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The Insolvency and Bankruptcy Board and the Enforcement Directorate have arrived at a solution to address the problem related to the interface between the insolvency law and the PMLA in resolving stressed assets. "I hope that in a month or two, we should be able to issue a circular as to how to go about it so as to solve the problem," Insolvency and Bankruptcy Board of India (IBBI) Chairperson Ravi Mital said on Wednesday. There have been issues in resolution of certain cases under the Insolvency and Bankruptcy Code (IBC) where there have been suspected assets involving black money. Under the Prevention of Money Laundering Act (PMLA), the Enforcement Directorate (ED) can attach such assets. The IBC provides a moratorium on assets of an entity undergoing insolvency resolution process. "There is a problem in the interface between the IBC and the PMLA. There is a case pending in the Supreme Court and we faced problems in some cases. So we have had discussions with ED and we have arrive
Former Trinamool Congress MP Mimi Chakraborty on Monday appeared before the ED for questioning in a money-laundering case linked to an alleged illegal betting app, officials said. The statement of Chakraborty, 36, is being recorded under the Prevention of Money Laundering Act (PMLA) in a case related to an "illegal" betting app named 1xBet. The ex-MP and actor is understood to be linked to the app through certain endorsements and financial transactions. The Enforcement Directorate (ED) wants to understand her links with this app during the questioning. The agency is probing multiple such cases involving illegal betting apps that are alleged to have duped numerous people and investors worth crores of rupees or have evaded a huge amount of taxes. Former cricketers Suresh Raina and Shikhar Dhawan have been questioned by the federal probe agency in this case earlier. Actor Urvashi Rautela, 31, has been asked to depose on Tuesday in this case by the ED. Rautela is 1xBet's Indian ...
The Enforcement Directorate (ED) has filed a chargesheet before a special PMLA court in Ahmedabad against the operators of a online betting and football app launched by a Chinese national, which allegedly cheated a number of persons, officials said on Friday. The prosecution complaint was filed on Thursday in the case against 'Dani Data App', the central investigative agency said in a statement. The operators of the app, apart from nine others, have been named as accused in the chargesheet filed under the provisions of the Prevention of Money Laundering Act (PMLA), the statement said. "The app launched by a Chinese national collected funds in the name of betting and playing football games on apps downloaded from Google Play Store and through WhatsApp referral groups. "The gullible investors were lured by promising guaranteed return of 0.75 per cent per game, which was a false promise," the ED said. The funds were collected, it said, through a number of merchant IDs opened with ...
The Enforcement Directorate on Wednesday conducted searches at multiple premises in the national capital region and Uttarakhand as part of a money laundering probe linked to a global cyber fraud ring in which Indian and foreign nationals were duped of funds worth crores of rupees, official sources said. The raids are being conducted under the Prevention of Money Laundering Act (PMLA) and are covering at least 11 premises located in Delhi, Noida, Gurugram and Dehradun, the sources said. Fraudsters based in these cities were "cheating" Indian and foreign nationals by impersonating as police or investigating agency officers and they "extorted" money by threatening them with consequences of arrest, they said. The fraudsters also impersonated as Microsoft and Amazon technical support service agents to "cheat" the victims. The agency found that the monetary assets of the victims were converted into crypto currencies and transferred to the accused. The accused generated about Rs 260 cror
The Supreme Court on Tuesday fixed July 31 for hearing a batch of pleas seeking review of the 2022 verdict that upheld the Enforcement Directorate (ED) powers of arrest and attachment of property involved in money laundering, search and seizure under PMLA. A bench of Justices Surya Kant and Joymalya Bagchi adjourned the matter, which was listed for hearing on Wednesday, to July 31 after Solicitor General Tushar Mehta, appearing for the Centre, said he was not available. Senior advocate Kapil Sibal, appearing for the petitioners, said he has no objection, if the matter is listed on July 31. On May 7, the top court asked the Centre and the petitioners to frame issues to be adjudicated in challenge to a verdict which upheld the ED's powers to arrest and attach property of the accused. The Centre had contended that the hearing on the review petitions cannot go beyond the two specific issues flagged by the bench which issued notice on the petitions in August 2022. Sibal had earlier ...
The Delhi High Court on Wednesday sought the Enforcement Directorate's response on a plea by AAP convenor Arvind Kejriwal challenging a sessions court order upholding the summons issued to him in a money laundering case related to the alleged excise policy scam in the capital. Justice Ravinder Dudeja issued notice to the Enforcement Directorate (ED) on the petition and asked it to file the counter affidavit within six weeks. At the outset, the ED's counsel raised a preliminary objection over the maintainability of the petition and contended that this petition was in the form of second revision petition filed under the garb of a Section 482 (inherent power of high court) CrPC petition, which was not permissible. The high court asked the ED's counsel to mention all his objections, including preliminary objection, in his reply and listed the matter for hearing on September 10. Kejriwal has challenged a special court order dated September 17, 2024, by which his revision petition agains
The Enforcement Directorate on Wednesday conducted searches in multiple cities of Punjab and Haryana as part of a money laundering investigation into a 'donkey route' case related to illegal Indian immigrants who were deported by the US this year, official sources said. Offices and houses of suspects and agents in at least 11 cities in the two states -- Amritsar, Sangrur, Patiala and Moga in Punjab and Ambala, Kurukshetra and Karnal in Haryana-- are being raided under the Prevention of Money Laundering Act (PMLA), the sources said. The money laundering case stems from 17 FIRs registered by Punjab and Haryana police departments against the travel/visa agents and middlemen who cheated various persons willing to go to the US illegally, they said. A number of Indians from these two states and few others were deported onboard US military planes in February this year and the agency later recorded the statements of few deportees. These statements and some linked investigation threw up the
The Delhi High Court has denied anticipatory bail to a Hong Kong-based Indian businessman in a PMLA case and said giving the reprieve prematurely impedes investigation and undermines the objective of anti-money laundering law. Justice Ravinder Dudeja denied the relief to Amrit Pal Singh in a Prevention of Money Laundering Act (PMLA) case. Singh was the director of Broway Group Ltd, which was the alleged beneficiary of "fraudulent" foreign outward remittances amounting to USD 2,880,210 (approximately Rs 20.75 crore), originating from Indian shell entities. These transactions were made under the guise of import goods, without any actual corresponding business activity, the ED alleged. "Custodial interrogation may be warranted to ascertain the applicant's role in facilitating or benefiting from the alleged money laundering operation. Premature grant of bail would impede investigation and compromise the statutory objectives of the PMLA," the order read. The court on July 1 further no