Page 20 - Money Laundering

ED attaches Rs 213 cr worth 'proceeds of crime' related to money laundering

The Enforcement Directorate has attached Rs 212.91 crore proceeds of crime (PoC) in cases where online betting and gambling sites/apps were used for money laundering and hawala transactions, Parliament was informed on Tuesday. In a written reply in the Rajya Sabha, Minister of State for Finance Pankaj Chaudhary said the Directorate of Enforcement is investigating several cases related to cyber crimes and crypto assets related frauds. In a few cases, it has been noticed that online betting and gambling sites/apps were used for money laundering and hawala transactions. "In these cases, as on December 16, 2022, PoC amounting to Rs 212.91 crores have been identified which stands attached / freezed / seized under the provisions of PMLA. Also, 03 Prosecution Complaints have been filed in these cases," he said. In reply to a separate question, the minister said the central government has constituted an Inter-Ministerial Task Force (IMTF) to look into all aspects of online gaming ...

ED freezes funds worth over Rs 51 cr in mobile apps money laundering case

The Enforcement Directorate on Wednesday said it has frozen funds worth Rs 51.11 crore under the anti-money laundering law after raiding premises linked to a mobile app company that allegedly duped investors on the pretext of providing "very high" returns. The searches were carried out on December 9 at locations in Noida, Pune and Bengaluru in the case of "misuse" of Matrix Partners Fund (MPF) app and some other apps related to it. The money laundering case stems from a November 2021 FIR filed by the Meghalaya Police against entities/persons behind the MPF app. The MPF app was a "scam investment application which promised very high returns, thereby luring gullible investors throughout the country to invest their hard-earned money in false expectation of high returns", the ED said in a statement. "During investigations, it has emerged that a large number of companies were connected to this app, which ran many other apps related to investment scams, loans, games, betting, rummy ...

IFFCO scam: Money laundering affects promotes terrorism, says court

Money laundering not only affects the social and economic fabric of the nation but also promotes terrorism, a Delhi court said on Wednesday while dismissing the the bail application of an accused in the alleged IIFCO fertiliser scam where Rs 685 crore was claimed to have been paid as kickbacks. Special Judge Vikas Dhull made the observations while denying relief to Sanjay Jain, who was arrested for allegedly channelling the proceeds of crime from foreign shores to India. The case relates to payment of illegal commissions worth over Rs 685 crore to the NRI sons of Indian Farmers Fertilizer Cooperative Limited (IFFCO) Managing Director and CEO U S Awasthi and Indian Potash Ltd (IPL) Managing Director P S Gahlaut and others by overseas suppliers during 2007-14. This was allegedly done through transactions facilitated by AgustaWestland VVIP choppers deal case accused Rajiv Saxena. The case also involves RJD Rajya Sabha MP Amarendra Dhari Singh, who is currently out on bail. The court .

ED attaches Kerala cooperative bank agent's assets worth Rs 30.70 crore

The Enforcement Directorate (ED) has attached assets worth Rs 30.70 crore of a commission agent of Karuvannur Service Co-operative Bank Ltd, under the Prevention of Money Laundering Act in a cheating case. According to ED, the attached assets include 20 immovable properties consisting of land and building in Kerala, two premium cars, Rs 3,40,000 and foreign currency totalling Rs 2,08,124. The sleuths attached bank balances also in A K Bijoy's 57 accounts worth Rs 35,86 990. The central agency said he illegally sanctioned and disbursed loan to the tune of Rs 26.60 crore in cash without any collateral due to systematic conspiracy hatched and perpetuated by the secretary and committee members of the bank since 2010. "The ED initiated a money laundering investigation on the basis of the FIRs registered by the Kerala police under section 420 of the IPC. Kerala police (Crime Branch) has registered more than 16 FIRs in Thrissur District regarding fraud in Karuvannur Service Co-Operative .

