LIC Housing Finance Scam or a Bribery Case?

 

LIC Housing Finance Scam or a Bribery Case?

Government today said the housing finance racket unearthed by the Central Bureau of Investigation (CBI), leading to the arrest of the CEO of LIC Housing Finance and other senior officials of public sector banks, is a bribery case involving some individuals and is not a large-scale scam.

"It's an individual case of bribery. There is no large-scale scam. Banking system is sound," minister of state for finance Namo Narain Meena told reporters in the capital.

He added, "NPAs (non-performing assets) are minimal in housing loans -- less than 1%. There is no impact on asset quality of banks."

However, This is really difficult to believe that its really a bribery case and not the large scale scam. This is because everyone of us know that it is now the routine practice to bribe the bank loan officers to get approved for the loans.

In fact, in all the major cities of India, Builders, Business owners and even Individuals bribe 1-6% loan amount to the loan officer of the bank to get approved for the loan.

Than How can government say that it’s only a bribery case and not the large scale scam?

In my opinion, government should set an investigation committee to analyze the entire financial sector about this scam. This can be a large scale scam in which many banks and financial institutions may be involved.

MEGA: Metrolink Express Gandhinagar and Ahmedabad

MEGA: Metrolink Express Gandhinagar and Ahmedabad

Finally Gujarat will have its own Metro line under the leadership of Mr.Narendra Modi, The Chief Minister of Gujarat. This metro project is of Rs.10,000 crores and this project has get approval from the Indian Railway department and now this project will be on the fast track.

Under this project, 5 lines (Corridors) will be build between Ahmedabad and Gandhinagar which will cover different areas of Ahmedabad city.

The Metro rail will run on 3 types of routes.

Route :1 (Main) – Gandhinagar Akshardham to Vasana APMC, Ahmedabad

Route 2 North-South Corridor – Kalupur to Thaltej

Route: 3 East-West Corridor – Airport to GIFT City, Gandhinagar via Coba circle will be considered as East-West Corridor.

As a part of first project from Koba Circle to Ashram Road, there will be 33.65 km of route will be constructed and this will have 31 stations in between them.

One Underground metro line will also be constructed between Kalupur to Income Tax Circle and for which soil testing will be done for this route.

Because of this Metro route in Ahmedabad, 40,000 passengers will be transported in 1 hour and 17 lakh passengers in 24 hours will be transported.

This is really a great move by Chief Minister Narendra Modi who promised that he will turn Ahmedabad into world’s one of the best city.

In fact, Forbes has mentioned that, Ahmedabad is the fastest growing city of the world. This is really a great thing.

Mahatma Gandhi Temple in Gandhinagar, Gujarat

Mahatma Gandhi Temple (Mandir) iin Gandhinagar, Gujarat

Narendra Modi, the Chief Minister of Gujarat has announced to open a Mahtma Temple in Gandhinagar, the capital city of Gujarat.

Estimated to cost Rs. 135 crores, the Mahatma Mandir would be spread over 34 acres. The Mandir is to be developed as a monument to the life and philosophy of the Mahatma, apart from providing a first class Convention Centre. The next Global Summit of Vibrant Gujarat is proposed to be held at this newly constructed Convention Centre.

To remind visitors of Gandhiji’s Dandi March, a dome shaped like a salt mound is to provide a museum and meditation centre. The entire planning of this project would be as per green construction technology.

See the above video and you will realize the whole the project. Gujarat is a state of Businesses and this is really a good move by Narendra Modi.

Biggest Financial Scams in India

 

Biggest Financial Scams (Scandals) in India

This article is all about the biggest financial scams in the history of India. These scams are so much big that they amount for as high as 40% of India’s total GDP. So here we go.

01) Harshad Mehta

This is the most popular of all the financial scams in India. In 1991, the India was in nascent stage of economic revolution and Harshad mehta found some pitfalls and loopholes in Indian banking system and he managed to procure huge amounts of money using the so called “Ready Forward” Deals and used this money to purchase huge amount of shares at hugely inflated price. And that’s why he known as “Big Bull” of India. His estimated scam was of Rs.200 Crores.

