Washington, Sep 20 (IANS) US President Donald Trump has denied a report alleging he made a promise to a foreign leader, something that sparked a whistleblower's formal complaint.
Media reports said the intelligence officials found the comment "so troubling" they went to the department's inspector general, the BBC reported on Friday.
In a tweet, Trump dismissed the claims as "fake news".
Democrats are trying to get the complaint turned over to Congress, with the details still unknown.
Only a few details about the complaint, which was filed on August 12, have been made public.
Intelligence Community Inspector General Michael Atkinson said the complaint consists of a "serious or flagrant problem, abuse or violation of the law" that involves classified information, a letter to lawmakers revealed.
It is not yet known who made the complaint, which foreign leader Trump was speaking to, what promise - if any - was made and whether Trump took any action as a result.
However, media reports suggest that at least part of the complaint related to Ukraine, citing officials with knowledge of the matter.
The acting director of national intelligence, Joseph Maguire, has so far refused to share any details of the complaint with lawmakers, leading to an outcry among Democrats.
Earlier this month, before the whistleblower's complaint came to light, House Democrats launched an investigation into Trump and his lawyer Rudy Giuliani's interactions with Ukraine.
Three Democratic panel heads - Eliot Engel (foreign affairs), Adam Schiff (intelligence) and Elijah Cummings (oversight) - said Trump and Giuliani had attempted "to manipulate the Ukrainian justice system to benefit the president's re-election campaign and target a possible political opponent".
They allege that Trump and Giuliani attempted to pressure the Ukrainian government into investigating former Vice President Joe Biden and his son Hunter Biden, who previously served on the board of an Ukrainian gas company.
Joe Biden is currently seeking the Democratic presidential nomination.
Trump and Ukrainian President Volodymyr Zelenskyy had a phone conversation on July 25, two and a half weeks before the complaint was filed.
On Thursday afternoon, Trump wrote on Twitter that he knew all his phone calls to foreign leaders were listened to by US agencies.
"Knowing all of this, is anybody dumb enough to believe that I would say something inappropriate with a foreign leader," he asked.
Meanwhile, Giuliani in an interview with CNN, has both confirmed and denied that he had asked Ukraine to investigate Joe Biden.
He explained the contradiction by saying that he had asked Ukraine "to look into the allegations that related to my client, which tangentially involved Joe Biden in a massive bribery scheme".
Trump and his fellow Republicans have questioned whether it represented a conflict of interest that Hunter Biden had served on the board of Burisma, an Ukrainian gas company.
In May, Ukraine's prosecutor general said there was no evidence of wrongdoing by Joe or Hunter Biden.
New Delhi, Oct 19 (IANS) Asset stripping is something that Indian promoters have perfected into an art form. For years, the Singh Bros - Malvinder Mohan Singh (MMS) and Shivinder Mohan Singh (SMS) have got away with the proverbial blue murder and finally their luck ran out with their recent arrest. The width and depth of the architecture of their fraud is gargantuan. The FIR against the duo along with erstwhile CEO Sunil Godhwani provides details of the modus operandi of the systematic asset stripping. Moreover, it once again throws into stark relief the fact that regulatory oversight failed and the company which saw an inspection as far back as 2010 managed to operate under the radar, continuing with innumerable irregularities without any fear.
Internal inquiries showed that the poor financial condition of Religare Finvest was, to a large extent, on account of wilful defaults of significant unsecured loans, defined for internal purposes as the Corporate Law Book by borrower entities, either related, controlled or associated with the promoters, all of whom had been provided the loans by Religare Finvest on a non arm's length basis, in violation of corporate governance norms and in contravention of policies and prudential behaviour expected of a NBFC registered with the RBI.
Red flags emerged but were disregarded as always. The construct of the scam is listed out in minutiae. In its inspection report of January 6, 2012 for the financial year ending March 2010, the RBI observed that Religare Finvest had a practice of parking a major chunk of surplus funds with fellow subsidiary/group companies/ other companies which were often used for taking positions in securities. This effectively means that punting or speculation was done with these surplus funds in contravention of all corporate governance norms.
The RBI, in its inspection report, further observed that appraisal, sanction, purpose of loans, disbursal report, periodic review, application from the borrowers requesting for limit enhancement, appraisal/rationale for limit enhancement and monitoring of such loans was not available on record.
It appears that over a period of 10 years, 115 entities were funded through this mechanism of the Corporate Loan Book with the total amount of Rs 47,968 crore. The exposure under the CLB peaked at approximately Rs 3,538 crore on March 20, 2012. To dodge the RBI bullet which had highlighted this as a risk area, the exposure around the time of the quarterly review reporting was managed but the disbursements were mischievously re-instated soon after. By doing this, they concealed material facts from RBI and public shareholders.
This way, Singh Brothers, in conspiracy with Sunil Godhwani, being in control of Religare Finvest, caused it to give unsecured, high value purported loans to shell companies and related entities of MMS and SMS. The quantum of these loans at the time of filing the FIR stands at Rs 2,397 crore as principal and Rs 415 crore as interest.
It is evident from the conduct of these entities that they never intended to repay these loans to RFL and defaulted on their obligations simultaneously with MMS and SMS's exit from Religare Enterprises. Clearly the CLB was used as a mechanism to fund promoter related companies. The funds were never paid back and actually whenever any payment was due in these loans, either the loans were renewed for further tenure or were replaced by loans to some other group companies to repay the loan of existing promoter group company - a circular movement of funds.
N.K. Ghoshal, a longtime stockbroker of the two brothers, was the principal, who through 19 of his companies - which have all defaulted since, moved all the money around.