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US bribery charges against Indian billionaire Gautam Adani have implicated Caisse de Depot et Placement du Quebec, one of Canada’s largest public pension managers. Three former employees, including managing director Cyril Cabanes, face conspiracy charges related to violations of the Foreign Corrupt Practices Act.
In a foreclosure case involving Patricia Reid and Bank of America, the New York Appellate Division ruled that the bank's action was time-barred under the state's six-year statute of limitations. The court determined that, despite the loan being insured by a federal agency, the bank did not qualify for immunity from the statute, as the federal government had no rights to foreclose on the mortgage. This decision clarified that federal insurance does not grant the same protections to loan holders as those afforded to federal agencies.
Indian billionaire Gautam Adani and his nephew Sagar have been indicted for allegedly bribing officials in a $265 million scheme to secure power-supply contracts. The fallout has led to a significant drop in Adani Group's market value, with shares plummeting and Kenya canceling a major airport deal with the conglomerate. U.S. authorities claim the Adanis misled investors while raising over $3 billion by concealing corruption.
Former NYPD officer Jason Rodriguez pleaded guilty to conspiracy to commit wire fraud, admitting to deceiving investors in his foreign exchange fund, Technical Trading Team, which lost nearly $3.5 million of the $4.8 million invested. Rodriguez falsely promised safeguards and misappropriated funds for personal luxuries, while his co-founder, Edwin Carrion, also pleaded guilty earlier this year. The Commodity Futures Trading Commission has filed a civil lawsuit against them for misleading investors about their trading practices.
Gautam Adani's conglomerate faces allegations from US prosecutors regarding false statements made to lenders about a bribery investigation. A March 15 Bloomberg News report indicated that Adani Group denied awareness of any investigation against its chairman and claimed full compliance with anti-bribery laws.
Byju Raveendran, founder of Byju’s, allegedly urged a Nebraska businessman to flee the US to avoid testifying in federal court about questionable activities he witnessed involving Raveendran. Just two days before the hearing, Raveendran sent the businessman a plane ticket to Dubai, as new allegations emerged regarding his attempts to use concealed loan proceeds to secretly repurchase a software company.
Wilmington Trust's fund has settled allegations of violating Foreign Portfolio Investors (FPI) Regulations by paying Rs 64.35 lakh. The Securities and Exchange Board of India (SEBI) issued a settlement order on November 21, following a showcause notice on April 23, 2024, regarding delays in regulatory status notifications between April 28 and July 11, 2023.
The CFPB has finalized a rule to expand its oversight of digital payment services, including Apple Pay, Cash App, and PayPal, targeting nonbank firms processing over 50 million transactions annually. This move aims to ensure compliance with banking laws, enhance consumer protection, and address issues like fraud and privacy. The rule will take effect 30 days after publication in the Federal Register.
Prime Minister Narendra Modi faces intensified scrutiny over his ties to Gautam Adani, a billionaire recently charged by US prosecutors for involvement in a significant bribery scheme. Opposition leaders in India are questioning the relationship between Modi and Adani, whose business interests have flourished alongside Modi's decade-long tenure.
Starting in early 2025, the maximum interest rates for consumer loans will decrease, with cash loans capped at 11% (down from 12%) and overdraft credits and credit cards at 13% (down from 14%). This adjustment is a response to the declining interest rate environment, as determined by the three-month compounded Saron rate. The maximum rates are reviewed annually to protect consumers from excessive charges, ensuring that any loan agreements with excessive rates are deemed invalid under the Consumer Credit Act.
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Adani bribery charges implicate Quebec pension fund executives in scandal
Adani Group
Caisse de Depot et Placement du Quebec
CAN
Saurabh Agarwal
Cyril Cabanes
Deepak Malhotra
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03:15 22.11.2024
court rules against federal immunity in new york mortgage foreclosure case
01:00 22.11.2024
us indictment of adani group triggers market turmoil and airport deal cancellation
United States Dollar
Adani Enterprises Limited
Adani Group
Azure Power Global Limited
Adani Ports and Special Economic Zone Limited
Adani Green Energy Limited
KEN
USA
IND
Gautam Adani
Sagar Adani
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00:07 22.11.2024
former new york cop pleads guilty to forex fund fraud scheme
21:24 21.11.2024
us accuses adani of misleading lenders over bribery investigation claims
20:56 21.11.2024
byjus founder allegedly urged associate to flee us before court testimony
19:13 21.11.2024
wilmington trust settles fpi violations for rs 64.35 lakh
17:17 21.11.2024
cfpb to oversee digital payment services including apple pay and paypal
14:58 21.11.2024
modi faces scrutiny over ties to adani amid bribery allegations
14:29 21.11.2024
maximum interest rates for consumer loans to decrease in 2025
12:41 21.11.2024
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