US President Donald Trump lashes out at Democrats by calling the impeachment enquiry as ''Greatest Scam in the history of American Politics''

''Greatest Scam in the history of American Politics'' says Donald Trump on Impeachment inquiry

A German woman&nbsp;who&nbsp;posed as a wealthy&nbsp;heiress&nbsp;to scam&nbsp;New&nbsp;York&nbsp;hotels, fashionable friends and banks with a blizzard of forged documents was sentenced to four to&nbsp;12&nbsp;years&nbsp;in prison on Thursday after a jury convicted her of&nbsp;fraud&nbsp;last month.

Anna Sorokin, 28, was better known to her Manhattan friends as Anna Delvey, a would-be socialite decked out in expensive clothes whose credit cards came back declined with unnerving frequency despite her talk of having a trust fund.

Before giving nearly the maximum possible sentence, Judge Diane Kiesel, of&nbsp;New&nbsp;York&nbsp;state Supreme Court, rebuked Sorokin as "blinded by the glitter and glamour of&nbsp;New&nbsp;York&nbsp;City."

"She wanted everything that big money could buy, except that Ms Sorokin didn't have big money," Kiesel said in court, decrying Sorokin's taste for Sancerre wine and private jets. "All she had was a big scam."

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Prosecutors say Sorokin stole $275,000 from others while pretending she had a fortune of 60 million euros ($67 million) through multiple acts of glamorous grifting in 2016 and 2017.

Sorokin has already spent more than 500 days in jail. She appeared in court in handcuffs wearing a black dress, black shoes and glasses with thick black frames.

Prosecutors pointed to her use of a stylist to pick out outfits for her trial as evidence that Sorokin lacked remorse.

"The only time she showed emotions was when she was crying because she was upset about the clothing she had received from the Department of Corrections," Catherine McCaw, a prosecutor with the Manhattan district attorney's office, told the court.

Sorokin,&nbsp;who&nbsp;was born in Russia before moving with her family to Germany as a teenager, spoke only to say she wanted "to apologise for the mistakes I made."

Moments later, the judge waved a letter of support from three of Sorokin's relatives, saying she did not know for sure if that document, too, was a forgery.

"This has consequences"

Prosecutors say Sorokin used forged bank statements to seek a loan of $22 million from a bank to fund a private arts club she wanted to open in Manhattan. She managed to get a $100,000 loan, which prosecutors said she never repaid. Sorokin used about $30,000 of that to cover her overdue bills at the fashionable 11 Howard hotel, where she was living.

Prosecutors said Sorokin also deposited bad checks amounting to $15,000 in an account with Signature Bank, managing to withdraw $8,200 in cash before the checks bounced, and used&nbsp;fake&nbsp;wire transfer receipts to trick victims.

A jury found her guilty on four counts of grand larceny and four counts of theft of services last month.

Sorokin's daily looks became the subject of a dedicated Instagram account with thousands of followers, which the judge nodded to in her sentencing remarks.

"I know she is a trendsetter and an influencer," Kiesel said, "so I think the message should be to the defendant and many of her fans out there that this has consequences."

US&nbsp;Immigration and Customs Enforcement said in a statement that Sorokin was a German citizen&nbsp;who&nbsp;had illegally overstayed in the United States. The agency said it will seek to send her back to Germany once her sentence is served. Sorokin will be able to seek parole after she has served four&nbsp;years.

The writers Shonda Rhimes and Lena Dunham are separately working on adapting the Anna Delvey story for the screen, according to news reports.

This, too, did Sorokin no favours with the judge,&nbsp;who&nbsp;said that Sorokin, in jailhouse interviews, did not express remorse but instead "worried about&nbsp;who&nbsp;would play her in the Netflix series."

A German woman who posed as a wealthy heiress to scam New York hotels, fashionable friends and banks with a blizzard of forged documents was sentenced to four to 12 years in prison on Thursday after a jury convicted her of fraud last month.

A German woman who posed as a wealthy heiress to scam New York hotels, fashionable friends and banks with a blizzard of forged documents was sentenced to four to 12 years in prison on Thursday after a jury convicted her of fraud last month. Anna Sorokin, 28, was better known to her Manhattan friends as Anna Delvey, a would-be socialite decked out in expensive clothes whose credit cards came back declined with unnerving frequency despite her talk of having a trust fund. Before giving nearly the maximum possible sentence, Judge Diane Kiesel, of New York state Supreme Court, rebuked Sorokin as "blinded by the glitter and glamour of New York City." "She wanted everything that big money could buy, except that Ms Sorokin didn't have big money," Kiesel said in court, decrying Sorokin's taste for Sancerre wine and private jets. "All she had was a big scam." Prosecutors say Sorokin stole $275,000 from others while pretending she had a fortune of 60 million euros ($67 million) through multiple acts of glamorous grifting in 2016 and 2017. Sorokin has already spent more than 500 days in jail. She appeared in court in handcuffs wearing a black dress, black shoes and glasses with thick black frames. Prosecutors pointed to her use of a stylist to pick out outfits for her trial as evidence that Sorokin lacked remorse. "The only time she showed emotions was when she was crying because she was upset about the clothing she had received from the Department of Corrections," Catherine McCaw, a prosecutor with the Manhattan district attorney's office, told the court. Sorokin, who was born in Russia before moving with her family to Germany as a teenager, spoke only to say she wanted "to apologise for the mistakes I made." Moments later, the judge waved a letter of support from three of Sorokin's relatives, saying she did not know for sure if that document, too, was a forgery. "This has consequences" Prosecutors say Sorokin used forged bank statements to seek a loan of $22 million from a bank to fund a private arts club she wanted to open in Manhattan. She managed to get a $100,000 loan, which prosecutors said she never repaid. Sorokin used about $30,000 of that to cover her overdue bills at the fashionable 11 Howard hotel, where she was living. Prosecutors said Sorokin also deposited bad checks amounting to $15,000 in an account with Signature Bank, managing to withdraw $8,200 in cash before the checks bounced, and used fake wire transfer receipts to trick victims. A jury found her guilty on four counts of grand larceny and four counts of theft of services last month. Sorokin's daily looks became the subject of a dedicated Instagram account with thousands of followers, which the judge nodded to in her sentencing remarks. "I know she is a trendsetter and an influencer," Kiesel said, "so I think the message should be to the defendant and many of her fans out there that this has consequences." US Immigration and Customs Enforcement said in a statement that Sorokin was a German citizen who had illegally overstayed in the United States. The agency said it will seek to send her back to Germany once her sentence is served. Sorokin will be able to seek parole after she has served four years. The writers Shonda Rhimes and Lena Dunham are separately working on adapting the Anna Delvey story for the screen, according to news reports. This, too, did Sorokin no favours with the judge, who said that Sorokin, in jailhouse interviews, did not express remorse but instead "worried about who would play her in the Netflix series."

