CBI files FIR against Unity Infraprojects in bank fraud case

20 Sep 2023 CW Team

The Central Board of Investigation (CBI) has taken decisive action by registering a First Information Report (FIR) against Unity Infraprojects Ltd, suspecting their involvement in a staggering ₹3,847.58 crore fraud case. In a coordinated effort, CBI officials conducted searches at four locations within Mumbai and formally charged the former Chairman and Managing Director (CMD), Kishore Krishnarao Avarsekar, in connection with the case. This development was confirmed by officials on Monday.

The CBI's intervention was prompted by a complaint filed by the State Bank of India (SBI), one of the key members of the consortium. The SBI has alleged that the fraudulent activities occurred at its commercial branch in Mumbai. The bank has accused company officials of engaging in deceitful practices, including siphoning off the bank's funds through fictitious transactions and manipulating financial records. Their purported objective was to defraud and cheat the bank, ultimately benefiting unlawfully at the expense of the bank's funds.

Infrastructure Urban

06 Apr 2026

InsideFPV Delivers ₹10 Crore Kamikaze Drone Order Under MoD’s EPR Route

InsideFPV, a Surat-based drone technology manufacturer, has successfully executed a ₹10 crore defence contract to supply indigenous kamikaze drones under the Ministry of Defence’s Emergency Procurement Route (EPR). The company completed the delivery of hundreds of FPV kamikaze drone platforms within a rapid two-month timeframe, highlighting its ability to meet urgent military procurement timelines.The supply orders were fulfilled under the emergency procurement mechanism, which is aimed at fast-tracking acquisitions for immediate operational needs. InsideFPV’s quick execution reflects it..

Vedanta Resources Secures Fitch Upgrade to ‘BB-’, Best Rating Since 2015

Vedanta Resources Limited (VRL), a global player in metals, oil & gas, critical minerals, power and technology, has received a credit rating upgrade from Fitch Ratings, marking its strongest bond rating in over a decade.Fitch has raised Vedanta Resources’ Long-Term Foreign-Currency Issuer Default Rating (IDR) to ‘BB-’ from ‘B+’, while maintaining a Stable Outlook. The agency also upgraded VRL’s senior unsecured rating, along with the ratings of US dollar-denominated bonds issued by Vedanta Resources Finance II Plc and guaranteed by VRL, to ‘BB-’.The upgrade represents Vedan..

NAREDCO NextGen NCR Chapter Launched

The NAREDCO NextGen NCR Chapter was recently launched at Excelerate 2026 in Mumbai, marking a key step towards integrating emerging real estate leaders from the National Capital Region with the national platform. The initiative aims to promote sustainable and responsible urban development through collaboration and knowledge exchange.The event brought together young developers, entrepreneurs, and professionals from across NCR, including Noida, Gurugram, Ghaziabad, Faridabad, Bhiwadi, and Meerut. Discussions focused on urban development, finance, sustainability, innovation, and policy, emphasisi..