By Shreya Maskara
As the Enforcement Directorate finally filed the first charge sheet in the Punjab National Bank and Nirav Modi and associates fraud case, the ED also revealed the way the fraud was carried out. Additionally, the government has repeated its demand of $3.8 billion from ONGC, Shell and Reliance, after asking the same during a regulatory filing in 2017.
Maharashtra government is heading fast towards its goal of cleaner transport, with three proposals over Rs. 10,000 crores from companies to develop electric cars for the state. Here are a few important stories from the business world you may have missed last week.
Nirav Modi charged for PNB fraud
The Enforcement Directorate filed the first charge sheet in the case involving Pubjab National Bank and Nirav Modi and associates on Thursday. The agency stated that Modi and others laundered about Rs. 6,400 crore of bank funding to dummy companies abroad. Additionally, it also stated that Modi along with 23 other people have been charged, under section 45 of the PMLA. People charged include Nirav Modi, his brother Neeshal Modi, sister Purvi Modi, brother-in-law Mayank Mehta and his father, amongst others.
“These firms and Modis Firestar group of companies had fraudulently obtained Rs 6,498 crore through Letters of Undertaking (LoUs) issued by the Punjab National Bank, Brady House branch in Mumbai,” said the agency in a statement. It was revealed during investigation that the payments were made to 17 overseas entities in Hong Kong, Dubai and the U.S. since 2011 in the guise of export and import.” The law enforcement agency has also reached out to 15 countries with letters rogatories seeking evidence.
Rs. 10,000 crore proposal for electric vehicles in Maharashtra
A senior state official told media sources that the government has received proposals from Mahindra & Mahindra Ltd., Tata Motors Ltd. and JSW Energy Ltd worth over Rs. 10,000 crores to make electric vehicles in Maharashtra. The state has an aim of supporting the manufacturing of over five lakh battery-powered vehicles in five years and also plans to refund taxes to companies making such vehicles, apart from offering subsidies to customers to promote cleaner transport.
The government is still in the process of finalising the proposals from the companies, which not only plan to make such vehicles but also develop related infrastructure.
Reliance, ONGC and Shell owe $3.8 billion
The government has said that Reliance Industries Ltd., Shell India and Oil and Natural Gas Ltd. owe $3.8 billion after an English court ruled over the government’s share from the Panna-Mukta and Tapti fields. This liability is to be split between the three companies in the same proportion as their stake in the PMT fields, with ONGC holding 40% and RIL and Shell holding 30% each.
Shreya Maskara is a senior copy editor at Qrius