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DSK scam: In presence of ED officials, family of DS Kulkarni collects documents from his office, bungalow in Pune | Pune News


The family of Pune-based realtor D S Kulkarni of the DSK Group on Friday collected some documents and electronic gadgets from his office on JM Road and a bungalow on Senapati Bapat Road in Pune, in the presence of Enforcement Directorate (ED) officials.

Kulkarni had sought permission from a court in Mumbai to take certain documents and electronic gadgets from his office and bungalow seized by the ED, as he required them for the court case against him.

As per the court’s order, ED officials opened the office and bungalow and allowed Kulkarni’s family to collect the materials. The ED officials then sealed the properties again. The officials video-recorded the entire procedure and also prepared a record of documents and other materials taken by Kulkarni’s family.

Since October 2017, the Economic Offences Wing (EOW) of Pune City police has been probing the DSK Group for allegedly cheating around 35,000 depositors and investors to the tune of Rs 1,083 crore, siphoning of Rs 711 crore received in the form of loans, and Rs 111 crore accepted through debentures and a land deal in Fursungi involving embezzlement of Rs 184 crore.

The ED has also launched an investigation into the alleged money laundering case by the group as per provisions of the Prevention of Money Laundering Act (PMLA). In February 2019, the ED had attached assets worth Rs 904 crore of the DSK Group for allegedly defrauding small investors.

According to a statement then issued by the ED, Kulkarni, his wife Hemanti and their son and executive director of the DSK Group allegedly floated eight partnership firms in Mumbai, Pune and Kolhapur to collect deposits from “gullible investors”.

The agency said between 2006 and 2017, the firms raised about Rs 1,129 crore from over 35,000 investors. The immovable properties attached by the ED include land, buildings, flats, insurance policies and cash deposits in bank accounts.

The ED statement said the three officials of the group, “layered and integrated” the funds received by the eight partnership firms “through various high-value sham transactions under cover of capital, advance against property and director’s loan between 40 group companies” of DSK to project it as “untainted money”.

The ED has alleged that the money was then laundered to four DSK firms in India and the US, as well as to the bank accounts of the Kulkarnis. The ED statement also said the laundered money was utilised to purchase properties in India and the US, to repay bank loans and to purchase high-value LIC policies for the Kulkarni family, among others.


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Brookfield, Tata Group in talks to invest in upcoming IPO of Nexus Malls



By M. Sriram and Rama Venkat


BENGALURU (Reuters) -Brookfield Asset Management and Tata Group are in talks to invest in the upcoming initial public offering (IPO) for Nexus Malls, betting that the Indian real estate investment trust will benefit from a rise in the country’s consumption levels, two sources told Reuters.


The IPO, the first-ever by an Indian retail REIT, comes at a time when volatile markets and global macroeconomic challenges have scuppered or delayed various listing plans in India.


Blackstone Inc-owned Nexus is seeking a valuation of about $3 billion and plans to raise about $390 million in the share sale, a newspaper advertisement showed on Wednesday.


Nexus Malls owns 17 commercial properties across 13 Indian cities. Apple Inc last month opened its second fully-owned store in India in a Nexus-owned shopping mall in New Delhi.


Indian conglomerate Tata Group is investing in the IPO via its unit Tata Investment Corporation , the sources, who did not want to be named because the discussions are private, said.


Other anchor investors include state-owned State Bank of India Life Insurance, SBI Mutual Fund, HDFC Life Insurance, HDFC Mutual Fund and Star Health Insurance, they added.


Apart from Canadian investment firm Brookfield, other foreign investors include U.S-based Jane Street and Asian fund Prusik Investment management, both the sources said.


Spokespersons for Nexus and Star Health declined to comment on the deal while others did not respond to queries seeking comment.


Nexus is betting on a “consumption mega trend” with malls recovering and growing reasonably fast post the pandemic-lockdowns, Nexus CEO Dalip Sehgal said at an IPO press conference in Mumbai on Wednesday.


Losses for the REIT narrowed to $1.34 million for the year ended March 31, 2022 from $24.45 million a year ago.


Axis Capital, IIFL Securities, BofA Securities India were among the book running lead managers to the IPO.


Nexus Malls is set to start trading on the stock exchanges on May 19.


($1 = 81.8150 Indian rupees)


(Reporting by Rama Venkat in Bengaluru; Editing by Janane Venkatraman, Sonia Cheema and Nivedita Bhattacharjee)

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)



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Man, two friends held for Rs 2 crore insurance fraud in Mumbai


In an attempt to avail insurance money fraudulently from the LIC insurance company, a 35-year-old man faked his own death. The man was arrested along with his two friends who helped him orchestrate the fraud.

Dinesh Taksale had purchased an insurance worth Rs 2 crore in April 2015. In 2017, the insurance money was claimed under the pretext that Taksale had died in a road accident in December 2016.