02) Ketan Parekh

This scam was of Rs.1500 crores. Ketan Parekh is the CA and a stock broker. He identified number of K-10 stocks and taken a huge positions in these stocks by borrowing huge amounts of money from banks like Global Trust Bank and Madhavpura corporate bank. And because of his leveraged position, these stock prices shoot up like anything. Finally he caught.

03) UTI Scam

This scam was of UTI’s flagship financial product US-64 in which almost 2 crore Indian investors had invested their hard earned money. The UTI than become opaque scheme and later on Government had to intervene and bailout of Rs.3500-4000 crore was given. Later on it was found that UTI Chairman appointed at that time had taken some decisions in favour of brokers and Industrialists and this scam happened.

04) Stamp Paper Scam – Abdul Karim Telgi

The size of this scam was Rs.30,000 crores. It was a fake stamp papers scam by Abdul Karim Telgi. Telgi used to bribe the printing press at Nasik where stamp papers and currency notes are printed. Later on he used this knowledge to print his own stamp papers. This scam had involved 14 states, 125 banks and more than 1000 employees.

05) Hawala Scam – Hasan Ali

This scam was of Rs.35,000 crores.

Hasan Ali Khan or Syed mohammed Hassan Ali Khan is a 56-year-old stud-farm owner based in India and allegedly worth USD 8-9 billion or more according to police-authorities. Some news-sources claim that he might be the fourth richest person in India, surpassing even software czar Azim Premji.

06) Ketan Desai

 

According to Reshap.com,

Ketan Desai, the former MCI president living in Ahmedabad was the president of Medical Council of India. His scam was over Rs.2000 crores. He used to give permissions to medical colleges by taking huge bribe. Under his presidentship, the medical colleges business was flourished in India.

He deliberately created only 12500 seats available for 28000 students each year effectively forcing the extra students to pay huge capitation charges of crores of rupees.

He created a 40% scarcity for medical colleges. Each 40000 thousand students graduate in Medicine in India. He capped the number seats of  Post Graduation courses.

Part of the capitation fees landed in Dr. Ketan Desai’s pocket.  He acted like the medical mafia. He was the kingpin of the fief  of MCI for 13 years.

07) Satyam – Raju Ramalinga Scam

 

Ramalinga Raju founded India’s fourth largest software company Satyam Computers. He taken this company to the public but later on he did Rs.7000 crores of Scam in this company. Raju had also used dummy accounts to trade in Satyam's shares, violating the insider trading norm. It has now been alleged that these accounts may have been the means of siphoning off the missing funds. Raju has admitted to overstating the company's cash reserves by USD$ 1.5 billion.

08) A. Raja 2G Spectrum Scam

 

A Raja did 2G spectrum scam of Rs.2 Lakh crores (US $ 40 Billion) which is Inda’s largest financial fraud till date. No other financial scam is this much bigger.

A Raja 2G Spectrum Scam Rs.2 Lakh Crore

A Raja 2G Spectrum Scam of Rs.2 Lakh Crore

A. Raja is an Indian politician from the DMK. He is a member of the 15th Lok Sabha representing the Nilgiris constituency of Tamil Nadu. Raja served as the cabinet minister in the Ministry of Communications and Information Technology.

Recently A.Raja has been found to be involved in 2G Spectrum auction scam of India which is the largest financial scam in India up to now. This scam is of Rs.2 Lakh crores (US $ 40 Billion). Because of this scam, Government of India has lost almost US $ 40 Billion.

Let me tell you that the second biggest scam was by Raju Ramalinga of Satyam which was just Rs.7000 Crores. But this scam is of Rs.2 Lakh Crores. We can buy the entire Reliance Industries from this much amount of money.