Identifying an offshore investor

FPIs incorporated under different structures in different jurisdictions create regulatory loopholes and make it difficult to identify the true beneficiary of foreign investing entities

I-T dept sends notices to firms to enquire about their foreign assets

The Income Tax department's intelligence unit has sent notices to at least eight firms in Mumbai and has also asked for information on their directors

DHFL 34,615 cr loan fraud case: Money laundered via 87 shell firms

The CBI in its charge sheet lodged in the Rs 34,615 crore DHFL loan fraud case has said that the accused created 87 shell companies and 2,60,000 fake borrowers to launder money

Conspiracies against me will be foiled, says Jharkhand CM Hemant Soren

A day ahead of his appearance before the ED in a money laundering case, Jharkhand Chief Minister Hemant Soren Wednesday slammed the BJP and said that every conspiracy hatched against him will be thwarted. In view of the ED's summons the ruling UPA in the state is holding back-to-back meetings. JMM is holding a separate meeting, while Congress has called a party legislators' meeting in the evening. A meeting of coalition partners is also likely to be held at the chief minister's residence in the evening, where RJD, which has a lone MLA, will be present. Soren slammed the BJP for the federal agency's summons but did not name it. By hook or by crook, they want to remove me from power. I will foil their conspiracy. He was speaking at a 'Milan Samaroh' in the chief minister's residence where a former BJP legislator of Giridih district, Jai Prakash Verma joined Jharkhand Mukti Morcha (JMM) along with his supporters. Some RJD leaders too joined the JMM at the programme. Soren said, We

Money laundering case: Court allows Nawab Malik to undergo diagnostic test

A special court here on Tuesday allowed the plea of former Maharashtra minister Nawab Malik, arrested in a money laundering case, seeking permission to undergo diagnostic examination PET-CT. The money laundering case against Malik (62) is linked to the activities of fugitive underworld don Dawood Ibrahim and his aides. The NCP leader, arrested by the Enforcement Directorate (ED) in February this year, is in judicial custody and currently undergoing treatment at a hospital here. On Monday, Malik, through his lawyer Taraq Sayyed, filed a plea seeking permission for undergoing PET-CT scan. Positron emission tomography (PET) scan is an imaging test that can help reveal the metabolic or biochemical function of a person's tissues and organs. Special judge R N Rokade on Tuesday allowed his plea and directed the Arthur Road Jail superintendent to take Malik for the scan at the Nuclear Imaging Centre at Sarvodaya Hospital in suburban Ghatkopar. The expense for the scan will be borne by th

Delhi court grants bail to Jacqueline Fernandez in money laundering case

A Delhi court on Tuesday granted bail to actor Jacqueline Fernandez in a Rs 200 crore money laundering case involving conman Sukesh Chandrashekar. Special Judge Shailendra Malik granted the relief on a personal bond of Rs 50,000 and one surety of like amount. The judge had on August 31 taken cognizance of a supplementary charge sheet filed by the Enforcement Directorate and asked Fernandez to appear before the court. Fernandez, who was summoned by the ED several times in connection with the investigation, was named as an accused for the first time in the supplementary charge sheet. The ED's earlier charge sheet and a supplementary charge sheet did not mention her as an accused. The documents, however, had mentioned the details of the statements recorded by Fernandez and fellow actor Nora Fatehi.

Nirav Modi loses appeal, UK rules suicide risk does not bar extradition

The 51-year-old fugitive diamond merchant has the option of further appeals in the UK and European courts and the process to bring him back to stand trial in India is unlikely to be a speedy one

Money laundering case: ED issues fresh summons to Hemant Soren for Nov 17

The Enforcement Directorate has issued fresh summons to Jharkhand Chief Minister Hemant Soren to appear before it in Ranchi on November 17 for questioning in a money laundering case linked to alleged illegal mining in the state, official sources said Wednesday. Soren, 47, was initially summoned by the federal probe agency on November 3 but he did not depose citing official engagements. He had then sought a three-week deferment of the summons. Official sources said the agency has now asked the CM to appear next week on November 17 at its regional office in state capital Ranchi for questioning and recording of his statement under the provisions of the Prevention of Money Laundering Act (PMLA). The ED has arrested Soren's political aide Pankaj Mishra and two others -- local muscleman Bachhu Yadav and Prem Prakash -- in this case. The agency has said it has "identified" proceeds of crime relating to illegal mining in the state to the tune of more than Rs 1,000 crore till now.

