeks apart", Montgomery said, prompting laughter in the court, much to the discomfiture of representatives of the Indian government. "Much evidence suggests that officers, in this case, have not behaved in a reliable manner. For instance, they have completely failed to reveal to the court the background of how the lending was approved by various banks, have submitted misleading statements, pro-forma statements and statements that were false", Montgomery said. She also pointed to a number of Indian law commission reports that have "unanimously" agreed that investigators often "project" their biases on to witnesses. The Crown Prosecution Service (CPS), arguing on behalf of the Indian government, has been asked to revert to the court by January 22. Also read: Indian jails overcrowded with poor hygiene: Mallya's defence lawyer The Delhi court on January 4 had declared beleaguered businessman Vijay Mallya a proclaimed offender for evading summons in a FERA violation case. Chief Metropolitan Magistrate Deepak Shehrawat passed the order after noting that Mallya failed to appear before it despite repeated summons. Mallya, who is undergoing an extradition trial over Rs 9,000-crore fraud and money laundering charges, will face a parallel litigation brought by 13 Indian banks to freeze nearly $1.5 billion of his assets. (With inputs from ANI)

Vijay Mallya's bail extended till April 2, concerns raised over reliability of evidence

Corporate fraud in India will rise in two years&#39; time, according to&nbsp;Deloitte&#39;s&nbsp;<a href="http://www.business-standard.com/search?type=news&amp;q=India" target="_blank">India&nbsp;</a><a href="http://www.business-standard.com/search?type=news&amp;q=Fraud" target="_blank">Fraud&nbsp;</a>Survey.

The survey the rise in fraud was down to diminishing ethical values in workplaces.

The Deloitte&#39;s&nbsp;<a href="http://www.business-standard.com/search?type=news&amp;q=India" target="_blank">India&nbsp;</a><a href="http://www.business-standard.com/search?type=news&amp;q=Fraud" target="_blank">Fraud&nbsp;</a>Survey spoke to&nbsp;309 top executives from large (domestic and multinational) companies, SMEs, besides working professionals.&nbsp;

&quot;Respondents continue to identify known frauds such as bribery and corruption, diversion/theft of funds and vendor favouritism (only large organisations) and conflict of interest (only SMEs) as top&nbsp;<a href="http://www.business-standard.com/search?type=news&amp;q=Fraud" target="_blank">fraud&nbsp;</a>schemes that their organisations had experienced in the last two years,&quot; Deloitte said.&nbsp;

Around 70 per cent top executives representing large corporates,&nbsp;54 per cent belonging to small and medium enterprises and 65 per cent of working professionals felt corporate fraud would increase in the next 24 months.

Interestingly, while concerns around&nbsp;<a href="http://www.business-standard.com/search?type=news&amp;q=Fraud" target="_blank">fraud&nbsp;</a>appear similar, the methods employed to deal with&nbsp;<a href="http://www.business-standard.com/search?type=news&amp;q=Fraud" target="_blank">fraud&nbsp;</a>revealed vast differences in approach within firms, indicating that&nbsp;<a href="http://www.business-standard.com/search?type=news&amp;q=Fraud" target="_blank">fraud&nbsp;</a>is complex and companies have a long way to go in mitigating it.&nbsp; 
 
In the area of&nbsp;<a href="http://www.business-standard.com/search?type=news&amp;q=Fraud" target="_blank">fraud&nbsp;</a>prevention, large organisations appeared to be focused on preventing only historically known frauds, and appeared inadequately prepared to tackle new frauds such as social media and anti-competitive behaviour.&nbsp; 
 
About 43 per cent of respondents felt that investigations were commenced based on the severity of fraud, while 36 per cent said the fraudster was allowed to resign in lieu of pressing legal charges. Besides, 33 per cent said&nbsp;<a href="http://www.business-standard.com/search?type=news&amp;q=Fraud" target="_blank">fraud&nbsp;</a>was communicated to employees, the board and regulatory agencies.&nbsp; 
 
Within SMEs, 48 per cent felt lack of commitment to tackle fraud, while 42 per cent sited inadequate budget and resource allocation to prevent such activity.&nbsp; 
 
&quot;SMEs are struggling to mitigate even well-known frauds such as bribery and corruption,&quot; Deloitte&nbsp;<a href="http://www.business-standard.com/search?type=news&amp;q=India" target="_blank">India&nbsp;</a>Head (Forensic - Financial Advisory) Rohit Mahajan said.&nbsp; 
 
&quot;Given the inherent limitations of these organisations, there is need for government intervention to help tackle fraud,&quot; he added.&nbsp; 
 
Further, the survey found that a majority (56 per cent) of working professionals believed that primary responsibility to fight&nbsp;<a href="http://www.business-standard.com/search?type=news&amp;q=Fraud" target="_blank">fraud&nbsp;</a>remained with them.&nbsp; 
 
Moreover, about 70 per cent said that their employers provided enough opportunities for them to share instances of unethical behaviour.