According to Times of India,

NEW DELHI: The Comptroller and Auditor General (CAG) has submitted damning details of communications and IT minister A Raja's involvement in the controversial 2G spectrum allocation of January 2008. It has found his approval and signatures in almost all key decisions that resulted in nine telecom companies being allotted spectrum without transparent procedures.

This is the biggest scam of India ever. This is the biggest financial corruption in the Indian history till date. Harshad Mehta, Ketan Parekh, Raju Ramalinga and Ketan Desai scams are much less in comparison to this scam.

Anil Ambani Brings English Channel for Indians

Anil Ambani Brings English Channel for Indians

According to WSJ,

BIG CBS Networks – Mr. Ambani’s Reliance Broadcast Network’s joint venture with CBS Studios International – Wednesday launched an English-language channel that will bring shows never before seen in India to a television screen (and set top box) near you.

Anil Ambani is the Indian Billionaire and world’s one of the most richest person. And he has invested lots of money in Hollywood.

Reliance Anil Ambani’s Big Talk Internet Radio

Reliance Anil Ambani’s Big Talk Internet Radio

According to Economic Times,

With cellular service-providers unveiling their 3G plans, Anil Ambani-led Reliance Broadcast Network Limited (RBNL)'s digital vertical Big Digital today launched the country's first-ever talk Internet radio and said the 3G roll-out would give a substantial boost to the segment.

"India has over 50-million Internet users, mostly in the age group between 18-30-years and is growing, thus boosting the on-line advertising, which is expected to grow at 32 per cent to touch Rs 2,000-crore by 2013. This highlights the humongous potential that lies before us," RBNL's Business Head (Radio and Digital), Soumen G Choudhury, said.

What is Internet Radio?

Internet radio (also known as web radio, net radio, streaming radio and e-radio) is an audio service transmitted via the Internet. Music streaming on the Internet is usually referred to as webcasting since it is not transmitted broadly through wireless means.

Internet radio involves streaming media, presenting listeners with a continuous stream of audio that cannot be paused or replayed, much like traditional broadcast media; in this respect, it is distinct from on-demand file serving. Internet radio is also distinct from podcasting, which involves downloading rather than streaming. Many Internet radio services are associated with a corresponding traditional (terrestrial) radio station or radio network. Internet-only radio stations are independent of such associations.

Rakesh Jhunjhunwala Deepika Padukone

Rakesh Jhunjhunwala & Deepika Padukone Talk on ET

The Economic Times, bring together talk between the famous investor Rakesh Jhunjhunwala and the bollywood actress Deepika Padukone.

In this talk, Rakesh takes advises about life from Deepika while Deepika is taking advises from Rakesh about investments.

In the discussion, Jhunjhunwala revealed that he is going to make a film and he is in a discussion with top most directors.

He says,

I want to tell I am also thinking of making a film. I love films, but financially it is a mugged business. But we are making a film. I’m having a discussion with very good directors.

Although Jhunjhunwala admited that making a film is a financially mugged business. However, he still plans to invest in producing his own film.

Let us see when we can hear more about his new film.

Siddhartha Mallya Girlfriend Deepika Padukone

Siddhartha Mallya Girlfriend Deepika Padukone

Siddhartha Mallya is a son of liquor Billionaire business tycoon Vijay Mallya. Vijay Mallya is the chairman of UB Group and also owns Kingfisher Airlines.

According to Kemmannu,

The matter becomes more critical especially after a really inept act of the Mallya scion at an auction event held in the city recently. Something that Deepika’s current beau Siddhatha Mallya did became a reason for major embarrassment to the leggy beauty.

The two love birds graced an auction organised by Rahul Bose in Mumbai. Incidentally in the list of items on sale was her father Prakash Padukone`s medals!

The crowd present expected that Siddharth would bid for Prakash`s medals. But, sadly it never happened.

An eyewitness present at the event said, "We were sorely disappointed that Siddharth made no attempt to buy Deepika`s dad`s medal. It was picked up by a stranger."

