Page 16 - Money Laundering

Excise policy case: HC seeks ED stand on Sanjay Singh's plea against arrest

The Delhi High Court on Friday sought the Enforcement Directorate's stand on a plea by AAP leader Sanjay Singh against his arrest in a money laundering case related to alleged irregularities in the scrapped Delhi excise policy for 2021-22. Justice Swarana Kanta Sharma asked the ED to file its response to the petition and listed the matter for hearing on Tuesday morning. The counsel appearing for the Rajya Sabha MP said due procedure was not followed when he was arrested by the investigating agency without any prior summons or notice in the case. "I am on procedure, he said. The ED's lawyer asked the court to grant him time to file a response to the petition. Today judicial custody is granted...I am entitled to put in a reply. Give me two days, he said. A trial court today remanded Singh, arrested on October 4, in judicial custody till October 27. Singh's petition was listed for hearing after it was mentioned for urgent listing by his lawyer before the high court bench headed by C

Enforcement Directorate arrests Lava MD, 3 others under PMLA in Vivo probe

Says their acts detrimental to India's economic sovereignty

Money laundering case: SC to hear Satyendar Jain's bail plea on October 9

The Supreme Court is scheduled to hear on Monday a bail plea of former Delhi minister Satyendar Kumar Jain in a money laundering case lodged against him. A bench of Justice A S Bopanna and Justice Bela M Trivedi will continue hearing the petition of Satyendar Jain and co-accused Ankush Jain. On September 25, the top court, while extending the interim bail of Jain till October 9, asked him to not make the pendency of the proceedings before the apex court a ruse to delay the trial in the case. The Enforcement Directorate has claimed that the AAP leader was seeking repeated adjournments in the trial court on the ground that his bail plea was pending before the apex court. The probe agency has alleged that Jain has taken as many as 16 dates from the trial court. The Supreme Court had on May 26 granted interim bail to Jain for six weeks for spinal surgery, saying a citizen has a right to receive treatment of his choice in a private hospital at his own expense. On September 12, it extend

ED arrests Hardoi pharmacy institute's chairman on money laundering charges

The Enforcement Directorate (ED) on Saturday said it has arrested the chairman of a Hardoi-based pharmacy institute as part of its ongoing money laundering investigation into alleged Rs 100-crore scholarship scam in Uttar Pradesh. Ram Gopal, chairman of Jivika Institute of Pharmacy and manager of Dr B R Ambedkar Educational Society, Hardoi was taken into custody on Friday and a special Prevention of Money Laundering Act (PMLA) court in Lucknow sent him to ED custody for seven days on Saturday, the federal agency said in a statement. This is the fifth arrest in this case by the ED. The money laundering case stems from an Uttar Pradesh Police FIR. The probe found that managers and trustees of various institutes got "fake" students admitted to their institutes and applied for scholarships in their names on the government portal with the sole purpose of taking wrongful advantage of government schemes meant for needy students, the ED said. All the formalities in this regard were comple

Untenable, bogus: NewsClick rejects allegations levelled in FIR against it

The NewsClick portal has rejected as untenable and bogus allegations levelled in a Delhi Police FIR against it, and said the proceedings initiated are "nothing but a blatant attempt to muzzle the free and independent press in India". In an FIR filed under anti-terror law UAPA against NewsClick, the Delhi Police has alleged a large sum of funds came from China to disrupt India's sovereignty and cause disaffection against the country as part of a "larger criminal conspiracy" It claimed the foreign fund was fraudulently infused by Neville Roy Singham, an active member of the propaganda department of the Communist Party of China.The Delhi Police served a copy of the FIR to the portal on Friday. In a statement issued on X on Friday night, the portal said, "The Newsclick has not received any funding or instructions from China or Chinese entities. Further, Newsclick has never committed or sought to encourage violence, secession or any illegal act in any manner whatsoever. "A perusal of ..

ED not expected to be vindictive in conduct, should act with probity: SC

The Enforcement Directorate is not expected to be "vindictive" in its conduct and must act with utmost probity and fairness, the Supreme Court has held, and directed the anti-money laundering agency to henceforth furnish the grounds of arrest to the accused in writing "without exception". In a significant verdict having far-reaching ramifications, the apex court said being a premier investigating agency charged with the onerous responsibility of curbing the debilitating economic offence of money laundering in the country, every action of the ED in the course of such exercise is expected to be "transparent, above board and conforming to pristine standards of fair play in action". "The ED, mantled with far-reaching powers under the stringent Act of 2002, is not expected to be vindictive in its conduct and must be seen to be acting with utmost probity and with the highest degree of dispassion and fairness," a bench of Justices AS Bopanna and Sanjay Kumar said. The top court, which set