(WION with inputs from PTI)

There would be more fraud due to diminishing ethical values at workplace, as per a Deloitte India Fraud Survey

Corporate fraud in India will rise in two years' time, according to Deloitte's India Fraud Survey. The survey the rise in fraud was down to diminishing ethical values in workplaces. The Deloitte's India Fraud Survey spoke to 309 top executives from large (domestic and multinational) companies, SMEs, besides working professionals. "Respondents continue to identify known frauds such as bribery and corruption, diversion/theft of funds and vendor favouritism (only large organisations) and conflict of interest (only SMEs) as top fraud schemes that their organisations had experienced in the last two years," Deloitte said. Around 70 per cent top executives representing large corporates, 54 per cent belonging to small and medium enterprises and 65 per cent of working professionals felt corporate fraud would increase in the next 24 months. Interestingly, while concerns around fraud appear similar, the methods employed to deal with fraud revealed vast differences in approach within firms, indicating that fraud is complex and companies have a long way to go in mitigating it. In the area of fraud prevention, large organisations appeared to be focused on preventing only historically known frauds, and appeared inadequately prepared to tackle new frauds such as social media and anti-competitive behaviour. About 43 per cent of respondents felt that investigations were commenced based on the severity of fraud, while 36 per cent said the fraudster was allowed to resign in lieu of pressing legal charges. Besides, 33 per cent said fraud was communicated to employees, the board and regulatory agencies. Within SMEs, 48 per cent felt lack of commitment to tackle fraud, while 42 per cent sited inadequate budget and resource allocation to prevent such activity. "SMEs are struggling to mitigate even well-known frauds such as bribery and corruption," Deloitte India Head (Forensic - Financial Advisory) Rohit Mahajan said. "Given the inherent limitations of these organisations, there is need for government intervention to help tackle fraud," he added. Further, the survey found that a majority (56 per cent) of working professionals believed that primary responsibility to fight fraud remained with them. Moreover, about 70 per cent said that their employers provided enough opportunities for them to share instances of unethical behaviour. (WION with inputs from PTI)

Corporate fraud to rise in two years' time: India Inc

The new head of Donald Trump&#39;s campaign has only been in the position for just over a week, but appears to be connected to a scandal involving voter fraud. 
 
<a href="https://www.theguardian.com/us-news/2016/aug/26/steve-bannon-florida-registered-vote-donald-trump?CMP=share_btn_tw">The Guardian</a> reports that Stephen Bannon, an executive of the right wing publication Breitbart News, has an active voter registration at a Florida house in which he does not live. The&nbsp;Miami-Dade Country&nbsp;home is currently vacant and is set for demolition. 
 
Bannon had rented the house for his ex-wife, but did not ever live there himself. His ex-wife, Diane Clohesy, a Tea Party activist, also no longer lives in the house. Neighbours say the house has been abandoned for months. 
 
Bannon assigned his voter registration to another house in Miami he rented for Clohesy, in which she lived between 2013-2015, but The Guardian&#39;s source claims that Bannon didn&#39;t live in this house either.&nbsp;Records show that the two have been divorced for seven years.&nbsp; 
 
The Guardian&#39;s repeated attempts to answer detailed questions about Bannon&#39;s living arrangement went unanswered. A Trump campaign spokesman said that &quot;Bannon moved to another location in Florida&quot;, but declined to answer any further questions. 
 
It is still not clear that Bannon is legally entitled to vote in Florida. The law in Florida states that one cannot vote there unless they are legal residents of the state and county where they register to vote. Legal reidency is defined as the place &quot;where a person mentally intends to make his or her permanent residence&quot;.
 
More, deliberately submitting a false voting registration&nbsp;is a third-degree felony that can result in up to a five year prison sentence.
This news comes after Trump has proclaimed that the votes are rigged against him. <a href="http://www.latimes.com/politics/la-na-pol-trump-vote-fraud-20160812-snap-story.html">The LA Times</a> reports that in a mid-August rally, speaking to mainly white rural supporters in Pennsylvania, he instructed &quot;maybe you should go or volunteer or do something...We&#39;re going to watch Pennsylvania, go down and watch and study, and make sure other people don&#39;t come in and vote five times&quot;. Trump&#39;s words were interpreted by some to be steeped in racism, a &quot;dog whistle&quot; and even an incitement to violence. He has repeated similar remarks in rallies since. 
 
The LA Times report adds that these remarks came shortly after a federal court struck down a voter ID law in North Carolina, a hotly contested state in the election. These law &quot;targeted African-Americans &#39;with almost surgical precision&#39; in an effort to suppress the black vote&#39;, the court found&quot;. 
 
