CBI probes Chennai firm plaint on UK co hand in multi-crore scam

Suresh Kumar | TNN | Nov 19, 2017, 05:47 IST

CHENNAI: The CBI has commenced a probe into a possible several hundred crore money laundering scam involving a UK-based venture capital firm. The suspected fraud came to light when the promoter of Chennai-based Zynergy Solar Projects and Services Private Limited approached the Madras high court seeking a probe by economic wing of the CBI, based on his representation dated October 5.

When the plea came up for hearing on October 27, special public prosecutor for CBI told the HC that action was being taken in accordance with the law based on Zynergy's representation. Recording the submission, Justice G Jayachandran disposed of the plea. The primary allegation of Rohit Rabindranath, who floated Zynergy in 2007, is that TejKohli of Kohli Ventures, a UK-based investment firm, had "cheated him and utilised Zynergy for money laundering."

Deal with UK firm had been struck in July 2015

Rabindranath ventured into solar power generation in 2010, and in July 2015, he signed a strategic investment agreement with Kohli Ventures. It was agreed by both sides that ₹30 crore would be invested by Kohli Ventures through its nominees in Zynergy partially in the form of equity capital and partly as fully compulsorily convertible debentures (FCCD) and optionally fully convertible debentures (OFCD).

"An initial investment of $4.445 million (₹30 crore) in remittances came in August-December 2015 from Kohli Ventures and Cascade Global Pvt Ltd Hong Kong, through Cyprus and Cayman Islands. Shares constituting 51% of the shareholding were allotted to Cascade Energy Pte Ltd (Cascade) as per the agreements," the petitioner said.

However, after the allotment of shares and securities in favour of Cascase Systems, it came to light that the transfers contravened mandatory provisions of master circular issued by the RBI, dated July 1, 2015, under the Foreign Exchange Management Act, 1999. As per the circular, a non-resident investor may exit after a minimum lock-in period of one year and no such investor should be guaranteed any assured exit price at the time of making such agreement and to only exit at a fair price at the time of exit. This apart, Zynergy's banker KEB Hana Bank, said the KYC report of its 51% shareholder, Cascade Systems was negative and notified the firm to conduct due diligence, and said financial assistance granted by the bank would be withdrawn if the issue was not rectified.

"A due diligence conducted by us revealed that TejKohli was involved in several criminal cases that are pending and was also convicted by the United States district court, central district California. He was also prohibited from owning or being affiliated or employed by any financial institution insured by the Federal Deposit Insurance Corporation (FDIC) or from being employed in any capacity wherein he has custody, control or management of his employer's funds," the petitioner alleged.

Meanwhile, another banker of the company, Union Bank (UK), issued letters to the firm in March stating that Kohli if continued to be a shareholder in Zynergy, it would be constrained to call off the $4 million loan it had advanced.

On May 19 this year, income tax department officials attached the shares held by Cascade Systems in Zynergy under the Benami Property Transactions Act, 2016 on the ground that the act constituted a benami transaction as the investment was funded by Tej-Kohli and Cascade Global Limited, Hong Kong thus rendering the shares to be held by one person and the beneficial owner as someone else.

Drumstick price touches Rs 100 per kg

TNN | Nov 19, 2017, 06:36 IST

 

CHENNAI: After eggs, it's now the turn of drumsticks.

Prices of drumsticks on Saturday hit an all-time high of ₹100 per kg in the retail markets.

Hitherto, drumsticks were being sold at ₹ 50 per kg. However, due to reduced supply in the market, their prices have now risen to ₹100 per kg.

"Heavy winds in the drumstick growing areas had destroyed the crop and with less supply and increased demand, their prices have shot up," said P Anbuselvam, a retail trader.

Meanwhile, other vegetables too have seen a rise in prices due to reduced arrivals from the districts and neighbouring states. On Saturday, prices of broad beans touched ₹50 per kg when compared to ₹40 per kg last week. Green peas and small onions are being sold at ₹130 per kg.

Traders say the prices of vegetables will see a further rise in the next few days. Even tomatoes from Mulbagal in Kolar district of Karnataka were seen in fewer quantities at the Koyambedu wholesale market, thanks to a drop in supply

Two leopards die at Tirupati Zoo

TNN | Nov 18, 2017, 22:25 IST

 

TIRUPATI: Two leopards that were recently rescued were died at Sri Venkateswara Zoological Park in Tirupati.

The 8-year-old leopard was rescued from poachers trap at Mallarupally of Irala mandal in Chittoor district around a month ago. Another leopard was a cub aged about 10 months was trapped in the cage set up by the forest department officials at Kapilateerdam near Alipiri.

The cub leopard died on Monday and the bigger one died on Friday night. The cub that was caught in the cage has minor injuries on it but it has stopped taking food since it was caught. It became weak and died eventually. The doctors later found that live tape worms and round worms in its intestines. These worms leads to loss of appetite, anaemia and malnourishment.

