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ED seizes unlisted shares worth Rs 293.91 cr of ‘MGM’ Maran

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 The Enforcement Directorate (ED) on Tuesday said it has seized assets worth Rs 293.91 crore belonging to Tamilnad Mercantile Bank’s (TMB) former Chairman Nesamanimaran Muthu alias MGM Maran under the Foreign Exchange Management Act (FEMA).

According to the ED, the seized assets are in the form of shareholdings in four Indian companies, namely, the Southern Agrifurane Industries Private Ltd, Anand Transport Private Ltd, MGM Entertainment Private Ltd, and MGM Diamond Beach Resorts Private Ltd.

Incidentally, the three of the companies are unlisted entitites.

The ED said Maran had incorporated two companies in Singapore during 2005-06 and 2006-07 and invested Singapore $5,29,86,250 equivalent to Indian Rs 293.91 crore, but the investment was made without Reserve Bank of India’s (RBI) permission and non-disclosure to Indian regulators.

According to the agency, the provisions of Section 37A(1) empowers it to seize Indian asset of a person who has acquired assets in foreign country or made investment outside India without the approval of the RBI while he was a person resident in India.

Since the amount of foreign investment was SGD 5,29,86,250, the assets of equivalent value thereof of Rs 293.91 crore has been seized, it said.

Last year, the Adjudicating Authority under the FEMA had levied a penalty of Rs 35 crore on Maran for opening a bank account in Singapore and receiving foreign exchange to the tune of US$ 68,50,000 (equivalent to Rs 28.08 crore) in that account from a foreign entity.

The said payment is the consideration for facilitating and assigning the rights towards transfer of shares of the TMB in favour of Katra Holdings Ltd, consequent to a private agreement with that company. The penalty is also for failing to repatriate the said foreign exchange into India, the ED had said then.

The Adjudicating Authority had also fined Standard Chartered Bank Rs 100 crore and the TMB Rs 17 crore.

The ED had taken up the probe under FEMA based on reference received from the RBI to investigate advance remittances received by certain entities for purchase of the shares of the Tuticorin-headquartered TMB through escrow mechanism maintained with Standard Chartered Bank, Mumbai.

Following the probe, the ED had issued show cause notice to the TMB, its directors, Standard Chartered Bank and one of its officials for contravening FEMA.

In his adjudication order, the Special Director, ED, Southern Region imposed a penalty of Rs 11.33 crore on the TMB for recording in its books the transfer of 46,862 shares of the bank in the names of seven foreign entities viz. (i) RST Ltd (wholly owned by Ravi S. Trehan), Katra Holdings Ltd (wholly owned by Ramesh Vangal), GHI I Ltd (wholly owned by Rajat Gupta), Kamehameha (Mauritius) Ltd, FI Investments (Mauritius) Ltd, Cuna Group (Mauritius) Ltd, and Swiss Re Investors (Mauritius) Ltd.

The above seven entitities were not approved by the RBI for acquiring the shares of TMB.

A further penalty of Rs 5.66 crore was imposed on the TMB for its act of recording in its books, the subsequent transfer of 27,289 shares out of the above 46,862 shares in the names of two foreign entities – Sub-Continental Equities Ltd, Mauritius and Robert & Adris James Company Ltd, Mauritius, without the permission of the RBI.

Penalty has also been imposed on the directors of the Board of the TMB, who approved the recording of the transfer of shares of the bank.

The Standard Chartered Bank was held guilty of contravening FEMA for opening the Standard Chartered Bank Project Windmill (Sale Consideration) Escrow Account, without the RBI’s prior permission and for allowing deposits of Rs 113 crore and for having held 1,12,151 shares of the TMB in the said escrow account.

A penalty of Rs 34 crore was levied on the bank for the above contraventions.

Another Rs 66 crore penalty was levied on the Standard Chartered Bank for providing collateral/guarantee/taking into custody of TMB shares and original sale deeds of land in lieu of which Standard Chartered Bank, Mauritius granted a loan of US$ 55.40 million (equivalent to Rs 221 crore) to three foreign entities viz, Katra Holdings Ltd, Mauritius, RST Ltd, Cayman Islands, and GHI I Ltd, Cayman Islands, without any special permission from the RBI.

