Page 9 - Enforcement Directorate

ED files chargesheet over betting app scam linked to Chinese national

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 ...

Supreme Court slams ED, questions low conviction rate in PMLA cases

The top court criticised the Enforcement Directorate, saying it "cannot act like a crook", citing concerns over its low conviction rate and the need to safeguard individual freedoms

ED raids 12 sites in Rs 750 cr fake input tax credit scam across 3 states

Fresh ED raids across Jharkhand, West Bengal, and Maharashtra target shell firms and suspects linked to Rs 750-cr fake input tax credit scam under PMLA investigation

ED recovered ₹23K cr laundered money, distributed it to victims: SG to SC

The Enforcement Directorate has recovered around Rs 23,000 crore laundered money and distributed it to the victims of financial crimes, Solicitor General Tushar Mehta told the Supreme Court on Thursday. The statement was made by the top law officer before a special bench comprising Chief Justice B R Gavai and Justice Satish Chandra Sharma during the open court hearing on a batch of pleas seeking review of the controversial May 2 judgement of the apex court. The apex court had on May 2 ordered liquidation of Bhushan Power & Steel Limited (BPSL) while setting aside a resolution plan of JSW Steel Limited for the ailing firm. The CJI-led bench on July 31 recalled the verdict and decided to hear afresh the review pleas in the high stake matter. During the hearing on the review pleas, a lawyer referred to the Enforcement Directorate's (ED) probe in the BPSL case as well. Here also ED is there, the CJI quipped. In response, the solicitor general said, Let me tell a fact, which was never

ED raids in Lucknow in money laundering case against ex-UP Invest CEO

The Enforcement Directorate on Thursday conducted searches here in connection with a money laundering case against suspended IAS officer and former Invest Uttar Pradesh CEO Abhishek Prakash, official sources said. Four premises linked to alleged middleman Nikant Jain, who allegedly asked for a bribe on behalf of Prakash, are being searched in the city under the Prevention of Money Laundering Act (PMLA), they said. Apart from Jain's house, two premises registered as offices of companies related to him and his family members are being searched. The fourth is a hotel where his family members are common directors, they said. Jain was arrested earlier by Uttar Pradesh Police. Prakash, a 2006-batch IAS officer, was suspended in March this year by the Uttar Pradesh government after an investor in the solar industry lodged a complaint alleging that Jain demanded a commission to facilitate approvals for projects.

ED conducts raids at 11 sites in ₹260 crore global cyber fraud case

ED searches 11 locations in Delhi, Noida, Gurugram and Dehradun in ₹260 crore cyber fraud case involving fake law enforcement calls, tech support scams and crypto laundering via UAE hawala

ED conducts raids under PMLA in NCR, Uttarakhand in global cyber fraud case

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

₹17K cr loan fraud case: ED likely to summon Anil Ambani again in 10 days

The Enforcement Directorate may summon Anil Ambani again in the Rs 17,000-crore loan fraud case after he sought 10 days to gather documents and clarify financial decisions

ED calls Michel's plea for release in AgustaWestland case 'misleading'

The Enforcement Directorate (ED) on Tuesday informed a court that the plea of alleged middleman Christian Michel James for release in the AgustaWestland VVIP chopper case was "misleading and devoid of any merits." Special judge Sanjay Jindal was hearing James' plea for release on the ground that he had undergone the maximum period of sentence of seven years for the purported offences. The EDs in its reply said, "That with respect to the submissions made by the accused Christian Michel James that he has already undergone the period of maximum sentence prescribed for the offences for which he was extradited to India from United Arab Emirates, so, he is entitled to be released by virtue of the provisions of section 436 A of CrPC it is most respectfully submitted that the aforesaid submissions are misleading and devoid of any merits." Section 436 A of the erstwhile CrPC deals with maximum period for which an under trial prisoner can be detained. The ED reply said under the prevention o

Anil Ambani appears before ED in PMLA case linked to alleged loan fraud

Anil Ambani arrives in Delhi after ED summons him in a case linked to alleged loan fraud; agency to record his statement on Tuesday under the Prevention of Money Laundering Act

ED arrests ex-Axis MF manager in ₹2 trillion front-running scam probe

Viresh Joshi, a former chief trader and fund manager of Axis Mutual Fund, has been arrested under the anti-money laundering law in a case linked to alleged cheating of investors to the tune of Rs 2 lakh crore by 'front-running' in trade activities, the Enforcement Directorate (ED) said on Sunday. A special Prevention of Money Laundering Act (PMLA) court has sent Joshi, who was taken into custody on Saturday, to ED custody till August 8, the agency said. Front-running refers to an unethical and illegal practice in the securities market in which brokers or traders execute orders for their own benefit using advance knowledge of pending client orders. This malpractice compromises market integrity and disadvantages other investors. The federal probe agency launched searches in the case on August 1, covering multiple premises in Delhi, Mumbai, Gurugram, Ludhiana, Ahmedabad, Bhavnagar, Bhuj and Kolkata. The ED has been investigating the matter under the civil provisions of the Foreign ...

