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Aug 24, 2011 Corruption trouble: Corporate espionage on rise in India: "Overseas investors view India as a "high risk-high return" market, where scams and corruption scandals continue to haunt growth opportunities, say experts. India was rated as one of the most corrupt countries in the world in a recent report of Transparency International"
Aug 24, 2011 The DLF effect: Realty gets it from all sides: "A burst of land-related scams and more recently, a Rs 630-crore fine on DLF, the country’s largest realty company, for “abusing its monopoly position” and treating home buyers unfairly, are just the latest in a string of sticky issues that have plagued the industry."
Aug 24, 2011 India Inc: A tale of scams, shams, corruption and fasts: "Here are some of the major corruption issues facing the ruling Congress party:"
Aug 24, 2011 Corruption in India has become worse: Ratan Tata: ""I think corruption has become worse and if you choose not to participate in this, you leave behind a fair amount of business," Tata Sons Chairman Ratan Tata said"
Aug 23, 2011 Bribery and Corruption - The India perspective
Aug 21, 2011 Why leave corporates out of Lokpal: Arundhati Roy
Aug 20, 2011 It's a tangled web that the mining mafia weaves: "Three years ago, someone persuaded a worker in a hardware shop in Hospet to register a mining ore trading company, opened three bank accounts in his name and transacted Rs 113.45 crore in a matter of six months spread over 2009 and 2010."
Aug 20, 2011 Are Indian Corporates doing enough to combat corruption?: "The corrupt high-handedness of India's insular bureaucracy can be traced directly to the symbiotic relationship between the politician and the civil servant in looting the exchequer, selling patronage and extorting money from the public. If the politician had a transparent source of funding, and only if he is thus liberated from dependence on the civil servant for procurement of vital funding through corruption, he can discharge his duty of making the administrative system work as it is supposed to."
Aug 20, 2011 Jagan case: CBI continues searches on third day: "Documents seized during the searches in cases pertaining to Kadapa MP Jaganmohan Reddy and to the APIIC-Emaar land deal were being scrutinised"
Aug 20, 2011 CWG Scam: Another co-accused of Kalmadi surrenders: "The promoter of a Hyderabad-based firm, wanted by the CBI for his alleged involvement in award of a lucrative Commonwealth Games contract to a Swiss firm at inflated rates, today surrendered in a Delhi court."
Aug 20, 2011 Satyam scam: Bail pleas of Raju, 7 others dismissed: "Besides Raju, his brother and Satyam's former managing director B Rama Raju, ex-Satyam CFO Vadlamani Srinivas, former PWC auditor Subramani Gopalakrishnan, former employees G Ramakrishna, D Venkatpathi Raju, Ch Srisailam and Satyam's then internal auditor VS Prabhakar Gupta, who are currently under judicial custody, had moved the Metropolitan Sessions Judge (MSJ) court"
Aug 19, 2011 CBI freezes Jagan’s bank accounts: "The CBI on Friday frozen operation of 25 bank accounts in HDFC and ICICI belonging to some companies under question and also the Jagati publications."
Aug 19, 2011 Top Andhra bureaucrat named in Emaar deal irregularities: "The CBI has named a senior IAS officer along with Directors of Emaar Properties and unknown public servants as accused in connection with irregularities in the Andhra Pradesh Industrial Infrastructure Corporation (APIIC)-Emaar land deal"
Aug 19, 2011 All is not fair between the builder and buyer
Aug 19, 2011 Jagan conspired with YSR in granting favours: CBI: "he "exercised his influence on his (late) father, then chief minister, and also "unknown public servants" of the state government, who in turn abused their official positions by corrupt or illegal means and issued orders favourable to many companies. The charges relate to criminal conspiracy, cheating, criminal breach of trust, falsification of accounts and criminal misconduct,"
Aug 19, 2011 Two more explosive CAG reports ready: "Fresh trouble seems to be brewing for the UPA government, as the Comptroller and Auditor General (CAG) has completed two more high-profile audit reports that could bring attention back to political corruption and misdeeds at the highest levels."
Aug 19, 2011 Mining kickbacks: Some names ring a bell: "The documents seized from Madhukumar Varma, 24, the managing partner of the firm, Madhushree Enterprises, throws light on the contacts, the lifestyle and the extravagant spending by those involved in mining business."
Aug 19, 2011 ‘G J Reddy Sir’ got Rs. 4.79 crore as ‘risk’ payments: "The Income Tax Department during its raids on the mining companies last year found that proxy bank accounts were opened to transfer illegally earned money to one ‘G J Reddy Sir’, whose identity has not been established."
Aug 18, 2011 DLF slapped Rs 630 cr fine, relief for buyers: "India's Competition watchdog fined the country's biggest builders for violating a contract with buyers."
Aug 17, 2011 CBI conducts searches at Jagan Reddy's assets across India: "During the by-polls to Kadapa Lok Sabha seat in May this year, Jagan had declared assets of Rs.365 crore, making him the richest MP in the country. In 2009 elections, he was worth Rs77 crore. Textiles minister P Shankar Rao, on whose letter last year the court took up hearing, claims Jagan was worth Rs11 lakh prior to 2004 but now has assets worth Rs43,000 crore"
Aug 17, 2011 Loop fined Rs 384 crore: "The Enforcement Directorate (ED), probing the 2G spectrum scam, on Tuesday issued show-cause notices and slapped a fine of Rs 384 crore on Loop Mobile and Loop Telecom for alleged foreign exchange violations."
Aug 17, 2011 Loop fined Rs 384 crore: "The Enforcement Directorate (ED), probing the 2G spectrum scam, on Tuesday issued show-cause notices and slapped a fine of Rs 384 crore on Loop Mobile and Loop Telecom for alleged foreign exchange violations."
Aug 17, 2011 No time for reforms?: "As an embattled government fights a barrage of criticism over events leading to anti-corruption crusader Anna Hazare's arrest, India's industry is worried that the resulting parliamentary logjam could lead to further delays in reforms."
