[ NATIONAL ]

ABG Shipyard fraud detected faster than usual, says Finance Minister

Union Finance Minister Nirmal Sitharaman on Mon said the lending by a consortium of banks to ABG Shipyard had turned a non-performing asset before PM Narendra Modi’s govt came to power in 2014, adding that the banks have done a commendable job in detecting the fraud.

Security forces recover a cache of arms, ammunition in J-K’s Poonch

In a joint operation by the security forces on Mon, a cache of arms and ammunition, including an AK-47 rifle and two pistols, was recovered near the Line of Control in Deri Dabsi village of Mendhar area in Jammu and Kashmir’s Poonch district. The recovery was made during a search and cordon operation jointly conducted by the Jammu and Kashmir police and Indian Army. The recovery includes one AK-47 rifle, one magazine, 2 pistols, and 2 pistol magazines. Further investigation into the matter is underway.

4^th India – Philippines Joint Commission on Bilateral Cooperation

MEA-The 4^th Meeting of the India-Philippines Joint Commission on Bilateral Cooperation, co-chaired by S. Jaishankar, External Affairs Minister of India (EAM), and Teodoro Locsin Jr., Secretary, Department of Foreign Affairs of the Philippines, was held virtually on Nov 06, 2020. The co-chairs agreed to further strengthen defense engagement and maritime cooperation between the two countries, especially in military training and education, capacity building, regular good-will visits, and procurement of defense equipment and enhance cooperation in the area of counter-terrorism with information exchange between concerned agencies and support in terms of specialized training needs. To expand trade, investment, tourism, and student exchange between the two countries, both sides agreed to work towards a simplified visa regime between the two nations.

Commander of Royal Saudi Armed Forces receives Guard of Honour

Lieutenant General Fahd Bin Abdullah Mohammed Al-Mutair, the Commander of Royal Saudi Armed Forces of Saudi Arabia, received the Gaurd of Honour at the majestic South Block Lawns in New Delhi on Tue. Gen Al-Mutair called on Indian Army chief Gen MM Naravane and discussed ways to further enhance the bilateral defense cooperation between the two countries: Indian ArmyEarlier, on Feb 9, Chief of Army Staff General MM Naravane held a telephonic interaction with Lt Gen Al-Mutair and discussed aspects of bilateral defense cooperation. Notably, Comdr Royal Navy of Oman Rear Admiral Saif Bin Nassir Bin Mohsin Al Rahbi called on Army Chief General MM Naravane earlier yesterday (Mon) in Delhi.

India asks its citizens to leave Kyiv temporarily amid Ukraine-Russia tensions

Indian Embassy in Ukraine asked its citizens, particularly students whose stay is not essential, to leave Kyiv temporarily amid the ongoing tension between Russia and Ukraine. In an advisory issued on Tue, India also requested its nationals to keep the Embassy informed about the status of their presence to enable the Embassy to reach them where required. On Jan 26, the Indian embassy in Kyiv had asked its citizens residing in Ukraine to register themselves in a bid to disseminate information swiftly. White House spokesperson had earlier said that the US would welcome any country’s attempt to play a role in de-escalation of mounting tensions between Russia and Ukraine, including India. A sum of 18K students is studying medicine and engineering in Ukrainian universities.

Secretary (West), Smt. Reenat Sandhu led 8^th India-Italy Foreign Office Consultations in Rome

Ministry of External Affairs said in a statement that The 8^th session of India-Italy Foreign Office Consultations was held on Feb 14 in Rome, Italy. Both sides expressed satisfaction at renewed momentum in bilateral relations thanks to regular high-level exchanges and shared commitment to further intensify cooperation The two sides discussed India-EU relations & agreed on the need to commence negotiations on India-EU Free Trade & Investment Agreements at the earliest. India welcomed Italy’s interest in the implementation of the EU’s Indo-Pacific guidelines and India-EU connectivity partnership.

PM Modi to deliver the inaugural address at TERI’s World Sustainable Development Summit on Feb 16

Prime Minister Narendra Modi will deliver the inaugural address at The Energy and Resources Institute’s (TERI) World Sustainable Development Summit on Feb 16 at around 6 pm virtually. The theme for this year’s Summit is “Towards a Resilient Planet: Ensuring a Sustainable and Equitable Future.” World Sustainable Development Summit is TERI’s annual flagship event.

