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Biz EOD: ED summons Edelweiss chairman; gold reserve increases; Mercedes top luxury car brand in India

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twitter-logo BusinessToday.In   New Delhi     Last Updated: January 10, 2020  | 21:39 IST
Biz EOD: ED summons Edelweiss chairman; gold reserve increases; Mercedes top luxury car brand in India
Top stories from the world of business and economy.

Edelweiss Group founder and chairman Rashesh Shah was summoned by the Enforcement Directorate on January 9 in connection with an alleged Rs 2,000 crore forex scam. While the tussle between the United States and Iran went on, India's official gold holdings marginally increased to 625.6 tonnes, an increase of 7.4 tonnes over the last two months. German luxury carmaker Mercedes Benz emerged as the largest selling luxury car brand in India in 2019 even as its sales skidded by 11.3 per cent, the steepest ever in a year in well over a decade. Read for more top stories from the world of business and economy:

1. ED summons Edelweiss Group chairman Rashesh Shah in alleged Rs 2,000 crore forex scam

The ED's probe documents, accessed by BusinessToday.In, claim Shah's "front entities" gave the lead about his involvement in the alleged scam.

2. Infosys whistleblowers may not have been insiders

The whistleblowers wrote to the Infosys Board of Directors and the US SEC alleging unethical practices by the top management. The allegations broadly fell in four buckets: questionable accounting standards; ethics of top management; disclosure standards and a racial slur.

3. India adds Rs 13,000-crore worth gold reserves in two months

According to data from the World Gold Council (WGC), India has the 10th largest gold reserves.

4. Mercedes maintains the top spot in luxury car segment for 5th year in a row

Mercedes has held on to the number one position for the fifth consecutive year bettering the four-year reign of arch rival BMW between 2009 and 2012.

5. Air India is finally going to a new owner, here's why

After the fall of Jet Airways, Air India is the only full-service domestic carrier serving to long-haul destinations in the US and Europe.

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