ED probe into Anil Ambani linked companies: What turns bad loan into fraud

As the Enforcement Directorate acts on a ₹3,000 crore loan case linked to Anil Ambani's group, here's how Indian law defines loan fraud and when defaults turn into criminal cases

ED makes first arrest in ₹3,000-crore loan fraud case against Anil Ambani

Partha Sarathi Biswal, was taken into custody under the provisions of the PMLA 2002

₹3K crore 'fraud' case: ED issues lookout notice against Anil Ambani

The Enforcement Directorate has issued a lookout notice against Anil Ambani in connection with a money laundering case, preventing him from leaving India without prior approval

ED launches PMLA probe into Axis MF front-running case, raids across cities

The Enforcement Directorate on Friday said it conducted searches in multiple cities after registering a money laundering case to probe an instance of front-running in scrips traded by Axis Mutual Fund during 2018-2021, official sources said. Front-running refers to an unethical and illegal practice in the securities market where brokers or traders execute orders for their own benefit using advance knowledge of pending client orders. This malpractice compromises market integrity and disadvantages other investors. The probe involves the role of Viresh Joshi, a former chief trader and fund manager of Axis Mutual Fund. The ED has been investigating this instance under the civil provisions of the Foreign Exchange Management Act (FEMA) since the Income Tax department conducted searches in this case in 2022. The ED searches under the Prevention of Money Laundering Act (PMLA) were conducted in Delhi, Ahmedabad, Bhavnagar, Bhuj, Gurugram, Kolkata and Ludhiana, the sources said. The money ..

R-Infra denies fund diversion allegations as ED summons Anil Ambani

The company further stated that it had a net exposure of Rs 6,500 crore, which was duly disclosed in its financial statements over the past four years

ED summons Anil Ambani in ₹10,000 crore loan diversion probe after raids

Enforcement Directorate (ED) summons Reliance Group Chairman Anil Ambani over alleged ₹10,000 cr loan fraud; probe reveals fund diversion, shell firms, Yes Bank link

ED's first-ever raids in Andaman & Nicobar linked to cooperative bank fraud

The Enforcement Directorate on Thursday conducted its first-ever searches in Andaman and Nicobar Islands as part of a money laundering case probe linked to an alleged cooperative bank loan 'fraud' involving a former MP from the Union Territory, official sources said. The case pertains to the Andaman Nicobar State Cooperative Bank (ANSCB) and its vice chairman Kuldeep Rai Sharma. Sharma, a 57-year-old Congress leader, is a former MP of the UT (2019-24). Nine places in and around Port Blair and two in Kolkata were raided by the officials of the central probe agency under the Prevention of Money Laundering Act (PMLA), the sources said. This is the first time that the agency has undertaken searches in the Union Territory located in the Bay of Bengal, they said. Sources said the agency has recovered some documents pointing towards "large-scale" irregularities in the grant of loans and overdraft facilities by ANSC Bank. The role of former Congress MP Sharma is also under the scanner of

Karnala Bank scam: ED restitutes assets worth ₹386 crore to aid depositors

Properties in Raigad attached under PMLA returned by ED to benefit over five lakh depositors defrauded by Karnala Bank's ex-chairman and officials using fake loans

Prakash Raj appears before ED in Hyderabad in online betting probe

Actor Prakash Raj on Wednesday appeared before the ED officials here for questioning in a money laundering case linked to illegal online betting and gambling by certain platforms. The actor, popular in Telugu, Kannada and other South Indian films, appeared before officials of the probe agency at its zonal office here. Raj, who was questioned for about four hours, said he did the assignment with the apps in 2016, but did not take any money for it on moral grounds. He also said he had discontinued promoting the apps. "I gave them information that I had not received any money (for the promotion). Because I did not want to take any money for that. They (ED officials) have taken all the details," he told reporters. Asked if the investigation is politically motivated, he replied in the negative. "Officers are doing their job. As a citizen, I am supposed to cooperate and answer their questions. There is no witch-hunting or political motivation in this," he said. Raj added that he has no