forensic auditor

The Bombay High Court has overturned a lower court's decision favouring Anil Ambani and Reliance Communications. Banks and a forensic auditor firm have won their appeals. This ruling impacts a forensic audit that had flagged accounts as fraudulent. The court's decision is a significant development in the ongoing financial dispute.

Lenders led by SBI have taken a call that, in instances of fraud, rather than report the entire loan amount as a fraudulent one, banks will only report that portion that is illicitly obtained or misappropriated. To identify this amount, banks will immediately appoint forensic auditors who will certify the extent to which there has been a divergence from lawful borrowing.

The audit found that 23 companies were floated in the name of office boys, peons and drivers and these firms were part of Amrapali consortium and were made fronts to divert homebuyers' money. The two forensic auditors told the SC that they have issued notices to 655 people on whose names 'benami' flats were booked but no one was found in 122 such locations.

The economic offences wing (EOW) of the Mumbai police, which is probing the Rs 5,600 crore cheating case involving the National Spot Exchange Limited (NSEL), has for the third time written to the Home department demanding the appointment of forensic auditors for this case.

The CID is hiring forensic auditors to investigate economic offences, major frauds, scams and to make foolproof cases against suspects or accused which include many government authorities, politicians and businessmen.

Brushing aside the contention of Shree Saraiwwalaa Agrr Refineries Limited (SSARL) company which said banks have unfairly declared its account as a fraud despite a clean chit from the forensic auditor, the Telangana high court has dismissed the plea of the company for defaulting on repaying Rs 700 crore to banks.

Troubled billionaire Anil Ambani-led Reliance Home Finance (RHF) and Reliance Commercial Finance (RCF) on Sunday said forensic auditor Grant Thornton has given the two companies a clean chit relating to various allegations.

The Bombay High Court has overturned a lower court's decision. This ruling allows banks to proceed with a 2020 forensic audit report concerning Anil Ambani and Reliance Communications. The court clarified that new RBI guidelines do not nullify actions taken under previous directions. This decision impacts ongoing criminal investigations and Ambani's account classification.

The economic offences wing (EOW) of the Mumbai police, which is probing the Rs 5,600 crore cheating case involving the National Spot Exchange Limited (NSEL), has for the third time written to the home department demanding the appointment of forensic auditors for the case.

Two days after claiming to be suffering from "memory loss" and blaming it for his "inability" to field queries of the Supreme Court-appointed forensic auditors regarding Amrapali Group's financial transactions, the company's chief financial officer offered profuse apologies on Friday and answered all questions posed by the court.

Two organizations have been selected to provide professional guidance as forensic auditors and in cyber crimes.

The Supreme Court-appointed forensic auditor told the court on Thursday that Unitech diverted more than Rs 1,500 crore of homebuyers’ money for purposes other than construction of housing projects and said the group and its officials were not cooperating with the audit.

Shares of Prabhat Dairy surged as much as 9 per cent on Wednesday, just a day after Markets regulator directed it to cooperate with the forensic auditor and deposit over Rs 1,292 crore in a nationalised bank within seven days till the conclusion of the audit.

The Supreme Court on Wednesday ordered to seal Amrapali group's seven premises in Noida and Greater Noida after the three directors of the firm informed that all documents relating to 46 group companies are stacked there. The top court further stated that "no person other than forensic auditors and authorised representatives can enter these premises."