Page 14 - Money Laundering

Money laundering, KYC non-compliance led to ban on Paytm Bank by RBI

Money laundering concerns and questionable dealings of hundreds of crores of rupees between popular wallet Paytm and its lesser-known banking arm had led Reserve Bank of India to clamp down on tech poster boy Vijay Sekhar Sharma-run entities, sources said. The central bank has ordered Paytm Payments Bank Ltd (PPBL) to halt most of its business including taking further deposits, conducting credit transactions and carrying out top-ups on any customer accounts, prepaid instruments, wallets, and cards for paying road tolls after February 29. This means customers can access their existing deposits and pay for services with money stored in their wallets till February 29. And in case, RBI does not relent, top-up for Paytm wallet will stop and transactions through it would no longer can be carried. In a major action against PPBL, the Reserve Bank earlier this week directed the lender to stop accepting deposits or top-ups in customer accounts, wallets, FASTags and other instruments after ...

Delhi CM Kejriwal likely to skip ED summons for fifth time: Report

Delhi Chief Minister and AAP convener Arvind Kejriwal is unlikely to appear before the Enforcement Directorate (ED) on Friday for questioning in a money laundering case linked to the Delhi excise policy, sources in the party said. The ED on Wednesday issued a fresh and the fifth summons to Kejriwal after he skipped four earlier summonses issued by the federal agency over the last four months. Though the Aam Aadmi Party (AAP) remained tight-lipped about whether the Delhi CM will appear before the probe agency, sources in the party said that he is likely to skip the summons this time too. The AAP has maintained that its legal team is studying the summons issued to Kejriwal in connection with the excise policy linked money laundering case. Kejriwal is scheduled to participate in a protest along with his Punjab counterpart Bhagwant Mann outside the BJP headquarters on Friday against the alleged cheating in Chandigarh mayoral polls. On Tuesday, in a setback to the Congress and the AAP

Delhi Waqf Board case: HC questions maintainability of Amanat's plea

However during the hearing Justice Rekha Palli questioned the maintainability of the plea

ED reaches Soren's residence, to question him in money laundering case

Amid heavy security cover, Enforcement Directorate officials on Wednesday reached Chief Minister Hemant Soren's residence here to question him in a money laundering case linked to an alleged land scam. Soren, 48, who is also the executive president of the ruling Jharkhand Mukti Morcha (JMM), had earlier been questioned in connection with the case on January 20. The interrogation that day was incomplete, an official said, adding, the fresh round of questioning will start soon. Legislators of the ruling JMM-led coalition have gathered at Soren's residence here to express their solidarity with the CM.

Delhi excise policy case: Sisodia moves to court seeking regular bail

He was granted custody parole to meet his ailing wife on Diwali on November 10, 2023

ED searches Essel Group companies in Religare Finvest money laundering case

Meanwhile,Essel Group said the search conducted by the ED was related to an enquiry regarding Religare Group

ED raids Chennai infrastructure firm, promoters in money laundering case

The Enforcement Directorate on Friday raided multiple premises in Chennai as part of a money laundering investigation involving a city-based civil construction and infrastructure company, its promoters and linked persons, official sources said. The probe by the central agency was initiated after taking cognisance of an FIR filed by the central crime branch (CCB) of Greater Chennai Police against Ocean Lifespaces India Private Limited, its MD and CEO S K Peter, some directors and others. About six-seven locations in and around Chennai city are being covered by ED officials under the provisions of the Prevention of Money Laundering Act (PMLA), the sources said. The CCB FIR was filed last year on the complaint of a former director of the company, B Sriram, who alleged he was "cheated" by the promoters and later he also moved the National Company Law Tribunal (NCLT) challenging his removal from the board of the company. The company promoters and directors subsequently moved the Madras

Mahadev app case: ED makes two fresh arrests in money laundering case

The Enforcement Directorate has arrested two more persons in connection with its money laundering investigation into the Mahadev online betting and gaming app case, officials said on Saturday. Nitin Tibrewal, a resident of Kolkata, and Raipur-based Amit Agrawal were taken into custody under various sections of the Prevention of Money Laundering Act (PMLA) and produced before a special court here on Friday, ED lawyer Saurabh Pandey said. The court sent them to ED custody till January 17, he said. Tibrewal is the majority shareholder of Techpro IT Solutions Ltd, a company that was acting as a "front" for Mahadev Online Book (Mahadev app) and investing the proceeds of crime generated out of illegal operations in India by way of foreign portfolio investment, the ED said in a statement. He "tried to conceal this fact despite multiple opportunities granted to him. He also did not reveal his foreign bank accounts and assets before the ED which have been discovered during the course of ...

