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Gautam Adani replaces Mukesh Ambani as richest man of India, Asia

L to R: Gautam Adani, Mukesh Ambani

L to R: Gautam Adani, Mukesh Ambani

Gautam Adani, Chairman of Adani Group of companies, on Wednesday, surpassed Reliance Industries Limited (RIL) Chairman Mukesh Ambani to become India’s as well as Asias richest person for the first time ever.
As per data from the Bloomberg Billionaires Index, earlier, Ambani had a total net worth of $91 billion while Adani’s total net worth stood at $88.8 billion.
Adani’s total wealth stood at around $4.91 billion as on March 18, 2020 but as of now, his net wealth is valued at $90 billion approximately, which is a rise of more than 1800%. 
As per the same index, the year-to-date change in net worth for Ambani stood at $14.3 billion while Adani’s net worth stood at $55 billion.

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Business

Former YES bank CEO Rana Kapoor’s money laundering case | Explained

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Juhi Kochar | Nagpur

Rana Kapoor

Delhi High Court granted bail to Yes Bank co-founder Rana Kapoor on November 25, in a ₹466.51-crore money laundering case registered by the Enforcement Directorate (ED).

Kapoor was arrested in 2020 by the federal investigating agency under the Prevention of Money Laundering Act (PMLA). He was held in Navi Mumbai’s Taloja jail.

On March 31, 2014, YES Bank had a loan book worth ₹55,633 crore and a deposit book at ₹74,192 crore. As of September 30, 2019, the loan book had increased to over four times its original size which would be from ₹ 55,633 crore to ₹2.25 trillion. The bank’s asset quality also deteriorated, following which RBI’s regulator began to investigate it.

According to the investigation agency, Kapoor, his family, and other individuals received perks worth hundreds of crores through businesses run by his family as a kind of payment for approving large loans. According to ED, Kapoor and family ran a byzantine collection of 101 companies from Samudra Mahal through three holding firms including Morgan Credits (MCPL), Yes Capital India (YCPL) and RAB Enterprises.

Rana Kapoor is also accused of accepting bribes for going easy on loans given to a few big corporate groups, which turned into non-performing assets.

In an Enforcement Case Information Report (ECIR), allegations of criminal breach of trust, cheating, criminal conspiracy, and forgery were made against Avantha Group promoter Gautam Thapar, Oyster Buildwell Pvt. Ltd., and others for diverting and misappropriating public funds from 2017 to 2019, resulting in losses ₹466.51 crore to YES bank.

A trial court’s special judge bench had denied Kapoor’s request for bail and ruled that the banker was the target of severe and serious accusations. However, the court had granted bail to 15 of the co-accused. The Enforcement Directorate rejected the bail request in front of the trial court on the grounds that Kapoor had a key role in the creation of criminal proceeds.

However, the attorney for Kapoor stated that since the agency did not detain him while conducting the investigation and the charge sheet had already been submitted, detaining him would be useless.

When denying Kapoor’s request for bail, the special judge noted that the 15 defendants were merely hands and that, according to the allegations in the complaint, they appeared to have been acting or failing to act in accordance with orders from either Gautam Thapar or Rana Kapoor as their agents or employees.

Rana Kapoor, was granted regular bail by the Delhi High Court by Justice Sudhir Kumar Jain Bench on Friday November 25 in the ₹466.51 crore money laundering case brought by the ED.

Also Read: Nagpur: Speeding car runs over crowd killing cop, injuring 7 others

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Nagpur News

Nagpur: Speeding car runs over crowd killing cop, injuring 7 others

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Juhi Kochar | Nagpur

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Kamptee resident Parseoni Police Station officer Jayant Vishnu Sherekar (42) was killed and seven others were hurt when a speeding car lost control and crashed into a crowd of people standing near an accident scene in Nagpur on Wednesday November 23 night near Naya Kund.

Police claim that a carelessly driven truck struck a car travelling in the opposite way. Vikram Singh Bais, the car’s driver, was stuck inside the crumpled car with blood gushing out from his body. To look after this incident, Sherekar and other Parseoni police officers sped over to the scene. A sizable crowd had formed at the scene of the collision, halting traffic.

According to the police, a second automobile entered the scene at a high rate of speed, slammed into bystanders who were standing on the road, and then sped off.

Seven other people, including officer Sherekar, suffered severe injuries. They claim that the policeman was confirmed dead by doctors after being taken to the hospital in a hurry.

The automobile that struck the officer and other bystanders was eventually impounded by the police, but the driver got away.

Also Read: Kejriwal accuses PM Modi of waving off huge loan defaulters ‘behind closed doors’

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Politics

Kejriwal accuses PM Modi of waving off huge loan defaulters ‘behind closed doors’

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Avani Arya | Nagpur
In a recent interview, Delhi CM Arvind Kejriwal spoke on BJP's corruption allegations on AAP.

Delhi CM Arvind Kejriwal, PM Modi

In a recent interview, Delhi CM Arvind Kejriwal spoke on BJP’s corruption allegations on AAP. He said, ‘BJP accuses us of corruption, they have not found one paisa. They have filed 167 cases against AAP leaders over the last 7 years, out of which not one has been proved in court.’

There were protests by Municipal Corporation of Delhi (MCD) employees due to delayed salaries. Following which, BJP accused AAP for not releasing funds. To which Kejriwal replied, ‘In the last 5 years, we have given ₹one lac cr to Municipal Corporation of Delhi (MCD).. ask them (BJP) where it is now? kha gaye saara’ He added, ‘Give me CBI and ED for 24 hours, and more than half of the BJP party will be in jail’

Kejriwal further stated, ‘Modi ji gives free ki revdi, I do that too. While he does it for the rich, I do it for the public. He is waiving off huge loan defaulters behind closed doors. I do it openly for the benefit of the people. Providing schools and hospitals to the public is not free ki revdi, these acts are called as punya in Hinduism.’

Also Read: Job creation gets boost as 71,000 appointment letters issued by PM under Rozgar Mela

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