Page 23 - Enforcement Directorate

Kolkata: ED arrests father-son in Rs 2,800 cr chit fund, laundering scam

The Enforcement Directorate on Friday said it has arrested a father-son duo in Kolkata in an alleged Rs 2,800 crore worth chit fund scam linked money laundering case. A special Prevention of Money Laundering Act (PMLA) court sent Basudeb Bagchi and his son Avik Bagchi, promoters of Prayag Group of companies, to ten days of ED custody, it said in a statement. The premises of the two and some others in Kolkata and Mumbai were raided by the ED on November 26. The two are accused of "defrauding" the public by collecting deposits worth Rs 2,800 crore under "false" high-return schemes like monthly income schemes (MIS), redeemable preference shares and club membership certificates. As of now, the ED said, Rs 1,900 crore remains "unpaid" to investors. The Prayag Group of companies operated "illegally" without necessary authorisations from regulatory bodies like the Reserve Bank of India (RBI) and the Securities and Exchange Board of India (SEBI), affecting lakhs of investors across multip

ED seizes cash, luxury cars in case against ex-promoters of Kwality Ltd.

The Enforcement Directorate on Friday said it seized Rs 1.3 crore in cash and "evidence" related to shell companies after it searched the former promoters of dairy major Kwality Ltd. as part of a Rs 1,400 crore alleged bank fraud linked money laundering case. Luxury cars and demat accounts valued at about Rs 6.5 crore have also been frozen under the provisions of the Prevention of Money Laundering Act (PMLA), it said in a statement. The federal agency raided 15 locations in Delhi-NCR on November 27 in the case covering the premises of promoters and directors of the erstwhile company like Sanjay Dhingra and Siddhant Gupta apart from some "shell" (paper) companies related to them. Kwality Ltd. has been liquidated and is now with new owners. The ED case stems from a September 2020 CBI FIR filed against the said promoters and Kwality Limited, which was engaged in the processing and trading of milk, ice creams and other dairy products. The CBI FIR alleged that the said erstwhile compan

ED raids Raj Kundra's Mumbai premises in pornography network probe

Raj Kundra was arrested in June 2021 for allegedly producing and distributing pornographic films through a network tied to his company

ED raids Raj Kundra, others in pornography linked money laundering case

The Enforcement Directorate on Friday raided the premises of businessman Raj Kundra, the husband of actor Shilpa Shetty, and some others as part of a money laundering case linked to alleged distribution of pornographic and adult movies, official sources said. Around 15 locations in Mumbai and some cities in Uttar Pradesh are being searched, including the home and office of 49-year-old Kundra and some other persons, the sources said. The agency is understood to be questioning Kundra at one of these premises. This money laundering case of May, 2022 stems from at least two Mumbai police FIRs and chargesheets filed against Kundra and others. The businessman and some others were arrested in the case by the police and later granted bail. This is the second money laundering case against Kundra. Early this year, the ED had attached assets worth Rs 98 crore of Kundra and Shetty in a crypto currency case. The couple, however, obtained relief from the Bombay High Court against this ED attach

ED attaches assets in India, Dubai linked to Chinese entities in PMLA case

The Enforcement Directorate on Thursday said it has attached fresh assets in India and Dubai, including those belonging to some Chinese-linked shell companies, in its money laundering probe in the 'HPZ Token' case in which numerous investors were allegedly duped through an investment fraud. The properties are valued at Rs 106.20 crore, the federal agency said in a statement. It had attached assets in this case earlier too. The assets belong to various persons and companies, including Chinese-linked shell (paper companies) entities, which were found to be involved in duping investors for hundreds of crores of rupees on the pretext of doubling their investment through the app 'HPZ Token' and online gaming and betting websites, it said. A total of 299 entities, which includes 76 Chinese-controlled entities in which 10 directors are of Chinese origin while two entities are controlled by other foreign nationals, have been named as accused in the chargesheet filed by the ED in this case i

