Business
ED Seizes ₹42 Lakh, Luxury Cars In Mumbai Drug Money Laundering Probe
Mumbai: The Enforcement Directorate (ED) seized Rs 42 lakh in cash, three luxury cars, property papers, and several digital devices during a search operation on Wednesday targeting a drug trafficking and money laundering network. The agency also froze multiple bank accounts and a locker linked to alleged drug trafficker Faisal Javed Shaikh and his wife, Alfiya Faisal Shaikh.
Officials said the searches were conducted at nine locations across Mumbai under the provisions of the Prevention of Money Laundering Act (PMLA), 2002. The operation aimed to trace the drug sale proceeds generated by a well-established narcotics network allegedly operated by the couple.
The ED initiated its money laundering probe based on a case registered by the Narcotics Control Bureau (NCB), Mumbai Zonal Unit, against multiple accused, including Faisal Shaikh, Alfiya Shaikh, and several others, including Ashik Varis Ali, Nasir Khan, Irfan Yusuf Faruqi, Azim Abu Salim Khan alias Azim Bhau, Faizan Mohd. Shafi Shaikh, and Mohd. Shahid Faridudin Chaudhary alias Baboos.
Investigators said Faisal Shaikh was procuring MD (Mephedrone) drugs from Salim Dola, a notorious drug kingpin who has been wanted by law enforcement agencies for his alleged role in large-scale narcotics trafficking. The NCB has announced a reward for information leading to Dola’s arrest.
After securing bail in the NCB case, Shaikh, described by officials as a habitual offender, was placed under preventive detention under the PIT-NDPS Act.
The ED’s probe revealed that Faisal and Alfiya Shaikh allegedly ran a structured network for the sale of MD drugs sourced from Dola. During Wednesday’s searches, the agency also covered premises connected to several individuals associated with shell companies with paper transactions exceeding Rs 100 crore, as well as firms involved in foreign outward remittances and financial dealings with the accused. Officials said these entities are being examined for their possible role in layering drug proceeds and routing the funds abroad through channels such as hawala, shell companies, and trade-based mis-invoicing.
Officials said the ED searches were critical to tracing both the “forward linkage” (movement of drug sale proceeds) and “backward linkage” (sources, beneficiaries, and conduits of funds), including whether the proceeds were channelled abroad via hawala, shell companies, or trade mis-invoicing. The seized and frozen assets including cash, bank accounts, lockers, vehicles, property documents, and digital devices are being examined under the lens of money laundering.
Business
Bomb threat note found on IndiGo Ahmedabad-bound flight; police launch probe

Bengaluru, July 17: A hoax bomb threat found inside the lavatory of an IndiGo flight bound for Ahmedabad triggered a security scare at Bengaluru’s Kempegowda International Airport, leading police to register an FIR and launch an investigation into the incident.
The threat was discovered on Thursday evening aboard IndiGo flight 6E-6423, which was scheduled to depart for Ahmedabad at 8 p.m.
According to police, a handwritten note bearing the message, “Don’t go. Bomb Hai! Please,” was found tucked inside the aircraft’s forward lavatory around 25 minutes before take-off.
The discovery prompted airport authorities and security personnel to immediately activate standard safety protocols.
The aircraft was subjected to a thorough security check, but no suspicious object or explosive material was found during the search.
Following the incident, IndiGo lodged a formal complaint with the airport police, stating that the hoax threat had caused operational disruption and raised serious safety concerns for passengers and crew.
Based on the airline’s complaint, police registered a First Information Report (FIR) and initiated an investigation to identify the person responsible for leaving the note and ascertain the motive behind the false bomb threat.
Meanwhile, last month, another IndiGo flight carrying around 180 passengers from Lucknow to Delhi was grounded after a bomb threat was discovered written on a tissue paper inside one of the aircraft’s lavatories, triggering a comprehensive security response at the airport.
The flight, scheduled to depart from Lucknow at 10:45 a.m. on June 12, was preparing for take-off when crew members were alerted to a possible security threat on board.
The aircraft was immediately halted at the apron and prevented from departing as security agencies initiated standard emergency procedures.
The scare began after a tissue paper bearing the word “bomb” was found inside one of the aircraft’s toilets.
Business
CEAT shares tumble over 9 pc after Q1 profit slumps 96 pc