Fake German heiress sentenced to up to 12 years in prison for fraud

The Supreme Court Tuesday termed as "very very serious" the revelations made by CBI in its status report relating to the recent interrogation of <a href="https://www.wionews.com/india-news/chit-fund-scams-kolkata-police-chief-grilled-for-11-hours-in-second-round-of-questioning-196473">the then Kolkata Police Commissioner Rajeev Kumar</a> in connection with the Saradha chit fund scam case.

A bench headed by Chief Justice Ranjan Gogoi said it cannot "close its eyes" if some "very very serious facts" are disclosed to it and directed CBI to file an application seeking appropriate relief against Kumar, who had earlier headed the state SIT to probe the chit fund scam.

The bench, which also comprised Justices Deepak Gupta and Sanjiv Khanna, granted 10 days to the probe agency for filing the application. Kumar and others can respond to the plea seven days thereafter.

The top court refused to drop the contempt proceedings against the West Bengal DGP, the chief secretary and Kumar.

It was hearing the CBI's contempt application against various senior officials of the West Bengal government on the ground of non-cooperation in its probe and alleged tampering of evidence including call data records (CDRs) of key accused and Sardha group CMD Sudipta Sen and Debjani Mukherjee.

The court, which had earlier directed CBI Director to file an affidavit giving details about the alleged contempt committed by West Bengal cops and others in the case, perused the reply of the CBI chief and the fresh status report, pertaining to quizzing of Kumar.

"We have gone through your (CBI's) status report. There are something very very serious," the bench said.

The bench asked Attorney General K K Venugopal, representing CBI, to file an appropriate application as it cannot pass any order on the prayers as they were part of the sealed cover report to which the other side has no access.

"File an application or an affidavit, if you want to press for your reliefs. We cannot act unilaterally and the other side has to be heard," the bench said.

"We are not passing any order. File an application and give the other side an opportunity to reply," the bench said.

Senior advocate AM Singhvi, appearing for West Bengal officials, opposed the liberty being granted to CBI to file an application against Kumar.

"While considering the contempt matter, suppose some very very serious things come to our notice then, should we close our eyes to that," the bench said while asking CBI to file the fresh plea.&nbsp;

At the outset, Venugopal referred to the reply of the CBI Director and alleged that the West Bengal police has not been cooperating with the probe, providing incomplete and tampered with details to the probe agency.

He said the CDRs, provided by the state police, of the key accused to the CBI were matched with those provide by the mobile service providers and various discrepancies were found in them.

Solicitor General Tushar Mehta, also appearing for CBI, said that there has been serious breach of the apex court order asking state police to cooperate in the investigation.

Earlier, the court had asked the CBI Director to provide information in support of the allegations of tampering and destruction of CDRs by Kumar.

The apex court had said the allegations made by the CBI were serious enough and it was an "obligation" on part of the agency to disclose full details of the alleged contempt committed by the then police commissioner.&nbsp;

It had questioned CBI for the delay in moving the apex court when the agency allegedly noticed the tampering of electronic evidence in June 2018.

The probe agency came out with a contempt petition after the February 3 incident in which the CBI sleuths, who had gone to probe Kumar at his residence, were taken into custody and manhandled by the West Bengal Police.

Though the apex court had taken note of the February 3 incident in which the top cops of the state police allegedly sat with Chief Minister Mamata Banerjee on dharna, it was annoyed as to why the CBI did not bring to its notice the tampering of the CDRs when it happened in June 2018.&nbsp;

 
&nbsp;

The Supreme Court Tuesday termed as "very very serious" the revelations made by CBI in its status report relating to the recent interrogation of the then Kolkata Police Commissioner Rajeev Kumar in connection with the Saradha chit fund scam case.

The Supreme Court Tuesday termed as "very very serious" the revelations made by CBI in its status report relating to the recent interrogation of the then Kolkata Police Commissioner Rajeev Kumar in connection with the Saradha chit fund scam case. A bench headed by Chief Justice Ranjan Gogoi said it cannot "close its eyes" if some "very very serious facts" are disclosed to it and directed CBI to file an application seeking appropriate relief against Kumar, who had earlier headed the state SIT to probe the chit fund scam. The bench, which also comprised Justices Deepak Gupta and Sanjiv Khanna, granted 10 days to the probe agency for filing the application. Kumar and others can respond to the plea seven days thereafter. The top court refused to drop the contempt proceedings against the West Bengal DGP, the chief secretary and Kumar. It was hearing the CBI's contempt application against various senior officials of the West Bengal government on the ground of non-cooperation in its probe and alleged tampering of evidence including call data records (CDRs) of key accused and Sardha group CMD Sudipta Sen and Debjani Mukherjee. The court, which had earlier directed CBI Director to file an affidavit giving details about the alleged contempt committed by West Bengal cops and others in the case, perused the reply of the CBI chief and the fresh status report, pertaining to quizzing of Kumar. "We have gone through your (CBI's) status report. There are something very very serious," the bench said. The bench asked Attorney General K K Venugopal, representing CBI, to file an appropriate application as it cannot pass any order on the prayers as they were part of the sealed cover report to which the other side has no access. "File an application or an affidavit, if you want to press for your reliefs. We cannot act unilaterally and the other side has to be heard," the bench said. "We are not passing any order. File an application and give the other side an opportunity to reply," the bench said. Senior advocate AM Singhvi, appearing for West Bengal officials, opposed the liberty being granted to CBI to file an application against Kumar. "While considering the contempt matter, suppose some very very serious things come to our notice then, should we close our eyes to that," the bench said while asking CBI to file the fresh plea. At the outset, Venugopal referred to the reply of the CBI Director and alleged that the West Bengal police has not been cooperating with the probe, providing incomplete and tampered with details to the probe agency. He said the CDRs, provided by the state police, of the key accused to the CBI were matched with those provide by the mobile service providers and various discrepancies were found in them. Solicitor General Tushar Mehta, also appearing for CBI, said that there has been serious breach of the apex court order asking state police to cooperate in the investigation. Earlier, the court had asked the CBI Director to provide information in support of the allegations of tampering and destruction of CDRs by Kumar. The apex court had said the allegations made by the CBI were serious enough and it was an "obligation" on part of the agency to disclose full details of the alleged contempt committed by the then police commissioner. It had questioned CBI for the delay in moving the apex court when the agency allegedly noticed the tampering of electronic evidence in June 2018. The probe agency came out with a contempt petition after the February 3 incident in which the CBI sleuths, who had gone to probe Kumar at his residence, were taken into custody and manhandled by the West Bengal Police. Though the apex court had taken note of the February 3 incident in which the top cops of the state police allegedly sat with Chief Minister Mamata Banerjee on dharna, it was annoyed as to why the CBI did not bring to its notice the tampering of the CDRs when it happened in June 2018.