The bigger one also stopped taking food. This one received injuries all over on its body after getting trapped in wires. It has not responded to the treatment given by the zoo officials and died after a month. The zoo curator Y Srinivasa Reddy told that both the leopards came to us in hopeless conditions. Our efforts went in vain as they succumbed to injuries he said.

Class X girl faints in school, doctors find her pregnant

TNN | Updated: Nov 19, 2017, 06:40 IST

 

 

CHENNAI: A Class X student who collapsed at a government school in the city two days ago was rushed to a private hospital which confirmed she was pregnant. On Saturday, police arrested a 27-year-old neighbour of the girl on charges of raping her and a court sent him to jail.

After a private hospital confirmed the pregnancy, the girl's mother took her to a government hospital where doctors, after an examination, alerted police about a school student brought there to abort a pregnancy.

Based on the information, police rushed to the hospital and questioned the girl and her mother before taking them to the police station for further inquiry. She told police that she had fallen in love with a construction worker who lives next to her house.

Preliminary inquiries revealed that the two had known each other for the past three years. They often met after she returned from school and the man returned from work. The girl's father is a coolie and the family lives in rented accommodation in a north Chennai neighbourhood.

The case has been to transeferred to an all-woman police station and a case registered under the Protection of Children from Sexual Offences (Pocso) Act.

Jaya inducted aide into several companies

Siva Kumar | TNN | Nov 19, 2017, 07:01 IST

 

 

Police personnel guard Jayalalithaa's Poes Garden residence during an I-T search on Friday night.

CHENNAI: Income tax searches on the premises of jailed AIADMK leader V K Sasikala, family members and associates are set to continue as I-T officials are still ferreting out details from the documents seized so far.

On Friday night, they searched parts of Jayalalithaa's Poes Garden residence, especially the rooms used by her personal secretary S Poonkundran and Sasikala. Still, the room used by Jayalalithaa was not searched, said I-T officials. Poonkundran was appointed director of certain firms when Sasikala was sent out of Poes Garden in 2011. When she returned, she had him replaced.

I-T officials believe Poonkundran, who was said to be a glorified gatekeeper at Veda Nilayam, could lead them to information on businesses of Sasikala's extended family. "Nothing transpired at Veda Nilayam without Poonkundran's knowledge. He used to filter even Jayalalithaa's appointments," said an AIADMK source.

"We are going through the documents relating to the shell companies owned by Sasikala's extended family and business associates. We got some leads while questioning Poonkundran. It is in this connection that we entered Jayalalithaa's residence on Friday night. Though we searched 188 premises for 5 days, more places could be searched when we get additional information in the coming days. Veda Nilayam is the first among them," an I-T official told TOI.

I-T officials did not respond when asked why Jayalalithaa's residence, and her Kodanad and Siruthavur bungalows were not searched in the initial round. Sasikala had been using all these premises for years. I-T officials had dropped into the Jaya TV building adjacent to Veda Nilayam more than a week ago, but they took more than a week to enter Jayalalithaa's residence.

"In Friday night's search, we have seized some original documents of companies owned by Sasikala's family members. The photocopies were seized from various other places earlier. Some photocopies were seized from a shop in Chennai, where they were dumped when searches were going on last week," the official said.

BDS to MBBS Bridge course being finalised by MCI, DCI

BDS to MBBS Bridge course being finalised by MCI, DCI

‘Bridge course soon for dentistry students to pursue MBBS’

Special Correspondent 

 

CHENNAI:, December 18, 2016 00:00 IST

Highlighting the need to give importance to oral healthcare and hygiene in rural areas, Dibyendu Mazumdar, president, Dental Council of India, spoke about a number of initiatives and plans of the council.

Prof. Mazumdar was speaking at the International College of Dentists: India, Sri Lanka and Nepal section, Conference and Convocation 2016 that was held in the city on Saturday.
Stressing that every student needed to be well-trained, Prof. Mazumdar spoke of CCTVs being set up in dental colleges at the outpatient sections,classrooms and departments.

“I have heard of ‘ghost postgraduates’ now...we all know about visiting teaching staff,” he said.
Mushrooming of colleges

On the efforts of the council to stop the mushrooming of dental colleges in the country, he said that the initiative had to come from the States.

He also spoke of introducing basic and advanced life support courses as well as forensic medicine for students.

A proposed bridge course, where students who had completed dentistry would be able to do a three-year MBBS course, is in its primary phase, he said, adding that these students would have to serve a minimum of five years in rural areas.

Prof. Mazumdar also said initiatives were being taken to ensure there were dental surgeons up to the primary health centre level, stipends for interns and PG students and that efforts were on to bring in dental insurance.

Rajiv Chugh, secretary general, ICD-India, Sri Lanka & Nepal Section, spoke of the organisation spread across 122 countries that has 12,000 fellows.

Rajesh Chandna, president, International College of Dentists, S.M. Balaji, president, ICD Section VI, M. Mala, chairperson, Tagore Educational Trust and others also participated.