ED arrests 5 people in money laundering case linked to Rajasthan paper leak

The Enforcement Directorate on Saturday said it has arrested five people as part of its money laundering investigation into an alleged teacher recruitment exam paper leak case in Rajasthan. Suresh Kumar alias Suresh Sau, Vijay Damore, Peeraram, Pukhraj, and Arun Sharma were taken into custody under the provisions of the Prevention of Money Laundering Act (PMLA) on January 11, the agency said. They were sent to three-day ED custody by a special PMLA court in Jaipur, it said in a statement. The probe pertains to alleged paper leak case of senior teacher 2nd grade competitive examination, 2022 in Rajasthan. Former Rajasthan Public Service Commission (RPSC) member Babulal Katara and two other persons identified as Anil Kumar Meena and Bhupendra Saran were earlier arrested by the ED in this case. Arun Sharma provided 29 candidates (for whom leaked papers were arranged and who were appearing for the said competitive examination) to Anil Kumar Meena in lieu of Rs 2 lakh per candidate, th

Bhushan Steel bank case: ED nabs 5 persons for alleged Rs 56,000 cr fraud

The Enforcement Directorate has arrested five persons in connection with an alleged Rs 56,000 crore bank loan fraud linked money laundering case against erstwhile Bhushan Steel Ltd (BSL), official sources said Friday. Those taken into custody on Thursday are Pankaj Kumar Tiwari, the former vice president banking of the company, former VP accounts Pankaj Kumar Agarwal, ex-chief financial officer Nitin Johri, Ajay Mittal, the brother-in-law of former promoter Neeraj Singal, and Ajay Mittal's wife and sister of Neeraj Singal, Archana Mittal. After completing the corporate insolvency resolution process (CIRP), Bhushan Steel was taken over by Tata Steel Ltd in 2018. According to the ED, Bhushan Steel Limited's former Managing Director Neeraj Singal and his associates formed several shell companies and the promoters and entities linked to BSL "rotated funds from one company to another through a chain of multiple entities" as part of an alleged bank loan fraud. The money laundering case .

Supertech chairman seeks bail in money laundering case on medical grounds

R K Arora, the chairman and promoter of real estate major Supertech Group, on Wednesday urged a Delhi court to grant him interim bail for three months in a money laundering case, claiming he was suffering from various ailments. Arora told Additional Sessions Judge Devender Kumar Jangala he has lost around 10 kg since his arrest and required "urgent medical assistance". He was arrested on June 27, 2023 under the Prevention of Money Laundering Act (PMLA). The judge adjourned the matter for further hearing on January 12. The money laundering case against the Supertech group, its directors and promoters, stems from a clutch of FIRs registered by police in Delhi, Haryana, and Uttar Pradesh. The ED has been probing 26 FIRs registered by the Economic Offences Wing of Delhi, Haryana and Uttar Pradesh police against Supertech Ltd and its group companies for alleged criminal conspiracy, cheating, and criminal breach of trust and forgery. They have been accused of defrauding at least 670 ho

Court extends Senthil Balaji's remand till Jan 11 in money laundering case

A sessions court here on Thursday extended Tamil Nadu Minister V Senthil Balaji's remand till January 11. The DMK leader, arrested by the Enforcement Directorate on June 14, 2023 in a money laundering case, is presently lodged at the Puzhal prison here. Principal Sessions Judge S Alli, before whom Balaji was produced by the prosecution through video-conferencing from the prison, extended his judicial custody. Balaji was arrested by the ED in connection with a money laundering case linked to a cash-for-jobs scam when he was the Transport Minister during an earlier AIADMK regime. Soon after his arrest, he underwent a bypass surgery at a private hospital. Later, the ED took him into custody for interrogation and following that he was remanded in judicial custody. His remand was periodically extended by the court.

ED opposes interim bail plea of Supertech chairman in money laundering case

The Enforcement Directorate on Wednesday opposed in a Delhi court an application filed by the chairman and promoter of real estate major Supertech Group, R K Arora, seeking interim bail for three months on medical grounds in a money laundering case. Arora's application was moved before Additional Sessions Judge Devender Kumar Jangala on account of his deteriorating medical condition which has been aggravating ever since his incarceration as he was already suffering from various life-threatening diseases. Enforcement Directorate's Special Public Prosecutor N K Matta and advocate Mohd Faizan Khan told the court there was no need to release the accused on bail since all medical assistance he required was already available in the prison. The judge is likely to take up the matter for further consideration on January 5. The application, moved on December 22, claimed Arora required treatment at a private hospital. It is pertinent to state herein that the Applicant warrants urgent ...