Well, the incident must have pained Deepika but guess for every successful relationship; one comes across many instances when they have to forego expectations from the love of their life.

Bill Gates: 10th Most Powerful Man in the World

Bill Gates: The 10th Most Powerful Man in the World

Bill Gates, founder of Microsoft, has been named the 10th most powerful man in the world, ahead of the likes of Rupert Murdoch, Hillary Clinton and Steve Jobs.

Gates, who stepped down from his day-to-day role at Microsoft to concentrate on the philanthropic exploits of his Bill and Melinda Gates Foundation, is praised by Forbes for his work in coaxing 40 of the world’s richest people to pledge the majority of their wealth to charities and good causes.

Kokilaben Ambani Sports Center: Akshay Kumar with Ambani

Kokilaben Ambani Hospital Launches Center for Sports Medicine

Kokilaben Ambai hospital launches Mumbai’s first sports center for sports related injuries.

The center was launched by famous bollywood start Akshay Kumar. In the above video, Akshay Kumar is with Anil Ambani’s wife Tina Ambani.

The center is first of its kind of center in Mumbai. Now onwards, people won’t need to go abroad for joint injuries caused by sports.

Obama meets Anil Ambani

[Image Source: Economic Times]

Obama Meets Anil Ambani

Reliance Anil Dhirubhai Ambani Group chairman Anil Ambani (L), General Electric CEO Jeffrey Immelt (C) and US President Barack Obama (R) speak at the Trident Hotel in Mumbai on November 6, 2010 during the US-India Business Council and Entrepreneurship Summit. US President Barack Obama announced 10 billion dollars in trade deals with India to create 50,000 US jobs, and said Washington and New Delhi stood 'united' in their fight against terror.

Anil Ambani is the Chairman of Reliance ADA Group and he is a Forbes Billionaire and India’s top 10 richest person.

Michael Dell Loves to Invest Like Warren Buffett

Michael Dell Loves to Invest Like Warren Buffett

Michael Dell is is an American business magnate and the founder and chief executive officer of Dell Inc. He is one of the richest people in the world, with a net worth of US$14 billion in 2010.

Michael Dell has an investment strategy just like Warren Buffett according to Gurufocus.com

The following are the companies in Which Michael Dell has invested after following Buffett’s Value Investing Strategy.

01) Dine Equity Inc. (DIN)

02) Echostar Corp (SATS)

03) Tyler Technologies (TYL)

04) Wright Express Corporation (WXS)

05) School Specialty Inc. (SCHS)

Bill Gates also invest like Warren Buffet. So its really good that Entrepreneurs like Bill Gates and Michael Dell follow the Warren Buffet’s value investing strategy.

Anil Ambani with Akshay Kumar

[Image Source:ProKerala.com]

Anil Ambani, Tina Ambani & Akshay Kumar

The above photograph is of Anil Ambani, Tina Ambani and Akshay Kumar at Dhirubai Ambani Hospital to Launch Centre for Sport Medicine at Ambani Hospital.

Anil Ambani is the chairman of Reliance ADA Group and India’s one of the richest person. His Brother Mukesh Ambani is India’s richest person having a Net Worth of US $ 29 Billion.

Dhirubhai Ambani University in Bhopal will Set up Soon

Dhirubhai Ambani University in Bhopal will Ste up Soon

With an aim to provide focused studies and research in Information and Communication Technology (ICT), the Reliance Anil Dhirubhai Ambani Group on Thursday announced the setting up of the Dhirubhai Ambani University (DAU) here on the eve of the Global Investors Meet.
"A high quality University at Bhopal that offers programmes in Information Technology is a priority for a state like Madhya Pradesh that is on the vanguard of making great strides in economic development on the strength of its intellectual resources," Reliance ADA Group, Chairman, Anil Ambani said in his statement on the occasion.
The DAU will be soon set up in 110 acres of land and the Reliance ADA Group has earmarked Rs 100 crore for developing higher education in Madhya Pradesh, a company release said.