After receiving the claim application, the insurance company inquired into Taksale’s death and found him to be still alive. Based on this, Assistant Administrative Officer Omprakash Sahu of the Dadar (West) LIC branch filed a complaint on February 21.

Soon, the Shivaji Park police investigated the case and it was revealed that Taksale, along with two of his friends, Anil Latke and Vijay Malwade, had planned the insurance claim fraud.

Latke and Malwade are both engineering diploma professionals. Superintendent of Police Manoj Patil said, “Taksale had applied for an insurance worth Rs 8 crore but after checking his income, which was earned through farming and running a mess, the insurance company gave him an insurance worth Rs 2 crore.”

The body of an orphaned man who died in a road accident in Ahmednagar had been prepared to be shown as the body of Dinesh Taksale. The accused had prepared the post mortem note and applied for the insurance claim based on it. A couple had gone to claim the body of the unidentified man who had died in the accident. The couple claimed that the deceased man was Taksale. The Shivaji Park police told The Indian Express that the couple was not his parents. Taksale’s father had died a couple years ago, the police said.

After the investigation, on March 2, Taksale was arrested. Two days later, Latke and Malwade were arrested as well.

Taksale’s real mother was unaware of the insurance claim fraud. “Taksale’s mother was the one who told us that her son is still alive,” said Patil. The police told The Indian Express that the man who died in the road accident has not been identified yet. The investigation is still ongoing.

The Shivaji Park police station registered an offence under Indian Penal Code Sections 420, 467, 468, 471, 120(a) and 511.





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Need to take stand against BJP’s ‘corruption washing machine’: Shiv Sena (UBT)


The Uddhav Thackeray-led faction of Shiv Sena on Monday said the time has come to stand up to the Bharatiya Janata Party’s “corruption washing machine” to save the country and cited the letter written by Opposition leaders to Prime Minister Narendra Modi highlighting the “authoritarian regime”.

In an editorial published in its mouthpiece Saamana, the Shiv Sena said harassing the Opposition and staying in power doesn’t augur well for democracy.

Leaders of nine opposition parties, including chief ministers Mamata Banerjee and K Chandrashekar Rao, have written to the prime minister alleging “blatant misuse” of Central agencies against members of the opposition.

Nationalist Congress Party (NCP) chief Sharad Pawar and Uddhav Thackeray are the signatories from Maharashtra. “Now is the time to stand up to the BJP’s ‘Corruption Washing Machine’ and save the country. A letter signed by several Opposition leaders including former chief minister Uddhav Thackeray and addressed to Prime Minister Narendra Modi has thrown a light on the authoritarian regime in the country,” the Saamana said.

The “washing machine” analogy is often used by Shiv Sena (UBT) leaders to target BJP over the induction of “corrupt” leaders into that party and extending “protection” to them.

“The letter has highlighted an increase in actions against Opposition leaders since 2014 when the BJP came to power in the country. But the leaders facing charges of corruption who have joined the BJP never faced any action. Most of such cases were false,” the editorial said.

The Sena (UBT) said the country is witnessing “unprecedented chaos” under the Modi government.

“Autonomous government institutions are being privatised. This is more dangerous than Al Qaida and the Taliban. The Election Commission of India is wagging its tail before the BJP, which is why the Supreme Court has ordered the formation of a three-member committee for its future appointments,” it said.

The edit also referred to the ‘Insaaf ke sipahi’ platform floated by noted lawyer Kapil Sibal to help the people fight injustice with lawyers at the forefront. “It is not good for democracy to harass the Opposition and stay in the power,” the edit said.

The Sena (UBT) also questioned BJP’s criticism of Congress leader Rahul Gandhi over his speech at Cambridge University wherein he had said Indian democracy is under attack and several politicians, including himself, are under surveillance.

“If he defamed the country, then it needs to be asked whether the claims made by Narendra Modi during his speeches during his previous foreign trips against Jawaharlal Nehru, Indira Gandhi, Rajiv Gandhi and their regimes were not defaming the country?” the editorial asked.

The Sena faction alleged corruption cases against BJP leaders are being suppressed.

“It is now clear that the BJP which has amassed thousands of crores through corrupt practices has invested (the money) via (Gautam) Adani and turned them into white cash. Several PSU banks and LIC lost their investments. PM Modi talks against corruption, but it is the most corrupt regime,” the editorial said.

The Sena (UBT) also claimed the CBI and the ED are “still not seen anywhere despite Rs 8 crore cash being found at the residence of a BJP legislator in the poll-bound Karnataka. No BJP leader is ready to talk about it”.





