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Telangana: Now, SEBI too files case against Goldstone' Prasad

The SEBI move has been initiated after a complaint received from a city based bank manager D.V. Sankara Rao.

Hyderabad: Goldstone Prasad or Dr P S Prasad of the Goldstone group of companies is in the eye of yet another storm.

The Securities and Exchange Board of India (SEBI) has registered a case against Dr P.S. Prasad and has urged the Enforcement Directorate to take necessary action against him for his illegal activities.

The SEBI move has been initiated after a complaint received from a city based bank manager D.V. Sankara Rao. In his complaint, Mr Rao had stated that the Goldstone group of companies was a benami outfit of Dr. P.S. Prasad run by his close associates.

“Goldstone Prasad was indicted by the court of New York for fraudulently obtaining commercial loans from several banks by making false representation to the banks and later diverting the loan towards unconnected purposes.

The court of New York charged P.S. Prasad for conspiracy, scheme to defraud, forgery, falsifying business records etc,” Mr Rao said in his complaint.

Assistant Manager of Integrated Surveillance Department of SEBI, Mr. Raj Kumar Das on March 17, 2017, wrote a letter (ISD/RC/RKD/6070/2017/1) to the Director of Enforcement Directorate stating that after cheating banks in the US, P.S. Prasad had come to India and with the help of his close associates and family members, was now spearheading the Goldstone Group and other business without being granted citizenship of India.

“P.S. Prasad is engaged in obtaining loans for Goldstone group of companies from various banks in India by offering bribes and using political connections”, Mr. Das said in its letter to the ED seeking further action against P.S. Prasad.

Replying to an RTI application filed with the Ministry of Home Affairs, section officer of CS Division Mr. Kamlesh Rathan informed that the issue of P.S. Prasad was also raised in the petition pertaining to the Ministry of Commerce and Industry.

ACB teams sent out to conduct more raids
The Anti-Corruption Bureau has clamped down on illegal land registrations done by sub-registrars. A source from the ACB disclosed that ten teams had been deputed to conduct searches and raids of sub-registrar offices. Several arrests have been made and many documents have been seized from their houses.

“The teams found and seized many land documents from the houses of arrested sub-registrars. On investigation, we have found that higher officials in the stamps and registrations’ department are not monitoring the activities of sub-registrars and not focusing on auditing”, said an ACB official.

“As per the rules, sub-registrars should upload the document details after registrations have been made in the database. They should upload scanned documents onto the central server of the Department of Stamps and Registrations. But a few sub-registrars have not been uploading documents of high-value land transactions. Once uploaded the documents cannot be modified. Therefore, on questioning these arrested sub-registrars, their reasons for not uploading will come to light.” The source said that the department found old stamp papers in the sub-registrar offices.

( Source : Deccan Chronicle. )
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