(WION)

Stephen Bannon is registered as a voter in Florida, a crucial swing state, in an abandoned house in which he never lived

The new head of Donald Trump's campaign has only been in the position for just over a week, but appears to be connected to a scandal involving voter fraud. The Guardian reports that Stephen Bannon, an executive of the right wing publication Breitbart News, has an active voter registration at a Florida house in which he does not live. The Miami-Dade Country home is currently vacant and is set for demolition. Bannon had rented the house for his ex-wife, but did not ever live there himself. His ex-wife, Diane Clohesy, a Tea Party activist, also no longer lives in the house. Neighbours say the house has been abandoned for months. Bannon assigned his voter registration to another house in Miami he rented for Clohesy, in which she lived between 2013-2015, but The Guardian's source claims that Bannon didn't live in this house either. Records show that the two have been divorced for seven years. The Guardian's repeated attempts to answer detailed questions about Bannon's living arrangement went unanswered. A Trump campaign spokesman said that "Bannon moved to another location in Florida", but declined to answer any further questions. It is still not clear that Bannon is legally entitled to vote in Florida. The law in Florida states that one cannot vote there unless they are legal residents of the state and county where they register to vote. Legal reidency is defined as the place "where a person mentally intends to make his or her permanent residence". More, deliberately submitting a false voting registration is a third-degree felony that can result in up to a five year prison sentence. This news comes after Trump has proclaimed that the votes are rigged against him. The LA Times reports that in a mid-August rally, speaking to mainly white rural supporters in Pennsylvania, he instructed "maybe you should go or volunteer or do something...We're going to watch Pennsylvania, go down and watch and study, and make sure other people don't come in and vote five times". Trump's words were interpreted by some to be steeped in racism, a "dog whistle" and even an incitement to violence. He has repeated similar remarks in rallies since. The LA Times report adds that these remarks came shortly after a federal court struck down a voter ID law in North Carolina, a hotly contested state in the election. These law "targeted African-Americans 'with almost surgical precision' in an effort to suppress the black vote', the court found". (WION)

Trump is big on voter fraud but his new campaign manager could be guilty of the same crime

Barcelona football star Lionel Messi has been sentenced to 21 months in prison after a court in Barcelona found him guilty of three counts of tax fraud, a statement from the court said today. 
 
The court also sentenced the Argentine soccer player&#39;s father, Jorge, to 21 months in prison for the same three crimes. The sentence can be appealed through the Spanish supreme court, the statement said. 
 
However, under Spanish law a prison sentence under two years can be served under probation, meaning Messi and his father are unlikely to go to jail. 
 
The court ordered Messi to pay a fine of around 2 million euros ($2.21 million) and his father to pay 1.5 million euros for the crimes. 
 
($1 = 0.9034 euros) 
 
(Reuters)

His father gets the same sentence, both found guilty of tax fraud

Barcelona football star Lionel Messi has been sentenced to 21 months in prison after a court in Barcelona found him guilty of three counts of tax fraud, a statement from the court said today. The court also sentenced the Argentine soccer player's father, Jorge, to 21 months in prison for the same three crimes. The sentence can be appealed through the Spanish supreme court, the statement said. However, under Spanish law a prison sentence under two years can be served under probation, meaning Messi and his father are unlikely to go to jail. The court ordered Messi to pay a fine of around 2 million euros ($2.21 million) and his father to pay 1.5 million euros for the crimes. ($1 = 0.9034 euros) (Reuters)

Messi sentenced to 21 months in prison

Russian investigators detained the governor of the Kirov region on Friday, saying they had caught him accepting a bribe in a Moscow restaurant. 
 
The governor, Nikita Belykh, has been critical of the Kremlin and was formerly leader of a party, the Union of Rightist Forces. 
 
A spokesman for the Investigative Committee said in a statement Belykh was accused of taking a bribe of 400,000 Euros ($444,240) and that a criminal case had been opened. 
 
Vladimir Markin, the spokesman, denied there was any political subtext to Belykh&#39;s detention. 
 
Investigators published a photograph on their website of Belykh sitting at a table on which piles of green 100-Euro notes were laid out. 
 
Russian news agencies reported that Belykh was taken by investigators for questioning. Belykh&#39;s press service was not immediately available for comment. 
 
Three months from a parliamentary election and with an economic crisis raging, Kremlin critics say, Russian officials are keen to keep opponents in check. 
 
