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Indian authorities seize $65 mln of property in Jet Airways fraud case
Reuters
·
1y ago
Medial
India's financial crime agency, the Enforcement Directorate (ED), has seized properties worth 5.38 billion rupees (nearly $65 million) as part of its investigation into money laundering allegations against Jet Airways and its founder Naresh Goyal. The seized properties include 17 residential and commercial properties in London, Dubai, and India registered under various names, including Goyal, his wife, and son. The ED claims that under Goyal's leadership, the airline funneled funds through professional and consultancy fees to overseas entities and personal expenses.
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Related News
Jet airways founder arrested in money laundering case
Livemint
·
2y ago
Medial
Naresh Goyal, the founder of Jet Airways, has been arrested by the Enforcement Directorate (ED) in a money laundering case related to an alleged fraud of ₹538 crore at Canara Bank. Goyal, his wife Anita, and former company executives are accused of siphoning funds from Jet Airways. The case originated from a Central Bureau of Investigation (CBI) FIR, and Goyal is expected to appear in a special PMLA court in Mumbai. The CBI had declared the account "fraud" in July 2021 and alleged diversion of funds.
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Mint Explainer: SC hears Jet Airways ownership dispute. What’s at stake
Livemint
·
11m ago
Medial
- The Supreme Court is currently hearing a case that will determine the future of Jet Airways, the first airline in India to face insolvency resolution. - The case revolves around the transfer of ownership of Jet Airways to the Jalan-Kalrock Consortium (JKC), which has been opposed by the airline's lenders. - If the Supreme Court nullifies the plan, Jet Airways could face liquidation, raising concerns about India's ability to handle airline insolvencies. - JKC is a partnership between Murari Lal Jalan and Florian Fritsch, aiming to revive Jet Airways and its operations. - The lenders argue that JKC has not fulfilled crucial conditions of the takeover, including payment of dues, providing security, clearing worker obligations, and obtaining operational approvals. - JKC maintains that it has met its financial commitments and is ready to revive the airline, but accuses the lenders of deliberately delaying the ownership transfer. - The outcome of the Supreme Court hearing could have significant implications for both Jet Airways and the insolvency regime in addressing airline bankruptcies.
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Supreme Court to hear Jet Airways lenders' plea against NCLAT order on Friday
Livemint
·
1y ago
Medial
The Supreme Court has postponed the hearing on Jet Airways' lenders' plea against the approval of the resolution plan proposed by the Jalan-Kalrock consortium. The lenders, led by the State Bank of India, argued that the decision of the National Company Law Appellate Tribunal (NCLAT) deviated from a previous Supreme Court ruling. The NCLAT allowed JKC to adjust a performance bank guarantee of ₹150 crore towards its obligation. The tribunal had directed the transfer of Jet Airways to JKC within 90 days. The outcome of the case remains uncertain as lenders seek to contest the resolution plan.
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Jalan Kalrock Consortium deposits another ₹100 cr in Jet Airways under revival plan
Livemint
·
2y ago
Medial
The consortium JCK, winner of the bid to revive Jet Airways, has invested ₹250 crore in the airline and is required to fund the remaining ₹100 crore by September 30, 2023, to take control. The NCLAT bench granted an extension for the timeline and allowed ₹150 crore from the performance bank guarantee to be adjusted towards the payment of ₹350 crore. The resolution plan, approved in June 2021, is yet to be implemented for Jet Airways, which entered insolvency proceedings in June 2019.
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ED seizes cryptocurrency worth Rs 1,646 Cr in mega money laundering probe
YourStory
·
6m ago
Medial
The Enforcement Directorate (ED) conducted its largest cryptocurrency seizure, worth Rs 1,646 crore, in a money laundering probe involving a fraudulent investment scheme called the BitConnect lending program. The investigation revealed deceptive practices promising high returns to investors while funds were allegedly misappropriated. Authorities utilized technological expertise to track and seize assets from numerous crypto wallets and digital devices. The main accused is also under investigation by US federal authorities, and the case continues.
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Jet Airways goes into liquidation as Supreme Court decides on bankruptcy saga | Company Business News
Livemint
·
9m ago
Medial
The Supreme Court of India has ordered the liquidation of bankrupt airline Jet Airways after the successful bidder failed to comply with the conditions of the resolution plan. The court criticized the National Company Law Appellate Tribunal for upholding the transfer of ownership without fully examining the facts. This highlights concerns about the effectiveness of the current Insolvency and Bankruptcy Code framework in handling airline insolvencies. The liquidation of Jet Airways comes as Go First also failed to revive and filed for liquidation, raising further concerns about airline restructurings under the Code.
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India rescuing citizens forced into cyber fraud schemes in Cambodia
Reuters
·
1y ago
Medial
The Indian government has rescued and repatriated around 250 Indian citizens who were being forced to participate in cyber fraud schemes in Cambodia. The Indian embassy in Cambodia is working with Cambodian authorities to crack down on those responsible. The government and the embassy have issued advisories to inform Indian citizens about such scams. Reports suggesting that over 5,000 Indians are trapped in Cambodia and involved in cyber fraud have raised concerns. Cambodian authorities are yet to comment on the matter.
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NestAway founder levels fraud charges against Tiger Global, others
Inshorts
·
8m ago
Medial
Amarendra Sahu, co-founder of rental property platform NestAway, is pursuing a criminal case against lead investors Tiger Global, Goldman Sachs and Chiratae Ventures, as well as co-founders Jitendra Jagadev and Smruti Parida. Sahu filed a police complaint in 2024, accusing the parties of engaging in fraud, forgery and coercion during NestAway's sale in 2023.
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Myawaddy scam valley: 2,000 Indians working in Myanmar's cybercrime web
Economic Times
·
6m ago
Medial
Approximately 2,000 Indians are trapped in cyber scam operations in Myawaddy, Myanmar, duped by fake job offers. Forced into online fraud targeting victims in India and the US, some have been rescued, but authorities say the scale is vast. The Indian embassy is working on evacuations while cautioning legal consequences for those willingly involved. The lawlessness of Myawaddy complicates rescue efforts, though global pressure prompts partial interventions by regional authorities.
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Indonesia arrests over 100 Taiwanese for alleged cyber fraud
Economic Times
·
1y ago
Medial
Indonesian police have apprehended over 100 Taiwanese individuals at a villa in Bali for suspected cyber fraud. These arrests highlight the growing concern surrounding cyber fraud groups in Southeast Asia, with authorities in China, Indonesia, and Malaysia intensifying their efforts to combat them. The group was found with numerous electronic devices and is accused of conducting online scams targeting Malaysians. While authorities cannot bring charges against them due to jurisdictional issues, they plan to work closely with relevant agencies, including those in Malaysia. The individuals will be deported after further questioning. Indonesia previously confronted international cyber fraud networks with the help of Chinese authorities.
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