The Central Bureau of Investigation (CBI) and Enforcement Directorate (ED) has said that low-income citizens like hawkers, auto-rickshaw drivers were used by perpetrators to send their ill-gotten money to foreign countries in the Bank of Baroda black money laundering case, a TOI report said.

The report said that about 59 persons living in slums, rickshaw pullers, vendors, drivers, household workers, were approached by black money hoarders and made directors of nearly 59 companies in the Bank of Baroda money laundering scandal which has amounted to Rs 6,172 crore.

In the high-profile Sahara case, regulator Sebi is looking for a server hosting vendor for the mammoth task of providing electronic data storage and web access services for a database of 20 crore scanned pages.

In this long-running case, Sahara group was asked by the Supreme Court in August 2012 to submit all documents and deposit investors’ money with Sebi for refund purpose.

Mumbai: The benchmark Sensex on Monday recorded its first drop in three sessions after fluctuations for better part of the session, falling over 49 points as caution prevailed ahead of derivatives expiry during a holiday-shortened week. Furthermore, a weak closing in Asia, subdued commodity prices on the back of a rising dollar and concerns over Chinese demand and a lower opening in European markets kept investors on edge.

Chennai: Prime Minister Narendra Modi on Monday ordered the immediate release of Rs.940 crore towards relief and restoration work in Tamil Nadu, which faced extensive damage to life and property in the northeast monsoon.

Modi, who is in Malaysia to attend the East Asia Summit, was acting on a request for Rs.2,000 crore aid sought by Tamil Nadu chief minister J. Jayalalithaa on Monday. The state government has pegged the losses at Rs.8,481 crore.

In a positive development for ONGC Videsh Ltd, the Mozambique government has agreed to offer cost-recovery rights to production and development of its gas field and the LNG terminal in the African nation. Gas from the field is meant for exports and is expected to boost OVL’s revenue and bottom-line in the coming years.

Narendra K Verma, managing director of OVL told FE, “The Mozambique Parliament has recently approved a new law, which allows cost-recovery for both the oil field and the (LNG) terminal.”

Air India has mopped up Rs 7,000 crore by selling nine of its 21 Dreamliner planes to a Singaporean lessor, which it has taken back on lease from the company under an SLB arrangement.

A major chunk of these funds will go into repayment of the bridge loan availed earlier for purchasing these Boeing 787-800s, airline sources said.

The Telecom Ministry has issued notices to state-owned BSNL, MTNL and India Post after Union Minister Ravi Shankar Prasad personally took note of citizen complaints over service quality on social media since July.

Prasad, who has over 4.65 lakh followers on Facebook, received the complaints relating to the three departments under his ministry.

PNB Housing Finance Ltd, promoted by Punjab National Bank, will raise $75 million from International Finance Corporation (IFC). The investment will be done by subscription to a secured fixed/floating rate non-covertible debenture (NCD) issued by the company.

The funds will be used to finance construction of green residential apartments/buildings that are certified by recognised green building certification standards, including EDGE (certification programme developed by IFC), IFC said.

Extending its overseas footprint, Axis Bank today opened a representative office in Dhaka, capital city of Bangladesh.

Indo-Bangladesh trade is growing and opening office in Dhaka would help in leveraging the opportunity, Axis Bank group executive, (corporate relationship group & international business) P Mukherjee said.

After a protracted legal battle, State Bank of India (SBI) has declared industrialist Vijay Mallya a 'wilful defaulter' for defaults on nearly Rs 7,000 crore loans to the long-grounded Kingfisher Airlines.

"SBI has declared Mallya, Kingfisher Airlines and its holding company United Breweries Holdings as wilful defaulters," sources told PTI.

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