Ethics

Creation of multiple companies by a single person is not unheard of in fraud cases. It is the unusually high profit, 200% at that on some products, pocketed by an accused in Insurance Medical Services (IMS) by creating four firms, is leaving people astonished. Sleuths of Anti-Corruption Bureau (ACB) probing the IMS scam involving close to ₹1,000 crore public money found that one of the accused, Srihari Babu alias Babji, floated four firms. Omni-Medi, Omni Enterprises, Omni Healthcare and Legend Enterprises were created allegedly by him. A supplier of medicines and medical kits, the accused used to purchase products directly from the manufacturers and supply to others by taking some profit. Suppliers make profits from 5% to 25% maximum. But the accused made more than 200% profit on products he had supplied to directorate of IMS! It is here floating of four firms helped him to jack up price of a product and earn profit double the product’s cost. A classic example is a medical...

Investment Fraud in Bengaluru: two partners arrested The Tilak Nagar police have captured two people from a money organization for purportedly tricking a few speculators by promising them exceptional yields and bamboozling them of ₹3 crore. "We think there could be more cash included," said a senior cop.  Be that as it may, the prime charged, Habibullah Shariff, who runs the exchanging administration, which has workplaces in Jayanagar ninth Block, is slipping away. "He fled to Dubai and we have a LOC given against him," said Isha Pant, Deputy Commissioner of Police (South East).  The other blamed, Manjunath Balraj, 31, and Masiulla Shariff, 32, are accomplices at the firm. They have supposedly been defrauding financial specialists since 2017 by promising them 10% quantifiable profits. Based on a complaint filed by one of the investors, Zubair N., the Tilak Nagar police registered an FIR. According to the complainant, he and his relatives had deposited ...