Feature
Breaking: CBI raids Vijay Mallya’s offices
New Delhi: The CBI today raided the offices of Vijay Mallya and Kingfisher airlines in Delhi and Bengaluru in connection with an alleged fraud of Rs.900 crore advanced to him by IDBI bank which has been declared as Non-Performing Asset.
The raids were conducted at five places – at offices of Kingfisher Airlines and at the residences of Mallya and others in Bengaluru, Mumbai and near Panaji, said Central Bureau of Investigation officials (CBI).
“The raids are still on at five places of Mallya’s offices and residences in Mumbai, Bengaluru and in Goa in a case of allegedly violating banking norms in sanction and disbursement of Rs.900 crore to Kingfisher Airlines,” a CBI spokesperson in New Delhi told IANS.
In Goa, a CBI team from Mumbai raided the Kingfisher Villa, Mallya’s expansive property in the tony Candolim beach area, located 15 km from Panaji.
The CBI had registered the case against Mallya, Kingfisher Airlines chief finance officer A. Raghunathan and unknown officials of the IDBI for allegedly violating banking norms in sanctions and disbursement of credit limit of over Rs.900 crore.
The loan of Rs.900 crore was advanced by the IDBI bank despite the fact that there was uncertainty about huge loans earlier extended by a consortium of banks to the airlines being paid. Some of the banks in the consortium have already declared Mallya as a “willful defaulter.”
Sources said what raised suspicion was the fact that it was the first exposure of the Kingfisher to the bank and the big loan was granted despite negative rating and net worth of the airlines.
While registering the preliminary enquiry in 2014 into the questionable sanction of loan by IDBI, the CBI had said: “There was no need for the bank to take the exposure outside the consortium when already other banks loans were getting stressed.”
Mallya’s airline has been grounded since October 2012.
A string of Indian banks have an exposure of nearly Rs.7,000 crore in loans to the airline, with the State Bank of India leading with Rs.1,600 crore.The Punjab National Bank, Bank of India and Bank of Baroda have loan exposure in the range of Rs.800 crore, Rs.650 crore and Rs.550 crore.
The State Scores Extra High on Gaming-Friendly Industry Index
Meghalaya scored 92.85 out of 100 possible points in a Gaming Industry Index and proved to be India’s most gaming-friendly state following its recent profound legislation changes over the field allowing land-based and online gaming, including games of chance, under a licensing regime.
The index by the UK India Business Council (UKIBC) uses a scale of 0 to 100 to measure the level of legalisation on gambling and betting achieved by a state based on the scores over a set of seven different games – lottery, horse racing, betting on sports, poker, rummy, casino and fantasy sports
Starting from February last year, Meghalaya became the third state in India’s northeast to legalise gambling and betting after Sikkim and Nagaland. After consultations with the UKIBC, the state proceeded with the adoption of the Meghalaya Regulation of Gaming Act, 2021 and the nullification of the Meghalaya Prevention of Gambling Act, 1970. Subsequently in December, the Meghalaya Regulation of Gaming Rules, 2021 were notified and came into force.
All for the Tourists
The move to legalise and license various forms of offline and online betting and gambling in Meghalaya is aimed at boosting tourism and creating jobs, and altogether raising taxation revenues for the northeastern state. At the same time, the opportunities to bet and gamble legally will be reserved only for tourists and visitors.
“We came out with a Gaming Act and subsequently framed the Regulation of Gaming Rules, 2021. The government will accordingly issue licenses to operate games of skill and chance, both online and offline,” said James P. K. Sangma, Meghalaya State Law and Taxation Minister speaking in the capital city of Shillong. “But the legalized gambling and gaming will only be for tourists and not residents of Meghalaya,” he continued.
To be allowed to play, tourists and people visiting the state for work or business purposes will have to prove their non-resident status by presenting appropriate documents, in a process similar to a bank KYC (Know Your Customer) procedure.
Meghalaya Reaches Out to a Vast Market
With 140 millions of people in India estimated to bet regularly on sports, and a total of 370 million desi bettors around prominent sporting events, as per data from one of the latest reports by Esse N Videri, Meghalaya is set to reach out and take a piece of a vast market.
Estimates on the financial value of India’s sports betting market, combined across all types of offline channels and online sports and cricket predictions and betting platforms, speak about amounts between $130 and $150 billion (roughly between ₹9.7 and ₹11.5 lakh crore).
Andhra Pradesh, Telangana and Delhi are shown to deliver the highest number of bettors and Meghalaya can count on substantial tourists flow from their betting circles. The sports betting communities of Karnataka, Maharashtra, Uttar Pradesh and Haryana are also not to be underestimated.
Among the sports, cricket is most popular, registering 68 percent of the total bet count analyzed by Esse N Videri. Football takes second position with 11 percent of the bets, followed by betting on FIFA at 7 percent and on eCricket at 5 percent. The last position in the Top 5 of popular sports for betting in India is taken by tennis with 3 percent of the bet count.
Local Citizens will Still have Their Teer Betting
Meghalaya residents will still be permitted to participate in teer betting over arrow-shooting results. Teer is a traditional method of gambling, somewhat similar to a lottery draw, and held under the rules of the Meghalaya Regulation of the Game of Arrow Shooting and the Sale of Teer Tickets Act, 2018.
Teer includes bettors wagering on the number of arrows that reach the target which is placed about 50 meters away from a team of 20 archers positioned in a semicircle.
The archers shoot volleys of arrows at the target for ten minutes, and players place their bets choosing a number between 0 and 99 trying to guess the last two digits of the number of arrows that successfully pierce the target.
If, for example, the number of hits is 256, anyone who has bet on 56 wins an amount eight times bigger than their wager.
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