BT Podcast: India is world's fastest growing economy and other stories : Bulletin: Business Today
Business Today

BT Podcast: India is world's fastest growing economy and other stories

Loading the player... | March 1, 2018

Karti Chidambaram arrested
While finding Nirav Modi has become the country's biggest preoccupation, another big name accused of money laundering was arrested by the CBI yesterday: Karti Chidambaram, the son of former Finance Minister P. Chidambaram. The 46-year-old businessman was arrested at the Chennai airport on his return from the United Kingdom. Last May, the Enforcement Directorate had lodged an Enforcement Case Information Report (ECIR) - a police FIR equivalent - against junior Chidambaram, INX Media and its directors, Peter and Indrani Mukerjea, along with a couple of others under the provisions of the Prevention of Money Laundering Act (PMLA).

Aircel to file for bankruptcy under RBI's new norms
Aircel filed for bankruptcy in the National Companies Law Tribunal (NCLT), Mumbai after its lenders and shareholders failed to reach a consensus about restructuring of its debt. The telecom company indicated that the decision by the RBI to do away with the various restructuring schemes triggered its move to file for bankruptcy protection. Banks with an exposure of Rs 15,500 crore may have to provide for at least 50% losses immediately as per regulatory guidelines.

India is world's fastest growing major economy
India regained its status as the world's fastest growing major economy in the October-December quarter, surpassing China for the first time in a year. Asia's third-largest economy grew 7.2 percent in the December quarter, its fastest in five quarters, Ministry of Statistics data revealed on Wednesday. That beat China's 6.8 percent and a forecast of 6.9 percent by analysts polled by Reuters, according to a Reuters report

PNB fraud: Nirav Modi refuses to appear before CBI
Diamond merchant Nirav Modi has refused to appear before the CBI. He was summoned on his official email address to appear for questioning before the premier agency in the Rs 12,700 crore alleged fraud at Punjab National Bank's Mumbai branch. However, in what can be called as sheer brazenness on Nirav Modi's part, the businessman has declined saying he has a business to take care of, so he can't join the investigation.

Modi scam fallout: Insolvency proceedings initiated against 4 diamond firms in February
It seems the busting of Nirav Modi and Mehul Choksi loan scam has taken the lid off the much deeper problem in the diamond industry. Ever since the Nirav Modi scam came to fore,  insolvency proceedings against four diamond companies -- Winsome Diamonds and Jewellery Limited and Forever Precious Jewellery and Diamonds (both owned by Jatin Mehta), Kohinoor Diamonds and JR Diamond -- have been initiated by operational creditors.

CBI arrests auditor at PNB
The Central Bureau of Investigation (CBI) yesterday arrested an auditor of a Punjab National Bank branch at the centre of an alleged $2 billion fraud. This brings the number of bank employees held to seven as the investigation widens. CBI said the arrested auditor, M.K. Sharma, was "allegedly responsible for auditing the systems and practices" of Punjab National Bank's (PNB) Brady House branch in Mumbai and for reporting any problems to the zonal audit office, as reported by Reuters.

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