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SFIO Reveals Bhushan Steel Promoters forged Banks to Avail Fund of INR 46,000 Crore

16Sep

By instaaccountsNo Comments

Corporate

SFIO Reveals Bhushan Steel Promoters forged Banks to Avail Fund of INR 46,000 Crore

Highlights Bhushan Steel - Brij Bhushan Singal and Neeraj Singal, who have used illegal means to receive bank loans to the amount of INR 45,800 crore during 2013/14 and 2016/17.The investigation also discovered that these funds were transferred through a web of 157 companies.The investigation surfaced that by using fake documents, the Singals with the assistance of bankers and statutory auditors and other company staff managed to get a fund of up to INR 45,818 crore between 2013-14 and 2016-17. Serious Fraud Investigation Office (SFIO) unearthed ex-promoters of Bhushan Steel - Brij Bhushan Singal and Neeraj Singal, who have used illegal means to receive bank loans to the amount of INR 45,800 crore during 2013/14 and 2016/17. In the charge sheet filed by the SFIO, accused both the...

79 Investigations Involving 594 Companies Assigned to SFIO in the Last 3 Years

3Jul

By instaaccountsNo Comments

Corporate

79 Investigations Involving 594 Companies Assigned to SFIO in the Last 3 Years

Highlights: The government is familiar with number of growing corporate frauds, reported in the last 3 years and is carrying out actions against these scams256 investigations have been assigned to Regional Directors (RDs)/Registrar of Companies (RoCs) of Ministry of Corporate Affairs (MCA) in the previous 3 yearsThe MCA has began KYC norms and 16,80,472 directors have compiled with the norms The Serious Fraud Investigation office has been issued 79 investigations that involves 594 companies in the last 3 years. The government is familiar with number of growing corporate frauds, reported in the last 3 years and is carrying out actions against these scams, said by the Minister of Finance and Corporate Affairs Nirmala Sitharaman. Not only SFIO is taking care of investigations, in...

SFIO Files 70,000 Page Complaint against Bhushan Steel for Exploitation of Corporate Structure

2Jul

By instaaccountsNo Comments

Corporate, Generic

SFIO Files 70,000 Page Complaint against Bhushan Steel for Exploitation of Corporate Structure

Highlights Bhushan Steel has been issued a 70,000 page complaint filed by the Serious Fraud Investigation Office (SFIO).The promoters of Bhushan Steel utilized more than 150 companies to generate complicated set of transactions for siphoning funds to deceive the lendersBhushan Steel also participated in a scam, overvaluing of assets by INR 15,000 crore, write-off inventory worth around INR 6,000 crore, trade receivables of up to INR 1,250 crore. Bhushan Steel has been issued a 70,000 page complaint filed by the Serious Fraud Investigation Office (SFIO). The investigation agency has found massive exploitation of the corporate structure in which it lead to reduction in corporate governance requirements to paper formalities. Bhushan Steel had defaulted various loans and the ba...

SFIO Claim Defaults Over 90,000 Crore in IL&FS Scam

6Jun

By instaaccountsNo Comments

Corporate

SFIO Claim Defaults Over 90,000 Crore in IL&FS Scam

Highlights: SFIO claim this probe has so far discovered a tip of the iceberg, that involves defaulting accounts of an estimated amount of over INR 90,000 crore.The SFIO’s first charge sheet involves 1 entity of IL&FS group that is IL&FS Financial Services Ltd (IFIN)The ‘coterie’ spotted by SFIO involves Ravi Parthsarthy, Hari Sankaran, Arun Saha, Ramesh Bawa, Vibhav Kapoor and K Ramchand, who were a part of top management in various IL&FS firms The Serious Fraud Investigation Office (SFIO) probe led to an immense break on accused of the IL&FS fraud. SFIO indicted the top management of the IL&FS group’s subsidiary IFIN of forming a “coterie” with its Independent Directors and Auditors to participate in fraudulent of the company while operating the business as the...

26Sep

By InstaFinancialsNo Comments

Uncategorized

55,000 Shell Companies Struck Off in 2nd Phase by MCA

Ministry of Corporate Affairs has struck off 55,000 companies in the second phase for non-filing of financial statements or annual returns for a continuous period of two years or more. Highlights: 55,000 firms have been struck off in the second phase by the Ministry of Corporate Affairs, and 2.26 lakh firms were struck off in the first phase The government doesn’t want the corporate companies to deal into money laundering, drug funding or any illegal activities The companies have been struck off for non-filing of financial statements or annual returns for a continuous period of two years or more as part of the drive to curb illegal funds flow In a crackdown on shell companies, the Ministry of Corporate Affairs has again struck off 55,000 shell companies in the second phase. In the...