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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

Crime shock: Key witness gunned down, elderly couple found murdered in Bihar

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Patna, July 21: Two shocking incidents of violent crime were reported in Bihar on Monday, with a key witness in a murder case shot dead in Jehanabad and a retired bank employee along with his wife found murdered in their Muzaffarpur residence. Police have launched separate investigations into both cases.

Police have launched separate investigations into both cases.

A man was shot dead by armed assailants near Dakra Mor under the Makhdumpur police station area of Jehanabad district. The deceased has been identified as Vijay Yadav, a resident of Parsauna village.

According to police, Vijay Yadav was returning home with his son after getting wheat milled when more than a dozen motorcycle-borne criminals intercepted them. The attackers allegedly first tried to seize his son, who managed to escape, before opening fire on Vijay Yadav.

He died on the spot after sustaining multiple gunshot wounds, while the assailants fled. The victim’s son, Amarnath Yadav, alleged that his father was murdered to prevent him from testifying in court.

According to the family, Vijay Yadav was the principal witness in the murder case of his elder son and was scheduled to depose before the court on August 6. They claim the accused eliminated him to influence the ongoing trial.

Police reached the scene soon after the incident, recovered the body, and sent it to Sadar Hospital, Jehanabad, for post-mortem examination. They said all possible angles, including the alleged witness-related motive, are being examined, while raids are underway to arrest those involved.

In a separate incident, a retired Punjab National Bank (PNB) cashier, Ashok Kunwar, and his wife Neelam Devi were found murdered inside their residence in Muzaffarpur late Monday evening.

The case came to light after the couple’s son, Dr. Nikhil Kumar, noticed suspicious activity through CCTV cameras connected to his mobile phone. The footage reportedly showed two unidentified men entering the premises and captured his mother running towards the rooftop.

When repeated calls to his parents went unanswered, he alerted a neighbour, who discovered the bodies and informed the police.

Police said Ashok Kunwar’s body was found in a bedroom on the second floor with multiple stab injuries, particularly on his back. Neelam Devi’s body was recovered from a room on the third floor. Police found her hands and feet tied with rope and adhesive tape covering her mouth.

Preliminary findings indicate that she may have died due to strangulation. A forensic team and dog squad examined the crime scene. Investigators recovered several items, including gloves, adhesive tape, and a bag, which have been seized for forensic examination.

Muzaffarpur Senior Superintendent of Police Kantesh Kumar Mishra said preliminary evidence suggests the murders occurred on Monday evening. CCTV footage has revealed two suspects, whose identities are being established.

Police also plan to question the three tenants residing in the building as part of the investigation. Officials said the exact cause of death and sequence of events will be confirmed after the post-mortem reports and forensic analysis.

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Crime

Three arrested in Bengal woman gang-rape case in Mysuru; probe underway

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Mysuru, July 21: Three persons have been arrested in connection with the alleged gang-rape of a young woman from West Bengal in Karnataka’s Mysuru district, police said on Tuesday.

However, authorities added that they are still verifying the facts of the case and the allegations made by the victim as part of the ongoing investigation.

The incident was reported under the jurisdiction of the T. Narasipura Town Police Station in Mysuru district. According to the complaint, the victim alleged that she was forcibly taken to a lodge by the accused, where they sexually assaulted her.

The accused have been identified as Kiran, Kishore and Riyan.

In her complaint, the woman stated that she was forcibly taken in a car by the accused while she was standing at the T. Narasipura private bus stand two days ago. She further alleged that the accused took her to a lodge in Santemarahalli town, where they gang-raped her.

Acting swiftly on the complaint, the police arrested all three accused within 24 hours. They were subsequently produced before a court and remanded to judicial custody.

Police officials said that, considering the sensitivity of the matter and concerns relating to women’s safety, immediate action was taken to apprehend the accused. At the same time, investigators are examining all aspects of the case, including whether the victim had accompanied the accused voluntarily.

According to the police, the accused have claimed that the woman had accompanied them of her own accord. They further alleged that an argument broke out at the lodge over the recording of a video. Following the altercation, they claimed to have dropped the woman back at her location, after which she lodged a complaint alleging gang-rape.

Police said they are also verifying the victim’s background and examining the statements of the accused to establish the facts of the case. Further investigation is underway.

However, the authorities are concerned about the development as Mysuru city is one of the major tourist destinations in the state, which attracts people from across the globe. The authorities have already started preparations for grand Dasara celebrations.

It can be recalled that a 10-year-old child was sexually assaulted and brutally murdered near Mysuru Palace on October 10, 2025. The victim’s family, along with about 50 others from the Hakki Pikki nomadic tribe community, had travelled from Kalaburagi to Mysuru for the Dasara festival to sell balloons and toys. They were camping near the Palace grounds and selling goods at different locations in the city. Mysuru Police launched a manhunt for the suspect and arrested Karthik from Kollegal. He allegedly attempted to flee during the arrest, forcing police to shoot him in the leg before taking him into custody.

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Crime

Govt took swift action over paper leak, says PM Modi; calls on lawyers to ensure severe penalties

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New Delhi, July 21: Prime Minister Narendra Modi stated on Tuesday that the issue of paper leaks is “not limited” to a single state or the Central government; rather, it is a “matter of concern for the entire nation”, while adding that the government has acted promptly, resulting in the arrest of 13 individuals related to the case so far.

Union Parliamentary Affairs Minister Kiren Rijiju stated that during the NDA’s ‘Mangal Milan’ programme, Prime Minister Modi urged lawyers to unite and ensure that those guilty face the strictest punishment.

He said that PM Modi highlighted the achievements of the youth of India and stressed that “our time, energy and focus should be on the youth and their future”.

Speaking to the reporters on the discussions held at the NDA meeting, Rijiju said, “Regarding the NEET paper leak case, the Prime Minister said that as soon as reports of the paper leaks emerged, the government took immediate action. Thirteen people were arrested and sent to jail. At the same time, to ensure that the future of students was not affected, conducting the NEET re-examination was given top priority, and it was successfully held without any delay in the declaration of results.”

“Those involved in the paper leak racket, who have been identified and arrested, have been sent to jail. Prime Minister ji also appealed that top lawyers should support efforts to ensure the strictest possible punishment for those involved in heinous crimes like paper leaks, so that strong deterrent measures can prevent such incidents in the future,” he added.

“The Prime Minister remarked that the issue of paper leaks is not confined to any single state or the Central government but is a matter of concern for the entire nation. All states and political parties must unite to take action against this crime. This is not a matter of partisan politics, but an issue concerning the future of the country and its youth,” he added.

Rijiju stated that Prime Minister Modi has stressed that the “youth of the country will not only be given full assurance for the prevention of future paper leaks, but also to show them ways so that the youth of India can take a leadership role in the world”.

He said that the Prime Minister also praised Skyoot Aerospace for the successful launch of Vikram-1. “The youth of India are making tremendous success in different fields. So we will devote our time and energy and focus on the youth and their future,” Rijiju added.

The Union Minister said the meeting was “good” and the Prime Minister also spoke about the achievements India has accomplished over the past few months, including the Free Trade Agreements signed with several countries, which he said are in “favour of the farmers and the country”.

Rijiju further stated that during the ongoing Monsoon Session, the “NDA will play a positive role”. He said that the NDA “will remain united to ensure passage of the bills and legislative business brought by the government before Parliament”.

Appealing to the Opposition, the Parliamentary Affairs Minister said, “We may have differences as political parties, but Parliament is meant to work for the country, for its future, and for the youth. We have all been elected as Members of Parliament for this purpose, and everyone should work together to ensure the smooth functioning of Parliament.”

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