Page 23 - Enforcement Directorate

ED slaps Rs 3.44 cr penalty on BBC World Service India; fines 3 directors

The Enforcement Directorate has levied a penalty of more than Rs 3.44 crore on BBC World Service India for alleged contravention of foreign direct investment (FDI) regulations, agency officials said on Friday. The federal probe agency also fined three of its directors with more than Rs 1.14 crore each as it issued an adjudication order against the British broadcaster under the Foreign Exchange Management Act (FEMA). The adjudication proceedings were initiated after a show-cause notice was issued on August 4, 2023, to BBC WS India, its three directors, and the finance head for various "contraventions" under the said law. BBC WS India, which is a 100 per cent FDI company, engaged in uploading/streaming news and current affairs through digital media but "did not" reduce their FDI to 26 per cent, and kept it at 100 per cent in "gross violation" of the regulations issued by the government of India, sources said. The press note 4 issued by the Department for Promotion of Industry and ...

ED conducts searches in Mohali in connection with Canada's gold heist case

The Enforcement Directorate on Friday searched the Mohali premises of a man who is an alleged suspect in Canada's biggest-ever gold heist of more than USD 20 million, official sources said. The sources identified the man as Simran Preet Panesar, who is in his thirties. The man could not be contacted for his response on the allegations. The federal probe agency has recently filed a criminal case under the Prevention of Money Laundering Act (PMLA) to investigate the said loot from Canada's Pearson International Airport in April, 2023. The premises of Panesar in Punjab's Mohali is being searched and the ED investigators will question him, the sources said. The ED had booked a case suo moto, without a request from Canada, as the PMLA allows for such an investigation into in an instance of cross-border ramification where an Indian national is suspected to be involved. The agency wants to probe if the "proceeds of crime" of this alleged heist travelled to India and if there were any ..

ED seizes 'biggest' crypto fund worth Rs 1,646 crore in PMLA case

The Enforcement Directorate (ED) has seized its biggest-ever cryptocurrency worth Rs 1,646 crore as part of a "mega" money laundering investigation into a fraud investment scheme where numerous depositors were duped in the name of securities investment, official sources said. The Ahmedabad office of the federal probe agency has also seized Rs 13.50 lakh in cash, an SUV and a number of digital devices after it concluded a fresh round of searches on Saturday in the case related to "fraudulent" and unregistered offering and sale of securities in the form of investments through 'BitConnect lending program'. The ED case, filed under the Prevention of Money Laundering Act (PMLA), stems from an FIR of the Surat Police crime branch which said the alleged fraud that took place between November 2016 - January 2018 (after demonetisation). The agency deployed a team of its tech-savvy experts who examined the "complex web" of transactions carried out in "numerous" crypto wallets to unmask the ..

Rs 30 crore assets restituted to SBI in Telangana loan 'fraud' case: ED

The Enforcement Directorate Saturday said it has restituted assets worth more than Rs 30 crore to a bank as part of a money laundering investigation against a Telangana-based refinery company accused of committing a loan fraud of about Rs 190 crore. The case pertains to the company named Sheetal Refineries Limited and some other linked entities. "Directorate of Enforcement, Hyderabad zonal office has successfully accomplished the process of restitution of properties worth Rs 30.71 crore to the State Bank of India in connection with a money laundering case against Sheetal Refineries Limited (SRL) and others," the ED said in a statement. The company availed credit facilities from a consortium of banks, including SBI and Punjab National Bank, which later turned into non-performing asset (NPA), it said. The firm availed 21 "fraudulent" Letters of Credit from these banks, based on fake and forged invoices, without any actual supply of material or legitimate business transactions, it ...

ED freezes 30 bank accounts in money laundering case linking QFX Trade Ltd

ED initiated investigation on the basis of multiple FIRs registered by Himachal Police against QFX company

Delhi HC seeks Amanatullah Khan's stand on ED plea in money laundering case

The Delhi High Court on Thursday sought the stand of AAP leader Amanatullah Khan on the Enforcement Directorate's plea challenging a trial court order refusing to take cognisance of a chargesheet filed against him and releasing him in a money laundering case related to alleged irregularities in the Delhi Waqf Board. Justice Vikas Mahajan issued notice to the AAP MLA from Okhla and listed the matter for further hearing on March 21. The judge also asked the trial court to defer its proceedings till after the next date of hearing in the high court. The court passed the direction after the ED counsel made a request for the same on the grounds that while the trial court had refused to take cognisance of the prosecution complaint (chargesheet) against Khan and his wife, it was scheduled to hear the matter on Friday against other accused. The trial court had last year declined to take cognisance against Khan for the alleged offence of money laundering under the Prevention of Money launder

