Telangana has become ‘ATM for Scamgress': BRS MLA KT Rama Rao lashes out at CM Revanth Reddy, Congress
"Telangana has become an ATM for Scamgress and it's been now corroborated by agencies As the ED charge sheets Telangana "Bag Man" in National Herald case, he is trying his best to distract the people's attention from his corrupt practices. The million dollar question is whether the NDA Govt will act this time or pardon Revant Reddy as they've done in the case of Amrut Scam, RR Tax and Civil supplies scam," Rao stated in a post on X and added screenshots of newspaper reports related to National Herald case.
"Why is Rahul Gandhi silent on National Herald issue?... One of your Chief Ministers, along with you, has been named in the chargesheet as the accused... The Chief Minister of Telangana and also the Dy CM of Karnataka have been named as people who facilitated money transactions into the National Herald and Young India account..." Ro said today.
On Wednesday, the Enforcement Directorate (ED) began its opening arguments before Delhi's Rouse Avenue Court regarding the cognisance of its prosecution complaint against Congress leaders Sonia Gandhi, Rahul Gandhi, and others in connection with a money laundering case related to the National Herald.
During the submissions, Additional Solicitor General (ASG) S.V. Raju argued that the case clearly establishes an offence of money laundering. He asserted that there were identifiable proceeds of crime and that ongoing criminal activity had facilitated the generation of these proceeds, thereby constituting the offence.
Following the arguments presented by ASG Raju and ED Special Counsel Zoheb Hosain, Special Judge Vishal Gogne scheduled the case for day-to-day hearings from July 2 to July 8 to continue deliberations on the cognisance of the ED's complaint against the Gandhis and other accused individuals.
The court scheduled the matter for July after considering submissions from the defence counsel, who requested a July hearing due to the extensive volume of documents involved, totalling 5,000 pages.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Time of India
23 minutes ago
- Time of India
Defamation case against Rahul Gandhi: Hearing deferred to Aug 8
The defamation case against Rahul Gandhi was adjourned in the MP-MLA court due to lawyers' abstention, rescheduling the hearing for August 8. BJP leader Vijay Mishra filed the suit in 2018, alleging objectionable remarks against Amit Shah during the Karnataka elections. Gandhi, who surrendered and received bail earlier this year, recently claimed innocence, alleging a political conspiracy. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads The hearing in a defamation case against Congress leader Rahul Gandhi was adjourned on Thursday in the MP-MLA court due to lawyers abstaining from court has now fixed August 8 as the next date of case dates back to 2018, when BJP leader Vijay Mishra filed a defamation suit against Gandhi, alleging that the Congress leader had made objectionable remarks against Union Home Minister Amit Shah during the Karnataka Assembly election Santosh Kumar Pandey, appearing on behalf of Vijay Mishra, said the court was the hearing had to be deferred due to lawyers asbstaining from work due to Bar association MP-MLA court had issued a warrant against Rahul Gandhi in December February 2024, Gandhi surrendered before the court and was granted bail on two sureties of Rs 25,000 July 26, 2024, Gandhi recorded his statement in court, claiming innocence and stating that the case was part of a political conspiracy against him.