Saradha chit fund scam case: 'Very very serious' revelations made by CBI in status report, says Supreme Court

Cricket's global body, the&nbsp;International Cricket Council, has warned the fans against potential financial scams.&nbsp;

The cricket body stated that there is no competition, lottery or promotion associated with the upcoming men's World Cup which will start from May 30.&nbsp;

In a media release, ICC said that incidents of financial scams have always been reported during global events.&nbsp;

"The ICC stress there is no such competition, lottery or promotion associated with ICC or the ICC Men's Cricket World Cup 2019 and that any approaches via e-mail in the UK should be reported to Action Fraud online here or by calling 0300 123 2040," ICC said in a release.&nbsp;

"Approaches outside of the UK should be reported to enquiries@icc-cricket.Com. The ICC or CWC19 will never ask for confidential information of this kind from you in an email."&nbsp;

"Illegal scammers contact people, usually via email, claiming that they have won a cash prize via a lottery or competition and requiring the person to share a range of personal information, including their name, age, bank account and passport details. The victim is often asked to pay a fee to obtain the prize money," ICC said.

The ICC also recommended some actions against fraud and noted the online resources which are available for victims of fraud.

Cricket's global body, the International Cricket Council, has warned the fans against potential financial scams. The cricket body stated that there is no competition, lottery or promotion associated with the upcoming men's World Cup which will start from May 30.

Cricket's global body, the International Cricket Council, has warned the fans against potential financial scams. The cricket body stated that there is no competition, lottery or promotion associated with the upcoming men's World Cup which will start from May 30. In a media release, ICC said that incidents of financial scams have always been reported during global events. "The ICC stress there is no such competition, lottery or promotion associated with ICC or the ICC Men's Cricket World Cup 2019 and that any approaches via e-mail in the UK should be reported to Action Fraud online here or by calling 0300 123 2040," ICC said in a release. "Approaches outside of the UK should be reported to enquiries@icc-cricket.Com. The ICC or CWC19 will never ask for confidential information of this kind from you in an email." "Illegal scammers contact people, usually via email, claiming that they have won a cash prize via a lottery or competition and requiring the person to share a range of personal information, including their name, age, bank account and passport details. The victim is often asked to pay a fee to obtain the prize money," ICC said. The ICC also recommended some actions against fraud and noted the online resources which are available for victims of fraud.

ICC warns cricket fans against financial scams during World Cup

Corporate leaders taking a public stand on partisan socio-political debates is becoming increasingly common in western democracies, especially in the US. From Starbuck’s Howard Schultz to Kenneth Frazier of Merck, many CEOs and corporate leaders have started publicly taking a strong political position on contemporary issues. 
 
For long, corporates across the globe have played role in shaping and moulding policy and political debates, but that was either through funding of political or social campaigns or self-interest lobbying, but the phenomena of CEO activism is relatively new, argue professor Aaron Chatterji and professor Michael Toffel.

With more and more corporate leaders in the arena of activism, there is also growing cynicism as to why business leaders take such positions that don’t have any direct impact on their bottom lines. 
 
Many are not sure as to why business leaders have suddenly started speaking up - are they really speaking up of their conscious or is it just another ‘innovative’ strategic exercise? Whatever is the reason, business leaders taking a strong position on partisan socio-political issues is the new trend.

A 2016 study by Weber Shandwick and KRC Research showed that 65 per cent of consumers in India wanted CEOs or companies to express opinion or take action on an issue that may be controversial, the highest among 21 markets studied in the research.

However, there will be no takers of corporate activism in the largest democracy - India. Businesses and corporates in India are still viewed with a deep sense of scepticism, and the primary reason is the haunting legacy of East India Company – and the impact of the nexus of economic and political power. The so-called ‘socialist approach’ after Independence and the period of ‘license raj’ just added to the public distrust of corporates and businesses, except for the handful of corporate houses for their historical contributions, philanthropy or association with the Independence movement.&nbsp;

Even, in the post-liberalisation period, corporate linkage with corruption – be it 2G spectrum scam or large scale bank defaults – has only reinforced the public cynicism. While, there is growing acceptance of capital, free markets and entrepreneurial spirit, widespread suspicion regarding the interests of corporations still prevails. 
 
The suspicion is not only about the corporates but also about the leaders. Barring a handful of founders or influential CEOs, most other business leaders in India lack credibility to weigh in on partisan socio-political issues; leaving little room for them to effectively engage in corporate activism.

Several attempts of corporate activism have often been accompanied by direct or indirect economic pressure. In the US, in protest to Indiana’s Religious Freedom Restoration Act, Bill Oesterle, the then CEO of home services marketplace Angie’s List, cancelled a $40 million project of expanding company’s Indianapolis based headquarters, which otherwise would have created around 1300 jobs. In a similar incident, Dan Schulman of PayPal cancelled plans of a new global operations centre in Charlotte, marking a protest to North Carolina’s controversial bathroom law.&nbsp;

However, there are scarce hopes that such strategies or tactics of exerting influence by leveraging deep pockets would work in India, rather, would be counterproductive. The potential backlash to any of the partisan position in policy debates would be more on the fact that such ‘attempts of influences’ are contradictory to the spirit of democracy, than to the position itself.

In November 2018, Jack Dorsey, co-founder and CEO of Twitter, became the centre of controversy after his photograph with ‘Smash Brahmanical Patriarchy’ placard went viral during his trip to India. After the digital outrage over the issue, Twitter apologised and Jack in his petition to Rajasthan High Court clarified, “[he] is unaware of the history and complexity of the caste system in India. He has no idea whatsoever as to what connotation the expression ‘Brahmanical patriarchy’ has and does not subscribe to the view that Brahmins are a patriarchal community”. The incident serves as a powerful lesson for corporate leaders that they need to be well aware of the issue before they publicly take a position.

In India, the fear of the corporates’ influence on public policy and socio-political debates far outweighs its potential or actual influence, the same can be argued for the corporates’ fear of backlash. It’s often a major reason, especially with increasing penetration of social media, why corporate leaders avoid taking a clear position on anything even distantly partisan. And the social responsibility remains limited to statements on non-partisan subjects revolving around poverty and malnutrition.

In policy matters, corporates’ contribution to the public discourse is often limited to discussion on union budget, taxation policies or labour laws – subjects seemingly related to the bottom lines of the businesses, apart from industry-specific backdoor lobbying.

In India, it’s hard to find examples of influential business leaders taking a position on partisan socio-political issues such as reservation/quotas in education and public employment. And, there are no signs of change, leaving corporate activism with no takers in the largest democracy.

(Disclaimer: The opinions expressed above are the personal views of the author and do not reflect the views of ZMCL)

Corporate leaders taking a public stand on partisan socio-political debates is becoming increasingly common in western democracies, especially in the US. From Starbuck’s Howard Schultz to Kenneth Frazier of Merck, many CEOs and corporate leaders have started publicly taking a strong political position on contemporary issues.

