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PMC bank scam: EOW of Mumbai Police opposes anticipatory bail pleas of 2 directors

PMC bank scam: EOW of Mumbai Police opposes anticipatory bail pleas of 2 directors

Finance
MUMBAI: The Economic Offences Wing (EOW) of Mumbai Police on Friday opposed pre-arrest bail pleas of two directors of the Punjab and Maharashtra Cooperative Bank in connection with the alleged Rs 4,355 crore scam. Parmeet Sodhi and Surjit Singh Narang had filed anticipatory bail applications before additional sessions judge S T Soor here. Opposing their pleas, the EOW, in its written submission, said prima facie nexus between some of the accused and HDIL group companies has been made out by the agency. It said the deep-rooted conspiracy caused loss of public funds. The agency said that six people have lost their lives due to loss of money and the public is protesting over the irregularities. Probe cannot reach logical conclusion and deep-rooted conspiracy cannot be unfolded without cus...
Mumbai Police, RBI administrator discuss auctioning of HDIL promoters’ assets

Mumbai Police, RBI administrator discuss auctioning of HDIL promoters’ assets

Finance
MUMBAI: The Economic Offences Wing of Mumbai Police is keen to explore the possibility of auctioning at least 18 assets of ‘depreciating value’ seized from HDIL promoters arrested in connection with Punjab & Maharashtra Cooperative Bank fraud case. The city police recently discussed the matter with JB Bhoria, the Reserve Bank of India-appointed administrator of the bank, saying the proceeds raised from the auctions could be infused in the bank and be made available to the beleaguered depositors on a pro rata basis, at least two sources told ET. The move will help provide quick relief to the depositors even as the probe into alleged criminal conspiracy between some officials of PMC Bank and Housing Development Infrastructure Ltd (HDIL) promoters Rakesh and son Sarang Wadhawan is underw
2 dead, 40 trapped in building collapse in Mumbai

2 dead, 40 trapped in building collapse in Mumbai

World
July 16 (UPI) -- At least two people were dead and another 40 feared trapped after a four-story building collapsed Tuesday in the Indian city of Mumbai, authorities said. Three National Disaster Response Force teams have been deployed to the site in the Dongri neighborhood of south-central Mumbai to search for survivors, the organization said via Twitter. According to preliminary reports, the building, located amid streets crowded with people and congested with other structures, collapsed at 11:40 a.m., NDTV reported. The incident is being considered a "Level 2," the second most severe under the system that gauges building collapses. Between 40 and 50 people are believed to be trapped in the rubble, Brihanmumbai Municipal Corporation's disaster management division said, adding that it h...
IL&FS probe: ED registers money laundering case, raids underway in Mumbai, Gurgaon

IL&FS probe: ED registers money laundering case, raids underway in Mumbai, Gurgaon

Finance
MUMBAI: The Enforcement Directorate (ED) has registered a money laundering case in the matter concerning alleged financial irregularities in Infrastructure Leasing and Financial Services (IL&FS) Ltd. Raids are underway in Mumbai and Gurugram, atleast two sources in the know told ET. The ED’s case follows the predicate offence registered with Delhi Police. The Delhi Economic Offence Wing (EOW) is also probing the cash-strapped IL&FS. A case under various sections of the Indian Penal Code (IPC) for criminal conspiracy and forgery was registered by the EOW. The EOW’s case was based on a complaint by Ashish Begwani, director of New Delhi-based Enso Infrastructures. It was alleged that in or about August 2010, Begwani was approached by officials like Ravi Parthasarthy, Hari S...
Mumbai railway station stampede kills 22 amid heavy rain

Mumbai railway station stampede kills 22 amid heavy rain

World
Media playback is unsupported on your deviceA stampede at a Mumbai railway station during the morning rush hour has left 22 people dead and injured about 30, Indian officials report.The incident at Elphinstone station, which connects two of the city's major local lines, was triggered by overcrowding and heavy rain, they said.The injured have been taken to a nearby hospital and senior railway officials are at the scene.The stampede was on a footbridge leading to the station.Railway spokesman Anil Saxena told reporters the covered bridge had been busy as large numbers of passengers who had been taking shelter from heavy rain tried to leave the station at the same time as other passengers."There was a huge crowd on the FOB [foot overbridge]. Everybody tried to leave at once and it appeared on...