Crime

Mira-Bhayandar: Police Busts Illicit Liquor Brewing Den In Nallasopara

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Mira Bhayandar: Further tightening their screws against illicit liquor mafia ahead of the assembly elections scheduled to be held on 20, November, the Mira Road-based central crime branch unit attached to the Mira Bhayandar-Vasai (MBVV) police busted yet another massive illicit liquor brewing unit which was operating from a hillock in a dense jungle area in Nallasopara on Thursday.

Acting on a tip-off, a team led by assistant police inspector- Dattatray Sarak marched 2-kilometre-deep inside the jungle area located in the Dhaniv Baug area of Nallasopara (east) at around 8 am.

The team seized multiple barrels of hooch along with ingredients including 2,800 litres of fermented jaggery wash, 140 litres of liquor, chemicals and other manufacturing equipment collectively worth more than Rs. 1.42 lakh.

However, the den operator identified as- Prabhakar Bhoye and his employees managed to evade the police dragnet. The entire material and equipment were destroyed on the spot.

An offence under the relevant sections of the Maharashtra Prohibition Act-1949 for construction/works of any distillery or brewery and manufacturing intoxicants has been registered in this context at the Pelhar police station.

The consumption of illicit liquor which is unscientifically manufactured by using toxic chemicals like methanol and rectified spirit can cause deaths and other serious ailments including loss of eyesight. Further investigations were underway.

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Crime

Wildlife Smuggling Racket Busted: Rare Snakes, Reptiles, Caged Orangutan Rescued From Dombivli House

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Thane: In a significant operation exposing a wildlife smuggling racket, the Forest Officials rescued rare species of animals from a highrise in Dombivli. The officials raided an apartment in Palava City, Dombivli and found exotic animals including lizard, turtles, rare species snakes and other reptiles stored in the flat. Horrifying enough, the team found a monkey caged in the washroom of the apartment.

It was later confirmed that the rescued animals included Ignuana (lizard), an Orangutan and python. The operation was conducted by the Forest Range Officers from Thane and Kalyan along with a team from Manpada Police Station after a tip.

The officials did not find any accused present in the apartment at the time of the raid. A case under the Wildlife Protection Act 1972 has been registered and a search for the accused is underway. Meanwhile, the seized species are handed over to a local NGO on a temporary basis for observation.

The video of the forest officials raid surfaced on the internet shows a boy opening the door of the well-kept apartment. After entering the flat, the officials gradually come across wildlife species stores in small cage, plastic boxes piled up in the passage and shocking enough an Orangutan in washroom at the end of the apartment.

As per the statement issued by the police, the teams raided the 8th floor apartment in B wing of Savarna Building in Palava City, Dombivli. In the action, the exotic animals seized as prima facie identified as python, ignuana (lizard), turtle, snake etc. The seized wildlife species, on temporary basis, are handed over to Birsa Munda- a local NGO. The pachanama, documentation and search for the accused is underway, it added.

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Crime

Mumbai: Unidentified Body Of Man Chopped Into 7 Pieces Stuffed In Plastic Boxes Found Near Gorai Beach; Probe On

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Mumbai: The dismembered body of a man, estimated to be between 25 and 40 years old, was discovered in several plastic boxes on the side road which goes to Gorai Beach in Mumbai on Sunday.

Upon receiving the information, police arrived at the scene and took the body into custody. It was later sent for a post-mortem examination. The body has not yet been identified, and a case has been registered.

According to police, on Sunday, a male body was found near Picxy Hotel, Babar Pada, Gorai, Borivali West. The body was cut into seven parts and packed in four plastic boxes. The deceased, believed to be between 25 and 40 years old, was wearing dark blue jeans and black shoes. His right hand bore tattoos.

A resident named Santosh Shinde, 55, from Mira Road, informed the Gorai police after learning about the incident. The Gorai police recovered the body from Shefali village in the Babarpada area.

A forensic team is currently investigating the case, and inquiries are ongoing in the vicinity of the incident location. Police have stated that the recovered body remains unidentified. The Gorai police have registered a case, and further investigation is underway.

A special team has been formed to investigate, and information is being gathered from CCTV footage and nearby police stations to assist in identifying the body.

A police officer said that the body was sent to Bhagwati Hospital for a post-mortem. “We can’t conclude anything immediately, as we are still investigating the matter,” the officer said.

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