Economic Offences Wing

HC asks Shilpa Shetty, Raj Kundra to pay ₹60 cr before travelling abroad

A bench of Chief Justice Shree Chandrashekhar and Justice Gautam Ankhad observed that it cannot permit leisure trips when the duo is accused of a cheating and fraud case

Shilpa Shetty's restaurant Bastian Bandra to close amid ₹60 cr fraud case

Shilpa Shetty's popular Bandra restaurant Bastian will close on September 4; the move comes as she and her husband Raj Kundra face allegations in a ₹60 crore fraud case

Actor Shilpa Shetty, Raj Kundra charged with cheating businessman of ₹60 cr

Deepak Kothari, the alleged victim, said he had given the celebrity couple ₹60.48 crore for business expansion around 2015-2023, but they spent it on personal expenses

Karnala Bank scam: ED restitutes assets worth ₹386 crore to aid depositors

Properties in Raigad attached under PMLA returned by ED to benefit over five lakh depositors defrauded by Karnala Bank's ex-chairman and officials using fake loans

Mumbai Police questions Dino Morea in Rs 65-cr Mithi river cleaning scam

Actor Dino Morea was summoned by Mumbai Police's Economic Offences Wing on Monday for questioning regarding his alleged links with two middlemen in the Rs 65-crore Mithi river cleaning scam

EOW files chargesheet in Rs 122 crore New India Co-operative Bank 'scam'

Mumbai Police's EOW has filed a chargesheet in the ₹122-crore New India Co-operative Bank scam, naming ex-chairman Hiten Bhanu and his wife Gauri, who have fled India and been declared wanted

Ireda files EoW complaint as Gensol promoters dilute equity 'sans approval'

Indian Renewable Energy Development Agency (IREDA), one of two public sector lenders who had loaned money to scam-hit Gensol Engineering for buying electric vehicles, on Friday said the promoters of the firm breached the contract by diluting shareholding without lenders' approval. IREDA said it has filed a complaint with the Economic Offences Wing (EoW) for the contract breach on April 24. "Following recent developments concerning Gensol Engineering Ltd and its promoters and associate companies, IREDA has initiated an internal review in accordance with RBI guidelines and the company's due diligence protocols," IREDA said in a stock exchange filing. Gensol's account is currently under stress but not classified as an NPA. The Investigation and Risk Committees of IREDA are closely examining the matter, it said, adding appropriate actions regarding collaterals and recoveries will be taken based on the outcome of the review. Regarding communications from credit rating agencies on the .

PFC takes Gensol Engineering's forgery case to Economic Offences Wing

In an official statement, PFC on Tuesday evening said, under its Anti-Fraud Policy, it is investigating GEL for falsified documents

Gensol Engineering fraud: Lenders may approach Economic Offences Wing

GEL, it's been alleged, submitted "conduct letters" and "no objection certificates" in the name of PFC and IREDA, which the lenders later discovered to have been forged by the company

Adarsh co-op case: Economic offences have deep rooted conspiracies, says SC

The Supreme Court on Wednesday said economic offences constitute a class apart with deep-rooted conspiracies and huge loss of public funds therefore worthy of a serious view. A bench of Justices Bela M Trivedi and P B Varale said granting anticipatory bail was "certainly not" the rule. The court said the accused who continuously avoid to follow the due process of the law by not attending court and conceal themselves to derail the proceedings were not entitled to anticipatory bail. "If the rule of law is to prevail in the society, every person would have to abide by the law, respect the law and follow the due process of law," it added. The bench's remark came when it allowed 16 appeals of Serious Fraud Investigation Office (SFIO) and cancelled the anticipatory bail granted to the accused in the over Rs 9,000 crore Adarsh Credit Cooperative Society embezzlement case. "It is no more res integra that economic offences constitute a class apart, as they have deep rooted conspiracies ...

New India Cooperative Bank's GM held for 'misappropriation' of Rs 122 crore

The Mumbai police on Saturday arrested Hitesh Mehta, General Manager and Head of Accounts of the New India Cooperative Bank, for allegedly misappropriating Rs 122 crore from the bank, officials said. Mehta was placed under arrest by the Economic Offences Wing (EOW) of the city police after being questioned for more than three hours, an official said. He was called to record his statement before the probe agency at its south Mumbai office in connection with the case registered against him and others, he said. Mehta will be produced before a local court on Sunday, the police official added. The Reserve Bank of India (RBI) on Friday superseded the cooperative bank's board for a year and appointed an administrator to manage its affairs. A day prior to that, it imposed several restrictions on the lender, including on withdrawal of funds by depositors, citing supervisory concerns emanating from the recent material developments in the bank, and to protect the interest of its depositors.