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Mrs Uddhav Thackeray’s star appearance on Eknath Shinde turf has Sena applauding, speculating


Seen as a power centre behind the scenes, Shiv Sena president Uddhav Thackeray’s wife Rashmi has been careful to always maintain a Laxman Rekha in public, deferring to her husband at the events she accompanies him to. Even if she has had a hand in the decisions taken relating to party organisation or policies over the years, it was always done quietly.

This has ensured that “Vahinisaheb”, as Rashmi is popularly called by Sainiks, has maintained both her clout and popularity within the Sena.

Which is why the 54-year-old’s surprise visit to Tembhi Naka, in Chief Minister Eknath Shinde’s stronghold and home turf Thane, to offer prayers to Goddess Durga during the Navaratri festivities was so out of character.

In the three days since, the speculation has not ceased. Was it meant to be a display of the Uddhav Sena’s “nari shakti (woman power)”? Or a bold political message to the Shinde camp? Or was it simply to boost the morale of Sainiks amid the tussle for control of the party?

Officially, the Thackeray Sena described Rashmi’s visit to the Thane Durga Puja as nothing unprecedented. A senior Sena leader said, “Every year, Uddhavji and Rashmi Thackeray visit Tembhi Naka to offer prayers on Navaratri. It has nothing to do with politics.”

Shinde too downplayed the visit, saying, “Everybody’s free to walk in and pray before the Goddess.”

The two-day Navaratri celebrations at Tembhi Naka were started by the late Sena Thane strongman and Shinde’s mentor Anand Dighe. After Dighe’s death, Shinde continued the tradition.

In the Sena split of June this year, Shinde walked away with almost the entire Sena in Thane, reinforcing his hold on the region. Hence, Rashmi’s decision to visit the Tembhi Naka Durga Puja was far from business as usual.

Given Rashmi’s tact, the Uddhav camp is arguing that she was perhaps the best person to deliver the message it wanted to convey to the Shinde side – that too ahead of the annual Dussehra rally of the party at Mumbai’s Shivaji Park grounds which Uddhav is hoping to seal as a feather in his cap.

Captured by photographers as she offered her prayers with folded hands and teary eyes, Rashmi is being hailed by the party as both a symbol of humility and defiance, capturing hearts in a party that has always been high on emotions. She also succeeded in stealing the limelight in Shinde’s backyard, though how long the effect lasts is yet to be seen.

Belonging to a middle-class family and a Commerce graduate who briefly worked with LIC as a contract employee, Rashmi had met Uddhav through Raj Thackeray’s sister Jajjaywanti, who was her friend. Rashmi and Uddhav got married in 1989, and have two sons, Aaditya and Tejas.

A close Thackeray aide said Rashmi “stands like a rock” behind Uddhav, and has no personal political ambitions for herself. According to the leader, she, however, may have had something to do with Uddhav’s swift rise after father Bal Thackeray fell ill and gradually withdrew from public life. This led to the sidelining of Balasaheb’s nephew Raj, who was till then seen as his successor. “It was Rashmi’s wish to see Uddhav Thackeray become CM of Maharashtra,” said the insider.

Sources in Matoshree say Rashmi has “always given her family especially husband and two sons higher priority”, busying herself occasionally with social programmes of the Sena’s women’s wing.

So far her most visible role has been taking on the post of Editor of party mouthpiece Saamna in March 2020, which lasted till June this year. Uddhav as CM could not retain the role as it would amount to conflict of interest. He is back as Editor now having lost power to the Shinde Sena and BJP.

In the past, the BJP has claimed “growing influence” of Rashmi’s brother in the Shiv Sena-ruled BMC, and accused her of partnership in real estate projects. But the Shiv Sena has dismissed these charges as baseless and politically driven.





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Woman tries to order sweets online, loses Rs 93,000 to cyberfraud


A 49-year-old woman was allegedly duped of Rs 93,000 as she tried to order sweets online. An FIR was registered at the Marine Drive police station on March 30.

According to the FIR, the woman is employed with the Life Insurance Corporation of India office at Churchgate. On March 29, she and her colleagues decided to order sweets from Tewari Brothers Mithaiwala at the Opera House.

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“I searched for their number on Google and got one mobile number. On calling the number one person impersonated as an employee from the shop. I placed an order for Rs 2,664 but he told me that they do not accept cash on delivery and asked me to make an online payment,” the woman told the police.

The woman told the police that the accused sent her a QR code and after scanning the code Rs 2,664 was deducted from her account. After making the payment, the accused allegedly asked her to pay Rs 40,000 as registration fees which she told was soon to be refunded to her bank account. The fraudster allegedly made the woman pay more in the same manner.

The woman told the police that she ended up paying Rs 93,000 after which the accused asked her bank details like debit card number and CVV number to refund the money. The woman said she declined to further engage with him.

“When I reached the sweet shop, they told me that the numbers on Google were fake. I realised that I was cheated and immediately contacted my bank and asked them to block the transactions,” the woman told the police.





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