Corporate leaders taking a public stand on partisan socio-political debates is becoming increasingly common in western democracies, especially in the US. From Starbuck’s Howard Schultz to Kenneth Frazier of Merck, many CEOs and corporate leaders have started publicly taking a strong political position on contemporary issues. For long, corporates across the globe have played role in shaping and moulding policy and political debates, but that was either through funding of political or social campaigns or self-interest lobbying, but the phenomena of CEO activism is relatively new, argue professor Aaron Chatterji and professor Michael Toffel. With more and more corporate leaders in the arena of activism, there is also growing cynicism as to why business leaders take such positions that don’t have any direct impact on their bottom lines. Many are not sure as to why business leaders have suddenly started speaking up - are they really speaking up of their conscious or is it just another ‘innovative’ strategic exercise? Whatever is the reason, business leaders taking a strong position on partisan socio-political issues is the new trend. A 2016 study by Weber Shandwick and KRC Research showed that 65 per cent of consumers in India wanted CEOs or companies to express opinion or take action on an issue that may be controversial, the highest among 21 markets studied in the research. However, there will be no takers of corporate activism in the largest democracy - India. Businesses and corporates in India are still viewed with a deep sense of scepticism, and the primary reason is the haunting legacy of East India Company – and the impact of the nexus of economic and political power. The so-called ‘socialist approach’ after Independence and the period of ‘license raj’ just added to the public distrust of corporates and businesses, except for the handful of corporate houses for their historical contributions, philanthropy or association with the Independence movement. Even, in the post-liberalisation period, corporate linkage with corruption – be it 2G spectrum scam or large scale bank defaults – has only reinforced the public cynicism. While, there is growing acceptance of capital, free markets and entrepreneurial spirit, widespread suspicion regarding the interests of corporations still prevails. The suspicion is not only about the corporates but also about the leaders. Barring a handful of founders or influential CEOs, most other business leaders in India lack credibility to weigh in on partisan socio-political issues; leaving little room for them to effectively engage in corporate activism. Several attempts of corporate activism have often been accompanied by direct or indirect economic pressure. In the US, in protest to Indiana’s Religious Freedom Restoration Act, Bill Oesterle, the then CEO of home services marketplace Angie’s List, cancelled a $40 million project of expanding company’s Indianapolis based headquarters, which otherwise would have created around 1300 jobs. In a similar incident, Dan Schulman of PayPal cancelled plans of a new global operations centre in Charlotte, marking a protest to North Carolina’s controversial bathroom law. However, there are scarce hopes that such strategies or tactics of exerting influence by leveraging deep pockets would work in India, rather, would be counterproductive. The potential backlash to any of the partisan position in policy debates would be more on the fact that such ‘attempts of influences’ are contradictory to the spirit of democracy, than to the position itself. In November 2018, Jack Dorsey, co-founder and CEO of Twitter, became the centre of controversy after his photograph with ‘Smash Brahmanical Patriarchy’ placard went viral during his trip to India. After the digital outrage over the issue, Twitter apologised and Jack in his petition to Rajasthan High Court clarified, “[he] is unaware of the history and complexity of the caste system in India. He has no idea whatsoever as to what connotation the expression ‘Brahmanical patriarchy’ has and does not subscribe to the view that Brahmins are a patriarchal community”. The incident serves as a powerful lesson for corporate leaders that they need to be well aware of the issue before they publicly take a position. In India, the fear of the corporates’ influence on public policy and socio-political debates far outweighs its potential or actual influence, the same can be argued for the corporates’ fear of backlash. It’s often a major reason, especially with increasing penetration of social media, why corporate leaders avoid taking a clear position on anything even distantly partisan. And the social responsibility remains limited to statements on non-partisan subjects revolving around poverty and malnutrition. In policy matters, corporates’ contribution to the public discourse is often limited to discussion on union budget, taxation policies or labour laws – subjects seemingly related to the bottom lines of the businesses, apart from industry-specific backdoor lobbying. In India, it’s hard to find examples of influential business leaders taking a position on partisan socio-political issues such as reservation/quotas in education and public employment. And, there are no signs of change, leaving corporate activism with no takers in the largest democracy. (Disclaimer: The opinions expressed above are the personal views of the author and do not reflect the views of ZMCL)

Corporate activism has no takers in India

Just a day after the Bharatiya Janata Party lost out its Bellary bastion to the Congress in the parliamentary bypoll, there came more bad news. Mining baron and former minister Gali Janardhana Reddy's name has surfaced in a Ponzi scam in Karnataka, amounting to a whopping Rs 600 crores.

While there is no evidence of Reddy being directly involved in the scam, preliminary investigations have indicated that Janardhana Reddy might have been given Rs 18 crores in gold by the owner of the fraudulent company, to influence the Enforcement Directorate probe into the scam.&nbsp;

What is the ponzi scheme all about?&nbsp;

Ambidant Marketing Private Ltd was started by Fareed and his son in December 2016. The chain-link investment fraud scheme by Ambidant promised 30-40% returns to its investors.

In order to build faith, the company initially delivered the returns that it promised. However, things started unravelling by April 2017, when investors in large numbers approached the Bengaluru city police and also staged protests.

The Central Crime Branch team headed by Alok Kumar, Additional Commissioner of Police that initiated investigations, found that nearly 15,000 investors were duped to the tune of Rs 600 crore.

In January this year, when the police team raided Ambidant, it found that Fareed had transferred as much as Rs 18 crore to one Ramesh Kothari, a jeweller from Bengaluru. This money was then converted to 57kgs of gold bullion and handed over to another jeweller by the name Ramesh in Ballari.

When Ramesh (Ballari) was questioned about the same, he told the police that the gold was handed over to Ali Khan, a close aide of Janardhana Reddy.&nbsp;

While Janardhana Reddy and Ali Khan remain inaccessible, CCB teams have raided the former minister's homes in Bengaluru and Ballari. At least four teams of the Central Crime Branch are on the lookout for Reddy and Khan, who have moved a Telangana court seeking anticipatory bail.

Reddy's troubled past&nbsp;

Gali Janardhana Reddy, once the invincible mining baron of iron-rich Bellary, was arrested in September 2011 for his involvement in the infamous mining scam of Karnataka. Reddy was then the Tourism, Youth and Infrastructure minister of Karnataka.

In an extensive report filed by the then Lokayukta Justice Santhosh Hegde, Reddy was accused of illegal mining, tampering with state borders and forest laws and also laundering money through international tax havens among other offences.

After three years in jail, Reddy was granted bail in January 2015 by the Supreme Court on the condition that he will not enter Ballari. Despite the restrictions, Reddy campaigned for several BJP candidates during the 2018 State Assembly elections.&nbsp;

In an exclusive conversation to WION, Former Lokayukta Justice Santosh Hegde, said that the latest development shows that Reddy was still wielding considerable influence, despite being out on bail.

"Whether he has done it or not he has given information to the other side he can control the ED and close the case for Rs 20 crore. It indicates that he's still powerful, isn't it? Obviously he has a clout through the administration and his words are still believed in the market. Certainly, I think it is a very good ground&nbsp;for cancellation of bail because one of the basic conditions is that you should not indulge in unlawful activities when you're on bail. I'm sure whoever is the concerned should file an application for cancellation of bail."&nbsp;says Justice Hegde.&nbsp;

Political implications of Reddy's troubles

Soon after the mining scam erupted under the BS Yeddyurappa administration in 2011, the Bharatiya Janata Party had distanced itself from Gali Janardhana Reddy. The sacking of Reddy brothers soon after the arrest, even led to their close aide B Sriramulu forming a separate political outfit.