RBI supersedes Aviom India Housing Finance's board, appoints administrator

The regulator said it "intends to shortly" initiate the process of resolution of the company under the Insolvency and Bankruptcy Code (IBC)

Torres scam: Rs 5 cr cash seized; scam amount estimated at Rs 22 cr

The Economic Offences Wing (EOW) of Mumbai Police which is probing the Torres investment scam has seized Rs 5 crore in cash, deposited by investors, from a Torres jewellery store in Dadar and a flat in the city, an official said on Friday. The estimate of the total amount involved in the scam stood at Rs 22 crore, he said. The seizure was made during searches on Thursday. Some investors had handed cash to the company for making deposits after encountering snags in its online system, the official said. As much as Rs 77 lakh were recovered from a flat rented by Tania alias Tazagul Karaxanovna Xasatova (52), one of the accused, in Colaba in south Mumbai. Xasatova worked as a general manager at the Torres store, the official said. Police also recovered over a thousand 'precious stones'. While the company charged its investors thousands of rupees for these stones, their actual value was around Rs 300 apiece, he said. Torres allegedly duped hundreds of depositors by promising them hig

Coldplay concert row: BookMyShow COO records statement before Mumbai Police

BookMyShow COO Anil Makhija appeared before officials of the Economic Offences Wing on Monday to record his statement

Coldplay concert row: Mumbai Police issues second summon to BookMyShow CEO

The investigation was launched after a complaint by advocate Amit Vyas, who accused BookMyShow of facilitating the unauthorised resale of tickets for Coldplay's concert

BharatPe fraud case: Delhi Police EOW nabs Ashneer Grover's family member

Delhi Police Economic Offences Wing (EOW) has arrested a family member of BharatPe co-founder Ashneer Grover in connection with the alleged misappropriation of funds with the fintech company, police officials said on Friday. Deepak Gupta, who is a brother-in-law of Grover, was arrested on Friday, they said. Gupta was named in the FIR which was registered against Grover, his wife Madhuri Jain and their family member in May 2023 in the Rs 81-crore fraud case, an officer said, adding that Gupta is being interrogated. Gupta's arrest is the second arrest in this case so far, officials said. In August this year, the EOW had arrested Amit Kumar Bansal, who allegedly was one of the members of the non-existing firms that had received payments of Rs 72 crore from the then directors of BharatPe between 2019 and 2021. BharatPe has accused Grover and his family of causing losses to the firm to the tune of about Rs 81.3 crore through illegitimate payments to bogus human-resource consultants, ..

Ashneer Grover, wife, stopped from leaving for New York at Delhi airport

BharatPe founder Grover and wife Madhuri Jain were travelling to New York, a look-out circular has been issued against them

Rush to exchange Rs 2,000 notes: ED, EOW starts probe following reports

During the last three days, a large number of people gathered in front of the RBI office in Bhubaneswar to exchange Rs 2,000 currency notes

Covid body bags purchase scam: Ex-Mumbai mayor Pednekar appears before EOW

Former Mumbai mayor Kishori Pednekar appeared before the Mumbai police's Economic Offences Wing on Monday in connection with an alleged scam in the purchase of body bags for COVID-19 victims, a police official said. On September 6, the Bombay High Court granted interim protection from arrest for four weeks to Pednekar, noting the case probe was on and at this stage custodial interrogation was not warranted. The court also directed Pednekar to cooperate with the probe in the case and appear before the city police's Economic Offences Wing (EOW) on September 11, 13 and 16 for questioning. On Monday, Pednekar reached the EOW office here at around 11 am to face an inquiry into the case, the official said. Pednekar approached the HC after a sessions court rejected her pre-arrest bail plea, saying she was accused of an economic offence involving a huge amount of public money. The EOW had registered a case against Pednekar and two senior officials of the Brihanmumbai Municipal Corporation

$1.8 bn recovered from economic offenders: Union minister Jitendra Singh

Assets of offenders worth more than $12 billion have been attached since 2014 under the Prevention of Money Laundering Act according to the Ministry of Personnel, Public Grievances & Pensions