Featured India

Aiding “organised crime”: India alleges 22 audit violations by Deloitte, KPMG arm in fraud case

India detected at least 22 violations of auditing standards by Deloitte Haskins & Sells and a KPMG affiliate while investigating a fraud at a financial company, leading it to seek a five-year ban on the auditors, according to government legal filings seen by Reuters. The failures were detected as part… Read More

Indiabulls Housing Finance slumps even as it rejects fraud allegations

Shares in Indiabulls Housing Finance Ltd plummeted as much as 8.8% on Tuesday even as the mortgage lender and its top management moved to quash allegations of financial misconduct and money laundering within the company. A criminal writ petition filed on Monday in India’s Supreme Court alleged that about 980… Read More

India’s J&K Bank shares slide further on fraud probe allegations

Shares in India’s Jammu and Kashmir Bank Ltd slumped for a second consecutive day on Tuesday, after local media reported that an anti-corruption probe into the bank had uncovered a sizable fraud at the state-run lender. Shares in the bank closed down 6.72% at 48.55 rupees, after falling 12.4% on… Read More
20th May 2019
India’s ruling Bharatiya Janata Party (BJP) has one unwanted lead in this month’s general election race – according to data from an electoral watchdog it is fielding the most candidates among the major parties who are facing criminal charges. Its main rival, Congress, is just a step behind. Election laws… Read More
10th May 2019
The European Union will defend the Iran nuclear accord despite Tehran’s decision to backtrack on its commitments in response to U.S. sanctions, diplomats believe, but European powers expect it to collapse without a deal to sell Iranian oil to China or India. Britain, France and Germany, which signed the 2015… Read More
3rd May 2019
India will ask the global money laundering and terror finance watchdog to put Pakistan on a blacklist of countries that fail to meet international standards in stopping financial crime, Finance Minister Arun Jaitley said on Thursday. The Financial Action Task Force (FATF) already has Pakistan on its “grey list” of… Read More
8th April 2019
Dutch prosecutors on Friday said they have arrested three former employees of a Dutch company suspected of laundering about $1.2 billion for a client in India. The company bought materials and services for a client that since 2006 has been involved in a major gas pipeline project in India, the… Read More
2nd April 2019
India’s Serious Fraud Investigation Office (SFIO) has arrested the former chairman of debt-laden Infrastructure Leasing and Financial Services (IL&FS) in connection with an ongoing investigation into the lender, a government official said on Monday. Hari Sankaran, the former chairman and managing director of IL&FS, was arrested for “abusing his powers… Read More
29th March 2019
The United States has instructed oil trading houses and refiners around the world to further cut dealings with Venezuela or face sanctions themselves, even if the trades are not prohibited by published U.S. sanctions, three sources familiar with the matter said. The move comes as Washington’s efforts to oust President… Read More
26th March 2019
Indian tax authorities are hoping for a windfall with the auction on Tuesday of rare oil paintings that were once part of fugitive billionaire jeweler Nirav Modi’s collection and have been seized by the government. Auctioneers say the sale is the first of its kind in a country where tax… Read More
22nd March 2019
India’s Reliance Industries is selling fuels to Venezuela from India and Europe to sidestep sanctions that bar U.S.-based companies from dealing with state-run PDVSA, according to trading sources and Refinitiv Eikon data. Reliance had been supplying alkylate, diluent naphtha and other fuel to Venezuela through its U.S.-based subsidiary before Washington… Read More
21st March 2019
AP — Diamond tycoon Nirav Modi, whose jewels once adorned stars from Bollywood to Hollywood, was ordered held without bail in London on Wednesday, more than a year after Indian authorities alleged he was involved in a $1.8 billion bank fraud. A judge remanded Modi… Read More
8th March 2019
India wants to keep buying Iranian oil at its current level of about 300,000 barrels per day (bpd), as it negotiates with Washington about extending a waiver of U.S. sanctions past early May, two sources in India with knowledge of the matter said. India has reduced its purchases of Iranian… Read More