The disintegration of the state BJP (Yeddyurappa forming KJP, Sriramulu forming BSR Congress) led to the terrible electoral failure of the party in 2013 assembly elections.&nbsp;

Having learnt its lessons, we could see more of the Reddy factor to 2018 Assembly elections. Though Supreme Court did not permit the mining baron to campaign in Ballari, he was seen actively partaking in processions in Chitradurga and Bengaluru.

In April, Reddy also shared the&nbsp;stage with BJP state president BS Yeddyurappa, Madhya Pradesh Chief Minister Shivraj Singh Chouhan and B Sriramulu. So what will the BJP do now, especially since its position has further been weakened in Ballari by the bypoll defeat?&nbsp;

"Janardhana Reddy was never in the forefront of BJP politics. He was always doing things from the back. He has always been frowned upon by the central leadership of the party. This gives an opportunity to the central leadership of the BJP to sideline the state leadership, as they have been waiting for an opportunity to do that. This allows the central leadership to micromanage the state in the BJP. It is difficult for them to replace Yeddyurappa at this stage, but in the next few months he will be sidelined and all critical decisions will happen from the national level", says Sandeep Shastri, Political Analyst. &nbsp;

The importance of Ballari &nbsp;

Ballari is a crucial constituency for the Bharati Janata Party as it formed the backbone of the state funding for electoral campaigns. The Reddy's once again getting into legal mess will only further force the central leadership to distance themselves from the powerful mining baron. The recent failure on part of the Reddy brothers to muster majority during floor test and the assembly elections have broken the cash-rich backbone.&nbsp;

In the past, 1999 had seen the district get national attention when Sonia Gandhi was pitted against Sushma Swaraj. Gandhi had won the election by a slender margin of 53,000. However, BJP won every consecutive election thereafter (until 2018), sealing the region as a saffron party bastion.

Just a day after the Bharatiya Janata Party lost out its Bellary bastion to the Congress in the parliamentary bypoll, there came more bad news. Mining baron and former minister Gali Janardhana Reddy's name has surfaced in a Ponzi scam in Karnataka, amounting to a whopping Rs 600 crores.

Just a day after the Bharatiya Janata Party lost out its Bellary bastion to the Congress in the parliamentary bypoll, there came more bad news. Mining baron and former minister Gali Janardhana Reddy's name has surfaced in a Ponzi scam in Karnataka, amounting to a whopping Rs 600 crores. While there is no evidence of Reddy being directly involved in the scam, preliminary investigations have indicated that Janardhana Reddy might have been given Rs 18 crores in gold by the owner of the fraudulent company, to influence the Enforcement Directorate probe into the scam. What is the ponzi scheme all about? Ambidant Marketing Private Ltd was started by Fareed and his son in December 2016. The chain-link investment fraud scheme by Ambidant promised 30-40% returns to its investors. In order to build faith, the company initially delivered the returns that it promised. However, things started unravelling by April 2017, when investors in large numbers approached the Bengaluru city police and also staged protests. The Central Crime Branch team headed by Alok Kumar, Additional Commissioner of Police that initiated investigations, found that nearly 15,000 investors were duped to the tune of Rs 600 crore. In January this year, when the police team raided Ambidant, it found that Fareed had transferred as much as Rs 18 crore to one Ramesh Kothari, a jeweller from Bengaluru. This money was then converted to 57kgs of gold bullion and handed over to another jeweller by the name Ramesh in Ballari. When Ramesh (Ballari) was questioned about the same, he told the police that the gold was handed over to Ali Khan, a close aide of Janardhana Reddy. While Janardhana Reddy and Ali Khan remain inaccessible, CCB teams have raided the former minister's homes in Bengaluru and Ballari. At least four teams of the Central Crime Branch are on the lookout for Reddy and Khan, who have moved a Telangana court seeking anticipatory bail. Reddy's troubled past Gali Janardhana Reddy, once the invincible mining baron of iron-rich Bellary, was arrested in September 2011 for his involvement in the infamous mining scam of Karnataka. Reddy was then the Tourism, Youth and Infrastructure minister of Karnataka. In an extensive report filed by the then Lokayukta Justice Santhosh Hegde, Reddy was accused of illegal mining, tampering with state borders and forest laws and also laundering money through international tax havens among other offences. After three years in jail, Reddy was granted bail in January 2015 by the Supreme Court on the condition that he will not enter Ballari. Despite the restrictions, Reddy campaigned for several BJP candidates during the 2018 State Assembly elections. In an exclusive conversation to WION, Former Lokayukta Justice Santosh Hegde, said that the latest development shows that Reddy was still wielding considerable influence, despite being out on bail. "Whether he has done it or not he has given information to the other side he can control the ED and close the case for Rs 20 crore. It indicates that he's still powerful, isn't it? Obviously he has a clout through the administration and his words are still believed in the market. Certainly, I think it is a very good ground for cancellation of bail because one of the basic conditions is that you should not indulge in unlawful activities when you're on bail. I'm sure whoever is the concerned should file an application for cancellation of bail." says Justice Hegde. Political implications of Reddy's troubles Soon after the mining scam erupted under the BS Yeddyurappa administration in 2011, the Bharatiya Janata Party had distanced itself from Gali Janardhana Reddy. The sacking of Reddy brothers soon after the arrest, even led to their close aide B Sriramulu forming a separate political outfit. The disintegration of the state BJP (Yeddyurappa forming KJP, Sriramulu forming BSR Congress) led to the terrible electoral failure of the party in 2013 assembly elections. Having learnt its lessons, we could see more of the Reddy factor to 2018 Assembly elections. Though Supreme Court did not permit the mining baron to campaign in Ballari, he was seen actively partaking in processions in Chitradurga and Bengaluru. In April, Reddy also shared the stage with BJP state president BS Yeddyurappa, Madhya Pradesh Chief Minister Shivraj Singh Chouhan and B Sriramulu. So what will the BJP do now, especially since its position has further been weakened in Ballari by the bypoll defeat? "Janardhana Reddy was never in the forefront of BJP politics. He was always doing things from the back. He has always been frowned upon by the central leadership of the party. This gives an opportunity to the central leadership of the BJP to sideline the state leadership, as they have been waiting for an opportunity to do that. This allows the central leadership to micromanage the state in the BJP. It is difficult for them to replace Yeddyurappa at this stage, but in the next few months he will be sidelined and all critical decisions will happen from the national level", says Sandeep Shastri, Political Analyst. The importance of Ballari Ballari is a crucial constituency for the Bharati Janata Party as it formed the backbone of the state funding for electoral campaigns. The Reddy's once again getting into legal mess will only further force the central leadership to distance themselves from the powerful mining baron. The recent failure on part of the Reddy brothers to muster majority during floor test and the assembly elections have broken the cash-rich backbone. In the past, 1999 had seen the district get national attention when Sonia Gandhi was pitted against Sushma Swaraj. Gandhi had won the election by a slender margin of 53,000. However, BJP won every consecutive election thereafter (until 2018), sealing the region as a saffron party bastion.