Hindustan Times
23 minutes ago
- Hindustan Times
Why ED raided Anil Ambani's Reliance Group-linked 50 companies
The Enforcement Directorate (ED) on Thursday carried out extensive raids at 35 locations across India as part of a probe into alleged loan fraud involving companies of Anil Ambani-led Reliance Anil Dhirubhai Ambani Group (ADAG). Anil Ambani, chairman of the Reliance Anil Dhirubhai Ambani Group(File Photo/Reuters) As previously reported by Hindustan Times, citing officials familiar with the matter, the searches were conducted at premises linked to over 50 companies and 25 individuals. The raids are part of a money laundering investigation initiated under the Prevention of Money Laundering Act (PMLA), based on two FIRs originally filed by the Central Bureau of Investigation (CBI) in September 2022. Yes Bank loans to Reliance firms under scrutiny The CBI cases pertain to loans extended by Yes Bank to Reliance Home Finance Ltd (RHFL) and Reliance Commercial Finance Ltd (RCFL). Both FIRs name former Yes Bank chairman Rana Kapoor. An officer from the probe agency said, 'Preliminary investigations have revealed a well-planned and thought-after scheme to divert or siphon off public money by cheating banks, shareholders, investors, and other public institutions.' He further added, 'The offence of bribing bank officials, including founder of Yes Bank [Rana Kapoor] is also under scanner." A second official involved in the investigation said ED suspects illegal diversion of around ₹3,000 crore in loans issued by Yes Bank between 2017 and 2019. 'We have also found that just before the loan was granted, the Yes Bank promoters [Kapoor] received money in their concerns. The ED is investigating this nexus of bribe and the loan,' the officer added. Another ED official highlighted 'gross violations' in loan approvals, pointing to systemic lapses in Yes Bank's internal processes. 'Credit approval memorandums (CAMs) were back-dated, investments were proposed without any due diligence or credit analysis in violation of the bank's credit policy,' the officer said. Loans routed through shell firms and group companies Investigators have uncovered evidence of loan diversions to multiple group companies and shell firms, flouting the terms of lending. The agency also identified several red flags, including: Loans to financially weak entities Absence of proper documentation Borrowers with common addresses and directors Loans disbursed on or before the application date Evergreening of loans Misrepresentation of financial data 'These findings clearly indicate a pattern of financial mismanagement and manipulation,' an officer said. The ED is also probing a sharp increase in corporate loans disbursed by RHFL, which jumped from ₹3,742.60 crore in FY 2017–18 to ₹8,670.80 crore in FY 2018–19. Apart from the CBI, several regulatory and financial institutions including the Securities and Exchange Board of India (SEBI), National Housing Bank, National Financial Reporting Authority (NFRA), and Bank of Baroda have also provided inputs to the ED as part of the investigation. According to a Reuters report, shares of Reliance Infrastructure and Reliance Power dropped by up to 5% on Thursday following reports of ED probe. Reliance Group's statement In response, Reliance Infrastructure and Reliance Power issued a statement: 'The media reports appear to pertain to allegations concerning transactions of Reliance Communications Limited (RCOM) or Reliance Home Finance Limited (RHFL) which are over 10 years old,' the companies said. They further added, 'RCOM is undergoing Corporate Insolvency Resolution Process as per the Insolvency and Bankruptcy Code, 2016 since over 6 years. RHFL has been fully resolved pursuant to the judgment of the Hon'ble Supreme Court of India. Similar allegations as those set out in the media reports are sub-judice and pending before the Hon'ble Securities Appellate Tribunal, as per publicly available information.' (With inputs from Neeraj Chauhan in New Delhi)
Scroll.in
23 minutes ago
- Scroll.in
ED raids over 35 premises, 50 companies in alleged money laundering case linked to Anil Ambani
The Enforcement Directorate on Thursday conducted raids at more than 35 premises and searched 50 companies and 25 persons as part of its money-laundering investigation into industrialist Anil Ambani's Reliance Group companies, ANI reported. The investigation is based on two first information reports filed by the Central Bureau of Investigation on September 19, 2022, according to the Hindustan Times. The FIRs pertained to two separate loans given by the crisis-hit Yes Bank to Reliance Home Finance Limited and Reliance Commercial Finance Limited. It has been alleged that loans of around Rs 3,000 crore received by the companies from the bank between 2017 and 2019 were illegally diverted, reported ANI. 'ED has found that just before the loan was granted, the Yes Bank promoters allegedly received money in their accounts,' the news agency quoted an unidentified official as saying. 'ED is investigating this nexus of bribe and loan. ED has found gross violations in Yes Bank loan approvals to RAAGA [Reliance Anil Ambani Group] companies.' According to the official, the Enforcement Directorate had found that the credit approval memoranda for the loans were backdated and investments were proposed 'without any due diligence or credit analysis'. A credit approval memorandum is a document used by lenders to outline the details and justification for approving a loan. The Securities and Exchange Board of India, the National Housing Bank, the National Financial Reporting Authority and the Bank of Baroda had also shared information with the central agency about the companies. The central agency was also investigating the 'dramatic increase in corporate loans by Reliance Home Finance Limited', from Rs 3,742.60 crore in the financial year 2017-'18 to Rs 8,670.80 crore in 2018-'19, the official added. Following media reports about the raids, Reliance Power Limited and Reliance Infrastructure Limited stated that the central agency's actions will have 'absolutely no impact' on their business operations, financial performance, shareholders and employees. The companies said that the allegations are likely related to transactions of Reliance Communications Limited or Reliance Home Finance Limited, with which they do not have any 'business or financial linkages'. They added that Anil Ambani was not on their board and 'any action taken against RCOM or RHFL has no bearing or impact on the governance, management, or operations' of Reliance Power or Reliance Infrastructure.
