Is the Hasan Ali scam story a fake?: Rs. 3.25 crore, Not Rs. 36,000 crore
Tehelka examines the Hasan Ali documents and finds that the
whole story might just be a fake. A hoax, if you will.
Here is a man the nation believes is responsible for a black money and hawala racket worth a whopping Rs 36,000 crore. But a massive international inquiry has turned up nothing substantial on him except transactions totalling Rs 3.25 crore. A key UBS official says Swiss bankers have a phrase for Hasan Ali Khan type operations: they call it “hot air business”.
Labels: Media, scam
Economic Times Journalist barred by SEBI for forging letters to rig stock prices
As it is, Financial Journalism is not a high point in the annals of Indian Journalism. In its interim order, the Securities and Exchange Board of India (SEBI)
barred two promoters of Pyramid Saimira Theatre Ltd, and 228 others, including Rajesh Unnikrishnan, Assistant Editor, The Economic Time.
The Economic Times, India's largest selling business daily, is part of the Bennett Coleman Group. Flushed with cash from its print media operations, the group created
Times Private Treaty, an investment group that does dubious
'stock for ads and editorial coverage' deals with companies.
Pyramid Saimira Theatre Ltd was a client of the said Treaty Operations. The Times Group has special editorial people to deal exclusively with Times Private Treaty clients in all of its major editorial offices.
Result:
Hapless journalists who are forced to do what the master says - forget investigative reporting, work on his master's share market earnings.In the Pyramid Saimira case, the journalist has been accused of forging a letter so that it appears to be a SEBI letter. Not surprisingly, this story has been largely ignored by the business press in India. Among the mainstream newspapers,
only the Indian Express and DNA carry it.
Related:What we must learn from India's largest NewspaperThe sorry state of Financial Journalism in IndiaThe Indian Media would like us believe there is no recession Labels: india, news business, scam
The Lalu Yadav connection to Satyam Fraud story
An article in the DNA newspaper points to the Bihar connection at work in putting the Satyam Fraud case on the back-burner. Pointing out that some key players involved in the Satyam Investigations have the Lalu Yadav connection, it says:
“The man at the centre of it all, company affairs minister Prem Chand Gupta, is from the RJD, (the former ruling party in Bihar and now a key Congress ally at the Center). The Andhra Pradesh DGP is a Yadav from Bihar, S.S.P. Yadav. The policeman handling the Andhra CID probe is inspector-general of police V.S.K. Kaumudi. When he was with the CBI some years back, Kaumudi probed Lalu’s fodder scam. He obviously knows a thing or two about Lalu’s secrets. Lalu and the Andhra CM, thus, have an interest in helping each other out….
The above article was written by R. Jagannathan, the managing editor of DNA. Remember, there is a Congress government in Andhra Pradesh. Read the whole article
here.It has been 12 years since Lalu Yadav was charge-sheeted in the
Fodder scam in Bihar, which took place when he was the Chief Minister.
Lalu is preparing for a second stint as a Union Railway Minister and hearings on case threaten to go on for eternity in Ranchi.
Does a similar fate await Raju and his accomplices?
Already, they are enjoying five-star luxury inside the jail. Raju is a man with "
social status", you see.
Lesson#1: If you have to go to jail, go after stealing a thousand crore not thousand rupees.Lesson#2: Behind every great fraud, there is a politician.
Link
via Labels: lalu yadav, satyam, scam