Delhi court grants bail to 3 vivo-India executives, ED to challenge order

The ED had raided vivo-India and its linked persons in July last year and claimed to have busted a major money laundering racket involving Chinese nationals and multiple Indian companies

CBI allowed to question Rana in Ezeego One Travels & Tours loan fraud case

A court here has allowed the CBI to question Yes Bank founder Rana Kapoor in connection with a loan granted to Ezeego One Travels and Tours Limited (EOTTL) by the private sector lender. Kapoor, 65, former MD and CEO of Yes Bank, is in judicial custody following his arrest by the Enforcement Directorate (ED) in March 2020 in a money laundering case linked to financial irregularities at the bank. He is currently lodged in the Taloja jail in neighbouring Navi Mumbai. The Central Bureau of Investigation on Thursday told additional sessions judge B D Shelke that it wanted to question Kapoor in the case related to the EOTTL loan, registered in October 2020 on a complaint filed by Yes Bank. "Criminal complicity" of Kapoor, who was the MD and CEO of Yes Bank during the relevant period, came to light during investigation, said special public prosecutor Ashish Bilgaiyan. At Kapoor's behest, the bank sanctioned a loan of Rs 1060 crore to EOTTL (a sister concern of Cox & Kings) despite the

Delhi court extends ED custody of 3 Vivo-India executives by 2 days

A Delhi court on Tuesday extended by two days the Enforcement Directorate custody of three Vivo-India executives in connection with a money laundering probe against the Chinese smartphone-maker and others. Additional Sessions Judge Aparna Swami extended the custody of Interim CEO of Vivo-India Hong Xuquan alias Terry, Chief Financial Officer (CFO) Harinder Dahiya and consultant Hemant Munjal on an application moved by the ED. The accused were produced before the court on the expiry of their three-day ED custody granted earlier. The accused were taken into custody under the provisions of the Prevention of Money Laundering Act (PMLA). The federal agency had earlier arrested four people -- mobile company Lava International's MD Hari Om Rai, Chinese national Guangwen alias Andrew Kuang, and chartered accountants Nitin Garg and Rajan Malik -- in the case. They are in judicial custody at present. The ED had filed a charge-sheet against the four in a special PMLA court in Delhi. The cou

Sanjay Bhandari case: Court issues NBW against UK national Sumit Chaddha

"Cognizance of the offence of money laundering as defined in u/Sec. 3 r/w Sec. 17 punishable u/Sec. 4 of PMLA, 2002, has already been taken on October 5, 2020," noted the court

ED arrests 3 more in money laundering case against Vivo-India, others

The Enforcement Directorate has made three fresh arrests in connection with its money laundering probe against Chinese smartphone-maker Vivo and some others, official sources said on Saturday. The three have been taken into custody under the provisions of the Prevention of Money Laundering Act (PMLA), they said. The identity of the three people was not known immediately. The federal agency had earlier made four arrests in the case which included mobile company Lava International's MD Hari Om Rai, Chinese national Guangwen alias Andrew Kuang and chartered accountants Nitin Garg and Rajan Malik. They are in judicial custody at present. A charge-sheet was also filed by the Enforcement Directorate against these people recently before a special PMLA court in Delhi and the court took its cognisance recently.

Congress MP Karti Chidambaram appears before ED in money laundering case

Congress MP Karti Chidambaram appeared before the Enforcement Directorate here on Saturday in a money laundering case linked to the issuance of visa to some Chinese nationals in 2011, official sources said. The ED case pertains to the allegations of Rs 50 lakh being paid as kickbacks to Karti and his close associate S Bhaskararaman by a top executive of the Vedanta group company Talwandi Sabo Power Ltd. (TSPL), which was setting up a power plant in Punjab, according to the Central Bureau of Investigation (CBI) FIR. The ED case stems from the CBI complaint. The agency will record the statement of the 52-year-old MP from Sivaganga Lok Sabha seat in Tamil Nadu under the provisions of the Prevention of Money Laundering Act (PMLA). Karti earlier said that the ED probe was a "fishing and roving" enquiry and that he has earlier submitted documents to the agency. He sought more time to collect documents as he skipped appearance on December 12 and December 16.

Vivo case: Notice to Tihar officials on Lava MD's plea against jail shift

ED recently arrested Chinese national Guangwen Kuang, Lava International's MD Hariom Rai Nitin Garg and Rajan Malik under a different section of the Money Laundering Act