(Reuters)

Nikita Belykh, who formerly led the Union of Rightist Forces party, was critical of the Kremlin

Russian investigators detained the governor of the Kirov region on Friday, saying they had caught him accepting a bribe in a Moscow restaurant. The governor, Nikita Belykh, has been critical of the Kremlin and was formerly leader of a party, the Union of Rightist Forces. A spokesman for the Investigative Committee said in a statement Belykh was accused of taking a bribe of 400,000 Euros ($444,240) and that a criminal case had been opened. Vladimir Markin, the spokesman, denied there was any political subtext to Belykh's detention. Investigators published a photograph on their website of Belykh sitting at a table on which piles of green 100-Euro notes were laid out. Russian news agencies reported that Belykh was taken by investigators for questioning. Belykh's press service was not immediately available for comment. Three months from a parliamentary election and with an economic crisis raging, Kremlin critics say, Russian officials are keen to keep opponents in check. (Reuters)

Investigators detain Russian governor of Kirov for taking 400,000 Euro bribe

More than two dozen people have signed up to run for Haiti&#39;s presidency, authorities said on Wednesday, including the four leading candidates from an earlier election aborted after a commission found widespread fraud. 
 
Unless registrations rise significantly before a midnight (0400 GMT) deadline, the number of presidential candidates will be about half those who contested the last ballot in Haiti, the hemisphere&#39;s poorest country. 
 
Fewer candidates could make the election due on October 9 easier to organise, with several politicians who ran last time pledging support for Jude Celestin, who came second in the previous ballot. 
 
&quot;This joint effort is a choice for stability and democracy, against corruption and fraudulent election,&quot; Celestin told reporters. 
 
Jovenel Moise, who came first last time, again registered to run, as did Jean-Charles Moise and Maryse Narcisse who came third and fourth last time. 
 
The registration of Moise removes uncertainty over whether his PHTK party would take part in the new election. The party&#39;s position had been that irregularities in the first round were not large enough to alter the outcome and that it would be better to hold a run-off vote between Celestin and Moise, a position supported by Washington and other donors. 
 
&quot;There is no question of abandoning the election process because we believe in democracy, and the only way to access power in a democracy is through election,&quot; &nbsp; said&nbsp;Rudy Heriveaux, a spokesman for Moise&#39;s PHTK party,. 
 
Haiti&#39;s last elected president left office without an elected successor, paving the way for an interim government led by President Jocelerme Privert. He failed to organise elections by May in a timeline set in a multi-party deal, but may end up staying on to organise the next vote. 
 
&quot;We continue to believe that Jocelerme Privert should leave power because his term is over, and he is manipulating the election process in favor of his political family,&quot; Heriveaux said. 
 
&quot;If the election is free, fair and democratic, there is no doubt that Jovenel Moise will win,&quot; he said. 
 
Former presidential candidate, Sauveur Pierre Etienne, who is now supporting Celestin, said he made that choice because he believes Celestin is the best man to lead the country. 
 
&quot;I support Jude Celestin because he showed that he is a man of character,&quot; he said. 
 
(Reuters)

Several politicians who ran last time pledge support for Jude Celestin, who came second in the previous ballot

More than two dozen people have signed up to run for Haiti's presidency, authorities said on Wednesday, including the four leading candidates from an earlier election aborted after a commission found widespread fraud. Unless registrations rise significantly before a midnight (0400 GMT) deadline, the number of presidential candidates will be about half those who contested the last ballot in Haiti, the hemisphere's poorest country. Fewer candidates could make the election due on October 9 easier to organise, with several politicians who ran last time pledging support for Jude Celestin, who came second in the previous ballot. "This joint effort is a choice for stability and democracy, against corruption and fraudulent election," Celestin told reporters. Jovenel Moise, who came first last time, again registered to run, as did Jean-Charles Moise and Maryse Narcisse who came third and fourth last time. The registration of Moise removes uncertainty over whether his PHTK party would take part in the new election. The party's position had been that irregularities in the first round were not large enough to alter the outcome and that it would be better to hold a run-off vote between Celestin and Moise, a position supported by Washington and other donors. "There is no question of abandoning the election process because we believe in democracy, and the only way to access power in a democracy is through election," said Rudy Heriveaux, a spokesman for Moise's PHTK party,. Haiti's last elected president left office without an elected successor, paving the way for an interim government led by President Jocelerme Privert. He failed to organise elections by May in a timeline set in a multi-party deal, but may end up staying on to organise the next vote. "We continue to believe that Jocelerme Privert should leave power because his term is over, and he is manipulating the election process in favor of his political family," Heriveaux said. "If the election is free, fair and democratic, there is no doubt that Jovenel Moise will win," he said. Former presidential candidate, Sauveur Pierre Etienne, who is now supporting Celestin, said he made that choice because he believes Celestin is the best man to lead the country. "I support Jude Celestin because he showed that he is a man of character," he said. (Reuters)

More than two dozen register to run for Haiti presidency

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