Crime
ED seizes unlisted shares worth Rs 293.91 cr of ‘MGM’ Maran
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
Mumbai Crime Branch Busts Fake Job Racket; Mastermind Arrested, Public Urged To Come Forward

Mumbai: The Crime Branch Unit 6, Chembur, has busted a fake job racket and arrested the alleged mastermind. Police have appealed to citizens to immediately contact them if they have been cheated with fake job appointment letters by the accused in the ongoing case.
According to the police, an FIR has been registered under Sections 318(4), 316(2), 204, and 3(5) of the Bharatiya Nyaya Sanhita (cheating with impersonation as a police officer) at RCF Police Station.
The complainant, a vegetable vendor residing at Mahul MHADA Colony, Chembur, alleged that the accused duped her by promising a government job for her husband in the Income Tax Department.
The accused have been identified as, Vishal Arun Kamble (35) posed as a fake police officer, Sahil Nitin Gaikwad (20) acted as the mediator, Prakash Dinkar Bhalerao (40) the alleged mastermind who created fake documents and appointment letters.
Police sources said Vishal Kamble introduced himself as a police officer and gained the trust of the complainant. He then assured her that her husband would be given a job in the Income Tax Department. Over time, the complainant paid him a total of ₹8 lakh. Neither was her husband employed, nor was the money returned.
During investigation, it was revealed that accused Prakash Bhalerao was the mastermind, preparing fake documents and appointment letters for circulation. Acting on a tip-off, API Dhutraj and his team (ASI Desai, PC Bodhare, HCD Dhale) conducted technical surveillance on Bhalerao’s phone and, with the help of an informant, apprehended him at Suman Nagar, Chunabhatti.
Police confirmed Bhalerao’s involvement in the scam and placed him under arrest. He has been produced before the court for remand. The Crime Branch has appealed to the public to come forward if they have received fake appointment letters from the accused.
Crime
Mumbai Police Recreate Crime Scene In Navy Nagar INSAS Rifle Theft Case

Mumbai: The Crime Intelligence Unit (CIU) of the Mumbai Crime Branch on Friday recreated the crime scene in the sensational INSAS rifle theft case at Navy Nagar, Colaba. The exercise, which lasted for about an hour, began around 6 pm, with both arrested accused — Rakesh Dubulla (20) and his elder brother Umesh Dubulla (25) — present at the spot.
According to investigators, the duo allegedly stole the rifle with the motive of creating terror in the forests of Asifabad, Telangana, using high-tech weaponry. Police suspect the brothers also intended to expand their extortion activities in the region.
Rakesh, an Agniveer jawan posted at INS Kochi, had earlier served at INS Garuda in Mumbai in February 2024, giving him prior knowledge of Navy Nagar’s internal setup. His brother Umesh, police revealed, is allegedly involved in illicit liquor trade and extortion rackets in Telangana. Mumbai Police have sought details of Umesh’s criminal record from the Telangana Police. Investigators believe the brothers were planning to establish dominance in forest areas through rackets involving teakwood, tendu leaves, ayurvedic herbs, and liquor smuggling.
On September 6, Umesh allegedly entered Navy Nagar impersonating a Quick Reaction Team (QRT) member. He approached a 20-year-old jawan on radar protection duty at AP Towers and convinced him to hand over his rifle along with two loaded magazines and one empty magazine. The jawan later realised he had been duped, and the weapon was missing.
Police said Rakesh tossed the rifle over the compound wall to Umesh, after which the two fled to Telangana via train from Lokmanya Tilak Terminus. The stolen rifle and magazines were later recovered from a forest area near their home in Asifabad, where they had been hidden in bushes.
Crime
Mumbai Airport Customs Seizes 24 Kt Gold Worth ₹66 Lakh, Foreign Currency And Diamond Ornaments In 2 Cases, 1 Arrested

Mumbai: Mumbai Airport Customs officials made a seizure of 24 Kt Gold, foreign currency and diamond studded ornaments across two cases, agency sources said on Friday.
According to the Customs sources, 24 Kt Gold pieces having weight of 0.689 Kg valued at Rs 66.43 lakh was recovered from a passenger arriving from Dubai to Mumbai.
“The gold was found concealed inside the body cavity of the passenger. The passenger was arrested under the provisions of Customs Act,” said a Customs source.
The agency is probing who had provided gold to the passenger and who was supposed to receive the said consignment in Mumbai, officials said.
In another case, foreign currency equivalent to Indian Rs 35.92 lakh and 24 Kt Gold Ring (01) & Earrings (02) studded with natural diamonds valued at Rs 1.30 lakh was recovered from a passenger going to Bangkok from Mumbai.
The goods were found concealed inside the trolley bag carried by the passenger.
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