IISc gets Rs 425-crore donation to set up 800-bed hospital-school

Indian Institute of Science is setting up the “future of clinical research and innovation” in the form of a not-for-profit 800-bed multispeciality hospital and a medical school on its campus, funded mostly by the single-largest private donation yet of Rs 425 crore from the families of Mindtree co-founders Subroto Bagchi and NS Parthasarthy.

Money laundering case against Dawood, aides; ED conducts raids

HT-The Enforcement Directorate (ED) was conducting raids at 10 locations in Mumbai and neighboring areas on Tue in connection with a money laundering case against fugitive underworld don Dawood Ibrahim and his associates under the Unlawful Activities Prevention Act. Based on a National Investigation Agency first information report, the ED registered the money laundering case to probe Ibrahim’s hawala network as well as property deals suspected to be connected to a Maharashtra politician, (official). The official added the searches were being conducted at 10 places including Nagpada, which was once Ibrahim’s stronghold. Some politicians are also under the scanner. The agency has also been questioning some suspects in connection with the case. Ibrahim and his associates fled to Pakistan before the 1993 Mumbai blasts, which left 257 people dead. He has been linked to multiple terror organizations and is also believed to be helping narco-terrorism through his hawala network.

Lalu Prasad Yadav convicted in fodder scam case

Former Bihar chief minister, and Rashtriya Janata Dal leader, Lalu Prasad Yadav has been convicted of fraudulent withdrawal from Doranda treasury by a CBI Special Court in Ranchi on Tue.

India witnesses 300 pc increase in the seizure of Heroin in last 5 years: NCB DG

In the last five years, India has witnessed an exponential increase in the seizure of Heroin from 2,146 kg in 2017 to 7,282 kg in 2021 which is approximately a 300% increase, said Narcotics Control Bureau (NCB) Director-General SN Pradhan on Tue. The NCB chief announced while inaugurating a ‘Darkathon 2022’- a 3-phased event that will conclude on April 22. The event is aimed at finding out solutions to counter drug trafficking through the darknet.

Entire college suffering because of 6 girls, Udupi student writes to principal & local MLA

A student from the Government PU College for Girls in Udupi has submitted a memorandum to the principal and lawmaker, requesting them to resume regular classes. The petition is signed by 3 other students. The hijab controversy first broke at this college in the last week of Dec after 6 girls demanded permission to wear the hijab inside the classroom. Notably, the matter is sub-judice and hearing going on daily. Meanwhile, the court passed an interim order that schools and colleges shall be opened, without any religious attire. Udupi MLA Raghupathi Bhat alleged that the Campus Front of India, a student wing of the Popular Front of India, was responsible for the Hijab issue in Karnataka, and demanded an NIA probe into the incident. The CFI also demanded a similar probe against the BJP and Sangh Parivar.

[ NEIGHBORHOOD ]

The US slams China for supporting Russia on Ukraine calls it ‘deeply alarming’

Calling it deeply alarming and more destabilizing to the security situation in Europe, the US has slammed China for supporting Russia in Ukraine.

Pakistan: Young Baloch rebel killed by the Pakistani army in Gwadar

In a clash between Baloch and Pakistani army in Shadi Kaur area of Pasni tehsil of Gwadar district, a young rebel Sarmachar Hidayatullah was killed on Mon, according to local media. The death of Hidayatullah was confirmed by his brother Kifayat Baloch who shared his picture on his Twitter account. Radio Zrumbesh Urdu reported that gunship helicopters were also dispatched from Turbat to assist the Pakistani army after the clash.

The underground water in Kabirwala Tehsil of Multan and around has become poisonous

Dunya Daily- The yellowish underground water, in Kabirwala Tehsil of Multan and around it has become bitter and poisonous which is very harmful to health. People are suffering from different diseases after drinking this water. Many dangerous chemicals are found in this water. There were 5 gas wells of Oil and Gas Development Company Limited in the nearby area. The poisonous chemicals from these wells seep into underground water and contaminated it. The company had closed the wells but their chemicals are seeping from them. The local people have complained to the higher authorities many times but no action is taken so far.

