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CBI Raids 18 Sites In Mumbai, Bhopal; Recovers Rs 94 Lakh

CBI

The Central Bureau of Investigation has recovered Rs 94.37 lakh in cash after conducting several raids at 18 places in Mumbai and Bhopal in three cases connected with illegal forex remittances during 2014-2016

New Delhi: The Central Bureau of Investigation has recovered Rs 94.37 lakh in cash after conducting several raids at 18 places in Mumbai and Bhopal in three cases connected with illegal forex remittances during 2014-2016. Several incriminating documents and electronic gadgets were also recovered.

According to a statement from the probe agency, the agency registered three separate cases against the accused which included private persons, unknown officials of multi-state cooperative societies and unknown public servants. It was alleged that during 2014-2016, a huge amount was remitted in foreign exchange (Forex) abroad from the accounts of nine entities through eight nationalised banks by submitting fake import documents such as bills of entry, bills of lading, among others, without any actual trade.
CBI, in the statement released on Friday night, said aspects of Trade-Based Money Laundering (TBML) were enquired bank-wise.

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It was further alleged that in the instances of TBML related to โ€” Bank of Maharashtra, Mumbai; Canara Bank (e-Syndicate Bank), Mumbai; and Bank of India, Mumbai, facts emerged from the acts of commission and omission on the part of accused that there was disclosure of cognizable offence committed by them. As much as Rs 105.27 crore, Rs 41.17 crore and Rs 8.69 crore were allegedly remitted from the accounts of private companies (all Mumbai-based), maintained with the said three banks without any actual trade, thereby causing loss of foreign exchange to the government, the probe agency said.

It was also alleged that the current accounts were opened in the names of firms or companies, with namesake persons as proprietors or directors. Huge cash was allegedly collected from various sources and layered into bank accounts of the said firms, the agency said. It was further alleged that the Bills of Entry were later forged to show higher USD value than the actual import value and were submitted to the bank. CBI said further investigations are being conducted in connection with these cases.

(Except for the headline, this story has not been edited by HW News staff and is published from a syndicated feed.)

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โ€œProvide Fair Share Of Revenues To The News Industryโ€ Says IT Minister Rajeev Chandrasekhar

Pearl Prasad

The โ€œimbalanceโ€ between content creation and its monetization will be addressed, according to Minister Rajeev Chandrasekhar

New Delhi: The โ€œimbalanceโ€ between content creation and its monetization will be addressed, according to Minister Rajeev Chandrasekhar, who also called for platforms and ad-tech corporations to have their authority restrained.

The Indian government has stated that large internet companies that make money by including news in their search results and feeds must give publishers a โ€œfair share of income,โ€ noting the need to rectify the โ€œimbalanceโ€ between the two.

Taking into account future of journalism and the financial health of the news industry, both digital and print, Minister of State for Electronics and Information Technology Rajeev Chandrasekhar and Information and Broadcasting Secretary Apurva Chandra both emphasized the importance of this issue by seeking to eliminate the โ€œimbalanceโ€ between tech platforms and media industries.

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In a speech at a summit hosted by the Digital News Publishers Association (DNPA), an umbrella group of 17 top Indian news publishers, including NDTV, Mr. Chandra connected the problem to the โ€œstrained financial healthโ€ of media companies.

โ€œFor the growth of the news industry, it is important that digital news platforms of all these publishers, who are the creators of original content, get a fair share of revenues from the big tech platforms which act as aggregators of content created by others,โ€ he said.

The top government official cited efforts made by other nations, like Australia, Canada, France, and the EU, which have strengthened their competition commissions and established legislation to guarantee a fair distribution of profits between news content creators and aggregators.

In line with the sentiment, Mr. Chandrasekhar stated, โ€œWe intend to address this issue of disproportionate control and imbalance of dynamics between content creation and its monetization, as well as the influence that ad-tech businesses and platforms possess today.โ€

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