Courts Financial News

Internet casino gambling is legal in only a handful of states, but the industry is convinced it is the future of betting, even as some worry about cannibalizing physical casinos

Bankrupt cryptocurrency exchange FTX announced a new restructuring plan that, if approved, could finally give most of its customers access to money they lost—plus interest.

In  an announcement on Tuesday , the U.S. Attorney’s Office for the Southern District of Florida said Todd pleaded guilty to “willfully causing” Digitex to violate the Bank Secrecy Act. Notably, authorities indicted the former CEO in February.

Supreme Court on Wednesday instructed the Centre to refrain from employing "threat and coercion" tactics during search and seizure operations aimed at recovering Goods and Services Tax (GST) from traders. The bench, comprising Justices Sanjiv Khanna, MM Sundresh, and Bela M Trivedi, who are reviewing different sections of the GST Act, emphasised that the law does not grant authorities the power to use force to collect outstanding dues. «There is no power under the Act to compel any person to pay the tax liability during the search and seizures. Request your department to ensure that the payment is made voluntarily without any use of force. A period of three to four days must be provided to the accused individual to seek advice, contemplate, and settle the liability. It should be voluntary and there should not be use of any threat or coercion,» the bench told Additional Solicitor General SV Raju, appearing for the Centre. Raju did not rule out the possibility of using force in the past but mentioned that usually the payment during search and seizure is voluntary.

Cryptocurrency exchange FTX has amassed billions of dollars more than it needs to cover what customers lost in its November 2022 collapse, setting them up to receive full recoveries, plus interest, a rare outcome in U.S. bankruptcy proceedings.

By Howard Levitt and Peter Carey

Congress leader Priyanka Gandhi Vadra on Wednesday said Prime Minister Narendra Modi has been «using his imagination a lot» in his speeches of late and not speaking on the basis of facts. Her remarks came a day after Prime Minister Modi claimed the Congress will reverse the Supreme Court verdict on the Ram temple if voted to power just like its landmark 1985 ruling in the Shah Bano case was overturned by the Rajiv Gandhi government as part of the party's appeasement politics. In an exclusive interview with PTI while on the campaign trail in Uttar Pradesh's Rae Bareli from where her brother Rahul Gandhi is contesting the Lok Sabha polls, the Congress general secretary challenged the prime minister to speak on issues of unemployment, price rise and farmers' plight. Asked about her assessment of the ground situation after three rounds of the seven-phase polls, Priyanka Gandhi said, «My assessment is that people are wanting change. Everywhere I go I get the sense that people are fed up now of being lied to, they are fed up with the level of discussion that is taking place in the media and on political stages.»

PM Modi asks Karnataka to ditch Congress for its ‘perverted' vote bank politics Assam Chief Minister Himanta Biswa Sarma was one of the first to react when he took to X and slammed Pitroda over his remarks and said, "Sam bhai, I am from the North East and I look like an Indian. We are a diverse country - we may look different but we are all one. Understand a little about our country!" BJP spokesperson Shehzad Poonawalla also joined in the criticism alleging that these were racist comments by a man who is the guru of Rahul Gandhi.

Also Read: SC tells Arvind Kejriwal: 'If granted interim bail, we don't want you to perform official duties' —10 key points "They go on filing successive complaints and tell the Supreme Court that they will finish the trial in six months. My bail plea was pending before trial court for three months, reported Bar and Bench quoting Jain.

FTX will have between $14.5 billion to $16.3 billion to pay its creditors and customers, according to an amended reorganization plan filed by the company on Tuesday in a U.S. bankruptcy court. FTX said it has anticipated the figure based on monetizing assets, most of which were investments owned by Alameda Research, a crypto-focused hedge fund controlled Sam Bankman-Fried, FTX Ventures businesses, and litigation claims.

Four suspected South Korean OTC crypto “thieves” have pleaded guilty to stealing around $735,000 from a crypto buyer in a “bogus” USDT deal.

Donald Trump will be convicted in all or at least a few of the 34 felony charges he is facing in the Manhattan federal court. In a survey poll conducted by USA Today and Suffolk University found that 65% of the respondents expect a guilty verdict on at least some of the 34 charges that Trump is facing in a hush money trial, reports USA Today. Only 23% of those surveyed, disproportionately Trump supporters, say he will be exonerated. The Republican contender has been accused of paying $ 130,000 to adult film star Stormy Daniels and falsifying business records to cover it up.

At a time when Indian courts are overburdened with cases, it might seem irresponsible to ask for a ruling to be reviewed. Yet, it is sometimes necessary. As reported this week, a few large banks have decided to move the Supreme Court to resolve differences over borrowers tagged as ‘fraud accounts’ by lenders.

FTX will have between $14.5 billion to $16.3 billion to pay its creditors and customers, according to an amended reorganization plan filed by the company on Tuesday in a U.S. bankruptcy court.

Hardeep Singh Nijjar last year in a killing that triggered a diplomatic crisis between Canada and India appeared briefly in a British Columbia courtroom on Tuesday. Karanpreet Singh, 28, Kamalpreet Singh, 22 and Karan Brar, 22, all Indian nationals, face charges of first-degree murder and conspiracy to commit murder. The three appeared via video link wearing orange prison uniforms.

Top Events on May 8: Prime Minister Narendra Modi will address an election rally in Andhra Pradesh on May 8. Besides this, Tata Power, L&T and other companies will announce their Q4 results today. The Supreme Court of India will also hear petitions on Uttarakhand forest fire incidents.

A month after losing a $2.6 million Financial Industry Regulator Authority arbitration claim, two of the brokers named in the matter have declared bankruptcy, meaning the client who sued them – and won – likely won’t see money any time soon, if ever.

Mint has reviewed a copy of the affidavit. Baba Kalyani,75, has argued “the basis of a Hindu coparcenary is common male lineage—which basis has not been changed by the 2005 Amendment Act".

West Bengal Chief Minister Mamata Banerjee on Tuesday welcomed the Supreme Court order that stayed the Calcutta High Court verdict of cancelling more than 25,000 school jobs, and said she is «very happy and mentally relaxed» after getting justice in the apex court. The Supreme Court on Tuesday stayed the Calcutta High Court order invalidating the appointment of 25,753 teachers and non-teaching staff made by the West Bengal School Service Commission (SSC) in state-run and state-aided schools.

London: Fugitive businessman Nirav Modi, who has been in prison in London for over five years, on Tuesday made a new bail application which was rejected by a UK judge who ruled that he continued to pose a “substantial risk" of absconding justice. The 52-year-old diamond merchant, who lost his extradition battle to face fraud and money laundering charges in India, did not appear for the bail hearing at Westminster Magistrates Court in London but his son and two daughters were present in the gallery.

Bar and Bench reported. "Endorsements by public figures, influencers, celebrities, etc go a long way in promoting a product, and it is imperative for them to act with responsibility when endorsing any product in the course of advertisements," the apex court added.