Wednesday, September 09
A Gurugram-based realty group collected more than Rs 500 crore from home buyers in the name of giving them housing plots but cheated them and "diverted" about Rs 205 crore out of these funds for a hotel project in Sri Lanka, the ED has alleged in its chargesheet.The federal probe agency is investigating a number of homebuyers "fraud" cases across the country under the anti-money laundering law. A good number of them have been registered in the national capital region (NCR) owing to the booming sector here.This particular investigation pertains to a realty company named Krrish Realtech, its promoter Amit Katyal and some others. Katyal was arrested by the ED in 2023 in a separate money laundering case related to the railways alleged land-for-jobs scam involving RJD chief Lalu Prasad, his wif
Nifty may remain volatile as it hovers around key levels. Strong support lies near 24,700, while a breakout above 25,150 could pave the way for a move towards 25,300–25,500. A sustained decline below 24,800 may drag the index down to 24,600. Analysts favour a buy-on-dips strategy, with a focus on banking, auto, IT, pharma, and consumer stocks.NAGARAJ SHETTI SENIOR TECHNICAL RESEARCH ANALYST, HDFC SECURITIESWhere is Nifty heading this week? After showing a sharp bounce back from the support of 25,350 recently, Nifty witnessed selling pressure from the highs on Friday and closed lower. A reasonably negative candle was formed on the daily chart on Friday near the hurdle of the downtrend line, indicating profit booking. The overall near-term uptrend status remains intact for Nifty, and the p
Mumbai: Bank of India (BoI) has declared the loan accounts of Reliance Communications (RCom), its Reliance Telecom subsidiary, former promoter Anil Ambani and some directors fraudulent.Documents uploaded by RCom in stock exchange disclosures show that the total outstanding loans of ₹725 crore had been declared fraudulent. According to the state-run bank, the company invested the money in mutual funds and fixed deposits instead of using it to buy spectrum, for which it was sanctioned.The country's largest lender, State Bank of India, had last month declared RCom's account fraudulent.The BoI letter addressed to RCom, Anil Ambani and director Manjari Kacker said the accounts turned non-performing on June 30, 2017. Since then, the bank has been following up with the borrowers and guarantors
