Page 19 - Money Laundering

ED arrests four in Andhra govt's 'Siemens Project' money laundering case

The official said that all the accused were presented at a Special PMLA Court in Visakhapatnam which remanded them to seven days' custodial remand

Enforcement Directorate freezes over Rs 120cr in illegal forex trading case

The ED said that a total of 180 accounts were found involved in the layering of funds received from investors in the name of forex trading on TP Global FX platform

FPIs seek six more months from FinMin to comply with PMLA tweaks

To make a representation to FinMin for relief

Delhi excise policy case: K Kavitha appears before ED for questioning

BRS leader K Kavitha deposed before the Enforcement Directorate (ED) here on Saturday, with the agency all set to confront her with an arrested accused and record her statement in connection with its money-laundering probe into alleged irregularities in the Delhi excise policy. The 44-year-old daughter of Telangana Chief Minister K Chandrashekar Rao arrived at the federal agency's headquarters on APJ Abdul Kalam Road from her father's official residence on Tughlak Road, located about 1.5 kilometres away, around 11 am. There was a heavy presence of Delhi Police and central paramilitary forces personnel for barricading the ED office even as the supporters of the Bharat Rashtra Samithi (BRS) leader staged a protest on APJ Abdul Kalam Road. The ED had asked Kavitha to depose on March 9, but she sought a fresh date due to her scheduled daylong hunger strike here on Friday seeking the passage of the long-pending Women's Reservation Bill in the Budget Session of Parliament. The BRS MLC ha

Government amends anti-money laundering rules, brings PEP under PMLA

The government has amended rules under the anti-money law, making it mandatory for banks and financial institutions to record financial transactions of politically exposed persons (PEP). Also, financial institutions or reporting agencies will be required to collect information about the financial transactions of non-profit organisations or NGOs under the provisions of the Prevention of Money Laundering Act (PMLA). Under the modified PML Rules, the Finance Ministry defined PEPs as "individuals who have been entrusted with prominent public functions by a foreign country, including the heads of States or Governments, senior politicians, senior government or judicial or military officers, senior executives of state-owned corporations and important political party officials". The financial institutions will also have to register details of their NGO clients on the Darpan portal of the Niti Aayog and maintain the record for five years after the business relationship between a client and a

Crypto under PMLA: Industry gives thumbs up, expects higher investor faith

Cryptocurrency news: On Tuesday, the Centre issued a notification to bring VDAs under the ambit of anti-money laundering law in India

Cryptocurrency under PMLA: What changes for those investing in VDAs now?

Cryptocurrency news: If found guilty under PMLA, the person who committed money laundering can be awarded rigorous imprisonment for a minimum of three years up to seven years, with a fine

India imposes money laundering provisions on cryptocurrency sector

The Finance Ministry said in a notice on Tuesday that anti-money laundering legislation has been applied to crypto trading, safekeeping and related financial services

Delhi excise policy: Court sends YSRCP MP's son to ED custody till Feb 20

A Delhi court on Saturday sent Raghav Magunta, the son of YSR Congress Party MP Magunta Srinivasulu Reddy, to Enforcement Directorate (ED) custody till February 20 in a money laundering case related to alleged irregularities in the Delhi excise policy. Duty Judge Naresh Kumar Laka passed the order on an application moved by the ED seeking 10-day custody of Manguta, alleging that he participated and knowingly assisted various processes or activities of possession, use, transfer, etc. of the proceeds of crime worth at least Rs 180 crore. In addition, even after multiple opportunities and recorded statements of the other accused, he was not cooperating with the investigation and did not reveal facts which are crucial for the investigation and he has exclusive knowledge of. Hence, custodial interrogation of Magunta is the need of the hour, the ED told the judge. It further said that the arrestee also needed to be confronted with digital and physical records seized during 189 search ...

ED arrests YSR Congress MP's son in Delhi excise policy money laundering

The Enforcement Directorate has arrested Raghav Magunta, son of YSR Congress Party MP from Ongole Magunta Srinivasulu Reddy, in connection with its money laundering investigation into alleged irregularities in the Delhi excise policy case, officials said Saturday. Raghav Magunta was taken into custody under the Prevention of Money Laundering Act (PMLA) on Friday evening, they said. He is expected to be produced before a local court, where the federal probe agency will seek his custody. This is the ninth arrest in this case by the ED, and the third this week. It arrested Gautam Malhotra, son of former SAD MLA from Punjab Deep Malhotra, and Rajesh Joshi, the director of an advertising company called Chariot Productions Media Pvt Ltd, earlier in the week. The agency had alleged that a cartel called 'South Group' of liquor retailers, wholesalers and manufacturers was created as part of the now-scrapped Delhi excise policy, and the father and son duo were part of it. It had searched .

