Spirit Airlines abruptly canceled all flights at 3 a.m. Saturday, stranding thousands of passengers, after bondholders rejected a proposed $500 million government bailout in the final hours. The sudden shutdown has left travelers scrambling for rebooking and refunds, while highlighting how quickly financial decisions can cascade into widespread disruption.
The ED says an Amtek group company trapped foreign investors by forcing Foreign Currency Convertible Bond holders to convert into equity at artificially rigged prices. The agency claims the manipulation was enabled through siphoned loan funds, effectively steering conversions to benefit insiders while leaving investors exposed. Authorities are treating the episode as a major alleged fraud linked to INR 1000 crore-scale wrongdoing.
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