Myanmar junta says won’t attend ASEAN summit after ‘regrettable’ snub

Myanmar’s junta on Mon said it would not attend an upcoming ASEAN summit after the bloc’s “regrettable” exclusion of its top diplomat over a lack of progress in defusing post-coup violence. ASEAN invited Myanmar to send a “non-political representative” to this week’s foreign ministers’ meeting, citing a lack of progress on a consensus agreed last year to facilitate dialogue with opponents of the coup. The Southeast Asian country has been in turmoil since the military ousted Aung San Suu Kyi’s civilian govt, with more than 1,500 civilians since killed in crackdowns on anti-junta protests, according to a local monitoring group.

5 years, 28 banks, Rs 23,000 cr debt — how ABG Shipyard pulled off ‘India’s biggest bank fraud’

ThePrint-Between 2012 and 2017, ABG Shipyard Ltd (ABG SL), a Gujarat-based firm, purportedly defrauded banks of Rs 22,842 crore total.

The crux of the deception, as the Central Bureau of Investigation (CBI) is discovering, was the novel way in which the company created a web of transactions to cheat a consortium of 28 banks including SBI, IDBI, and ICICI.

(sources)- ABG SL took loans from these banks and then diverted them. It allegedly made investments in overseas subsidiaries from the loan amounts, bought assets in the names of affiliated companies, and also transferred money to several related parties.

The company, whose account became a Non-Performing Asset (NPA) in 2013, violated terms of its arrangement for Corporate Debt Restructuring (CDR) — a relief mechanism in which lender banks either reduce the interest rates on the loans or increase the tenure of the repayment.

• The ruckus around the issue has been exacerbated by the fact that the case seems to be beset with delays.
• The SBI identified the fraud in Jan 2019 but filed a complaint only in Nov that year.
• A fresh, more comprehensive complaint was filed in Aug 2020, but the CBI finally registered a case only on Feb 7 and booked ABG SL and ABG International Private Ltd.
• CBI has also booked 5 more authorities in this connection.
• Searches were also conducted last Sat at 13 premises of the accused in Surat, Bharuch, Mumbai, and Pune, leading to the recovery of incriminating documents.

A forensic audit blew the cover-The fraud came to light during a forensic audit that Ernst and Young LLP conducted in Jan 2019, for a period between April 2012 and July 2017 in which it was detected, as per FIR.

Fraud was conducted through “diversion of funds, misappropriation, and criminal breach of trust, to gain unlawfully at the cost of the bank’s funds,” the SBI said in its complaint.

A total of Rs 22,842 crore: it owes ICICI -Rs 7,089 crore, SBI Rs 2,925 crore, IDBI Bank Rs 3,639 crore, Bank of Baroda Rs 1,614 crore, Punjab National Bank Rs 1,244 crore, Exim Bank Rs 1,327, Indian Overseas Bank Rs 1,244 crore, and Bank of India Rs 719 crore, among others.

• While the loans were given to the company by these banks between 2005 and 2010, the fraud was detected only after the forensic audit.
• The SBI in its complaint said that the fraud occurred between 2011 and 2017.

The loan money was given to related parties, invested overseas- The SBI complaint noted that ABG SL routed the loan money by paying it to related parties.

• The forensic audit noted that money was transferred to another company called PFS Shipping India Ltd.
• PFS Shipping then allegedly adjusted the receivables to ABG SL.
• According to a source in the CBI, the money borrowed from banks was used to repay loans and pay for other expenses of group companies, as well as for letters of credit.

This revelation has caused the Narendra Modi government to come under fire, with the Opposition Congress accusing it of aiding in the “loot”, given that the fraud occurred in a BJP-ruled state.

ABG Shipyard fraud detected faster than usual, says Finance Minister

Union Finance Minister Nirmal Sitharaman on Mon said the lending by a consortium of banks to ABG Shipyard had turned a non-performing asset (NPA) before Prime Minister Narendra Modi’s government came to power in 2014, adding that the banks have done a commendable job in detecting the fraud.