Aug 17, 2011 CBI examining documents of Aircel-Maxis deal: "The CBI is examining the documents submitted by Standard Chartered Bank in connection with its probe into former Aircel chief C Sivasankaran's allegations that then Telecom Minister Dayanidhi Maran forced him to sell his company to Malaysia-based Maxis group in 2006."
Aug 16, 2011 Competition Commission slaps Rs 630cr penalty on DLF: "The Competition Commission of India (CCI), the free trade regulator, has imposed a penalty of Rs 630 crore on real estate major DLF for misusing its dominant position in the market by drafting one-sided agreements with flat buyers in Belaire housing complex in Gurgaon. CCI has also asked the real estate company to modify unfair conditions imposed on buyers within three months of the date of receipt of the order."
Aug 16, 2011 ABC launches Honest Standard system: "On the eve of the 64th Independence Day, the Anti Bribe Coalition (ABC) launched Honest Standard system for corporate, institutions, voluntary groups to fight against corruption."
Aug 15, 2011 Sebi probe shows rise in dirty money in stock market: "a lot of black money is flowing into the stock market."
Aug 15, 2011 Has liberalization spurred corruption?
Aug 14, 2011 Companies must admit dishonesty and find a way out: "In taking advantage, a few corporates have indulged in fraudulent and criminal activities, risking credibility of the entire establishment"
Aug 14, 2011 Scams keep raining on DDA’s and Khanna’s parade: "The Comptroller and Auditor General (CAG) of India has indicted the Works Advisory Board (WAB) of the Delhi Development Authority (DDA) and Lt. Governor (LG) Tejendra Khanna for manipulating the memorandum of understanding (MoU), which ensured that Sportina Payce pre-qualified for construction projects that cost over Rs 60 crore, in the run-up to CWG 2010."
Aug 12, 2011 Scams, corruption impacting consumer sentiments: Maruti
Aug 11, 2011 'Blood and Iron' in Bellary: A shocking tale: "500,000 tonnes of iron ore stolen, leading to a loss of Rs.5,000 crore to the nation (a more real estimate is 10 times this sum). Where did the money go? According to the film, into the coffers of the three Galli brothers - Galli Janardhana Reddy, Galli Karunakara Reddy and Galli Somashekara Reddy -, their associates and the two largest political parties in the nation, the BJP and Congress. Is it any wonder that right at the beginning of this bold 96-minute documentary a person puts the loot into perspective, saying, "It is the biggest scandal of independent India" while another declares, "The way these guys loot the country makes Nader Shah and Ghaznavids look like pickpockets.""
Aug 11, 2011 SBI, ICICI hike loan rates to 15-year highs: "In case of ICICI Bank, the floating reference rate, which is the benchmark for retail loans and the I-bar-the benchmark for corporate loans-have both been increased by 50 basis points to 15.75% and 18.75%, respectively."
Aug 11, 2011 SC denies anticipatory bail to absconding CWG scam accused: "The Supreme Court today dismissed anticipatory bail pleas of two businessmen wanted by the CBI for their alleged role in a CWG corruption case related to award of a contract to a Swiss firm for installing Times, Scoring and Result system."
Aug 10, 2011 Reddys would heli-hop to Bangalore for lunch: "The mining boom and helicopters have gone hand in hand in Karnataka. With China importing abundant ore from Bellary in the early 2000, a handful of mine owners-turned-politicians began hitting headlines by owning helicopters and aircraft. Former minister G Janardhana Reddy, who was a close associate of AP CM late Y S Rajasekhara Reddy, owned three helicopters - a 14-seater advanced Bell chopper with night vision facility and two five-seater Bells."
Aug 10, 2011 Andhra Pradesh HC orders CBI probe into Jaganmohan Reddy's assets : "the phenomenal growth recorded by Jagathi publications owned by Jagan Reddy and others, which were directly under the control of the son of former chief minister Y S Rajasekhara Reddy, needs to be looked into in view of their "abnormal" performance."
Aug 10, 2011 India's economy slowing? Debt-laden companies push banks to limits
Aug 10, 2011 Students' association protests against corruption, corporate plunder in Delhi
Aug 10, 2011 No relief yet for former K'taka minister, son: "There is no relief yet for former Karnataka minister Katta Subramanya Naidu and his corporator son, in judicial custody for their alleged involvement in Karnataka Industrial Area Development Board (KIADB) scam,"
Aug 9, 2011 CBI books 8 CPWD officials, 2 companies in CWG scam case
Aug 9, 2011 2G scam: CBI to approach Malaysia's Maxis to find Maran link: "The Central Bureau of investigation (CBI) will soon approach Maxis, a Malaysian-based firm, for cooperation in its probe on alleged forced sale of shares from Aircel to it at the behest of the then telecom Minister Dyanidhi Maran."
Aug 8, 2011 Youth from 20 states to protest against corruption and ‘corporate plunder’
Aug 8, 2011 OFB to take action against six defence firms: "As per a CBI report, six companies including Israel Military Industries, Singapore Technologies, German Rheinmetall Air Defence and the Russian Corporation Defence were involved in payment of illegal gratification to former OFB Chairman Sudipto Ghosh."
Aug 7, 2011 UPA-II lacks governance: Infosys chairman NR Narayana Murthy: "India Inc's anger over governance and ethical deficit in the Manmohan Singh government burst out in the open yet again, with NR Narayana Murthy, Infosys Chairman Emeritus, saying that corruption and indecision were proving to be biggest drags on development."
Aug 7, 2011 Indian cos in Britain to fall under Bribery Act
Aug 7, 2011 Crony Money?: "Corruption in the running of the Commonwealth Games 2010 cost India some Rs 18,500 crore (about $4.5 bn),"
Aug 7, 2011 PSUs in UP bleeding, losses near Rs 18k cr: "the Comptroller and Auditor General of India has pointed out that of 126 PSUs in the state, only 33 were either earning profit or were at break even point."
Aug 7, 2011 The India story could end: "Deve Gowda was prime minister and treated his trip to Davos as an excuse for a family holiday. He came with a gaggle of grandchildren and spent more time with them, in his fine hotel in Klosters, than he did in the conference halls of the World Economic Forum."
