Corruption In Business

'75% of business bribes paid to govt officials in legal, metrology, health'

Government departments such as Legal, Metrology, Food, Drug, and Health are among the most cited for bribery demands, with 75% of businesses reporting payments made to officials in these sectors.

Cyril Cabanes faces US SEC charges: Foreign Corrupt Practices Act explained

Cyril Cabanese is charged alongside Gautam Adani and Sagar Adani, in connection to a bribery scheme that misled US investors in a September 2021 bond offering that raised $175 million

CBI arrests FCI's General Manager Prem Singh Bhanot in bribery case

The CBI has arrested a general manager of the Food Corporation of India (FCI) posted in Bhubaneswar, Odisha, for allegedly receiving a bribe of Rs one lakh for securing a tender relating to transportation of rice, officials said. In addition to arrested General Manager Prem Singh Bhanot, the CBI has also arrested Manager (Accounts) of FCI Sanjoy Dey, Proprietor of M/s SP Traders and Suppliers Pvt Ltd Malina Dey and middleman Syed Hasnain Ahmed, they said. The CBI has alleged that Bhanot "aided and favoured" SP Traders and Suppliers Pvt Ltd in connection with the tender pertaining to 'Transportation of Rice Grain'. "An accused middleman contacted and informed the GM, FCI, that said Proprietor would like to offer him a bribe for having facilitated her in the allotment of work order in tender. The accused GM asked him to inform the Proprietor to give Rs 5 lakh as bribe in lieu of this favour rendered to her," said a CBI spokesperson. The agency carried out a trap operation in which ..

Trial underway for Panama Papers, case that changed financial rules

Eight years after 11 million leaked secret financial documents revealed how some of the world's richest people hide their wealth, more than two dozen defendants are on trial in Panama for their alleged roles. The repercussions of the leaks were far-ranging, prompting the resignation of the prime minister of Iceland and bringing scrutiny to the then-leaders of Argentina and Ukraine, Chinese politicians and Russian President Vladimir Putin, among others. But those on trial now for alleged money laundering are principally the leaders and associates of the now defunct Panamanian boutique law firm that helped set up the shell companies used to obscure those really behind them. The leaders of that firm, Jrgen Mossack and Ramn Fonseca, are among those on trial. WHAT IS THE PANAMA PAPERS CASE ABOUT? Panamanian prosecutors allege that Mossack, Fonseca and their associates created a web of offshore companies that used complex transactions to hide money linked to illicit activities in the ca

ED attaches Rs 859 cr proceeds of crime in illegal loan app cases: Centre

The Directorate of Enforcement has attached proceeds of crime worth Rs 859.15 crore generated by accused persons/entities through illegal loan apps, Minister of State for Finance Bhagwat Karad said on Tuesday. Further, assets amounting to Rs 289.28 crore have been seized under the Foreign Exchange Management Act, 1999. In a written reply to a query in Rajya Sabha, Karad said Reserve Bank of India (RBI) has furnished the list of Digital Lending Apps (DLAs) being used by regulated entities of RBI to the Ministry of Electronics & Information Technology (MeitY). MeitY has shared the list with respective intermediary (App Stores) and requested them to ensure that only the apps figuring in the list are hosted on their app stores. The RBI's digital lending guidelines issued in September advises measures, including due diligence of Loan Service Providers (LSPs), direct disbursal of loan from bank account of lender to bank account of the borrower without any pass-through/pool or ...

Corruption is the biggest hindrance for business operation in India: Report

Navigating through the maze of rules and regulations seems to be a marathon, followed by sectorial and regional law compliance once the business has been set-up