Karnataka Ponzi scam: Central Crime Branch sees 'Red'dy

The Enforcement Directorate(ED) today searched the premises of its ex-Deputy Director and others in connection with the money laundering probe in a Rs 600 crore alleged ponzi scam case.

The ED officials said the house of its former officer Gurnam Singh, advocate Puneet Sharma and an another person in Chandigarh and Mohali are being raided since Thursday morning, under provisions of the Prevention of the Money Laundering Act (PMLA).

Singh has been the investigating officer of the said Ponzi case and was relieved from the central probe agency by the Enforcement Directorate (ED) headquarter in Delhi last year in January.

Officials claimed that the ex-Deputy Director of the ED&#39;s Chandigarh zone was allegedly taking bribes, to the tune of about 4-6 crore, in purported connivance with Sharma in this case.

The raids have been launched to gather more evidence in this context, they said. ED Director Karnal Singh had issued stern directives in the agency that instances of corruption in the organisation will be prosecuted even if it is their own staffers.

The agency had conducted multiple searches in this case last year and it had also arrested the absconding agent of the alleged chit fund firm under scanner-- Kamal K Bakshi-- under the anti-money laundering law.

The case, the ED had said, pertains to thousands of investors who were &quot;systematically lured and cheated to the tune of more than Rs 600 crore by floating Ponzi or pyramid schemes assuring exorbitant returns&quot;.

It had said that the alleged &quot;mastermind&quot; of the scheme is a Malaysian identified as Mugundhan Gangam who floated two firms -- Ms Unipay 2U Marketing Private Limited and Unigateway2U Trading Private Limited -- in India.

Describing the modus operandi of the alleged cheating in this case, the agency said the early investors of the Ponzi schemes floated by the firm were paid exorbitant returns in order to win over their confidence.

&quot;When thousands of people across the country invested crores of rupees in the said Ponzi schemes, the companies stopped the payouts or monthly returns (since October, 2010) and gradually syphoned off crores of rupees of investors,&quot; it had said.

&quot;The company manipulated by using a web of bank accounts and layering of money through a plethora of such accounts,&quot; the ED alleged.

The agency had registered a criminal FIR in the case, based on an earlier complaint of other central investigative agencies.

The ED officials said the house of its former officer Gurnam Singh, advocate Puneet Sharma and an another person in Chandigarh and Mohali are being raided since morning.

The Enforcement Directorate(ED) today searched the premises of its ex-Deputy Director and others in connection with the money laundering probe in a Rs 600 crore alleged ponzi scam case. The ED officials said the house of its former officer Gurnam Singh, advocate Puneet Sharma and an another person in Chandigarh and Mohali are being raided since Thursday morning, under provisions of the Prevention of the Money Laundering Act (PMLA). Singh has been the investigating officer of the said Ponzi case and was relieved from the central probe agency by the Enforcement Directorate (ED) headquarter in Delhi last year in January. Officials claimed that the ex-Deputy Director of the ED's Chandigarh zone was allegedly taking bribes, to the tune of about 4-6 crore, in purported connivance with Sharma in this case. The raids have been launched to gather more evidence in this context, they said. ED Director Karnal Singh had issued stern directives in the agency that instances of corruption in the organisation will be prosecuted even if it is their own staffers. The agency had conducted multiple searches in this case last year and it had also arrested the absconding agent of the alleged chit fund firm under scanner-- Kamal K Bakshi-- under the anti-money laundering law. The case, the ED had said, pertains to thousands of investors who were "systematically lured and cheated to the tune of more than Rs 600 crore by floating Ponzi or pyramid schemes assuring exorbitant returns". It had said that the alleged "mastermind" of the scheme is a Malaysian identified as Mugundhan Gangam who floated two firms -- Ms Unipay 2U Marketing Private Limited and Unigateway2U Trading Private Limited -- in India. Describing the modus operandi of the alleged cheating in this case, the agency said the early investors of the Ponzi schemes floated by the firm were paid exorbitant returns in order to win over their confidence. "When thousands of people across the country invested crores of rupees in the said Ponzi schemes, the companies stopped the payouts or monthly returns (since October, 2010) and gradually syphoned off crores of rupees of investors," it had said. "The company manipulated by using a web of bank accounts and layering of money through a plethora of such accounts," the ED alleged. The agency had registered a criminal FIR in the case, based on an earlier complaint of other central investigative agencies.

Enforcement Directorate searches premises of ex-deputy director

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

A day after the massive Punjab National Bank scam came to light wherein the bank has alleged fraud at one of its Mumbai branches through illegal clearances of payments to be made abroad against imports, by facilitating buyer&rsquo;s credit to the beneficiaries, both Congress and BJP blamed each other for the scam.&nbsp;

The State-owned bank said yesterday that it had detected a Rs 11400 crore scam&nbsp;in which the billionaire jeweller Nirav Modi has allegedy defrauded the bank of Rs 280 crore by allegedly acquiring fraudulent letters of undertaking from one of its branches for overseas credit from other Indian lenders.

Also read:&nbsp;<a href="http://www.wionews.com/india-news/who-is-nirav-modi-the-billionaire-jeweller-at-centre-of-rs-11000-crore-scam-32970">Who is Nirav Modi, the billionaire jeweller at centre of Rs 11,400 crore scam</a>

The bank has also lodged two complaints with the Central Bureau of Investigation against Nirav Modi and others. On January 31, the CBI registered a case against Modi, his wife, brother and a business partner, for allegedly cheating PNB of over Rs.280 crore in collusion with then Brady House branch&rsquo;s Deputy Manager Gokulnath Shetty and single-window operator Manoj Kharat. The bank alleged that the bank officials had fraudulently issued eight LoUs totalling 4.42 crore dollars (equivalent to Rs.280.70 crore) for Hong Kong-based Allahabad Bank and Axis Bank.

Hitting out at the ruling BJP, Congress Spokesperson Randeep Surjewala pin the scam on ruling BJP dispensation saying how can Nirav Modi and Mehul Choksi dupe the entire banking system through forged Letters of Understanding under the nose of Modi govt? Who is responsible for biggest bank loot scam unleashed by chhota Modi?&nbsp;

On 26 July 2016, PM was handed with all papers regarding Nirav Modi &amp; one of his relative. It was said that complaint had 42 FIRs. Prime Minister office (PMO) acknowledged the complaint, they also sent registrar of companies to take some action. But in the end, the govt couldn&#39;t do anything, Surjewala added.