ED carries out searches against Eros International in Rs 2,000 cr Fema case

The Enforcement Directorate Friday said it recently carried out searches against leading entertainment company Eros International Media Ltd and some linked entities as part of a probe into a Rs 2,000-crore foreign exchange law violation case. The searches were undertaken on February 5 at five locations in Mumbai under the Foreign Exchange Management Act (FEMA), the probe agency said. The company could not be contacted immediately for a response. In a statement, the ED said the searches were part of an ongoing probe in the case of alleged "fund diversion" by Eros International Media Ltd and the other entities of EROS group. "Incriminating" documents pertaining to overseas entities, immovable properties, overseas bank accounts and digital devices were seized, it said. The federal probe agency said the probe was initiated based on SEBI investigation against EROS group and its promoters for alleged misrepresentation of finances and "diversion/siphoning" of funds amounting to around Rs

Delhi High Court quashes ED proceedings against Bhushan Power and Steel

The court, however, stressed that former promoters and directors would still be held responsible for offences committed prior to the insolvency proceedings

ED files fresh chargesheet in NSEL money laundering probe, 19 firms named

The Enforcement Directorate Wednesday said it has filed a fresh chargesheet in the National Spot Exchange Limited (NSEL)-linked money laundering investigation. The prosecution complaint was filed on January 28 before a special Prevention of Money Laundering Act (PMLA) court in Mumbai against 19 broking entities and their directors for allegedly colluding with NSEL officials to "allure" investors to trade on this platform, the federal agency said in a statement. The court took cognisance of the chargesheet on February 3, it said. The agency earlier filed six chargesheets against 94 accused and attached assets worth Rs 3,288 crore as part of this probe. The probe found that broking companies, after getting registered with the NSEL, "misled" their clients by providing "false" assurances about the exchange and promoting "illegal" pairs trade contracts that were not allowed, the ED said. In "collusion with" broking companies, NSEL established a system that "bypassed" the collection of

Siddaramaiah, family, Muda officials under ED probe in Rs 56 cr land scam

An ED report reveals serious lapses, including tampering with official records, misuse of political influence, and document forgery in land allotment by the Mysore Urban Development Authority

ED raids 9 places in MP over export of adulterated milk products in India

The searches are underway at these locations in Bhopal, Sehore and Morena since early Wednesday

MUDA case: ED summons Siddaramaiah's wife to appear before it on Tuesday

The ED has asked Chief Minister Siddaramaiah's wife Parvathi B M to appear before it on Tuesday in connection with the MUDA land allotment scam. The Additional Director of Enforcement Directorate, Muralikannan has written to her submit evidences and records. Muralikkannan said he is investigating the matter under the provisions of the Prevention of Money - laundering Act, 2002. He said he considered Parvathi's attendance necessary to give evidence and for production of records in connection with the investigation or proceeding under PMLA. In the MUDA site allotment case, it is alleged compensatory sites were allotted to Siddaramaiah's wife in an upmarket area in Mysuru, which had higher property value as compared to the location of her land which had been "acquired" by the Mysore Urban Development Authority (MUDA). MUDA had allotted plots to Parvathi under a 50:50 ratio scheme in lieu of 3.16 acres of her land, where it developed a residential layout. Under the controversial schem

Torres Jewellery case: ED freezes bank deposits, assets worth Rs 21 cr

The ED on Friday said it froze bank deposits worth more than Rs 21 crore during recent raids against the promoters of Mumbai-based Torres Jewellery group, accused of duping numerous investors through an investment "fraud". The raids undertaken earlier this week covered 13 premises in Mumbai and Jaipur in the case against Platinum Hern Private Limited (that floated the brand Torres Jewellery), the federal agency said in a statement. More than 3,700 investors have so far approached the Mumbai Police with complaints of being cheated and the fraud amount is over Rs 57 crore, according to officials. The alleged fraud came to light when hundreds of investors gathered at the brand's store in the Torres Vastu Centre building in Dadar (West) earlier this month as the company stopped paying the sums promised to them. The police have arrested three accused -- Tazagul Xasatov, a Uzbek national, Valentina Ganesh Kumar, a Russian national, and Sarvesh Surve -- all senior executives of the firm,

Delhi cyberfrauds siphoned Rs 4,900 cr cyber crime money abroad: ED

The Enforcement Directorate Thursday said two Delhi-based "cyber criminals" siphoned off more than Rs 4,900 crore abroad by "misusing" special economic zone (SEZ) facilities. The two accused -- Punit Kumar alias Puneet Maheshwari alias John, a resident of Moti Nagar area, and Ashish Kakkar alias Pablo, a resident of Greater Kailash -- were arrested by the federal agency last year as part of this investigation. On January 17, ED in a statement said a provisional order was issued to attach nine residential flats in Delhi and a parcel of agricultural land in Rewari, Haryana, in the name of the two people and their families. The ED said it got on to the case after taking cognisance of multiple police FIRs registered across the country against people involved in crimes like online gaming fraud, multi-level marketing schemes and investment scams, including part-time job frauds, online shopping and fake loans disbursal frauds through mobile apps. These "scams" were perpetrated through ...