Aug 6, 2011 Delhi: No electricity at IGI T-3 for 5 hours: "All check-ins were done manually and security check-ins were compromised as machines were not working."
Aug 6, 2011 CAG says AI lost Rs 5,000 crore in bad deals: "An RTI reply from the government has revealed that Arvind Jadhav, who was made chairman of AI in 2009 just before the last general election, had been rejected for the position a year ago as he did not have any experience in aviation."
Aug 6, 2011 CAG report: Railway finance in a mess: "The CAG report on Indian Railways says that losses from passenger services have crossed Rs 15,000 crores"
Aug 5, 2011 Even PSU looted Games funds: CAG: "The CAG audit found that ECIL prepared a "highly inflated cost estimate", approved at Rs 346 crore by the government. The PSU made a profit of Rs 126 crore on just items procured from external suppliers"
Aug 5, 2011 CAG blames PMO and CMO: "The country’s top auditor has pointed out massive wastage of public money in organisation of the October 2010 Commonwealth Games, blaming the loss on poor governance and planning right from the Prime Minister’s Office (PMO) to the office of the Chief Minister of Delhi."
Aug 5, 2011 'Lalu's railways turnaround tale was a cosmetic exercise’: "The report reflects that the performance of the railways declined marginally during the last leg of Lalu's tenure and further worsened when Mamata was at its helm."
Aug 5, 2011 Govt's Rs 2 lakh cr fertilizer project a washout: CAG: "the Comptroller and Auditor General (CAG) said the huge expenditure has neither increased domestic production of fertilizers, nor made available high-quality product to Indian farmers."
Aug 4, 2011 Is the scam culture destroying the India story?: "Sagarika Ghose asks a panel of experts is the scam culture destroying the India story.", "Business behind bars?"
Aug 4, 2011 CWG: CAG flays Shiela govt over health expenses: "Delhi government gave contracts to non-existing firms for health services during the Games."
Aug 4, 2011 Government to pump Rs.1,732 crore into Air India: "The equity includes fresh infusion of equity worth Rs.1,200 crore and Rs.532 crore as the fare for VVIP travel,"
Aug 4, 2011 Raju, others denied bail in Satyam scam: "A city court on Thursday rejected the bail petition of B. Ramalinga Raju, former chairman of Satyam Computers, and seven other accused in India's biggest corporate fraud case."
Aug 3, 2011 Toronto Star: The high cost of doing business in India: "Canadian businessman Mir Ali says he's being extorted by an Indian cabinet minister who allegedly demands a bribe in exchange for a government contract.", "His plight is a familiar one in modern India.", "India ranks 87th out of 178 nations in Transparency International’s 2010 corruption perception survey, meaning that other developing countries such as China, Columbia and Rwanda are considered less corrupt."
Aug 3, 2011 Wall Street Journal: Report Casts Glare on Indian Billionaires: "Some of India’s biggest mining companies, several of which are run by members of the country’s growing list of billionaires, stand accused by an anti-corruption agency in the southern Indian state of Karnataka of a litany of illegal actions, including widespread bribery."
Aug 3, 2011 CBI attaches property of absconding accused: "The CBI is in the process of attaching properties of three absconding accused in Commonwealth Games-related cases. Anil Madan and P D Arya of Faridabad-based Gem International, and A K Reddy of Hyderabad-based AKR Constructions are accused of conniving with CWG Organising Committee officials to get the contract for timing, scoring and results (TSR) system awarded to Switzerland-based Swiss Timing at Rs 157.62 crore."
Aug 3, 2011 From clerks to crorepatis: BMC's top 5 contractors: "Almost every one of these firms has one thing in common: political patronage. It is a rags-to-riches story born out of enormous sums of taxpayers money spent by the BMC to build roads every year since 1989."
Aug 3, 2011 Videocon got 2G licence through forgery: Balwa: ""I ran that day, took the staircase when all the other people got stuck in the elevator. A major scuffle took place outside the room that day.", "The CBI has charged 14 accused and three companies of causing a loss of Rs.30,984 crore to the exchequer by selling the scarce resource, also called radio frequency that helps carry telecom signals, to private players cheap."
Aug 3, 2011 Mining scam: Tata Metaliks may close Goa plant: "As a direct fall-out of the iron ore mining scam in Karnataka, pig iron manufacturer Tata Metaliks Limited might have to close down its Goa plant in a week"
Aug 3, 2011 Now, Balwa alleges violence in 2G scam: "accused Datacom executives of physically pushing Tata's representatives out of the queue at Sanchar Bhawan, Telecom Ministry headquarters"
Aug 3, 2011 2G: Balwa claims Tatas paid Rs 20 crore to Raja: "Balwa, facing charges of cheating, forgery, criminal conspiracy and corruption, was arrested on February 8 and is presently lodged in Tihar Jail along with 13 other accused including Raja and DMK MP Kanimozhi."
Aug 3, 2011 Conference Call, Was It? : "Hot Seat Raja’s deposition has re-intensified debate and the spotlight on Chidambaram", "Were Raja’s decisions cleared by the PM and former FM? Who cleared the equity sale of Swan and Unitech Wireless? Should Tata Teleservices be clubbed in with Swan and Unitech Wireless? Will A-G Vahanvati’s role in clearing Raja’s decisions make it to fresh chargesheets? Will Chidambaram be made to stand witness in court?"
Aug 3, 2011 A Rich Vein Of Dissent: "Lokayukta pegs loss due to illegal mining in four years ending 2010 at Rs 16,085 crore Report charges Yediyurappa and his family of taking bribes from mining firms. Two instances cited: Rs 10 cr paid to Yeddy family trust; land sold at 200 times market price for Rs 20 cr to a mining firm Ex-CM H.D. Kumaraswamy, four ministers, 787 officials also named. Calls for prosecution under Prevention of Corruption Act."
Aug 3, 2011 30 Minutes: The mining republic: "On this episode we look at how has rampant illegal mining bled Karnataka's economy and ecology drive."
Aug 3, 2011 Apex court rejects Morani bail plea: "The Supreme Court on Monday rejected the interim bail plea of Cineyug Films founder Karim Morani, who is in jail for the last two months for his alleged involvement in the 2G spectrum scam. Morani had sought the interim bail on medical grounds."
