India: has Ghandi Trust money been stolen?
The High Court in Delhi has authorised an investigation into the affairs of the Indira Ghandi National Centre for the Arts. An application has been made to the Court alleging 1,000 million rupees have been stolen from the trust.
Most Recent - This Section
Merry Christmas 2011 and Happy New Year 2012Happy Easter from The Anti Money Laundering Network
Happy Easter from The Chief Officers' Network
Welcome to The Year of the Ox
Merry Christmas 2008
Most Recent - Whole Site
Taxation: US Treasury notice re FACTAInternet: "buy this domain or lose business"
The Risk Professional: US Treasury Statement re Iran banking sanctions
Automotive: Clint Eastwood's misty eyes playing for Detroit
Aviation: Kingfisher's finances cause concern
Most Recent - BankingInsuranceSecurities.Com
FI Fraud: Phishing - Santander UKSanctions: OFAC update 20120207
Phishing Alert: Quickbooks / Intuit
Sanctions: OFAC UPDATE 20120206
Sanctions HM Treasury - Iraq
Although a super-large number in rupees, it translates into a little over USD25 million. That's still a vast amount of money in a country where hundreds of millions live on less than USD50 per month.
The Court has ordered the trust and one of its officers, Kapila Vatsayan, to provide answers in the investigation. The money was, according to court papers, destined for the construction of a new office block for the trust.
The inquiry began when a government department noticed that large amounts were raised for specific purposes but the amount spent on those was significantly less than the amount raised. More, even though it was not using the money it had, the trust continued to raise more and more money.
The Comptroller and Auditor General's report implied just one major question: where did all the money go?
That's what the public interest suit issued in the High Court is designed to find out.