Congress president Rahul Gandhi also took a dig at Prime Minister Modi and alleged how the billionaire diamond merchant used his clout and proximity to the ruling dispensation to loot the country.&nbsp;

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Guide to Looting India 
by Nirav MODI 
 
1. Hug PM Modi 
2. Be seen with him in DAVOS 
 
Use that clout to: 
 
A. Steal 12,000Cr 
B. Slip out of the country like Mallya, while the Govt looks the other way. 
 
<a href="https://twitter.com/hashtag/From1MODI2another?src=hash&amp;ref_src=twsrc%5Etfw">#From1MODI2another</a>
&mdash; Office of RG (@OfficeOfRG) <a href="https://twitter.com/OfficeOfRG/status/964054481200656384?ref_src=twsrc%5Etfw">February 15, 2018</a></blockquote>
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&nbsp;

However, the Union Defence Minister Nirmala Sitharaman speaking in Shillong blamed the previous UPA government for the scam.

&#39;&#39;Whatever is coming out is the result of the previous UPA govt, action will be certainly taken on it,&#39;&#39; she said.&nbsp;

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On 26 July 2016, PM was handed with all papers regarding <a href="https://twitter.com/hashtag/NiravModi?src=hash&amp;ref_src=twsrc%5Etfw">#NiravModi</a> &amp; one of his relative. It was said that complaint had 42 FIRs. PMO acknowledged the complaint, they also sent registrar of companies to take some action. But in the end the govt couldn&#39;t do anything: R.Surjewala <a href="https://t.co/cF60hY0QRX">pic.twitter.com/cF60hY0QRX</a>
&mdash; ANI (@ANI) <a href="https://twitter.com/ANI/status/964066322521952256?ref_src=twsrc%5Etfw">February 15, 2018</a></blockquote>
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Meanwhile SP Shukla, Minister of State for Finance, also blamed the UPA government for the scam by saying that they were not in the government. &nbsp;

&#39;&#39;We were not in govt in 2011, if Congress is making allegations, were they sleeping from 2011-14? They should&#39;ve probed it. This government is taking cognizance of matters &amp; probing them. Congress&#39; was a govt of scams and they established these scamsters,&#39;&#39; he said.&nbsp;

Addressing the media, PNB Managing Director said that the Government of India is monitoring the situation and they were getting full support in nabbing the culprits.&nbsp;

PNB has capability and capacity to come out of this. This is a standalone incident. It has taken place only in one of our branches, Mehta added.&nbsp;

According to Mehta, the scam&nbsp;started in 2011. &quot;We detected it in the third week of January,&nbsp;2018 and promptly investigated it for 3-4 days, we went to CBI on 29 Jan and an FIR was booked on 30,&#39;&#39; Mehta said.&nbsp;

&#39;&#39;We detected the fraud on January 3. We got to know that two of our employees did some un-authorised transactions. The bank initiated criminal action against our staff members, &#39;&#39; Mehta said.&nbsp;

The scam was first detected by the bank&#39;s officials in 2011.&nbsp;

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<a href="https://twitter.com/hashtag/CORRECTION?src=hash&amp;ref_src=twsrc%5Etfw">#CORRECTION</a>: It started in 2011, we detected it in the third week of January (2018) &amp; we promptly investigated it for 3-4 days, we went to CBI on 29 Jan &amp; FIR was booked on 30: PNB MD <a href="https://twitter.com/hashtag/PNBScam?src=hash&amp;ref_src=twsrc%5Etfw">#PNBScam</a> <a href="https://t.co/oVsDJ2l3We">pic.twitter.com/oVsDJ2l3We</a>
&mdash; ANI (@ANI) <a href="https://twitter.com/ANI/status/964079755950804994?ref_src=twsrc%5Etfw">February 15, 2018</a></blockquote>
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According to PTI this could be the biggest banking fraud in India as its quantum was bigger than an estimated 9,000 crore scam at erstwhile Satyam Computers.

In 2015, Bank of Baroda -- another public sector bank -- had brought to light a scam in which two Delhi-based businessmen cheated it of Rs 6,000 crore (slightly less than USD 1 billion at that time.

The State-owned bank said yesterday that it had detected a USD 1.77 billion scams

A day after the massive Punjab National Bank scam came to light wherein the bank has alleged fraud at one of its Mumbai branches through illegal clearances of payments to be made abroad against imports, by facilitating buyer’s credit to the beneficiaries, both Congress and BJP blamed each other for the scam. The State-owned bank said yesterday that it had detected a Rs 11400 crore scam in which the billionaire jeweller Nirav Modi has allegedy defrauded the bank of Rs 280 crore by allegedly acquiring fraudulent letters of undertaking from one of its branches for overseas credit from other Indian lenders. Also read: Who is Nirav Modi, the billionaire jeweller at centre of Rs 11,400 crore scam The bank has also lodged two complaints with the Central Bureau of Investigation against Nirav Modi and others. On January 31, the CBI registered a case against Modi, his wife, brother and a business partner, for allegedly cheating PNB of over Rs.280 crore in collusion with then Brady House branch’s Deputy Manager Gokulnath Shetty and single-window operator Manoj Kharat. The bank alleged that the bank officials had fraudulently issued eight LoUs totalling 4.42 crore dollars (equivalent to Rs.280.70 crore) for Hong Kong-based Allahabad Bank and Axis Bank. Hitting out at the ruling BJP, Congress Spokesperson Randeep Surjewala pin the scam on ruling BJP dispensation saying how can Nirav Modi and Mehul Choksi dupe the entire banking system through forged Letters of Understanding under the nose of Modi govt? Who is responsible for biggest bank loot scam unleashed by chhota Modi? On 26 July 2016, PM was handed with all papers regarding Nirav Modi & one of his relative. It was said that complaint had 42 FIRs. Prime Minister office (PMO) acknowledged the complaint, they also sent registrar of companies to take some action. But in the end, the govt couldn't do anything, Surjewala added. Congress president Rahul Gandhi also took a dig at Prime Minister Modi and alleged how the billionaire diamond merchant used his clout and proximity to the ruling dispensation to loot the country. Guide to Looting India by Nirav MODI 1. Hug PM Modi 2. Be seen with him in DAVOS Use that clout to: A. Steal 12,000Cr B. Slip out of the country like Mallya, while the Govt looks the other way. #From1MODI2another — Office of RG (@OfficeOfRG) February 15, 2018 × However, the Union Defence Minister Nirmala Sitharaman speaking in Shillong blamed the previous UPA government for the scam. ''Whatever is coming out is the result of the previous UPA govt, action will be certainly taken on it,'' she said. On 26 July 2016, PM was handed with all papers regarding #NiravModi & one of his relative. It was said that complaint had 42 FIRs. PMO acknowledged the complaint, they also sent registrar of companies to take some action. But in the end the govt couldn't do anything: R.Surjewala pic.twitter.com/cF60hY0QRX — ANI (@ANI) February 15, 2018 × Meanwhile SP Shukla, Minister of State for Finance, also blamed the UPA government for the scam by saying that they were not in the government. ''We were not in govt in 2011, if Congress is making allegations, were they sleeping from 2011-14? They should've probed it. This government is taking cognizance of matters & probing them. Congress' was a govt of scams and they established these scamsters,'' he said. Addressing the media, PNB Managing Director said that the Government of India is monitoring the situation and they were getting full support in nabbing the culprits. PNB has capability and capacity to come out of this. This is a standalone incident. It has taken place only in one of our branches, Mehta added. According to Mehta, the scam started in 2011. "We detected it in the third week of January, 2018 and promptly investigated it for 3-4 days, we went to CBI on 29 Jan and an FIR was booked on 30,'' Mehta said. ''We detected the fraud on January 3. We got to know that two of our employees did some un-authorised transactions. The bank initiated criminal action against our staff members, '' Mehta said. The scam was first detected by the bank's officials in 2011. #CORRECTION: It started in 2011, we detected it in the third week of January (2018) & we promptly investigated it for 3-4 days, we went to CBI on 29 Jan & FIR was booked on 30: PNB MD #PNBScam pic.twitter.com/oVsDJ2l3We — ANI (@ANI) February 15, 2018 × According to PTI this could be the biggest banking fraud in India as its quantum was bigger than an estimated 9,000 crore scam at erstwhile Satyam Computers. In 2015, Bank of Baroda -- another public sector bank -- had brought to light a scam in which two Delhi-based businessmen cheated it of Rs 6,000 crore (slightly less than USD 1 billion at that time.