Aug 3, 2011 2G: Balwa accuses Pranab along with PM, PC: "After Manmohan Singh and Chidambaram, Pranab Mukherjee has become the new target in 2G case."
Aug 2, 2011 India''s financial growth will drown in corruption: Hegde
Aug 2, 2011 NY Times: India’s Widening Iron Ore Scandal Hurts Stocks: "“Huge bribes were paid,” said the report, written by Santosh Hegde, the former justice. “Mafia type operations were the routine practices of the day.”"
Aug 2, 2011 BBC: New law to tackle India corruption: "Corruption is a big issue in India after a string of corruption scandals from a multi-billion dollar telecom scandal to last year's commonwealth games. Several top government officials including a former minister have been arrested and are facing criminal charges."
Aug 2, 2011 Adani Enterprises Denies Link to Illegal Ore Mining in India
Aug 2, 2011 CBI books former AI manager for cheating: "colluded with M/s Eros International media Limited and cheated the company by fraudulently charging AI for a duration much more than the actual duration of the programmes supplied for AI flights."
Aug 2, 2011 India Digest: After Fixing Yeddy, Lokayukta Slams Bellary’s Mining ‘Mafia’
Aug 2, 2011 Alibaba & 800 thieves; Santosh Hegde wants every one prosecuted
Aug 2, 2011 Diageo Agrees to Pay $16 Million to Settle Corruption Claims: "maker of Johnnie Walker scotch and Smirnoff vodka, will pay more than $16 million to resolve U.S. regulatory claims the firm bribed officials in South Korea, India and Thailand to win sales and tax benefits."
Aug 2, 2011 Speak Asia's Tarak Bajpai in corruption net
Aug 2, 2011 Johnnie Walker maker in India bribery bottle: "the world’s largest liquor maker, has been charged by the US market regulator with paying bribes worth more than $1.7 million (almost Rs 7.5 crore) to government officials in India between 2003 and 2009 to push sales of its famed Johnnie Walker Scotch whisky."
Aug 2, 2011 Rs 215 cr Reddy money stashed abroad: report: "The Lokayukta report names Jindal Steel among the corporates that should be probed for giving bribes."
Aug 2, 2011 CBI chargesheet against seven in street lights scam: "The Municipal Corporation of Delhi (MCD) had floated a tender for street lighting in the city in 2008, in which, according to the CBI, the seven persons named and a private firm “entered into a criminal conspiracy” to bag the contract worth Rs 34.53 crore."
Aug 2, 2011 Chandolia seeks to drag Radia, corporate leaders in 2G case: "R K Chandolia, former aide of ex-Telecom Minister A Raja, today sought implication of corporate leaders and lobbyist Niira Radia in the 2G case as accused, saying they had participated in the alleged ''covert deal'' between the Tata group and Kalaignar TV."
Aug 2, 2011 Rs 215 cr Reddy money stashed abroad: report: "Between 2006-2010, 3.98 metric tonnes of iron ore worth Rs 12,228 crore was illicitly exported. This could not have happened without the government machinery's help."
Aug 2, 2011 Karnataka mining scam is much bigger: Hegde: "Karnataka Lokayukta Santosh Hegde has named Jindal Steel as one of the bribe givers."
Jul 27, 2011 World View: India’s Incomplete Transformation
Jul 27, 2011 Rs 16,085 Cr Loss in 2006-10: Karnataka Lokayukta: "Jindal firm also purchased one acre of land (from the chief minister's family members) in Rachenahally on Bangalore's outskirts for Rs 20 crore, whereas the guidance value fixed by the government was Rs 1.40 crore.", ""Once illegal mining is stopped the Central and the State government can recover lakhs of crores of rupees as Excise and VAT," he said, adding over 100 companies were involved in illegal mining."
Jul 27, 2011 Major scam unearthed in SBI main branch: "An official at the Kingsway branch allegedly siphoned off money from accounts of Non-Resident Indians (NRI) to an account operated by him."
Jul 25, 2011 Former Telecom Minister: Indian PM Knew About Cut-Rate Mobile Phone License Sales: "India’s former telecommunications minister, who is charged in connection with the country’s biggest corruption scandal, says the prime minister and other top officials knew about his decision to sell mobile phone licenses at below-market prices."
Jul 25, 2011 Poor economics: "This is not only absurd but is a lie given the mega scams that this neo-liberal trajectory has facilitated. There is no dearth of resources; there is a dearth of political will to take on the corrupt politician-bureaucrat-businessmen nexus that is looting these resources."
Jul 24, 2011 Sand dealer oils wheels of police: "The senior-most police officer in Burdwan has been using a car belonging to a local sand dealer who wants to keep “good relations” with the cops — a cosy arrangement that reeks of cronyism."
Jul 22, 2011 ‘Tackle politicians-beneficiaries nexus and flawed policies to check corruption': "to weed out corruption it will require tackling the flawed policies and a nexus between the “ruling politicians and the beneficiaries”, concurred a panel debating corruption and corporate loot"
Jul 22, 2011 Has India Run Out Of Steam?: "India Inc is making big ticket investments overseas rather than in India. Over the last 12 months, Mukesh Ambani's Reliance Industries has already invested $5 billion in Africa and the US."
Jul 22, 2011 Raja forced BSNL to ink deal with Swan: CBI: "Raja used Bharat Sanchar Nigam Limited (BSNL) to favour Swan Telecom."
Jul 21, 2011 I-T to quiz Raja, Balwa in 2G scam
Jul 21, 2011 Raja approved 2G licence for his favourites: CBI to court: "Telecom Minister A Raja had approved the grant of dual technology 2G spectrum licences to his favourite telecom firms like ADAG's Reliance Communication and others a day before inviting applications for it."
Jul 21, 2011 Swan Telecom is a front company of Reliance ADAG: CBI: "the investigating agency charged former telecom minister A Raja and his secretary RK Chandolia with favouring Swan Telecom and Unitech Wireless."
