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ED attaches property worth Rs 110 crore in KSBL case

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The Enforcement Directorate (ED) on Saturday said that they have attached immovable and movable assets worth Rs 110 crore in the money laundering investigation against Karvy Stock Broking Ltd (KSBL), its Chairman Comandur Parthasarathy and others.

With the fresh attachments, the total now stands at Rs 2,095 crore.

In March, the ED had attached immovable and movable properties in the form of land, buildings and share holdings worth Rs 1,984 crore.

The probe agency initiated its investigation on the basis of FIRs filed by the CCS Police Station, Hyderabad Police, on the complaints of lending Banks who complained that the Karvy Group had availed large amounts of loans by illegally pledging their clients’ shares worth about Rs 2,800 crore and the said loans became NPA after the release of the client’s securities as per the orders of NSE and SEBI.

KSBL was one of the leading Stock Brokers in the country with millions of clients. The scam came to light after a limited purpose inspection of KSBL conducted by NSE in 2019 revealed that KSBL had not revealed a DP Account and credited the funds raised by pledging of client securities to six of its own bank accounts (“Stock Broker-own Account”) instead of the “Stock Broker-Client Account”.

The ED collected the audit conducted by NSE and the orders passed by SEBI and ROC against KSBL and the forensic audit reports of BDO India LLP.

In 2021, the ED conducted searches at nine locations. This year, Parathasarathy, and G. Hari Krishna, CFO, were arrested and were sent to judicial custody.

The agency said that the accused were evasive throughout the questioning.

According to ED investigation, KSBL had misused the Power of Attorney given by its clients and misused the same to illegally raise loans.

Shares of clients who did not owe any funds to KSBL had been transferred to the Pool Account of KSBL and were pledged with the banks by making misleading declaration of ownership.

“Share transfers were done from the client’s accounts for which the KSBL’s Sales Team claimed that they had taken clients’ approval for stock lending through phone or orally, but there were no supporting documentary evidence,” said an ED official.

Large amounts of proceeds of crime were ‘invested’ by the accused in the form of investments, short term advances, loans to group companies. This resulted in enhancement of the value of the subsidiary companies of KSBL.

“Now the accused were trying to sell these subsidiary businesses at a profit to yield indirect windfall gains to the main accused,” the ED said.

National News

Mumbai Local Train Update: Megablock On Central, Harbour, Trans-Harbour & Western Railway Lines On Nov 16; Check Details

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Mumbai: Mumbai suburban railway commuters will face major travel disruptions on Sunday, 16 November 2025, as Central, Harbour, Trans-Harbour and Western Railway authorities have planned extensive maintenance work, resulting in a major megablock across multiple corridors.

The block has been scheduled for several hours during the day and will affect both Up and Down services with diversions, cancellations, and restricted operational stretches. Passengers have been urged to plan their journeys in advance and expect changes in train timings, halts and routes.

On the Central Line, the megablock will be enforced between CSMT Mumbai and Vidyavihar on the Up and Down slow tracks between 10.55 am and 3.55 pm. Down slow locals departing CSMT between 10:48 hrs and 15:45 hrs will be diverted via the fast line up to Vidyavihar while halting at limited stations, Byculla, Parel, Dadar, Matunga, Sion and Kurla, before switching back to the slow track. Similarly, Up slow services leaving Ghatkopar between 10:19 hrs and 15:52 hrs will run on the fast line until CSMT and halt at Kurla, Sion, Matunga, Dadar, Parel and Byculla.

On the Harbour Line, services between Vashi and Panvel will remain affected from 11.05 am to 4.05 pm. During this period, Up trains from Panvel to CSMT between 10:33 hrs and 15:49 hrs, and Down trains from CSMT to Belapur/Panvel between 09:45 hrs and 15:12 hrs, will remain cancelled. To ease passenger movement, special trains will operate between CSMT and Vashi during the block.

The Trans-Harbour Line will also face restrictions between 11.05 am and 4.05 pm, and services will run only between Thane and Vashi/Nerul. Up trains from Panvel to Thane between 11:02 hrs and 15:53 hrs, and Down trains from Thane to Panvel between 10:01 hrs and 15:20 hrs, will remain suspended. The Uran Line will function normally and will not be affected by the block.