Kolkata court orders seizure of Rs 24 crore assets in bank fraud case: ED

A special court in Kolkata has ordered the confiscation of assets worth Rs 24 crore of a man, who was declared a fugitive economic offender, and some others in a bank loan fraud case, the ED said on Thursday. The movable and immovable properties, located in prime locations of Kolkata in West Bengal and Tiruppur in Tamil Nadu, belong to "mastermind" Pushpesh Kumar Baid and his associates. Baid was declared an offender under the Fugitive Economic Offenders Act (FEOA) by the same court on January 3, the federal agency said in a statement. The Enforcement Directorate case against Baid and others stems from multiple CBI FIRs and chargesheets. He is currently stated to be based in the US. The ED alleged that Baid was "absconding" from the legal proceedings despite a non-bailable warrant being issued against him by the court. "Various companies owned and controlled by Pushpesh Kumar Baid availed loan from the banks by submitting false financial statements and forged deeds of the several

HPZ token investment 'scam': ED attaches assets valued Rs 106.20 crore

The scam involving shell entities with Chinese links, duped investors of hundreds of crores on the pretext of doubling their investments through an app and online gaming and betting websites

Coal levy 'scam': SC extends interim bail of ex-Chhattisgarh CM's dy secy

The Supreme Court on Thursday extended the interim bail of former Chhattisgarh chief minister Bhupesh Baghel's deputy secretary Saumya Chaurasia, an accused in a money laundering case linked to an alleged coal-levy scam. The apex court had on September 25 granted her interim bail, noting that she had already undergone custody of more than one year and nine months and charges were yet to be framed. The matter came up for hearing before a bench of Justices Surya Kant and Ujjal Bhuyan. The bench sought to know about the current status of the case. Senior advocate Siddhartha Dave, appearing for Chaurasia, said the trial has not yet commenced. "Interim bail to continue," the bench said and posted the matter for hearing in the last week of January. The top court was hearing Chaurasia's plea challenging an August 28 order of the Chhattisgarh High Court which had denied her bail. In its September 25 order, the apex court had directed the state government not to reinstate her in service

ED team conducting raids in cyber fraud case attacked in Delhi, 1 detained

An Enforcement Directorate team undertaking searches in a cyber fraud linked money laundering case was allegedly attacked here on Thursday, officials said. The agency has registered a police FIR about the incident that took place at a farmhouse that was raided by ED officials in the Bijwasan area of the national capital that falls under the Kapashera police station in southwest Delhi. An Enforcement Officer (EO) suffered minor injuries during the attack. He is continuing with the searches after he was given first aid, officials said. The probe pertains to a case against the PYYPL app. The alleged accused in the case, including Ashok Sharma and his brother, allegedly attacked the ED team. The situation is under control and searches are going on, the sources said. The search operations, according to sources, has been launched after the ED got inputs from the I4C and the Financial Intelligence Unit (FIU) about cyber crimes like phishing, QR code cheating, part time job fraud leading

'ED's conviction rate very poor', says SC in Partha Chatterjee bail plea

Earlier in August, the Supreme Court had questioned the 'quality of prosecution and evidence' garnered in cases related to the Prevention of Money Laundering Act, by the Directorate of Enforcement

Cash-for-jobs scam: SC notes trial yet to start, witnesses to be examined

Senior Advocate Mukul Rohatgi, appearing for Chatterjee, informed the top court that his client was in jail for nearly 2.5 years, 183 witnesses are in the case and the trial is yet to start

SC questions ED over low conviction rate in money laundering cases

The Supreme Court on Wednesday questioned the ED over the low rate of convictions in money laundering cases, wondering for how long former West Bengal minister Partha Chatterjee, arrested over alleged irregularities in academic staff recruitment in the state, could be kept in jail. A bench of Justices Surya Kant and Ujjal Bhuyan said Chatterjee has been incarcerated for over two years and the trial in the case was yet to commence. "What will happen if we don't grant bail? Trial is yet to commence, there are 183 witnesses in the cases. Trial will take time...How long can we keep him? That is the question. Here is a case where more than two years have gone. How to strike balance in such case?" the bench asked Additional Solicitor General S V Raju, representing ED. The top court remarked it also couldn't ignore that the allegations against the former minister were serious in nature and asked, "Mr Raju, if ultimately he is not convicted, what will happen? Waiting for 2.5-3 years is not