Jul 20, 2011 Double digit growth is easy if we get rid of corruption: Infosys' Narayana Murthy
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Aug 24, 2011 Corruption trouble: Corporate espionage on rise in India: "Overseas investors view India as a "high risk-high return" market, where scams and corruption scandals continue to haunt growth opportunities, say experts. India was rated as one of the most corrupt countries in the world in a recent report of Transparency International"
Aug 24, 2011 The DLF effect: Realty gets it from all sides: "A burst of land-related scams and more recently, a Rs 630-crore fine on DLF, the country’s largest realty company, for “abusing its monopoly position” and treating home buyers unfairly, are just the latest in a string of sticky issues that have plagued the industry."
Aug 24, 2011 India Inc: A tale of scams, shams, corruption and fasts: "Here are some of the major corruption issues facing the ruling Congress party:"
Aug 24, 2011 Corruption in India has become worse: Ratan Tata: ""I think corruption has become worse and if you choose not to participate in this, you leave behind a fair amount of business," Tata Sons Chairman Ratan Tata said"
Aug 23, 2011 Bribery and Corruption - The India perspective
Aug 21, 2011 Why leave corporates out of Lokpal: Arundhati Roy
Aug 20, 2011 It's a tangled web that the mining mafia weaves: "Three years ago, someone persuaded a worker in a hardware shop in Hospet to register a mining ore trading company, opened three bank accounts in his name and transacted Rs 113.45 crore in a matter of six months spread over 2009 and 2010."
Aug 20, 2011 Are Indian Corporates doing enough to combat corruption?: "The corrupt high-handedness of India's insular bureaucracy can be traced directly to the symbiotic relationship between the politician and the civil servant in looting the exchequer, selling patronage and extorting money from the public. If the politician had a transparent source of funding, and only if he is thus liberated from dependence on the civil servant for procurement of vital funding through corruption, he can discharge his duty of making the administrative system work as it is supposed to."
Aug 20, 2011 Jagan case: CBI continues searches on third day: "Documents seized during the searches in cases pertaining to Kadapa MP Jaganmohan Reddy and to the APIIC-Emaar land deal were being scrutinised"
Aug 20, 2011 CWG Scam: Another co-accused of Kalmadi surrenders: "The promoter of a Hyderabad-based firm, wanted by the CBI for his alleged involvement in award of a lucrative Commonwealth Games contract to a Swiss firm at inflated rates, today surrendered in a Delhi court."
Aug 20, 2011 Satyam scam: Bail pleas of Raju, 7 others dismissed: "Besides Raju, his brother and Satyam's former managing director B Rama Raju, ex-Satyam CFO Vadlamani Srinivas, former PWC auditor Subramani Gopalakrishnan, former employees G Ramakrishna, D Venkatpathi Raju, Ch Srisailam and Satyam's then internal auditor VS Prabhakar Gupta, who are currently under judicial custody, had moved the Metropolitan Sessions Judge (MSJ) court"
Aug 19, 2011 CBI freezes Jagan’s bank accounts: "The CBI on Friday frozen operation of 25 bank accounts in HDFC and ICICI belonging to some companies under question and also the Jagati publications."
Aug 19, 2011 Top Andhra bureaucrat named in Emaar deal irregularities: "The CBI has named a senior IAS officer along with Directors of Emaar Properties and unknown public servants as accused in connection with irregularities in the Andhra Pradesh Industrial Infrastructure Corporation (APIIC)-Emaar land deal"
Aug 19, 2011 All is not fair between the builder and buyer
Aug 19, 2011 Jagan conspired with YSR in granting favours: CBI: "he "exercised his influence on his (late) father, then chief minister, and also "unknown public servants" of the state government, who in turn abused their official positions by corrupt or illegal means and issued orders favourable to many companies. The charges relate to criminal conspiracy, cheating, criminal breach of trust, falsification of accounts and criminal misconduct,"
Aug 19, 2011 Two more explosive CAG reports ready: "Fresh trouble seems to be brewing for the UPA government, as the Comptroller and Auditor General (CAG) has completed two more high-profile audit reports that could bring attention back to political corruption and misdeeds at the highest levels."
Aug 19, 2011 Mining kickbacks: Some names ring a bell: "The documents seized from Madhukumar Varma, 24, the managing partner of the firm, Madhushree Enterprises, throws light on the contacts, the lifestyle and the extravagant spending by those involved in mining business."
Aug 19, 2011 ‘G J Reddy Sir’ got Rs. 4.79 crore as ‘risk’ payments: "The Income Tax Department during its raids on the mining companies last year found that proxy bank accounts were opened to transfer illegally earned money to one ‘G J Reddy Sir’, whose identity has not been established."
Aug 18, 2011 DLF slapped Rs 630 cr fine, relief for buyers: "India's Competition watchdog fined the country's biggest builders for violating a contract with buyers."
Aug 17, 2011 CBI conducts searches at Jagan Reddy's assets across India: "During the by-polls to Kadapa Lok Sabha seat in May this year, Jagan had declared assets of Rs.365 crore, making him the richest MP in the country. In 2009 elections, he was worth Rs77 crore. Textiles minister P Shankar Rao, on whose letter last year the court took up hearing, claims Jagan was worth Rs11 lakh prior to 2004 but now has assets worth Rs43,000 crore"
Aug 17, 2011 Loop fined Rs 384 crore: "The Enforcement Directorate (ED), probing the 2G spectrum scam, on Tuesday issued show-cause notices and slapped a fine of Rs 384 crore on Loop Mobile and Loop Telecom for alleged foreign exchange violations."
Aug 17, 2011 Loop fined Rs 384 crore: "The Enforcement Directorate (ED), probing the 2G spectrum scam, on Tuesday issued show-cause notices and slapped a fine of Rs 384 crore on Loop Mobile and Loop Telecom for alleged foreign exchange violations."
Aug 17, 2011 No time for reforms?: "As an embattled government fights a barrage of criticism over events leading to anti-corruption crusader Anna Hazare's arrest, India's industry is worried that the resulting parliamentary logjam could lead to further delays in reforms."