Hindenburg's accusations against Adani Group put money-laundering in focus

A more than $100 billion rout in the share prices of the highly leveraged infrastructure owner has the potential to spark a broader contagion, especially if the local banking system gets infected

Hearing in money-laundering case against Sanjay Raut adjourned till Feb 27

Rajya Sabha member Raut was present before special judge R N Rokade on Tuesday

Delhi HC rejects journalist Raghav Bahl's plea in ED money laundering case

A single-judge bench of Justice Jasmeet Singh dismissed the plea observing that the investigation is not over yet and the petition is premature

SC to hear journalist Rana Ayyub's plea in money laundering case on Jan 25

The Supreme Court Monday said it will hear on January 25 the petition of journalist Rana Ayyub challenging the summons issued to her by a special PMLA court in Ghaziabad in a money laundering case lodged by the ED. A bench of Chief Justice D Y Chandrachud, and Justices V Ramasubramanian and J B Pardiwala, posted the matter after senior advocate Vrinda Karat mentioned it. Karat told the court that the Bench which was scheduled to hear the matter Monday was not available, and requested the bench to post the matter for hearing later today at 2 pm. "We will keep this day after tomorrow before an appropriate bench. Today will be difficult," the bench said. On January 17, a bench led by CJI Chandrachud had agreed to consider listing the plea of Ayyub for urgent hearing after taking note of the submissions of advocate Vrinda Grover who appeared for her. Grover had said a summons was issued by the special court in Ghaziabad against Ayyub for January 27 and therefore the matter be listed .

Rs 635-cr money laundering: ED files charge sheet against Maharashtra MLA

The Enforcement Directorate (ED) has filed a charge-sheet against Maharashtra MLA Ratnakar Gutte before a special court here in connection with an alleged multi-crore loan fraud. As per the probe agency, Gutte, Rashtriya Samaj Paksha MLA from Gangakhed in Parbhani district, is accused of laundering Rs 635 crore through Gangakhed Sugar and Energy Private Limited (GSEPL), of which he was chairman. Gutte, as per the ED charge-sheet, tied up with several banks between 2012 and 2017 and obtained agricultural loans by using documents like PAN and property details of farmers. The GSEPL was an agent in this agreement. As per the ED, banks sanctioned Rs 772.31 crore, of which Rs 635.89 crore were disbursed in fictitious accounts created in the name of farmers using these documents, and the money was siphoned off. A sum of Rs 272 crore is pending for repayment, the ED said, adding it has attached 22 immovable properties, bank accounts and other movable properties worth Rs 255 crore connected

Excise scam: Court extends judicial custody of four accused till Jan 7

A Delhi court on Monday extended till January 7 the judicial custody of four accused, arrested in a money laundering case related to the alleged Delhi excise policy scam also involving Deputy Chief Minister Manish Sisodia. Special Judge M K Nagpal extended the custody of businessmen Sharath Reddy, Binoy Babu, Vijay Nair and Abhishek Boinpally after they were produced before the court, noting that the bail petitions of all these accused is presently pending in this court for arguments on different dates. The special judge passed the order after noting the submissions of Enforcement Directorate's special public prosecutor N K Matta that the agency was in process of filing a supplementary charge sheet against all arrested accused. The ED told the court that the charge sheet is likely to be filed by January 6. The agency had earlier told the court that the next charge sheet would be common against all the arrested accused in the money laundering case related to the alleged Delhi excise

Story in numbers: PMLA registrations up four-fold, higher than a decade ago

According to the Enforcement Directorate (ED) data on PMLA, 5,422 cases are under investigation, 400 have been arrested and 25 convicted until March 31, 2022

Court convicts former chemical & fertilisers ministry official in PMLA case

A special court in Bengaluru has convicted a former official of the ministry of chemical and fertilisers and his wife on money laundering charges for siphoning more than Rs 1.25 crore from the funds of the Central Institute of Petrochemicals Engineering and Technology, the ED said on Friday. The designated PMLA court "convicted H N Arvind and Binu H Arvind for offences committed under the Prevention of Money Laundering Act and sentenced H N Arvind to rigorous imprisonment for a period of four years along with imposition of fine of Rs 1 lakh." "The court also sentenced Binu H Arvind to rigorous imprisonment for a period of three years along with imposition of fine of Rs 50,000," the Enforcement Directorate said in a statement. The money laundering case stems from an earlier CBI FIR that charged H N Arvind for siphoning off a sum of Rs 1,25,71,209 when he was working as a technician (grade-I) in the central institute of plastic engineering and technology in Mysuru (Karnataka). The ..

ED seizes assets of Saravana Stores worth Rs 66 cr in money laundering case

The Enforcement Directorate said it has attached immovable properties of Saravana Stores in Chennai amounting to Rs 66.93 crore in connection with a money laundering case for defrauding Axis Bank

ED seizes assets worth Rs 81 cr from Hisar-based firm in ponzi scheme case

The Enforcement Directorate (ED) said that it has attached movable and immovable properties worth Rs 81.7 crore related to Future Makers Lifecare Pvt Ltd, a Hisar-based company