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ED arrests key accused in Rs 750 cr Bush Foods bank fraud cas

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Enforcement Directorate

 The Enforcement Directorate (ED) has arrested a key accused in the Bush Foods bank fraud case involving the laundering of Rs 750 crore. The agency has secured his seven-day custody from a special court.

The Central agency produced the accused Sai Chandrasekhar before the Saket district and sessions court here and got the remand for his custodial interrogation, the agency said on Saturday.

Sai Chandrasekhar is accused of representing the level of stocks and inventory. The agency on October 23 had carried out searches at the residential and office premises of Chandrasekhar.

The ED initiated investigation under the Prevention of Money Laundering Act against Virkaran Awasty, Vinod Sirohi, KPMG India Pvt. Ltd. and others based on the First Information Report (FIR) registered by the Economic Offence Wing of the Delhi Police on the basis of a complaint received from Hassad Netherlands B.V. and consequently filed a charge sheet.

Hassad Netherlands B.V., a subsidiary of Hassad Food Company, was induced by Virkaran Awasty and Ritika Awasty, Directors of Bush Foods Overseas Pvt. Ltd., to part with funds amounting to $ 120 million (approximately Rs 750 crore) by misrepresenting the level of stocks and inventory.

On the basis of such misrepresentations the accused persons induced Hassad Netherlands B.V. to provide corporate guarantee for the outstanding amount of Rs 714 crores of credit facilities availed from the consortium of banks.

Credit facilities were availed by Bush Foods Overseas Pvt. Ltd. on the basis of non-existent stocks or inventory.

Investigation under PMLA revealed that Virkaran Awasty along with other directors created bogus stocks by inflating the inventory and fabricating financial statements of the company.

“Bulk transactions of sales and purchases were generated in order that Bush Foods could record increased turnover, profit margins and additional stock by generating approximately equal value of sales and purchases in a year,” the ED said in a statement.

“Artificial profit and artificial stock in the book value of inventory was recorded in the books by showing these bulk sales as domestic sales.”

Chandrasekhar was an employee of Hassad Foods Company and was part of the team which evaluated the transactions, said the ED, adding he colluded and conspired with Virkaran Awasty to cheat Hassad Netherlands.

Chandrasekhar had a pivotal role and responsibility in the business transactions between Bush Foods Overseas Pvt. Ltd. and Hassad Netherlands B.V. He also had a key role in negotiations, discussion and due diligence carried out by Hassad on Bush Foods.

“In lieu of manipulating the due diligence exercise in favour of Bush Foods and knowing that the credentials of the company were not genuine and facilitating the transactions, Chandrasekhar was paid illegal gratification by Virkaran Awasty to the tune of Rs 20.79 crore,” the ED said.

The ED investigation also revealed that Chandrasekhar acquired property located at Indiranagar in Bengaluru worth Rs 5.8 crore for which amount was transferred by Virkaran Awasty from his concern V&R Overseas.

Chandrasekhar also received ‘Proceeds of crime’ to the tune of Rs one crore in the account of his father and mother from Virkaran Awasty which was spent for medical treatment of his father. He further received Rs 13.79 crore from Virkaran Awasty in his company Harin Ventures Limited, Dubai.

Assets identified so far of Chandrashekhar located in Bengaluru and Mumbai and movable assets in the form of balances in bank accounts totaling to Rs seven crore were attached by the ED in July last year.

India

Landline users need to prefix ‘0’ to call mobile phones starting Jan

Come January 1, landline users across India will need to prefix all calls to any mobile phone with a `0′ , with the Department of Telecommunications (DoT) calling on telcos to modify the dialing pattern for such calls in line with the sector regulator’s recommendations.

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Mobile Subsriber

Kolkata: Come January 1, landline users across India will need to prefix all calls to any mobile phone with a `0′ , with the Department of Telecommunications (DoT) calling on telcos to modify the dialing pattern for such calls in line with the sector regulator’s recommendations.

The move is likely to create fresh numbering resources for mobile services amid the continuing rise in India’s mobile user base and the decline in wireline connections.

The DoT, in a circular, dated November 20, has backed the Telecom Regulatory Authority of India’s recommendations and mandated telcos to ensure all landline subscribers are “given a `0 dialing’ or STD facility” to be able to connect with mobile phones under the new calling system from next year.


