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  India ranks 19th out of the 180 countries covered under the leaked data in terms of the number of names involved LATEST NEWS :  A fresh, vast leak of financial records, dubbed the Paradise Papers , has shined the light on how global corporate giants and hedge funds allegedly skirted taxes and the apparently hidden wealth of prominent Indians. This cache of 13.4 million documents follows over a year after the release of the Panama papers and includes names of Indians such as Amitabh Bachchan, MoS Civil Aviation Jayant Sinha, and Vijay Mallya, among others, reported Indian Express. The paper has not suggested any illegality associated with the leaked names. India ranks 19th out of the 180 countries covered under the leaked data in terms of the number of names involved, reported the Indian Express on Monday. Further, according to the report, 714 Indians find mention in the papers. The leaked data, obtained by German newspaper Süddeutsche Zeitung, as was the case...

CBI, ED preparing chargesheet to strengthen extradition case; Mallya alleged to have systematically duped banks by repaying some loan and borrowing more after gaining their confidence Strengthening the case for fugitive businessman Vijay Mallya's extradition from the United Kingdom, the Central Bureau of Investigation (CBI) and the Enforcement Directorate (ED) are reported to be preparing a charge sheet alleging the former liquor baron laundered a major chunk of the Rs 6,027-cr loan taken for the defunct Kingfisher Airlines. Mallya, the 61-year-old chief of the erstwhile Kingfisher Airlines who owes over Rs 9,000 crore to IDBI Bank and various other Indian banks, had fled India to escape legal proceedings in connection with default on the loan repayment. The money, borrowed from a consortium of banks led by State Bank of India, was allegedly diverted through shell firms in seven countries, including the United States (US), the UK, France and Ireland, The Times of I...

Mallya is wanted in India for Kingfisher Airlines' default on loans worth nearly Rs 9,000 cr LATEST NEWS :Vijay Mallya, the embattled tycoon who is wanted in India on loan defaults to several banks, on Tuesday claimed that he has "enough evidence" to plead his case as a UK court granted him bail until December 4. The 61-year-old former chief of erstwhile Kingfisher airlines appeared before Westminster Magistrates' Court here for his extradition case hearing. Chief Magistrate Emma Louise Arbuthnot granted bail to Vijay Mallya until December 4. The next hearing has been set for July 6. "I have not eluded any court...I have enough evidence to prove my case," Mallya told reporters outside the court. "I don't make statements to the media because anything I say is twisted. There is enough evidence, that will speak," he said. "I go to cheer India in a cricket match and it becomes a media frenzy. It's better I don...

The apex court, which held Mallya guilty of contempt of court, The transfer of $40 million Vijay Mallya had received from British firm Diageo to his three children reflected the beleaguered businessman's intent to put the funds beyond the reach of the courts, the Supreme Court has said. The apex court, which held Mallya guilty of contempt of court, said the $40 million fund, which was in his control, was completely covered and governed by the judicial orders directing him not to transfer, alienate or dispose of any movable and immovable properties till further orders. READ THIS: Indian Railways to add extra AC-3 coaches to clear summer rush "The explanation that the funds now stand transferred in favour of the trusts over which Mallya has no control at all, in fact, aggravates the extent of violation. It is clear that the funds which were in control of Mallya have now been sought to be put beyond the reach of the processes of court, which is reflective...

Indian tycoon Vijay Mallya , who has been declared a proclaimed offender, is likely to challenge his extradition to India from the UK on the grounds that the charges against him are politically motivated, a legal expert said on Wednesday. The 61-year-old liquor baron, who has been living in self-imposed exile in Britain since last year, was arrested by Scotland Yard on Tuesday on fraud allegations, triggering an official extradition process in the British courts. READ THIS : 78% say action against Mallya and Sahara will help Modi govt politically Mallya was released on conditional bail a few hours later after providing a bail bond worth 650,000 pounds and assuring the court of abiding by all conditions associated with extradition proceedings, such as the surrender of his passport and a ban on him possessing any travel documents. The UK's Crown Prosecution Service (CPS) will now argue the case on behalf of the Indian authorities. "The Crown Prosecution Se...

It is perhaps easy to miss the coincidence of two developments taking place in quick succession this week, but their significance in national politics should not be underestimated. Nor should there be any celebrations over an early resolution to the problems that those developments are seeking to address. On Monday, the Supreme Court ordered the auction of the  Aamby Valley  property of the Sahara supremo, Subrata Roy, to help recover from him dues that market regulator, the Securities and Exchange Board of India, estimates to be over Rs 47,000 crore, including interest. Of this amount, the group has so far paid back Rs 11,477 crore. A day later, the United Kingdom (UK) authorities started extradition proceedings against Vijay Mallya, who allegedly owes over Rs 9,000 crore to banks in India and has been staying away from India for the last 13 months. After the UK Secretary of State certified that extradition proceedings can begin, the London police arrested Mallya and ...