Bank loan 'fraud' case: ED raids ex-directors, promoters of Kwality Ltd

The Enforcement Directorate on Wednesday conducted searches at multiple locations in Delhi and adjoining areas as part of an alleged bank loan fraud linked money laundering probe against former promoters of liquidated dairy major Kwality Ltd, official sources said. About a dozen places are being raided under the provisions of the Prevention of Money Laundering Act (PMLA), the sources said. The money laundering case stems from a 2020 FIR of the CBI against Kwality Ltd and its directors filed in September, 2020 for allegedly cheating a consortium of 10 banks, led by the Bank of India, for an amount over Rs 1,400 crore through alleged bloating of financial statements and diversion of loan funds. The premises of the former promoters of the company, directors and other key persons are being searched, the sources said. Kwality Ltd. started as an ice-cream manufacturing company and diversified into milk-based products. Its former directors include Sanjay Dhingra, Siddhant Gupta, Arun ...

Manish Sisodia seeks SC's relief on bail condition in Delhi excise case

Deputy Chief Minister of Delhi Manish Sisodia has approached the Supreme Court seeking relaxation of his bail condition that requires him to appear before the investigating officer twice a week

Delhi HC stays Aircel-Maxis case against Chidambaram, seeks ED's reply

The Delhi High Court on Wednesday stayed the trial court proceedings against senior Congress leader P Chidambaram in the Aircel-Maxis case lodged by the Enforcement Directorate. The high court also issued notice to the Enforcement Directorate (ED) and sought its response on Chidambaram's petition challenging the trial court's order taking cognisance of the chargesheet filed by the agency against him and his son Karti in the money laundering case. "Notice issued. Till the next date of hearing, the proceedings against the petitioner shall remain stayed. List on January 22," Justice Manoj Kumar Ohri said, adding that he will pass a detailed order later. Senior advocate N Hariharan and lawyers Arshdeep Singh Khurana and Akshat Gupta, representing Chidambaram, contended that the special judge took cognisance of the chargesheet for the alleged offence of money laundering in the absence of any sanction for prosecution of the former Union minister who was a public servant when the offence w

Delhi HC seeks ED's reply on Satyendra Jain's plea to delay trial hearing

It further stated that as per the status report of the CBI in the predicate offence, further investigation regarding multiple transactions by collection of records from numerous departments

ED probes Amazon, Flipkart over ties with top sellers, alleges FEMA breach

The ED has reportedly quizzed the 'top' five sellers of both firms and found that many are former employees or relatives of former associates of Amazon and Flipkart

ED shifts focus to Amazon and Flipkart ties with preferred sellers

Under India's FDI rules, e-commerce platforms are prohibited from exercising control over vendors and are required to operate solely as neutral intermediaries

Pressure from ED, CBI forced Delhi minister Kailash Gahlot to quit: AAP

Following the resignation of senior Aam Aadmi Party (AAP) leader and Delhi minister Kailash Gahlot, the party has accused the BJP of using central investigative agencies to coerce its leaders. AAP Rajya Sabha MP Sanjay Singh alleged that Gahlot's resignation was the result of "dirty politics" and a targeted campaign of raids and probes by the Enforcement Directorate (ED) and the Central Bureau of Investigation (CBI). Gahlot quit AAP on Sunday and tendered his resignation from the Delhi Cabinet, citing recent controversies facing the party and unfulfilled promises made to people. His decision to step down marks a significant blow to AAP, especially as he played a key role in election planning for the party in Delhi. Gahlot's exit comes just months before the Delhi assembly elections, intensifying political tensions between AAP and the BJP. "Pressure was created on Kailash Gahlot through ED and CBI raids, and now, he is speaking according to the BJP's script," Singh said at a press

'No prosecution sanction': AAP's Amanatullah Khan granted bail in ED case

Directing Khan be released on a bail bond of Rs 1 lakh, Special Judge Jitendra Singh of Rouse Avenue court said that there was sufficient evidence to proceed but no prosecution sanction obtained