Aug 17, 2011 CBI examining documents of Aircel-Maxis deal: "The CBI is examining the documents submitted by Standard Chartered Bank in connection with its probe into former Aircel chief C Sivasankaran's allegations that then Telecom Minister Dayanidhi Maran forced him to sell his company to Malaysia-based Maxis group in 2006."
Aug 16, 2011 Competition Commission slaps Rs 630cr penalty on DLF: "The Competition Commission of India (CCI), the free trade regulator, has imposed a penalty of Rs 630 crore on real estate major DLF for misusing its dominant position in the market by drafting one-sided agreements with flat buyers in Belaire housing complex in Gurgaon. CCI has also asked the real estate company to modify unfair conditions imposed on buyers within three months of the date of receipt of the order."
Aug 16, 2011 ABC launches Honest Standard system: "On the eve of the 64th Independence Day, the Anti Bribe Coalition (ABC) launched Honest Standard system for corporate, institutions, voluntary groups to fight against corruption."
Aug 15, 2011 Sebi probe shows rise in dirty money in stock market: "a lot of black money is flowing into the stock market."
Aug 15, 2011 Has liberalization spurred corruption?
Aug 14, 2011 Companies must admit dishonesty and find a way out: "In taking advantage, a few corporates have indulged in fraudulent and criminal activities, risking credibility of the entire establishment"
Aug 14, 2011 Scams keep raining on DDA’s and Khanna’s parade: "The Comptroller and Auditor General (CAG) of India has indicted the Works Advisory Board (WAB) of the Delhi Development Authority (DDA) and Lt. Governor (LG) Tejendra Khanna for manipulating the memorandum of understanding (MoU), which ensured that Sportina Payce pre-qualified for construction projects that cost over Rs 60 crore, in the run-up to CWG 2010."
Aug 12, 2011 Scams, corruption impacting consumer sentiments: Maruti
Aug 11, 2011 'Blood and Iron' in Bellary: A shocking tale: "500,000 tonnes of iron ore stolen, leading to a loss of Rs.5,000 crore to the nation (a more real estimate is 10 times this sum). Where did the money go? According to the film, into the coffers of the three Galli brothers - Galli Janardhana Reddy, Galli Karunakara Reddy and Galli Somashekara Reddy -, their associates and the two largest political parties in the nation, the BJP and Congress. Is it any wonder that right at the beginning of this bold 96-minute documentary a person puts the loot into perspective, saying, "It is the biggest scandal of independent India" while another declares, "The way these guys loot the country makes Nader Shah and Ghaznavids look like pickpockets.""
Aug 11, 2011 SBI, ICICI hike loan rates to 15-year highs: "In case of ICICI Bank, the floating reference rate, which is the benchmark for retail loans and the I-bar-the benchmark for corporate loans-have both been increased by 50 basis points to 15.75% and 18.75%, respectively."
Aug 11, 2011 SC denies anticipatory bail to absconding CWG scam accused: "The Supreme Court today dismissed anticipatory bail pleas of two businessmen wanted by the CBI for their alleged role in a CWG corruption case related to award of a contract to a Swiss firm for installing Times, Scoring and Result system."
Aug 10, 2011 Reddys would heli-hop to Bangalore for lunch: "The mining boom and helicopters have gone hand in hand in Karnataka. With China importing abundant ore from Bellary in the early 2000, a handful of mine owners-turned-politicians began hitting headlines by owning helicopters and aircraft. Former minister G Janardhana Reddy, who was a close associate of AP CM late Y S Rajasekhara Reddy, owned three helicopters - a 14-seater advanced Bell chopper with night vision facility and two five-seater Bells."
Aug 10, 2011 Andhra Pradesh HC orders CBI probe into Jaganmohan Reddy's assets : "the phenomenal growth recorded by Jagathi publications owned by Jagan Reddy and others, which were directly under the control of the son of former chief minister Y S Rajasekhara Reddy, needs to be looked into in view of their "abnormal" performance."
Aug 10, 2011 India's economy slowing? Debt-laden companies push banks to limits
Aug 10, 2011 Students' association protests against corruption, corporate plunder in Delhi
Aug 10, 2011 No relief yet for former K'taka minister, son: "There is no relief yet for former Karnataka minister Katta Subramanya Naidu and his corporator son, in judicial custody for their alleged involvement in Karnataka Industrial Area Development Board (KIADB) scam,"
Aug 9, 2011 CBI books 8 CPWD officials, 2 companies in CWG scam case
Aug 9, 2011 2G scam: CBI to approach Malaysia's Maxis to find Maran link: "The Central Bureau of investigation (CBI) will soon approach Maxis, a Malaysian-based firm, for cooperation in its probe on alleged forced sale of shares from Aircel to it at the behest of the then telecom Minister Dyanidhi Maran."
Aug 8, 2011 Youth from 20 states to protest against corruption and ‘corporate plunder’
Aug 8, 2011 OFB to take action against six defence firms: "As per a CBI report, six companies including Israel Military Industries, Singapore Technologies, German Rheinmetall Air Defence and the Russian Corporation Defence were involved in payment of illegal gratification to former OFB Chairman Sudipto Ghosh."
Aug 7, 2011 UPA-II lacks governance: Infosys chairman NR Narayana Murthy: "India Inc's anger over governance and ethical deficit in the Manmohan Singh government burst out in the open yet again, with NR Narayana Murthy, Infosys Chairman Emeritus, saying that corruption and indecision were proving to be biggest drags on development."
Aug 7, 2011 Indian cos in Britain to fall under Bribery Act
Aug 7, 2011 Crony Money?: "Corruption in the running of the Commonwealth Games 2010 cost India some Rs 18,500 crore (about $4.5 bn),"
Aug 7, 2011 PSUs in UP bleeding, losses near Rs 18k cr: "the Comptroller and Auditor General of India has pointed out that of 126 PSUs in the state, only 33 were either earning profit or were at break even point."
Aug 7, 2011 The India story could end: "Deve Gowda was prime minister and treated his trip to Davos as an excuse for a family holiday. He came with a gaggle of grandchildren and spent more time with them, in his fine hotel in Klosters, than he did in the conference halls of the World Economic Forum."