India makes progress in Global Terrorism Index, efforts can save $159 bn

India has made good progress in strengthening security measures in the past few years but scaling it further would save USD 159 billion from laundering through illicit trade, a report said. According to a Ficci CASCADE report, India has a GTI score of 7.43 and a crime index score of 44.7, reflecting fewer terror and crime incidents compared to the levels observed in 2016. Illicit trade undermines national security, risks legitimate manufacturing, leaks government revenue, jeopardises public health and safety, and erodes the trust of consumers and investors alike," it said. Tackling this issue is fundamental for safeguarding India's economic stability, ensuring fair competition, and fostering an environment conducive to sustainable growth and ease of doing business, it said. Tax authorities play a crucial role in the fight against illicit trade in its entirety, it said. Anil Rajput, Chairman of Ficci CASCADE, highlighted the steps taken by the government to choke terror funding and

Y-Combinator-backed Mudrex becomes FIU-registered crypto platform

Mudrex has become the third crypto platform to be registered with the FIU after WazirX and CoinDCX

PFI money laundering case: ED conducted searches at 12 locations in Kerala

The Enforcement Directorate (ED) on Monday conducted raids at several locations linked to former members of the banned Islamist outfit Popular Front of India (PFI) across the state. Searches are underway at various places in Ernakulam, Thrissur, Malappuram and Wayanad districts of the state, police said. The houses of former PFI leaders Abdul Samad and Latheef were also searched in Wayanad and Thrissur districts, they said. According to sources, the raids were launched to ascertain the alleged source of funding for the banned outfit. The central government had on September 28, 2022 declared the PFI as an 'unlawful association' under UAPA and imposed a ban on it for five years.

Credit card users in India may no longer be able to overpay their dues

The banks have put guards in their applications to prevent customers from overpaying their credit card dues

Delhi excise policy case: ED summons K Kavitha for questioning on Friday

The Enforcement Directorate has summoned BRS leader and the daughter of Telangana Chief Minister K Chandrashekar Rao, K Kavitha, at its Delhi office on Friday for questioning in connection with the excise policy case in the national capital, officials said. Kavitha was questioned several times at the ED headquarters in March and had to submit her mobile phones to the federal agency. It is alleged that the Delhi government's excise policy for 2021-22 to grant licences to liquor traders allowed cartelisation and favoured certain dealers who had paid bribes for it, a charge strongly refuted by the ruling Aam Aadmi Party (AAP) in the national capital. The policy was subsequently scrapped and the Delhi lieutenant governor had recommended a CBI probe, following which the ED registered a case under the Prevention of Money Laundering Act (PMLA). During its probe, the ED had recorded the statement of Butchibabu, an accountant allegedly linked to Kavitha, in which he had said "there was ...

Flying solo into trouble: The rise and fall of Jet Airways' Naresh Goyal

Goyal, who faces accusations of misappropriating Jet Airways' funds, is currently embroiled in a legal struggle with investigative agencies

Bhupesh Baghel's political advisor denies involvement in money laundering

Chhattisgarh Chief Minister Bhupesh Baghel's political advisor Vinod Verma on Thursday claimed he does not have a "single penny" of ill-gotten money, a day after the Enforcement Directorate conducted a search at his residence. Addressing a press conference here, Vinod Verma also said he has no connection with assistant sub-inspector (ASI) Chandrabhushan Verma, arrested along with three others by the ED on Wednesday in a money laundering case linked to the alleged illegal betting app called 'Mahadev Online Book'. Alleged hawala operator brothers Anil and Sunil Dammani and a man identified as Satish Chandrakar are the three others arrested in the case. According to the ED, the probe has found that around Rs 65 crore cash was received by ASI Chandrabhushan Verma. He kept his cut and distributed the rest as bribes to senior police officers and politicians, it claimed. The ED on Wednesday conducted searches at the premises of Vinod Verma, who is also a member of the All India Congress .

ED freezes Rs 28 lakh deposits of Kerala CPI(M) MLA Moideen, wife

The ED on Wednesday said it has frozen bank and fixed deposits worth Rs 28 lakh of Kerala CPI(M) MLA A C Moideen and his wife, a day after conducting searches against him and others in a money laundering case. The case is linked to the alleged Rs 150 crore fraud in the party-controlled Karuvannur cooperative bank. The searches, launched at five locations across Kerala on Tuesday, have also led to the "seizure of 36 properties valued at Rs 15 crore, being proceeds of crime", it said in a statement. The Enforcement Directorate (ED) said the raids were conducted to probe "benamis and beneficiaries who siphoned off bank funds of more than Rs 150 crore from Karuvannur Service Cooperative Bank Ltd". Two orders were issued for freezing bank deposits and fixed deposits worth Rs 28 lakh found to be in the "possession of" A C Moideen and his wife, the ED said. It said the probe has found that "on the instructions of certain persons, who were district-level leaders and committee members of .

