With a view to bringing public awareness to the observance of traffic rules, a special campaign for National Road Safety Month is being conducted by Traffic Police Raipur. The one-month campaign, which started from January 18, will run till February 17. Earlier, National Road Safety Week was celebrated in the rains. Its duration has been increased, so that the public mind can become more aware of the traffic rules. Human life is precious, so we should understand the importance of life. All the people using the road are required to follow the traffic rules for the safety of life. Road accidents happen by not following traffic rules. The youth group is affected the most in these accidents. Improvement in traffic engineering, education, enforcement, emergency is being done continuously with the joint efforts of Traffic Police, Public Works Department, National Highway Department, Municipal Corporation, Education and Health Department to prevent road accidents. Raipur, the capital of Chhattisgarh, is located in the middle of the state. The borders of the capital Raipur touch the districts of Durg, Dhamtari, Mahasamund, Gariaband, Balodabazar and Bemetara. National Raj Roads 53 and 30 pass through the capital Raipur. The only national airport of Chhattisgarh is located in Raipur district. Due to being the capital, the movement of specific people from other states and the center remains constant. The population of Raipur district is about 22 lakhs and the number of registered vehicles is about 16 lakhs. After the formation of the capital, along with the rapid industrialization and expansion of cities, development in the field of education, traffic pressure has increased significantly in Raipur city. Widening of roads is necessary for a simple, easy and orderly traffic system, while traffic education is very important in today’s perspective. Raipur Police is constantly trying to reduce road accidents, make common citizens aware of traffic and make traffic system smooth. The capital Raipur is poised to become a smart city, smart traffic. Hitech cameras have been installed in various square intersections along with smart signals under the ITMS system in the city, with the operation of which the traffic system is being improved and continuous action is taken against violators of traffic rules.
Tag: Enforcement
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ED arrests key accused Sai Chandrasekhar in Rs 750 crore Bush Foods bank fraud case
The Enforcement Directorate (ED) has arrested key accused Sai Chandrasekhar in an economic offence case involving ₹750 crore. The special money laundering court has also given seven-day custody to the investigative agency.
The Central agency produced the accused Sai Chandrasekhar before Saket district and sessions court and got the remand for custodial interrogation. Earlier search operation was conducted at the residential and office premises of the accused.
ED initiated investigation under PMLA against Virkaran Awasty, Vinod Sirohi, KPMG India Pvt. Ltd. and others based on FIR registered by Economic Offence Wing, Delhi Police on basis of a complaint received from Hassad Netherlands B.V. and consequently filed charge sheet.
Hassad Netherlands B.V., a subsidiary of Hassad Food Company, was induced by Virkaran Awasty and Ritika Awasty, Directors of Bush Foods Overseas Pvt. Ltd., to part with funds amounting to $ 120 million (approximately Rs 750 crore) by misrepresenting the level of stocks and inventory.
On the basis of such misrepresentations the accused persons induced Hassad Netherlands B.V. to provide corporate guarantee for the outstanding amount of Rs 714 crores of credit facilities availed from the consortium of banks.
Credit facilities were availed by Bush Foods Overseas Pvt. Ltd. on the basis of non-existent stocks or inventory.
Investigation under PMLA revealed that Virkaran Awasty along with other directors created bogus stocks by inflating the inventory and fabricating financial statements of the company.
Investigation under PMLA revealed that Virkaran Awasty along with other directors created bogus stocks by inflating the inventory and fabricating financial statements of the company. Bulk transactions of sales and purchases were generated in order that Bush Foods could record increased turnover, profit margins and additional stock by generating approximately equal value of sales and purchases in a year. Artificial profit and artificial stock in the book value of inventory was recorded in the books by showing these bulk sales as domestic sales.
Sai Chandrasekhar was an employee of Hassad Foods Company and was part of team which evaluated the transactions. Sai Chandrasekhar colluded and conspired with Virkaran Awasty to cheat Hassad Netherlands. He had a pivotal role and responsibility in the business transactions between M/s Bush Foods Overseas Pvt. Ltd. and Hassad Netherlands B.V.
He also had a key role in negotiations, discussion and due diligence carried out by Hassad on Bush Foods. In lieu of manipulating the due diligence exercise in favour of M/s Bush Foods Pvt. Ltd. and knowing that the credentials of the company were not genuine and facilitating the transactions, Sai Chandrasekhar was paid illegal gratification by Virkaran Awasty to the tune of Rs. 20.79 crores.