Aug 6, 2011 Delhi: No electricity at IGI T-3 for 5 hours: "All check-ins were done manually and security check-ins were compromised as machines were not working."
Aug 6, 2011 CAG says AI lost Rs 5,000 crore in bad deals: "An RTI reply from the government has revealed that Arvind Jadhav, who was made chairman of AI in 2009 just before the last general election, had been rejected for the position a year ago as he did not have any experience in aviation."
Aug 6, 2011 CAG report: Railway finance in a mess: "The CAG report on Indian Railways says that losses from passenger services have crossed Rs 15,000 crores"
Aug 5, 2011 Even PSU looted Games funds: CAG: "The CAG audit found that ECIL prepared a "highly inflated cost estimate", approved at Rs 346 crore by the government. The PSU made a profit of Rs 126 crore on just items procured from external suppliers"
Aug 5, 2011 CAG blames PMO and CMO: "The country’s top auditor has pointed out massive wastage of public money in organisation of the October 2010 Commonwealth Games, blaming the loss on poor governance and planning right from the Prime Minister’s Office (PMO) to the office of the Chief Minister of Delhi."
Aug 5, 2011 'Lalu's railways turnaround tale was a cosmetic exercise’: "The report reflects that the performance of the railways declined marginally during the last leg of Lalu's tenure and further worsened when Mamata was at its helm."
Aug 5, 2011 Govt's Rs 2 lakh cr fertilizer project a washout: CAG: "the Comptroller and Auditor General (CAG) said the huge expenditure has neither increased domestic production of fertilizers, nor made available high-quality product to Indian farmers."
Aug 4, 2011 Is the scam culture destroying the India story?: "Sagarika Ghose asks a panel of experts is the scam culture destroying the India story.", "Business behind bars?"
Aug 4, 2011 CWG: CAG flays Shiela govt over health expenses: "Delhi government gave contracts to non-existing firms for health services during the Games."
Aug 4, 2011 Government to pump Rs.1,732 crore into Air India: "The equity includes fresh infusion of equity worth Rs.1,200 crore and Rs.532 crore as the fare for VVIP travel,"
Aug 4, 2011 Raju, others denied bail in Satyam scam: "A city court on Thursday rejected the bail petition of B. Ramalinga Raju, former chairman of Satyam Computers, and seven other accused in India's biggest corporate fraud case."
Aug 3, 2011 Toronto Star: The high cost of doing business in India: "Canadian businessman Mir Ali says he's being extorted by an Indian cabinet minister who allegedly demands a bribe in exchange for a government contract.", "His plight is a familiar one in modern India.", "India ranks 87th out of 178 nations in Transparency International’s 2010 corruption perception survey, meaning that other developing countries such as China, Columbia and Rwanda are considered less corrupt."
Aug 3, 2011 Wall Street Journal: Report Casts Glare on Indian Billionaires: "Some of India’s biggest mining companies, several of which are run by members of the country’s growing list of billionaires, stand accused by an anti-corruption agency in the southern Indian state of Karnataka of a litany of illegal actions, including widespread bribery."
Aug 3, 2011 CBI attaches property of absconding accused: "The CBI is in the process of attaching properties of three absconding accused in Commonwealth Games-related cases. Anil Madan and P D Arya of Faridabad-based Gem International, and A K Reddy of Hyderabad-based AKR Constructions are accused of conniving with CWG Organising Committee officials to get the contract for timing, scoring and results (TSR) system awarded to Switzerland-based Swiss Timing at Rs 157.62 crore."
Aug 3, 2011 From clerks to crorepatis: BMC's top 5 contractors: "Almost every one of these firms has one thing in common: political patronage. It is a rags-to-riches story born out of enormous sums of taxpayers money spent by the BMC to build roads every year since 1989."
Aug 3, 2011 Videocon got 2G licence through forgery: Balwa: ""I ran that day, took the staircase when all the other people got stuck in the elevator. A major scuffle took place outside the room that day.", "The CBI has charged 14 accused and three companies of causing a loss of Rs.30,984 crore to the exchequer by selling the scarce resource, also called radio frequency that helps carry telecom signals, to private players cheap."
Aug 3, 2011 Mining scam: Tata Metaliks may close Goa plant: "As a direct fall-out of the iron ore mining scam in Karnataka, pig iron manufacturer Tata Metaliks Limited might have to close down its Goa plant in a week"
Aug 3, 2011 Now, Balwa alleges violence in 2G scam: "accused Datacom executives of physically pushing Tata's representatives out of the queue at Sanchar Bhawan, Telecom Ministry headquarters"
Aug 3, 2011 2G: Balwa claims Tatas paid Rs 20 crore to Raja: "Balwa, facing charges of cheating, forgery, criminal conspiracy and corruption, was arrested on February 8 and is presently lodged in Tihar Jail along with 13 other accused including Raja and DMK MP Kanimozhi."
Aug 3, 2011 Conference Call, Was It? : "Hot Seat Raja’s deposition has re-intensified debate and the spotlight on Chidambaram", "Were Raja’s decisions cleared by the PM and former FM? Who cleared the equity sale of Swan and Unitech Wireless? Should Tata Teleservices be clubbed in with Swan and Unitech Wireless? Will A-G Vahanvati’s role in clearing Raja’s decisions make it to fresh chargesheets? Will Chidambaram be made to stand witness in court?"
Aug 3, 2011 A Rich Vein Of Dissent: "Lokayukta pegs loss due to illegal mining in four years ending 2010 at Rs 16,085 crore Report charges Yediyurappa and his family of taking bribes from mining firms. Two instances cited: Rs 10 cr paid to Yeddy family trust; land sold at 200 times market price for Rs 20 cr to a mining firm Ex-CM H.D. Kumaraswamy, four ministers, 787 officials also named. Calls for prosecution under Prevention of Corruption Act."
Aug 3, 2011 30 Minutes: The mining republic: "On this episode we look at how has rampant illegal mining bled Karnataka's economy and ecology drive."
Aug 3, 2011 Apex court rejects Morani bail plea: "The Supreme Court on Monday rejected the interim bail plea of Cineyug Films founder Karim Morani, who is in jail for the last two months for his alleged involvement in the 2G spectrum scam. Morani had sought the interim bail on medical grounds."