PayPal moves HC against order holding it as payment system operator

American online payment gateway PayPal on Wednesday moved the Delhi High Court against an order which ruled that it was a "payment system operator" under the Prevention of Money Laundering Act (PMLA) and has to thus comply with "reporting obligations" under it. Senior counsel appearing for PayPal argued before a bench headed by Chief Justice Satish Chandra Sharma that the order passed by a single judge of the high court was wrong. Senior advocate Mukul Rohatgi, appearing for the appellant, also said that the single judge's order cannot be sustained in view of a recent decision of the high court on the issue of payment system operator. The bench, also comprising Justice Sanjeev Narula, listed the appeal for further hearing in September. On July 24, the single judge had set aside a penalty of Rs 96 lakh imposed on PayPal by Financial Intelligence Unit (FIU) -- India for alleged non-compliance with the "reporting obligations" under the law against money laundering. It had also ruled

Sebi amends rules; enhances disclosure requirements for certain FPIs

To ensure greater transparency, Sebi has mandated enhanced disclosures for a certain class of Foreign Portfolio Investors (FPIs), including furnishing details about ownership and economic interests. In addition, the regulator has tweaked rules pertaining to the eligibility criteria for FPIs. "A foreign portfolio investor that fulfils the criteria specified by the board from time to time shall provide information or documents in relation to the persons with any ownership, economic interest or control, in the foreign portfolio investor," Sebi said in a notification amending the rules on Thursday. The information or documents will be provided in the manner specified by the Securities and Exchange Board of India (Sebi). Further, applicants with investors contributing 25 per cent or more in the corpus that are mentioned in the Sanctions List by United Nations (UN) Security Council are ineligible for registration as FPIs, the regulator had said in June. The Prevention of Money Launderin

Excise scam: HC grants bail to Raghav Magunta in money laundering case

The Delhi High Court has granted bail to Raghav Magunta, son of YSR Congress Party MP, in connection with a money laundering case related to the alleged excise scam. Justice Dinesh Kumar Sharma, who had earlier granted interim bail to the son of MP Magunta Srinivasulu Reddy, recorded that the relief was granted as the Enforcement Directorate did not oppose his bail plea. The ED, in its reply, submitted that since the accused is cooperating in the investigation and assisting in tracing the Proceeds of Crime, which would have been otherwise difficult, he may be granted bail. In view of the statement made and the facts narrated herein above, the interim bail granted vide order dated 18.07.2023 for four weeks on medical grounds is made absolute, said the court in an order dated August 10. Let the petitioner be released on regular bail furnishing a personal bond of Rs. 2,00,000 with two sureties of like amount to the satisfaction of the learned trial court , the court said. The court a

ED takes possession of villas, land in money laundering case against PFI

The Enforcement Directorate has taken possession of four villas and 6.75 acres of land in Kerala's Munnar district as part of a money laundering investigation against the banned Popular Front of India. The assets are worth a total Rs 2.53 crore (book value) and belong to Munnar Villa Vista Pvt Ltd. They were provisionally attached by the federal probe agency on January 7 and the adjudicating authority of the Prevention of Money Laundering Act (PMLA) confirmed it on June 30, the ED said in a statement on Saturday. The order of the adjudicating authority paved way for the agency to take possession of the land and the four villas, it said. The Popular Front of India (PFI) was banned under provisions of the Unlawful Activities Prevention Act (UAPA) in September last year over its alleged links with terror activities. The Enforcement Directorate (ED) said PFI leaders and members associated with overseas entities were developing a residential project -- Munnar Villa Vista Project (MVVP)

ED conducts searches in Delhi Jal Board linked money laundering case

The Enforcement Directorate (ED) has conducted searches in a money laundering case linked to alleged irregularities and siphoning of funds of the Delhi Jal Board (DJB), official sources said on Tuesday. The raids were carried out in the national capital on Monday at about 10 premises as part of the investigation being carried out under the provisions of the Prevention of Money Laundering Act (PMLA). The agency has collected some documents and records, the sources said. The ED probe is stated to be based on a November, 2022 FIR of the Delhi government's anti-corruption branch (ACB) for alleged embezzlement of Rs 20 crore funds from the DJB.

Like-minded parties united against Modi govt's 'vendetta politics': Kharge

Condemning the Enforcement Directorate raids at multiple premises of DMK leader K Ponmudy, Congress president Mallikarjun Kharge on Monday said all like-minded parties are united against the "vendetta politics" of the Modi government and shall not be bogged down by these "cowardly tactics to trample upon democracy". The Enforcement Directorate (ED) on Monday conducted raids at multiple premises of Tamil Nadu Higher Education Minister Ponmudy and his MP son Gautham Sigamani Pon in a money laundering case linked to alleged illegal mining, official sources said. Escorted by armed personnel of the CRPF, the officials of the federal probe agency searched the premises under the provisions of the Prevention of Money Laundering Act (PMLA). In a tweet, Kharge said, "We condemn the ED raids against Tamil Nadu Education Minister, Dr. K. Ponmudy, just before our crucial opposition meeting." This has become Modi government's predictable script in order to intimidate and divide the opposition, h