Connect with us

Business

ED seeks attachment of Nirav Modi’s Rs 56-cr Dubai assets

Published

on

Nirav Modi

New Delhi, Nov 6 : The Enforcement Directorate (ED) on Tuesday said it has sent a request for attachment of 11 properties of fugitive diamantaire Nirav Modi and his group company Firestar Diamond FZE worth Rs 56.8 crore in connection with its ongoing probe into Rs 13,500-crore Punjab National Bank (PNB) fraud case.

A senior ED official said the financial probe agency has sought attachment of the assets by UAE authorities under the Prevention of Money Laundering Act by sending a provisional attachment order in the form of Letters Rogatory.

He said it has to date attached properties worth Rs 4,800 crore in connection with the case in India and abroad.

Earlier in October, the ED had attached assets in India and sought seizure abroad of properties worth Rs 255 crore and Rs 218 crore belonging to Nirav Modi and his maternal uncle Mehul Choksi. The two had fled the country before the scam broke.

They are accused of defrauding state-run PNB of Rs 13,500 crore in connivance with certain bank officials by fraudulently getting the Letters of Undertaking and Letters of Credit issued without following the prescribed procedure.

Nirav Modi and Choksi of Gitanjali Group are under probe by both Central Bureau of Investigation (CBI) and the ED. The ED launched the money laundering investigation against Nirav Modi and others on February 15 on the basis of an FIR registered by the CBI.

The ED had on May 24 and May 26 filed charge-sheets against the two.

Non-bailable warrants have been issued against them.

The Interpol had issued a Red Corner Notice (RCN) against Nirav Modi, his brother Neeshal and sister Purvi — both Belgian citizens — as well as Mihir Bhansali and Aditya Nanvati, close associates of Modi.

However, an RCN request against Choksi, who acquired Antiguan citizenship earlier in 2018, is pending with the Interpol.

Business

India’s WPI inflation rises to 5.28% in Oct

Published

on

Inflation

New Delhi, Nov 14: India’s annual rate of inflation based on wholesale prices increased to 5.28 per cent in October from 5.13 per cent in September, according to official data. 

Even, on a year-on-year (YoY) basis, the Wholesale Price Index (WPI) data furnished by the Ministry of Commerce and Industry was higher than 3.68 per cent reported for the corresponding period of 2017.

“The annual rate of inflation, based on monthly WPI, stood at 5.28 per cent (provisional) for the month of October (over October, 2017) as compared to 5.13 per cent (provisional) for the previous month and 3.68 per cent during the corresponding month of the previous year,” the data showed.

“Build up inflation rate in the financial year so far was 4.64 per cent compared to a build up rate of 2.12 per cent in the corresponding period of the previous year,” the Commerce Ministry official statement said.

On a sequential basis, the expenses on primary articles, which constitute 22.62 per cent of the WPI’s total weightage eased to 1.79 per cent, from a rise of 2.97 per cent in September.

Similarly, the prices of food articles declined. The category has a weightage of 15.26 per cent in the WPI index.

However, the cost of fuel and power segment, which commands a 13.15 per cent weightage, edged higher by 18.44 per cent from a growth of 16.65 per cent.

The expenses on manufactured products registered a rise of 4.49 per cent from 4.22 per cent.

On a YoY basis, onion prices declined by 31.69 per cent, whereas potatoes became dearer by 93.65 per cent.

In contrast, the overall vegetable prices in the month under review declined by 18.65 per cent, against a rise of 36.67 per cent in the same month a year ago.

Among the non-food items, the price of high-speed diesel rose by 19.85 per cent on a YoY basis, petrol by 31.39 per cent and LPG by 18.44 per cent.

Continue Reading

Business

Chinese investors to invest $30 Million in 8 Indian start-ups

Published

on

India China

New Delhi, Nov 13 :Chinese venture capital (VC) funds are likely to invest around $30 million in eight Indian start-ups, the Ministry of Commerce and Industry said after the 2nd Startup India Investment Seminar held in Beijing on Tuesday.

“In the 1st Startup India Investment seminar, 12 Indian start-ups participated, of which 4 secured a funding of $15 million from Chinese VCs. In the current round, 8 start-ups out of 20 participants are set to get commitment of around $30 million,” it said.

The Ministry said the seminar was organised by the Embassy of India in China in partnership with Startup India Association and Venture Gurukool to foster innovation and entrepreneurship among the Indian youth. The first seminar was held in November 2017.

“The event was planned to expose Chinese VCs and investors to the promising Indian start-ups and also help Indian start-ups to reach out to the large Chinese investors for receiving investment for their companies,” the Ministry said in a statement.

42 Indian entrepreneurs representing 20 Indian start-ups participated in the event and pitched before Chinese investors. More than 350 Chinese VC funds and angel investors participated in the day-long seminar, it said.

Industrial and Commercial Bank of China (ICBC) CEO Zheng Bin shared ICBC’s experience in India and gave an overview of the Indian start-up ecosystem and explained the process of investment.

ICBC India has established a $200 million fund for investing in promising Indian MSMEs and ventures, he said.

Continue Reading

Business

Swiggy to engage 2,000 women for food delivery

Published

on

swiggy

Bengaluru, Nov 13: Leading food ordering and delivery start-up Swiggy on Tuesday said it would engage about 2,000 women as delivery personnel by March 2019.

“About 2,000 women will join our delivery team by March next year. Over the last few months, we have been working on training women for opportunities in this growing food delivery sector,” the city-based online food delivery platform said in a statement here.

By deploying more women as delivery personnel across the country, the company said it aimed to create an inclusive workforce.

The company engages around a lakh personnel daily to deliver food across 45 Indian cities it operates in.

Currently, about 60 women are tied up with Swiggy across 10 cities, including Ahmedabad, Kochi, Kolkata, Mumbai, Nagpur and Pune, to deliver food.

World over, the employment of women as delivery personnel has been meagre.

“We are creating a women-friendly work environment with a dedicated helpline for any concern, as well as appointing more women in managerial roles,” the company said.

Swiggy is identifying ‘safe zones’ for women delivery personnel to operate in and will allow them to complete their deliveries by 6 p.m., it added.

“Since inception, we have seen the potential in investing in logistical prowess, which has helped us in having end-to-end control over the food delivery experience,” Swiggy Vice President (Operations) Sachin Kotangale said in the statement.

Set up in 2014, the food delivery platform claims to receive about 20 million orders a month across 45,000 restaurants in 45 cities, including New Delhi, Hyderabad, Mumbai, Bengaluru, Chennai, Kolkata, Gurugram and Pune.

It raised $210 million (around Rs 1,500 crore) from multiple investment firms, and has so far raised over $460 million (around Rs 3,350 crore).

The company, which has over 4,000 employees, reported an operating revenue of Rs 442-crore for the fiscal 2017-18.

IANS

Continue Reading
Advertisement

Most Popular