The Enforcement Directorate has arrested Viraj Patil in Mumbai in connection with a money laundering probe against a firm involved in illegal forex trading. Patil is accused of staying in Dubai since 2021 and has allegedly been involved in promoting TP Global FX, a firm not registered with the Reserve Bank of India (RBI) for forex trading. The investigation has revealed that the accused used dummy companies to defraud the public and used illegally acquired funds for personal gains. The ED has frozen assets worth ₹121.23 crore in the case.
CBI searches premises linked to city-based firm and its promoters accused of cheating banks of ₹3,847.58 crore; case registered under criminal conspiracy and cheating. Another case filed against a city-based firm for allegedly defrauding banks of ₹975.08 crore.
The Congress party in Assam has alleged that a company owned by the daughter of a state BJP minister has received a grant from the ruling party's agro-processing scheme. The ministry of food processing industries approved a grant of INR 10 crore ($1.35 million) to the firm, of which INR 3.15 crore has already been released. The BJP minister has defended the grant, stating that his daughter's firm met all the necessary criteria for approval. The opposition has criticized the BJP for taking advantage of schemes meant for farmers.
The bank had declared the loan account as a fraud in 2022 after it turned into a non-performing asset (NPA) in 2019. This was done as per the guidelines of Reserve Bank of India for the non-servicing of interest and non-payment of principal dues to the bank
In his plea filed through his lawyer Subhash Jha before the special court, Patkar stated that he was arrested by the ED on July 19, and during the course of the investigation several of his statements were recorded “under duress, force, coercion and undue influence” between July 21 and July 26