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Bank of Baroda officials under CBI custody in Forex case

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New Delhi: Two Bank of Baroda officials arrested on Tuesday send to Central Bureau of Investigation (CBI) for investigation of illegal forex transfer case.

Bank of Baroda employs, assistant general manager Suresh Kumar Garg and foreign exchange unit head Jainis Dubey were arrested in connection to the illegal transfer of Rs.6,172 crore abroad through the bank. The CBI informed the court that both officials have been suspended by the bank.

Special CBI court presiding officer P.K. Jain remanded the duo in CBI custody till October 16 after the central agency said their custody was required to unearth the whole conspiracy. The plea was, however, opposed by defence counsel.

The court asked the probe agency about the criminality involved in the case. “You (probe agency) have to find the offence committed by the accused. You have to collect quality evidence in the case,” the court told the CBI after it failed to respond about the offence committed by the accused.

Citing apex court directions, the court said no accused should be arrested in a hurry.

The CBI told the court that the accused allowed money transfer without informing their regional office. A complaint related to the illegal fund transfer was filed by the bank itself, the court was told.

The central investigating agency said both accused allowed transfer of heavy amounts of money through 59 bank accounts to companies in Hong Kong and Dubai for fake import and export businesses.

The probe agency said that the holders of 59 bank accounts were untraceable and the questioning of the duo would help in identifying those involved in the conspiracy.

The CBI said though the accused were called 3-4 times prior to their arrest, they did not cooperate and thus their custodial interrogation was required to unearth the entire conspiracy.

Defence counsel Bijender Singh, appearing for Garg, told the court that his client had written to the regional office in January, 2015 about the irregularities he noticed in several accounts.

Singh claimed there was no loss to the bank due to this huge foreign fund transfer, adding that Garg was arrested in a hurry to protect someone else.

The court then directed the CBI to conduct investigation first instead of arresting people in the case.

Countering the prosecution’s submissions, the defence counsel said both the accused were under detention since October 9, thus giving the CBI sufficient time to interrogate them. No further custodial interrogation of the duo was required, the defence said.

The case pertains to the transfer of Rs.6,172 crore in foreign exchange through a Bank of Baroda branch to Hong Kong. The money was transferred through 59 bank accounts to companies in Hong Kong and Dubai for fake import and export businesses.

“A search revealed that addresses given by at least 50 companies for bank records were fake,” said a CBI official.
“Interrogation of bank officials revealed that some employees acted as middlemen for these companies,” he added.

(IANS)

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Ryan International School Murder Mystery Solved! 16-year-old Student who wanted exams Postponed Accused of Murder

The Haryana Police had earlier claimed that Pradhuman was killed by Ryan International School bus conductor Ashok Kumar inside the toilet as the boy resisted a bid to sodomise him.

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Ryan international school
Murder mystery of the class 2 student at Ryan international school, Gurugram has finally been solved (representative image) IANS

Gurugram, November 8, 2017 : A 16-year-old student of Ryan International School in Gurugram who wanted exams and a scheduled meeting between teachers and parents delayed is the prime accused in the murder of Class 2 student Pradhuman Thakur, the CBI said on Wednesday.

CBI spokesperson Abhishek Dayal said the Class 11 student was detained on Tuesday night after “inspection of the crime spot, scrutiny of CCTV footage, call records, statements and questioning of several people” revealed that he had carried a knife inside the school campus on the day of the crime and used it to kill his junior school mate.

“The weapon used in the commission of crime is a knife which was recovered initially by police in Gurugram (Haryana). It is now with us,” Dayal told reporters here.

He said the detained student was weak in studies and “wanted to have examination and parent-teacher meeting postponed”. Pradhuman, 7, was his random target.

The parents of the detained student were kept informed throughout the investigation, said the spokesperson for the Central Bureau of Investigation.

The CBI took over the case on September 22 from Haryana Police, nearly two weeks after the Class 2 boy was found with his throat slit in a bathroom of Ryan International School.

The accused will now be produced before the Juvenile Justice Board, where the court is expected to decide whether he is to be treated as a major or a minor as per the Juvenile Justice (Care and Protection of Children) Act, 2015.

The Haryana Police had earlier claimed that Pradhuman was killed by Ryan International School bus conductor Ashok Kumar inside the toilet as the boy resisted a bid to sodomise him.

While Ashok Kumar was arrested, Pradhuman’s parents and two other staffers have claimed that he was being made a scapegoat. (ians)

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Dangal continues its Victory march, becomes the Highest Grossing Bollywood Film in Hong Kong

"Dangal" currently has an overseas total of $217.17 million and worldwide collection of $297.68 million (including India)

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Dangal movie
  • Dangal becomes the highest grossing Bollywood film in Hong Kong with a collection of 23.45 million Hong Kong dollars
  • “Dangal” has crossed the lifetime collection of Aamir’s 2009 film “3 Idiots”
  • The film has been backed by Disney India and Aamir Khan Production.

