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Asset seizure before conviction of goons a necessity: UP in SC; justifies anti-gangster act provision, says it stops property transfer | India News

NEW DELHI: Ahead of Supreme Court testing the validity of provisions of the UP Gangsters and Anti-Social Activities (Prevention) Act and the Rules, the state told the court that attachment of properties of those booked under the law prior to their conviction was a necessity to prevent them from alienating their ill-gotten assets.Petitioner Siraj Ahmed…

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Madoff’s investment fraud: HSBC books $1.1 billion provision; shares dip

HSBC Bank books $1.1 billion provision HSBC Bank on Monday disclosed a financial charge of $1.1 billion related to a claim by a European fund tied to the late Bernard Madoff’s investment fraud.The provision will be reflected in the lender’s third-quarter results due Tuesday, the London-headquartered bank said. Following the announcement, HSBC’s shares slipped about…

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