United Kingdom authorities confirm Nirav Modi's presence, CBI seeks extradition

On July 2, the Interpol had issued a Red Corner Notice (RCN) against Nirav Modi under money laundering charges levelled by the Enforcement Directorate

 

Latest News: Fugitive diamantaire Nirav Modi, wanted in the Rs 135 billion Punjab National Bank (PNB) fraud, is in the United Kingdom, the Interpol has confirmed, prompting the CBI to seek his extradition, officials said on Monday.

According to a Central Bureau of Investigation (CBI) official, the UK authorities confirmed Nirav Modi's presence in the country on Sunday through a mail on the basis of the diffusion notice issued against him by the probe agency to the Interpol.

The official also said the CBI sent an extradition request to the Ministry of Home Affairs (MHA) on Monday.

Nirav Modi scam at PNB

"The Home Ministry has also been requested to move its extradition request to the Ministry of External Affairs and through the MEA to the UK authority."

Earlier on August 2, Minister of State for External Affairs V K Singh informed Parliament that the government had sent a request to the UK for extraditing Nirav Modi.

On July 2, the Interpol had issued a Red Corner Notice (RCN) against Nirav Modi under money laundering charges levelled by the Enforcement Directorate (ED).

Nirav Modi along with his uncle Mehul Choksi of the Gitanjali group is being probed in the fraud case by the CBI and the ED.
The ED had, on May 24 and May 26, filed prosecution complaints or chargesheets against Choksi and...continue reading

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News Source: BS

Indian-origin teenager Akshay Ruparelia becomes UK's youngest millionaire

 

Ruparelia claims to have already sold 100 million pounds worth of properties since he set up his business

 

An Indian-origin teenager has become one of Britain's youngest millionaires after his online estate agency business got valued at 12 million pounds in just over a year.

Akshay Ruparelia, at just 19 years of age, juggled his school work with negotiating property deals for his no-frills business that offers to sell properties for a fraction of the cost charged by established high street estate agents.

This week "doorsteps.co.uk" became the 18th biggest estate agency in the UK just 16 months after the website went live.

Ruparelia claims to have already sold 100 million pounds worth of properties since he set up his business.

Also Read: 12 Housewives Who Fought Gender Stereotypes To Become Millionaires

"I got the website up and running and after a couple of weeks a man in Sussex asked me to sell his home and a separate chunk of land he owned beside it.

"I had to pay my sister's boyfriend 40 pounds to drive me to Sussex to take photographs of the house, as I hadn't passed my driving test and didn't have a car," he recalls.

The north London-based schoolboy was able to sell the property and land within three weeks, which set the ball rolling.

He started his company with 7,000 pounds, borrowed from relatives and now employs 12 people.
In the initial stages of his business, he hired a call centre to answer calls coming into his work while he was at school and would return the calls after his classes.

His model is based on hiring an ever-expanding network of self-employed mothers across the UK, who show clients around the properties he has been asked to sell.

Click here to know more about → Akshay Ruparelia

2016, the year that was: Business and Economics

Millions of leaked documents, dubbed the Panama Papers, exposed the legal but dubious tax dealings

Around this time last year, the Coalition government was trying to manage the nation’s Business and Economy despite political shakeups, we were all watching a country on the verge of leaving the European Union, and some businesses were in the spotlight for behaving badly. Anyone getting deja vu?

As we look back at what made news in business news  and economics news in 2016, there is certainly a little bit of history repeating, in addition to some being made.

1. Scandals, insolvency and bad behaving banks
2. Questioning China’s influence in Australia
3. Changing industries
4. Global waves beyond Australia’s shores
5. Backpackers, 457 visa and migrant workers
6. Company results
7. Budget, election, budget update

As in the Trump and Brexit tumult overseas, Australians are also unhappy with inequality in the property market, superannuation and household incomes and wealth, just to name a few.

But despite all this tension, it should be calm around the Christmas dinner table. As long as no one mentions smashed avocado…

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