Mumbai, Sep 23, 2017: Bollywood superstar Aamir Khans sports drama film “Dangal” is continuing its victory march at the box office worldwide and has become the highest grossing Bollywood film in Hong Kong with a collection of 23.45 million Hong Kong dollars.

As confirmed by the film’s spokesperson, “Dangal” has crossed the lifetime collection of Aamir’s 2009 film “3 Idiots”, which minted 23.41 million Kong Kong dollars in the country.
“The film released in 46 screens in Hong Kong and Macau which is four times more than the regular screen count for a Hindi mainstream release,” said Amrita Pandey, Vice President – Studios, Disney India.

Also read: Despite Testy Ties, Bollywood Movie ‘Dangal’ that addresses Social Themes and Stars Actor Aamir Khan captivates Audiences in China

“The local audience’s overwhelming response reaffirms that an inspiring story backed by the right team, distribution planning, superior storytelling with such strong performances — can win hearts and transcend boundaries, and ‘Dangal’ exemplifies that,” Pandey added.

The film has been backed by Disney India and Aamir Khan Production.

Based on the life of Mahavir Singh Phogat, an amateur wrestler, who trains his daughters Geeta Phogat and Babita Kumari to be world-class wrestlers, the film also features Sakshi Tanwar, Fatima Sana Shaikh and Zaira Wasim.

“Dangal” currently has an overseas total of $217.17 million and worldwide collection of $297.68 million (including India).

(IANS)

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Journey of Indian Origin Harry S. Banga among Richest people in Hong Kong

Harindarpal Singh Banga is among the list of Top 50 richest people according to Forbes Magazine

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Harry S. Banga is one of the richest people in Hong Kong
Harry S. Banga is one of the richest people in Hong Kong. Pixabay

Hong Kong, Sep 11, 2017: He grew up in Chandigarh and never thought he would be a billionaire and one of the richest people in Hong Kong. But Harry S. Banga has done that successfully in the fields of commodities, ship management and asset management.

With a net worth of $1.02 billion, Harindarpal Singh Banga, as the chairman of the fairly young Caravel Group, not only figures among the list of Top 50 richest people (Forbes Magazine) in Hong Kong but is known as the tycoon who has staged a comeback in the commodities sector in a big way.

“It’s been a great journey. (I am) So proud of achieving what we have done. Obviously, there were a lot of ups and downs. Never realised on leaving Chandigarh that I will be where I am today. By the grace of god, it has been a wonderful and successful journey. One day I will write a book,” Banga told IANS during an interview in the swanky headquarters of the Caravel Group in the Central Plaza skyscraper in Hong Kong’s busy Wan Chai commercial area.

Banga, who started as a shippie, has reasons to feel proud.

He exited the Noble Group, in which he was a co-founder in 1988, just before it started crumbling on the business front. Setting up the Caravel Group in 2013 with an $800 million investment, Banga was soon back in the big league of Hong Kong billionaires early this year.

“We have three verticals within the Caravel Group. The first one is Asset Management. It is purely investing in liquid assets in equity, fixed income and debt investment and some private equity investment. The other part is brick and mortar business in Caravel International which has got two verticals. One is Caravel Resources under which we do the commodities business. Then we have Caravel Maritime and Caravel Fleet Management Limited.

“Today we are the third largest ship management company in the world. We have 450 ships under our management, close to $20 billion dollars of assets. Total officers and crew are about 18,000 — the majority of them from India,” he explained.

With operations spread in 19 countries across most continents, Banga says that doing business with China is easier.

“Seventy per cent of our total turnover comes from China. I have been dealing with China since 1983. Dealing with officials and corporates in China, I find them very easy to develop and do business with.

“Our business mainly focuses around China, which is the main consumer of commodities today. Today, we are the largest international trading company supplying iron ore to China. Total volume is 40 million tonnes. The originating countries are India, Australia, South Africa and Brazil. Caravel Carbon does the thermal coal business. Sixty per cent of that goes into China and 40 percent to India to power plants, cement plants etc,” he said.

Though his company has offices in India, the business dealing is limited.

“While in other countries in Europe, Australia, America it is either a green light or red light — it is all very clear. Though in the last three years it is changing, in India it is permanent amber light. So, you don’t know if it is red or green. They do come with a policy in India but it takes a long time to understand that policy,” said Banga, who was honoured with the Pravasi Bharatiya Award in 2011 by the Indian government.

“Ours (India) is not easy. We have religion issues, caste issues, language issues, states have their own issues. All these things are very challenging. New Delhi takes decisions. The implementation is in districts. It is a very different world there (in the districts). In Beijing, one guy decides, everyone implements,” he said.

Banga is worried that too many young people in India are getting education and skills, but not enough jobs are available.

“In India, we have the beauty product and health product e-retail company called Nykaa. That is one of the major investments that we have,” he added.

Born in Amritsar, Banga, 66, did his schooling and bachelor of engineering in Chandigarh before moving out in the 1970s.

“I became the youngest captain at the age of 27-and-a-half. I worked with companies in London, Geneva and Hong Kong, where I arrived in 1984,” he said.

Among other things, Banga has an eye for contemporary paintings and antiques. (IANS)