Latest news with #EconomicOffencesWing
Time of India
6 hours ago
- Time of India
Panchayat officer held for 67L scam
The Economic Offences Wing on Saturday arrested Rajendra Prasad Verma, former gram panchayat officer, accused of embezzling over Rs 67 lakh in govt funds under the Sampoorna Gramin Rozgar Yojana between 2002 and 2005. Evidence gathered over the years confirmed involvement of 12 accused, including Verma, who was absconding. TNN
Time of India
6 hours ago
- Time of India
Bareilly housing scam accused held after 15-yr chase
Lucknow: The Economic Offences Wing (EOW) of the Uttar Pradesh Police on Friday arrested the director of Krishna Awasiye Samiti in Bareilly, who had been evading authorities for almost 15 years. He was wanted in multiple cases of fraud and embezzlement totaling over Rs 4 crore. According to officials, Dilip Kumar, a resident of Gotiya Khurram in Bareilly, allegedly duped investors by forming a fake housing society called Krishna Awasiye Samiti. He showed forged maps supposedly approved by the Bareilly Development Authority and collected large sums of money by selling plots and land parcels. After swindling investors, he went underground. On May 25, 2010, the Uttar Pradesh govt transferred the investigation of these cases to the EOW in Lucknow. During the probe, Kumar was found guilty, prompting the court to issue arrest warrants against him in multiple cases. Despite continuous efforts, he evaded arrest for 15 years. On Friday, the EOW team successfully apprehended Kumar, ending his long run from the law. Further legal proceedings are underway.
Time of India
3 days ago
- Business
- Time of India
City textile firm alleges Rs 1.77cr fraud by two Delhi firms
Ahmedabad: A city-based textile company has lodged a complaint with the detection of crime branch (DCB), alleging a financial fraud of Rs 1.77 crore by two Delhi firms that allegedly defaulted on payments for denim fabric supplied over the years. The complaint, filed by Nikunj Dave, HR manager of the textile firm, claims the fraud occurred between May 2019 and March 2021, and is now being investigated by the Economic Offences Wing (EOW) of the DCB. According to the FIR, one of the Delhi companies purchased fabric worth Rs 9.68 crore and paid Rs 9.59 crore, leaving Rs 8.37 lakh unpaid, along with an credit note of Rs 31,228. You Can Also Check: Ahmedabad AQI | Weather in Ahmedabad | Bank Holidays in Ahmedabad | Public Holidays in Ahmedabad In a second instance, another Delhi firm procured denim fabric worth Rs 4.80 crore between Feb and Nov 2020, of which only Rs 3.12 crore was paid. The unpaid amount of Rs 1.68 crore includes a debit note of Rs 1.03 lakh. The complainant stated that both companies had initially agreed to pay within 30 days of delivery but later stopped responding to payment demands. Despite repeated reminders, no further payments were made, leading the Ahmedabad-based company to allege intentional fraud and breach of trust. The company submitted supporting documents, including GST registration copies, invoices, e-way bills, transport records, and ledger accounts, along with the complaint, requesting a legal probe into the matter. DCB officials have registered a case of cheating and criminal breach of trust under the Indian Penal Code (IPC) and initiated an investigation.
Time of India
4 days ago
- Time of India
Ex-director of social welfare dept arrested
Lucknow: The Economic Offences Wing (EOW) of the UP Police has arrested the former director of the UP Social Welfare Department in connection with a multi-crore scholarship scam. Mishrilal Paswan's arrest relates to the alleged fraudulent disbursement of Rs 7.95 crore in state funds meant for SC students under the Post-Matric Scholarship and Fee Reimbursement Scheme during 2010-2012. According to the EOW, Paswan colluded with officials and employees of the department as well as with trustees of Guru Nanak Education Trust, Roorkee in Haridwar. The accused manipulated official records, destroyed crucial documentary evidence and sanctioned inflated scholarship amounts for 336 students enrolled in the PGDM course at the institute. Instead of disbursing the designated amount, the accused facilitated an irregular and inflated transfer of funds, resulting in a loss of Rs 7.95 crore to the exchequer. After a detailed probe, an FIR was registered on Oct 23, 2019, in Lucknow against five accused, including Paswan. During the course of the investigation, sufficient evidence emerged, confirming Paswan's direct involvement in the scam. He was booked under BNS sections 409 (criminal breach of trust by a public servant), 420 (cheating and dishonesty), 120B (criminal conspiracy), and 201 (destruction of evidence). Four other accused are also under legal proceedings and further arrests are expected.
Khaleej Times
12-07-2025
- Business
- Khaleej Times
UAE: India's HDFC Bank officials summoned after alleged sale of risky bonds to some clients
Less than two weeks after Khaleej Times uncovered how India's HDFC Bank allegedly sold high-risk Credit Suisse bonds to ineligible overseas investors, including some in the UAE, Indian authorities have summoned the bank's top executives, including its managing director, for questioning. A notice dated July 11, seen by Khaleej Times, shows that the Economic Offences Wing (EOW) of Nagpur Police in Maharashtra has filed a complaint against four senior officials of the bank. The complaint was lodged by an investor who was prominently featured in Khaleej Times' June 27 report. The individuals named in the notice have been ordered to appear before the Economic Offences Branch in Nagpur at 11am on Saturday, July 12, for further inquiry. The complaint comes amid growing regulatory scrutiny of HDFC Bank in the UAE, where reports from multiple investors who claim they were misled into buying risky Additional Tier-1 (AT1) bonds through the bank's Dubai-based relationship managers have been filed with the Dubai Financial Services Authority (DFSA). The DFSA, when contacted, declined to confirm or deny any investigation, citing confidentiality provisions under Article 38 of the Regulatory Law. 'The EOW notice shows that the matter is being taken seriously,' said a Dubai-based investor who has also filed a police complaint against the bank in India. 'We're seeing action in more than one country now.' The bonds were wiped out when Credit Suisse collapsed in March 2023. Under DFSA rules, they can only be sold to 'professional clients' — those with a net worth above $1 million or proven experience in complex financial products. However, documents and testimonies reviewed by Khaleej Times suggest that some investors were classified as professional clients, often through inflated or manipulated Know Your Customer (KYC) forms. When approached earlier, HDFC Bank denied any wrongdoing, stating it has 'robust processes' to communicate product features and risks, and that it takes a serious view of any malpractice. The bank also dismissed as 'speculative' reports that its chairman had met DIFC regulators following a show-cause notice.