Online Trading with Reliance Money will Improve

Online Trading with Reliance Money will Improve

Anil Ambani group's brokerage arm Reliance Securities is planning to invest Rs 300 crore for upgrading infrastructure, hiring staff and enhancing the capability of its online trading platform.
The company will make this investment over the next 3-5 years with an aim to upgrade the IT infrastructure and to add new features to its trading platform, sources said.
The staff strength at Reliance Securities, a subsidiary of Anil Ambani group's financial services arm Reliance Capital, could grow to 1,400 by the end of next year, from about 800 currently.

Thus, in the future you will have better online trading platform by Reliance Money.

This is really a good move by the company. This is because online trading is the future of India. And a good IT infrastructure is required for the online trading platform.

Ratan Tata Gets Legend in Leadership Award

Ratan Tata Gets “Legend in Leadership” Award

Tata Group Chairman Ratan Tata, one among eight business leaders from across the world shortlisted by the prestigious Rs.Fortune' magazine, was conferred the prestigious 'Legend in Leadership Award' of the Yale Chief Executive Leadership Institute.

The noted industrialist received the award at the 64th Yale CEO Leadership Summit here from Yale University President Richard C Levin.

"No company and no living leader better embodies the themes of this CEO Summit than the Tata Group in general, and Chairman Ratan Tata in particular," Yale School of Management Senior Associate Dean, Professor Sonnenfeld, said.

 

Ratan Tata’s Gift to Harvard Rs.220 Crores

Ratan Tata’s Gift to Harvard US $ 50 Million – Rs.220 Crores

Hindustan Times Says,

In one of the biggest corporate contributions by an Indian business house to education, Tata Group chairman Ratan Tata donated $50 million (R220 crore) to the prestigious Harvard Business School to fund a new building that will  support a broad range of executive education programmes.

The school acknowledged that the fund was the “largest international donation in its 102-year history.”

The Tata chairman was a student of Advanced Management Program at Harvard in 1975.

“It is a privilege and pleasure to give back to Harvard a little bit of what it gave to me,” said Tata. “We are pleased this gift will support the school’s educational mission to mould the next generation of global business leaders.”

This is really a good thing. I am really happy to know that Ratan Tata has donated US $ 50 Million to Harvard University.

Mukesh Ambani, Ratan Tata Forbes List Who Matter

Mukesh Ambani, Ratan Tata, Sonia Gandhi, Lakshmi Mittal & Manmohan Singh are among Top 68 People who matter

Forbes has announced the list of Top 68 people around the world “Who Matters”. The List contains 5 Indians.

01) Mukesh Ambani: The Chairman of Reliance Industries and India’s most richest person having Net Worth of US $ 29 Billion.

02) Ratan Tata: The Chairman of TATA Sons Ratan Tata is one of the richest persons in the world

03) Sonia Gandhi: The President of Indian National Congress Party.

04) Manmohan Singh: Prime Minister of India

05) Lakshmi Mittal: The Chairman of world’s largest steel producer company – Arcelor Mittal and India’s one of the most richest person.

Kaushik Basu: No need to Control Capital Inflow

Kaushik Basu: No Need to Control Capital Inflow

Chief Economic Advisor Kaushik Basu said to The Hindu that,

India had large capacity to handle these funds, but should keep all its options open in case the situation turns alarming.

“India already has a bunch of capital controls, so I am not personally in favour of stepping up on those and as one of the deputy governors of RBI has pointed out, the inflows that we are getting into the country are large but still not at a level that we are worried about,”

But Dr.Basu have not mentioned that, this Capital inflow (The newly printed money) will shrink the wealth of the average investors parked in PPF, RBI Bonds, Post-office savings schemes and other fixed income instruments by causing higher inflation.

This capital inflow may be good for the businesses but because of this newly printed money, the retirement of many people will become practically impossible.