'Must follow law, not harass citizens': Bombay HC fines ED Rs 1 lakh

The Bombay High Court has fined the Enforcement Directorate Rs 1 lakh for baseless money-laundering probe against a realtor. It has also penalised the complainant for malafide intent

Dissenting voices mar BJP's campaign against Siddaramaiah after ED action

Dissenting voices in the BJP marred the party's efforts on Saturday to gear up for a decisive fight against the Congress government in Karnataka, following the ED's confirmation about the MUDA site-allotment scam, in which Chief Minister Siddaramaiah and his wife, Parvathi B M, are among the accused. Two dissident Bharatiya Janata Party (BJP) MLAs -- Basanagouda Patil Yatnal and Ramesh Jarkiholi -- launched a verbal attack on state party chief B Y Vijayendra, questioning his leadership quality and "antecedents". "People talk of squabbling in the BJP but we do not have any internal fight. Our fight is only against the party president. We are happy both ways -- whether the president is changed or not," Jarkiholi said during a party event at Ankalgavi village in Gokak taluk of Belagavi district., "You (Vijayendra) are still a child, you are not fit to be the state president," the MLA from Gokak said. He, however, clarified that Vijayendra's father and former chief minister B S ...

ED attaches Rs 300 cr assets in MUDA-linked money laundering case

The Enforcement Directorate on Friday said it has attached more than 140 units of immovable assets worth about Rs 300 crore in a MUDA-linked money laundering case involving Karnataka Chief Minster Siddaramaiah and others. The attachment is part of a money laundering probe into alleged irregularities in land allotment by Mysuru Urban Development Authority (MUDA). The attached properties are registered in the name of various individuals who are working as real-estate businessmen and agents, the federal agency said in a statement. "It is alleged that Siddaramaiah used his political influence to get compensation for 14 sites in the name of his wife Smt. BM Parvathi in lieu of 3 acres 16 guntas of land acquired by MUDA "The land was originally acquired by MUDA for Rs 3,24,700. The compensation in the form of 14 sites at posh locality is worth Rs 56 crore." it alleged. The role of ex-MUDA commissioner D B Natesh has emerged as "instrumental" in the illegal allotment of compensation site

Delhi HC to hear ED plea against Arvind Kejriwal's bail on March 21

The Delhi High Court on Friday set March 21 to hear the enforcement directorate's plea against the bail granted to former chief minister Arvind Kejriwal in the excise policy-linked money laundering case. Justice Vikas Mahajan adjourned Friday's hearing on the request of the enforcement directorate's (ED) counsel. The senior counsel representing Kejriwal opposed the request for adjournment saying ED repeatedly took dates in the past several months. He urged the court to hear the matter and grant bail to Kejriwal saying other accused were granted bail in the money laundering case. "There is an impending election. Why should this sword be hanging over him? If bail is well given to all 15 accused, why should it be kept pending for him?" asked Kejriwal's counsel. The ED counsel said no prejudice was caused to Kejriwal on account of the adjournments as he was already on interim bail granted by the Supreme Court in the matter. "I will set it down for hearing.. No prejudice is caused to

ED attaches assets worth over Rs 200 crore in Sri Lanka under PMLA probe

The Enforcement Directorate Thursday said it has attached an under-construction luxury hotel in Colombo's prime area and some other assets worth more than Rs 200 crore as part of a money laundering probe linked to a Gurugram-based realty company which is alleged to have duped homebuyers. The company named Krrish Realtech Private Limited is promoted by businessman Amit Katyal, who is believed to be a close associate of the family of RJD chief Lalu Prasad. Katyal was arrested by the central agency in 2023 in a separate money laundering case related to the railways alleged land-for-jobs scam involving Prasad and his family. The ED said in a statement that it has issued an order to provisionally attach an under-construction luxury hotel and leasehold rights over 4 acres of land in the "Colombo 1" area of Sri Lanka apart from land rights for about 2.82 acres of Vicinity Hotels Pvt. Ltd., in the name of Good Earth Business Park Pvt. Ltd. located at Sector-66 in Gurugram. The money ...

SC criticises ED over bail conditions for women in money laundering cases

The Supreme Court has strongly criticised the Enforcement Directorate for submitting that rigorous bail conditions in money laundering cases will apply to women despite a statutory exception explicitly provided under the law. A bench comprising Justices Abhay S Oka and Augustine George Masih, while hearing the bail plea of Shashi Bala, a government school teacher accused in a money laundering scam involving the Shine City Group of Companies, called the ED's submissions "contrary to statute" and emphasised that such arguments would not be tolerated. "We will not tolerate conduct... to make submissions contrary to statute," the bench said and granted bail to Bala in the case, saying she had been in custody since November 2023 and there was little likelihood of her trial concluding anytime soon. "If people who appear for the Union of India do not know basic provisions of law, why should they appear in the matter," the bench said on Wednesday. The ED argued that the stringent bail ...