Category: scam

Case Registered against Abhay Lodha Topworth Mumbai based Company for Defrauding SBI of Rs 56.81 Crore

abhay lodha topworth, sbi fraud, sbi scam

The CBI on Tuesday said it had registered cases against three Mumbai companies, SBI officials and unidentified persons on the charge of defrauding the bank to the extent of Rs 136.93 crore.

CBI filed three cases against the Topworth group of companies and its director Abhay Narendra Lodha, Mahee Marketing Pvt Ltd and its directors Gajendra Sandim and Hemant Sanghvi and Harsh Steel Trade Pvt Ltd and its director Chetan Jitendra Mehta.

It also named former officials of SBI, including then AGM (additional general manager) Thyagaraju Inamanamelluri and then deputy managers Vilas Narhar and Sadanand Girkar in its first information report (FIR).

Vyapam Case: CBI Files Chargesheet against Former State Minister and 94 Others

sudhanshu trivedi

The CBI today filed a chargesheet against former Madhya Pradesh minister Laxmikant Sharma, his OSD (Officer On Special Duty) and 93 others for alleged irregularities in the recruitment of contractual teachers through Vyapam in 2011, officials said.

Besides Mr Sharma and his then OSD O P Shukla, the chargesheet, filed in a special court in Bhopal, also named Pankaj Trivedi (cousin brother of Sudhanshu Trivedi who is the present BJP spokesperson), the then controller of examinations at Madhya Pradesh Professional Examination Board also known as Vyapam; the then principal system analyst in Vyapam Nitin Mohindra, two other officials, six middlemen and 83 candidates, they said.

Topworth Group – Banks approach courts to recover debt

MUMBAI/KOLKATA: Additions to India’s bloated bad-loans inventory are unlikely to cease soon, with about a dozen lenders now approaching debt-recovery courts to recover a part of their estimated credit exposure of Rs 17,300 crore to Mumbai-based Topworth.

Lenders led by the State Bank of India (SBI) and Punjab National Bank (PNBBSE -2.80 %) are filing cases in the Mumbai debt recovery tribunal (DRT) –– either individually or as a consortium –– against Top worth Urja & Metals, Phoenix Impex and Poscho Steels for cumulative defaults of about Rs 3,200 crore, two people familiar with the matter told ET. Bank of Baroda has already filed a case against Topworth Pipes & Tubes in Mumbai DRT to recover Rs 356 crore.

Lenders are seeking quick recovery of loans to Topworth to prevent further deterioration in asset-quality. “All our credit exposure to this group is now marked as non-performing assets. We are taking legal action. We have filed cases at DRT Mumbai, while some more cases will be filed in the next two weeks,” said a senior PNB official. PNB has Rs 900 crore of exposure to Topworth.

Source – ET

Black money cannot be glibly wished away

How do we get rid of the black economy? That is no secret. Taxation laws and systems in India are as stringent as anywhere else in the world by Sanjeev Nanda

I remember standing for hours in the queue to withdraw my own cash, and then being told that I would not even get a tenth of what I had been promised. I remember coming away with dignity, saying that my sacrifice was for the greater long-term good of the nation.

I did need the money — bills to be paid, provisions to be bought, just some loose cash for emergencies, but I did not complain. I knew money was in short supply, notes were being printed and would soon be available to all.

I was happy that there was news of so many bigwigs getting caught with old and new notes. Many millions of rupees in one stroke were being recovered — and the government had promised to put this into the bank accounts of the poor. It felt good that the fat cats were finally being brought to book. Though how they got so many new notes despite not standing in queues baffled me.