Aug 3, 2011 2G: Balwa accuses Pranab along with PM, PC: "After Manmohan Singh and Chidambaram, Pranab Mukherjee has become the new target in 2G case."
Aug 2, 2011 India''s financial growth will drown in corruption: Hegde
Aug 2, 2011 NY Times: India’s Widening Iron Ore Scandal Hurts Stocks: "“Huge bribes were paid,” said the report, written by Santosh Hegde, the former justice. “Mafia type operations were the routine practices of the day.”"
Aug 2, 2011 BBC: New law to tackle India corruption: "Corruption is a big issue in India after a string of corruption scandals from a multi-billion dollar telecom scandal to last year's commonwealth games. Several top government officials including a former minister have been arrested and are facing criminal charges."
Aug 2, 2011 Adani Enterprises Denies Link to Illegal Ore Mining in India
Aug 2, 2011 CBI books former AI manager for cheating: "colluded with M/s Eros International media Limited and cheated the company by fraudulently charging AI for a duration much more than the actual duration of the programmes supplied for AI flights."
Aug 2, 2011 India Digest: After Fixing Yeddy, Lokayukta Slams Bellary’s Mining ‘Mafia’
Aug 2, 2011 Alibaba & 800 thieves; Santosh Hegde wants every one prosecuted
Aug 2, 2011 Diageo Agrees to Pay $16 Million to Settle Corruption Claims: "maker of Johnnie Walker scotch and Smirnoff vodka, will pay more than $16 million to resolve U.S. regulatory claims the firm bribed officials in South Korea, India and Thailand to win sales and tax benefits."
Aug 2, 2011 Speak Asia's Tarak Bajpai in corruption net
Aug 2, 2011 Johnnie Walker maker in India bribery bottle: "the world’s largest liquor maker, has been charged by the US market regulator with paying bribes worth more than $1.7 million (almost Rs 7.5 crore) to government officials in India between 2003 and 2009 to push sales of its famed Johnnie Walker Scotch whisky."
Aug 2, 2011 Rs 215 cr Reddy money stashed abroad: report: "The Lokayukta report names Jindal Steel among the corporates that should be probed for giving bribes."
Aug 2, 2011 CBI chargesheet against seven in street lights scam: "The Municipal Corporation of Delhi (MCD) had floated a tender for street lighting in the city in 2008, in which, according to the CBI, the seven persons named and a private firm “entered into a criminal conspiracy” to bag the contract worth Rs 34.53 crore."
Aug 2, 2011 Chandolia seeks to drag Radia, corporate leaders in 2G case: "R K Chandolia, former aide of ex-Telecom Minister A Raja, today sought implication of corporate leaders and lobbyist Niira Radia in the 2G case as accused, saying they had participated in the alleged ''covert deal'' between the Tata group and Kalaignar TV."
Aug 2, 2011 Rs 215 cr Reddy money stashed abroad: report: "Between 2006-2010, 3.98 metric tonnes of iron ore worth Rs 12,228 crore was illicitly exported. This could not have happened without the government machinery's help."
Aug 2, 2011 Karnataka mining scam is much bigger: Hegde: "Karnataka Lokayukta Santosh Hegde has named Jindal Steel as one of the bribe givers."
Jul 27, 2011 World View: India’s Incomplete Transformation
Jul 27, 2011 Rs 16,085 Cr Loss in 2006-10: Karnataka Lokayukta: "Jindal firm also purchased one acre of land (from the chief minister's family members) in Rachenahally on Bangalore's outskirts for Rs 20 crore, whereas the guidance value fixed by the government was Rs 1.40 crore.", ""Once illegal mining is stopped the Central and the State government can recover lakhs of crores of rupees as Excise and VAT," he said, adding over 100 companies were involved in illegal mining."
Jul 27, 2011 Major scam unearthed in SBI main branch: "An official at the Kingsway branch allegedly siphoned off money from accounts of Non-Resident Indians (NRI) to an account operated by him."
Jul 25, 2011 Former Telecom Minister: Indian PM Knew About Cut-Rate Mobile Phone License Sales: "India’s former telecommunications minister, who is charged in connection with the country’s biggest corruption scandal, says the prime minister and other top officials knew about his decision to sell mobile phone licenses at below-market prices."
Jul 25, 2011 Poor economics: "This is not only absurd but is a lie given the mega scams that this neo-liberal trajectory has facilitated. There is no dearth of resources; there is a dearth of political will to take on the corrupt politician-bureaucrat-businessmen nexus that is looting these resources."
Jul 24, 2011 Sand dealer oils wheels of police: "The senior-most police officer in Burdwan has been using a car belonging to a local sand dealer who wants to keep “good relations” with the cops — a cosy arrangement that reeks of cronyism."
Jul 22, 2011 ‘Tackle politicians-beneficiaries nexus and flawed policies to check corruption': "to weed out corruption it will require tackling the flawed policies and a nexus between the “ruling politicians and the beneficiaries”, concurred a panel debating corruption and corporate loot"
Jul 22, 2011 Has India Run Out Of Steam?: "India Inc is making big ticket investments overseas rather than in India. Over the last 12 months, Mukesh Ambani's Reliance Industries has already invested $5 billion in Africa and the US."
Jul 22, 2011 Raja forced BSNL to ink deal with Swan: CBI: "Raja used Bharat Sanchar Nigam Limited (BSNL) to favour Swan Telecom."
Jul 21, 2011 I-T to quiz Raja, Balwa in 2G scam
Jul 21, 2011 Raja approved 2G licence for his favourites: CBI to court: "Telecom Minister A Raja had approved the grant of dual technology 2G spectrum licences to his favourite telecom firms like ADAG's Reliance Communication and others a day before inviting applications for it."
Jul 21, 2011 Swan Telecom is a front company of Reliance ADAG: CBI: "the investigating agency charged former telecom minister A Raja and his secretary RK Chandolia with favouring Swan Telecom and Unitech Wireless."
Jul 20, 2011 Double digit growth is easy if we get rid of corruption: Infosys' Narayana Murthy
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