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National Milk Day: Know history, significance of this day; Interesting facts about milk here

National Milk Day was established in 2014 by the Food and Agriculture Organisation to commemorate Dr. Verghese Kurien, who is considered the father of India’s White Revolution.

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Amul Milk Production

Every year, National Milk Day is celebrated on November 26 across India. The largest milk producing country celebrates this day to demonstrate the importance of milk in everyone’s life. It is worth noting that National Milk Day and World Milk Day are two different events, observed on different dates with different significance.

National Milk Day was established in 2014 by the Food and Agriculture Organisation to commemorate Dr. Verghese Kurien, who is considered the father of India’s White Revolution.

Why is National Milk Day Celebrated?

National Milk Day is celebrated on November 26 all over India, and it was established by the Food and Agricultural Organisation in 2014.

The day is dedicated to honouring Dr. Verghese Kurien, who is considered to be the father of India’s White Revolution. November 26 is also his birth anniversary, which is why this day is even more important as it also highlights his contribution to the country’s dairy farming and production.

First National Milk Day:

The Indian Dairy Association (IDA) in 2014, took the initiative to celebrate this day for the first time. The first National Milk Day was marked on November 26, 2014, in which various milk producers from 22 states participated.

Kerala-born, Dr Verghese Kurien is known as the ‘Milkman of India’ and the father of the 1970s White Revolution. He came with the one billion litre idea of turning a milk-guzzling country into world’s top dairy producer.

National Milk Day: Interesting facts about milk here

Milk is one of the best sources of calcium and the only drink in the world that contains such a large amount of natural nutrients.

Dr Verghese worked towards enabling the country to have its own production centres of milk. His support was crucial in making the Amul girl ad campaign-which is one of the longest-running campaigns for decades.

His accolades include Ramon Magsaysay Award, World Food Prize, Padma Shri, Padma Vibhushan, Padma Bhushan and Wateler Peace Prize.

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Amazon Quiz Answers Today, November 25, 2020: Answer and Win Rs 5000 Pay Balance

Amazon quiz Answers Today, November 25, 2020: The Amazon Quiz for November 25, 2020, is live and today you have the chance to Win Rs 5000 Pay Balance.

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Amazon quiz Answers Today, November 25, 2020: The Amazon Quiz for November 25, 2020, is live and today you have the chance to Win Rs 5000 Pay Balance. The trivia quiz gives a chance to users across the country to win exciting gifts every day by answering a set of simple questions.

After giving the right answers to the questions users can win mobile phones, other gadgets, and Amazon Pay Balance. E-commerce giant Amazon never disappoints its users and today’s gift is special for all the online shopping lovers.

Today’s Amazon Quiz Information

Today’s Amazon Quiz Prize: Win Rs 5000 Pay Balance
Amazon Quiz Date: November 25, 2020:
Amazon Quiz Time: 8 am–12 pm
Winners List Declaration Date: To be announced

Answers for today’s Amazon quiz contest- November 25, 2020

Q1- Char-chaporis are shifting riverine islands of the Brahmaputra located in which Indian state?
Ans- Assam
Q2- In 2020, who became the first bowler to pick up a wicket off the first ball in an IPL final?
Ans- Trent Boult
Q3- Alu, Bittu and Sattu are characters in which recent Rajkummar Rao movie?
Ans- Ludo
Q4- These objects are used to do what kind of activity?
Ans- Surfing
Q5- In which city also known as the ‘Blue City’ is this picture taken?
Ans- Jodhpur

How to Play Amazon Quiz Contest Daily?

1. Download the Amazon India App from Google Play Stores or Android App
2. Sign up or log in to your Amazon account
3. Once login you can check the homepage banner of the App click on Amazon Quiz for today.
4. Start playing the Amazon quiz contest.

Where to find the latest answers for Amazon Quiz?

You can find all the right Answers for Amazon Quiz here. With Amazon Quiz you can win various exciting prizes. Choose the right answers for the Amazon daily quiz and you can be the lucky winner. The Amazon Quiz contest is live at 8:00 AM and it ends at 12:00 PM.

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