Skip to content
Search

Latest Stories

British National Christian Michel In AgustaWestland Scam Being Extradited To India

British national, the alleged middleman in the Rs 36 billion AgustaWestland chopper deal, Christian Michel is being extradited to India from the UAE, according to the official's sources on Tuesday (4).

The official sources added that he was scheduled to be brought back to on Tuesday night from Dubai. Michel is wanted in India for legal proceedings in connection with the AgustaWestland VVIP choppers scam.


India’s federal law enforcement and economic intelligence agency the Enforcement Directorate (ED), in its charge sheet filed against Michel in June 2016, had alleged that he received Rs 2.25bn from AgustaWestland.

Michel is one among the three middlemen being investigated in the case, besides Guido Haschke and Carlo Gerosa, by the ED and another federal probe agency Central Bureau of Investigation (CBI).

Both the CBI and the ED had notified an Interpol red corner notice against Michel earlier.

India on January 1, 2014, had scrapped the contract with Finmeccanica's British subsidiary AgustaWestland for supplying 12 AW-101 VVIP choppers to the Indian Air Force (IAF) on an alleged breach of contractual obligations and charges of paying kickbacks to the tune of Rs 4.23bn by it for securing the agreement.

The federal probe agency CBI has alleged that there was an estimated loss of Rs 26.66bn to the exchequer in the deal that was agreed on February 8, 2010, to supply VVIP choppers worth €556.262m.

More For You

UK houses

UK house price growth slows to 0.3 per cent in October.

iStock

UK house price growth slows as buyers delay decisions ahead of budget

Highlights

  • Average UK house price rose 0.3 per cent in October to £272,226, down from 0.5 per cent growth in September.
  • Annual house price growth edged up to 2.4 per cent, with market remaining resilient despite mortgage rates being double pre-pandemic levels.
  • Buyers delaying purchases amid speculation that November budget could introduce new property taxes on homes worth over £500,000.
British house prices grew at a slower pace in October as buyers adopted a wait-and-see approach ahead of the government's budget announcement on 26 November, according to data from mortgage lender Nationwide.

The average house price increased by 0.3 per cent month-on-month in October to £272,226, down from a 0.5 per cent rise in September. Despite the monthly slowdown, annual house price growth accelerated slightly to 2.4 per cent, up from 2.2 per cent in the previous month.

Robert Gardner, Nationwide's chief economist, said the market had demonstrated broad stability in recent months. "Against a backdrop of subdued consumer confidence and signs of weakening in the labour market, this performance indicates resilience, especially since mortgage rates are more than double the level they were before Covid struck and house prices are close to all-time highs".

Keep ReadingShow less