• Addressing a press conference after the RBI board meeting here, Sitharaman said the ABG Shipyard account became an NPA in Nov 2013.
• The case was handed over to the CBI in 2020 and in 2022 CBI has filed two cases in this matter.
• Meanwhile, the whole thing also went to National Company Law Tribunal (NCLT) for resolutions.

[ NEIGHBORHOOD ]

US slams China for supporting Russia on Ukraine, calls it ‘deeply alarming’

The United States said Mon it does not believe Russian leader Vladimir Putin has made a “final decision” on whether to invade Ukraine but he “could move with little or no warning.”

• Pentagon spokesman John Kirby also told reporters that US Defense Secretary Lloyd Austin plans to leave for Europe Tue for crisis talks.
• Austin will hold meetings at NATO headquarters in Brussels and visit Poland, where the US plans to deploy 3,000 more troops, and Lithuania, he said.
• Addressing a potential Russian invasion of Ukraine, Kirby said “we still don’t believe that some final decision has been made.”
• “Military action could happen any day,” he added. “It is entirely possible that he could move with little to no warning.”
• State Department spokesman Ned Price said meanwhile that the US has seen “no tangible sign of de-escalation” at the Russia-Ukraine border.

Citing a “dramatic acceleration” in the buildup of Russian forces around Ukraine, Secretary of State Antony Blinken announced Mon that the United States is relocating its embassy in Kyiv to the western Ukrainian city of Lviv.

• Blinken “strongly urged” any remaining US citizens in Ukraine to leave the country immediately.
• At the Pentagon, Kirby separately called out China over its implicit backing for Moscow in the high-stakes Ukrainian standoff.
• In Lithuania, Austin will meet with Lithuanian leaders and jointly with the defense ministers of Lithuania, Latvia, and Estonia.

For India- Why the Delhi-Moscow romance is now a fading diplomatic relationship

ThePrint- The decades-old traditional friendship between India and Russia is facing unprecedented stress as Moscow grows ever closer to Beijing and their tango is also bringing Islamabad under its tight embrace.

On the surface, there appears normalcy — even bonhomie — as it seemed when President Vladimir Putin flew down to New Delhi for 6 hours in Dec, in itself a rare foreign visit by him during the pandemic, and held summit talks with Prime Minister Narendra Modi.

The two countries also launched 2+2 talks between their defense and foreign ministers.

Citing diplomatic observers ThePrint writes, “but, below the surface, the faultlines are emerging and widening.”

It further added, the latest meeting between Putin and Chinese President Xi Jinping, where both leaders stressed the “negative impact” of the Indo-Pacific strategy, the ‘analysts’ said.

India, which has taken note of the joint statement issued by Russia and China, has made it clear that the Indo-Pacific strategic framework remains the cornerstone of its foreign policy and will be so going forward.

Bilateral ties between India and Russia have traditionally always been more transactional than strategic, diplomatic and strategic sources have told ThePrint.

(Source) – “The Cold War era is long gone from India’s foreign policy. Only its shadow remains. Today, the world is in a very different situation where geostrategic shifts are such that groupings between like-minded countries are vital for maintaining global world order.”

The two Presidents met on the sidelines of the Beijing Olympics, they discussed their concerns over “serious international security challenges”, while vowing to develop cooperation within the Russia-India-China framework, according to the joint statement.

The joint statement, which has made South Block sit up and take notice, also stated that both Russia and China “stand against the formation of closed bloc structures and opposing camps in the Asia-Pacific region”, hinting at the Quad, and urged countries to “remain highly vigilant about the negative impact of the US’ Indo-Pacific strategy on peace and stability in the region”.

Ukraine crisis also has a role to play-

• With the Ukraine crisis the spotlight has once again fallen on India-Russia ties, and whose side New Delhi will take in the event a war.
• India has taken a neutral stance on the Ukraine issue, calling for a diplomatic solution to mitigate the crisis.
• External Affairs Minister S. Jaishankar was careful about not being drawn into a criticism of Russia’s actions in Ukraine at the Quad foreign ministers’ meet.