PNB scam: Congress, BJP begin blame game

A special investigation team has unearthed 600 skeletons buried inside the Sirsa-based Dera Sacha Sauda compound in north India&#39;s Haryana just days after an intensive search.&nbsp;

Dera Sacha Sauda chief, Gurmeet Ram Rahim, the self-made&nbsp;godman, was convicted on rape charges last month, and <a href="http://www.wionews.com/india-news/dera-sacha-sauda-chief-sentenced-to-20-years-in-jail-for-rape-19583">was sentenced to 20 years of imprisonment by a special Central Bureau of Investigation (CBI) court. </a>&nbsp;

During investigations&nbsp;by the SIT, Dera managing committee members have reportedly insisted that the &quot;human bones and remains&quot; found in the Sirsa campus belonged to those followers who believed that they or their family members would achieve salvation by being buried inside the Dera.

However, it is also suspected that these remains may be of those who were aware of the malpractices taking place inside the campus, or those who were trying to raise their voice again the Dera. The possibility is being looked into that these people were attacked by Gurmeet Ram Rahim&#39;s followers and their bodies buried inside the campus.

These are preliminary, initial reports suggesting that 600 skeletons and bones have been recovered from the Dera campus, but more clarity in the matter is awaited as Haryana Police and the SIT probe the case further.

A special investigation team searched the Dera Sacha?Sauda's headquarters and unearthed 600 skeletons inside

A special investigation team has unearthed 600 skeletons buried inside the Sirsa-based Dera Sacha Sauda compound in north India's Haryana just days after an intensive search. Dera Sacha Sauda chief, Gurmeet Ram Rahim, the self-made godman, was convicted on rape charges last month, and was sentenced to 20 years of imprisonment by a special Central Bureau of Investigation (CBI) court. During investigations by the SIT, Dera managing committee members have reportedly insisted that the "human bones and remains" found in the Sirsa campus belonged to those followers who believed that they or their family members would achieve salvation by being buried inside the Dera. However, it is also suspected that these remains may be of those who were aware of the malpractices taking place inside the campus, or those who were trying to raise their voice again the Dera. The possibility is being looked into that these people were attacked by Gurmeet Ram Rahim's followers and their bodies buried inside the campus. These are preliminary, initial reports suggesting that 600 skeletons and bones have been recovered from the Dera campus, but more clarity in the matter is awaited as Haryana Police and the SIT probe the case further.

WATCH: 600 skeletons found in Dera Sacha Sauda chief Ram Rahim's headquarters

Spain&#39;s top criminal court said today it had sentenced 11 former executives of stamp firm Afinsa to up to 12 years in jail for their role in a vast scam that ruined thousands of savers. 
 
The Madrid-based Audiencia Nacional also ordered six of the accused to pay 2.57 billion euros ($2.8 billion) in compensation for the losses incurred by investors -- including former Afinsa president Juan Antonio Cano, who was sentenced to 12 years and 10 months in prison. 
 
The court said the scam, which saw Afinsa sell low quality and sometimes fake stamps for highly inflated prices to more than 190,000 people in Spain and Portugal from 1998 to 2006, was &quot;one of the biggest frauds our courts ever experienced.&quot; 
 
The company promised to buy back people&#39;s stamps after these supposedly rose in value, which would see their clients recoup their initial investment plus interest, the court said. 
 
But given that the reportedly rare stamps were actually of little value in the collectors market, initial investors were only paid thanks to the cashflow received by other newer customers, in a classic Ponzi scheme. 
 
By 2006, when authorities started investigating the scam, Afinsa had accumulated 2.57 billion euros in liabilities. 
 
According to the court, the investors were largely middle-class people, &quot;who in many cases lost the savings they were keeping for retirement or for crisis situations.&quot; 
 
In one case reported by the El Pais daily in May 2006, nearly half of the 2,300 inhabitants of the village of Dosbarrios, a farming community in the heart of the country, lost their savings. 
 
Apart from Cano, who was found guilty of aggravated fraud and criminal insolvency, the other former executives received prison sentences ranging from two years and three months to 11 years. 
 
They were also ordered to pay fines totalling more than 72 million euros. 
 
(AFP)&nbsp;

The scam saw Afinsa sell low quality and fake stamps for inflated prices to more than 190,000 people in Spain, Portugal from 1998 to 2006

Spain's top criminal court said today it had sentenced 11 former executives of stamp firm Afinsa to up to 12 years in jail for their role in a vast scam that ruined thousands of savers. The Madrid-based Audiencia Nacional also ordered six of the accused to pay 2.57 billion euros ($2.8 billion) in compensation for the losses incurred by investors -- including former Afinsa president Juan Antonio Cano, who was sentenced to 12 years and 10 months in prison. The court said the scam, which saw Afinsa sell low quality and sometimes fake stamps for highly inflated prices to more than 190,000 people in Spain and Portugal from 1998 to 2006, was "one of the biggest frauds our courts ever experienced." The company promised to buy back people's stamps after these supposedly rose in value, which would see their clients recoup their initial investment plus interest, the court said. But given that the reportedly rare stamps were actually of little value in the collectors market, initial investors were only paid thanks to the cashflow received by other newer customers, in a classic Ponzi scheme. By 2006, when authorities started investigating the scam, Afinsa had accumulated 2.57 billion euros in liabilities. According to the court, the investors were largely middle-class people, "who in many cases lost the savings they were keeping for retirement or for crisis situations." In one case reported by the El Pais daily in May 2006, nearly half of the 2,300 inhabitants of the village of Dosbarrios, a farming community in the heart of the country, lost their savings. Apart from Cano, who was found guilty of aggravated fraud and criminal insolvency, the other former executives received prison sentences ranging from two years and three months to 11 years. They were also ordered to pay fines totalling more than 72 million euros. (AFP)

Spain stamp scam: 11 jailed in one of country's 'biggest frauds'

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