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Business Headlines: Nirav Modi Special: From being spotted to confiscation of his house and art work


The man who perpetrated India’s biggest banking scam, Nirav Modi, was spotted by a journalist from the British national newspaper, The Telegraph, in London. He only responded “no comment” to all questions asked to him. This just after his seaside home in Alibaug was destroyed by explosives for flouting environmental laws. His art collection too will be sold on March 26th at an auction in a bid to recover money due to the Income Tax Department. Activist Venkatesh Nayak through the RTI obtained the minutes of the board meeting of the RBI on November 8th 2016 showing that they were not convinced with the government’s reasoning for implementing the demonetisation program. Anil Ambani led Reliance Capital is in talks with a host of investors including their JV partner to sell their stake in Reliance Nippon Life Asset Management which manages mutual fund business. This is done in order to reduce deby of roughly 18,000 crore ₹ in RCap.

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