Meanwhile, the Western Railway will operate a five-hour Jumbo Block between 10.00 am and 3.00 pm on the fast track between Ram Mandir, Borivali and Goregaon. Up fast services will shift to slow lines between Borivali and Andheri, while Down fast trains will run via slow tracks between Andheri and Goregaon.

Passengers have been advised to follow announcements, use real-time railway apps and consider alternate travel arrangements to avoid inconvenience.

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ED arrests real estate firm MD in PMLA case, accused sent to 14-day custody

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New Delhi, Nov 15: The Enforcement Directorate (ED) has arrested Ocean Seven Buildtech Pvt. Ltd. (OSBPL) Managing Director Swaraj Singh Yadav after conducting searches at nine locations across Delhi-NCR and other regions in a money-laundering probe under the Prevention of Money Laundering Act (PMLA), 2002, an agency statement said on Saturday.

The action stems from allegations that Yadav diverted and laundered funds collected from homebuyers across multiple projects, including those under the Pradhan Mantri Awas Yojana (PMAY).

The searches on Thursday led to the recovery of Rs 86 lakh in cash, suspected to be proceeds of crime, along with incriminating documents and digital evidence.

According to the ED, Yadav orchestrated a large-scale diversion of homebuyer funds through fraudulent cancellation and resale of units at inflated prices, cash-based premiums collected outside banking channels, and misuse of escrow accounts.

He allegedly routed substantial sums into shell entities and concealed cash proceeds with relatives, the ED statement said.

Investigators also found a pattern of rapid liquidation of assets held personally and through company entities in Gurugram, Maharashtra, and Rajasthan, which the agency believes was intended to secure illicit gains and evade legal scrutiny.

His wife and children have already relocated to the United States, the probe revealed.

The agency said Yadav operated a dual-payment mechanism in the resale of PMAY flats and even in the sale of parking spaces — routing only nominal amounts through banks while collecting the bulk in cash. These activities form part of a wider probe linked to multiple FIRs alleging cheating, forgery, and other predicate offences.

Following his arrest, Yadav was produced before the Court of ASJ-06 at Patiala House Courts on Friday, in compliance with Supreme Court directions.

After detailed submissions from both sides and a pass-over granted to allow him legal assistance, the court sent him to ED custody for 14 days, until November 28.

The agency has been directed to produce him before the court at 2 p.m. on the date of expiry of remand.

The ED said it is pursuing further investigation to trace, freeze, and attach assets acquired from the laundered funds, to ensure recovery and restitution to affected homebuyers.

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IndiGo to start flights from Navi Mumbai International Airport from Dec 25

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Mumbai, Nov 15: Low-cost airline IndiGo on Saturday announced flight operations from the newly-opened Navi Mumbai International Airport (NMIA) starting December 25, connecting the airport to 10 cities across the country.

IndiGo will connect the future-ready airport to 10 cities, including Delhi, Bengaluru, Hyderabad, Ahmedabad, Lucknow, North Goa (Mopa), Jaipur, Nagpur, Cochin, and Mangalore, the airline said in a statement.

The airline said it plans to expand operations at NMIA progressively by adding direct routes to more destinations in due course.

NMIA, the second airport in the Mumbai metropolitan area, is designed to complement Chhatrapati Shivaji Maharaj International Airport and meet growing demand for air travel from India’s financial capital.

NMIA is expected to enhance regional connectivity and support economic development in western India due to its strategic location.

By enhancing regional connectivity and supporting economic development in western India, the launch of IndiGo’s operations will connect the airport to its vast domestic network of 95 airports across the country, it added.

The Navi Mumbai International Airport was inaugurated by Prime Minister Narendra Modi last month, as a major achievement in India’s economic development and “a symbol of Bharat’s aspirations”.

PM Modi said that Mumbai welcomed its second international airport, marking a significant milestone in its journey to becoming Asia’s premier connectivity hub. “Through this new airport, the farmers of Maharashtra will be able to connect with supermarkets in Europe and the Middle East as well,” he observed.

NMIA will ease congestion at Chhatrapati Shivaji Maharaj International Airport and significantly increase India’s aviation capacity.

The Navi Mumbai International Airport Private is designed to accommodate both domestic and international passengers, featuring state-of-the-art facilities. It includes a 3,700-metre runway capable of handling large commercial aircraft, modern passenger terminals, and advanced air traffic control systems.

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