Shares of tyre maker CEAT fell more than 9 per cent in early trade on Friday after the company reported a sharp decline in net profit in its June quarter earnings, with higher input costs squeezing margins despite healthy revenue growth.
The stock dropped as much as 9.3 per cent to an intraday low of Rs 3,473.05 on the BSE by 10:18 a.m., compared with its previous close of Rs 3,829.30.
The company reported a 96 per cent year-on-year decline in consolidated net profit to Rs 4 crore in the first quarter of FY27, from Rs 112 crore in the corresponding period last year.
However, revenue from operations rose 22.4 per cent year-on-year to Rs 4,318 crore from Rs 3,529 crore, reflecting healthy demand across business segments.
According to the company, profitability came under pressure due to higher raw material costs triggered by the ongoing conflict in West Asia.
Managing Director and CEO Arnab Banerjee said the company increased tyre prices in phases to partially offset the rise in input costs while maintaining demand and market share. He added that raw material prices are expected to remain elevated during the second quarter.
The company’s operating performance remained under pressure, with EBITDA declining 5.7 per cent to Rs 365 crore from Rs 387 crore a year earlier. EBITDA margin contracted to 8.5 per cent from 11 per cent.
Over the past one year, CEAT shares have declined around 8 per cent, underperforming the broader market. The stock has fallen more than 8 per cent in the last six months and nearly 6 per cent so far this year.
The stock has touched a 52-week high of Rs 4,431.60 and a 52-week low of Rs 3,006.50 on the BSE.
Business
Govt proposes new fuel economy norms for cars from April 1, 2027

New Delhi, July 16: The Ministry of Power on Thursday circulated the draft Corporate Average Fuel Economy 2027 Norms (CAFE-III) for stakeholder consultation, which propose a fresh five-year fuel efficiency regime for passenger vehicles, beginning from April 1, 2027.
The draft norms apply to M1 category vehicles, a classification that covers passenger cars carrying up to eight people besides the driver, which includes all hatchbacks, sedans and SUVs sold for personal use. The category excludes commercial goods carriers and buses, according to an official statement.
The existing CAFE-II norms are likely to lapse on March 31, 2027. Compliance under CAFE-III will be assessed in two phases, the first covering three years and the second the remaining two, with fuel efficiency targets progressing to more stringent levels through each passing year.
The framework, overseen by the Bureau of Energy Efficiency under the Ministry of Power, aims to bring down average fleet emissions from current levels to a significantly lower threshold by FY32, according to earlier drafts reported in the media.
Compliance credits have been priced at Rs 2,500 each, rising by Rs 500 every year through the period, with unused credits expiring once the compliance period ends. Automakers that fail to meet targets could face penalties, though the detailed amounts have not been mentioned. Manufacturers selling fewer than 1,000 vehicles annually will remain exempt.
Industry has differed in its response to earlier versions of the draft. The Society of Indian Automobile Manufacturers (SIAM) has backed the proposal as balanced, while some carmakers have pushed for relief on small petrol cars and others have opposed differentiated treatment for that segment.
The ministry has invited suggestions from stakeholders and the public. Feedback can be sent to the Under Secretary, Energy Conservation, at the ministry’s New Delhi office, or can be emailed.
The last date for submissions is August 6, 2026. The draft norms will also be uploaded on the websites of the Ministry of Power and the Bureau of Energy Efficiency shortly, the statement said.
M1 vehicles are subject to stringent fuel efficiency and emission targets under Corporate Average Fuel Economy (CAFE) norms, which are regularly updated to reduce greenhouse gases.
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