Money laundering case: Mukhtar Ansari's son, Mau MLA sent to ED remand

The court had issued a non-bailable warrant against him in the case registered at the Mahanagar police station in Lucknow in October 2019

ED files chargesheet against 19 people in Rs 2,215.98 cr fraud case

ED has learnt during the investigation that the accused individuals duped the innocent buyers by promising them to deliver flats/plots/commercial spaces, etc. However, they failed to deliver project

ED files charge sheet against SRS group, promoters in money laundering case

The Enforcement Directorate has filed a charge sheet against the SRS group and its promoters in a money laundering case linked to alleged cheating of homebuyers and investors. Nineteen accused persons and entities, including SRS group chairman Anil Jindal and company directors Jitender Kumar Garg, Praveen Kumar Kapoor and Vinod Jindal, have been named in the prosecution complaint filed under various sections of the Prevention of Money Laundering Act (PMLA), the agency said in a statement. The complaint has been filed before a special PMLA court in Gurugram and the court took cognisance on October 31, it said. "The accused duped innocent buyers by promising them to deliver flats, plots, commercial spaces etc. however, they failed to deliver the projects. The real estate projects were mortgaged to avail loans from banks and other financial institutions," the Enforcement Directorate (ED) said. However, it added, the loans were not used for the intended purposes and were defaulted, ..

Arrest me if I have committed serious offence: Jharkhand CM on ED summons

Jharkhand Chief Minister Hemant Soren on Thursday termed the Enforcement Directorate's summons to him as a weapon used by the Bharatiya Janata Party (BJP) to target him and said if he has committed a serious offence then he should be directly arrested. Soren on Thursday skipped summons issued by the ED to face questioning in connection with a case of alleged illegal mining and arrived in Chhattisgarh to attend a pre-scheduled programme. The central agency had asked the Jharkhand Mukti Morcha (JMM) leader to appear for questioning at its regional office in Ranchi. Speaking to reporters at the Swami Vivekananda Airport in Raipur, the Jharkhand Chief Minister accused the BJP, which is in the Opposition in the eastern state, of hatching a conspiracy against him as his government is taking pro-people measures. Soren is here to attend the concluding ceremony of the three-day National Tribal Dance Festival and Chhattisgarh's statehood celebration event called 'Rajyotsava 2022'. Queried ..

Jharkhand CM skips ED summons, going to Chhattisgarh to attend tribal event

Jharkhand Chief Minister Hemant Soren on Thursday skipped summons issued by the Enforce Directorate to face questioning in connection with a case of alleged illegal mining, and is going to Chhattisgarh to attend a tribal programme instead. The ED had asked Soren to appear for questioning at its regional office here at 11 am but he did not go there. "The ED has summoned me following a conspiracy. Come and arrest me if I have committed a crime instead of sending a summons for questioning. I am neither afraid nor worried. Rather I am emerging stronger. If people of Jharkhand wish, opponents will not find a place to hide," Soren said while addressing JMM workers near his residence. He said he will fly to Raipur to attend a Tribal Mahotsav' during the day, for which he had received an invitation. The JMM executive president alleged that the BJP is making attempts to destabilise his democratically elected government ever since it was voted to power.

ED summons J'khand CM in money laundering case; asks to appear on Thursday

The Enforcement Directorate has summoned Jharkhand Chief Minister Hemant Soren for questioning on November 3 in a money laundering case linked to alleged illegal mining in the state, officials said on Wednesday. Soren, 47, has been asked to appear before the federal probe agency at its regional office in the Hinoo area of state capital Ranchi at 11 am on Thursday. The agency wants to question and record the statement of the chief minister under the Prevention of Money Laundering Act (PMLA), they said. Soren hit out at the BJP, alleging it was resorting to ''misusing'' institutions as it cannot face him politically. "We have also been called on the request of our Opposition. An attempt has been made to show how powerful the ED is... the people will give them the answer for every conspiracy,'' the Jharkhand Mukti Morcha leader tweeted. The Enforcement Directorate (ED) had earlier arrested Soren's political aide Pankaj Mishra and two others -- local muscleman Bachhu Yadav and Prem ..

EOW to probe allegations against firm owned by ex-CM Trivendra Rawat's aide

The Economic Offenses Wing (EOW) of Uttarakhand Police will investigate allegations of money laundering of around Rs 200 crore against a company owned by the wife of a close aide of former Uttarakhand Chief Minister Trivendra Singh Rawat. The BJP leader had to quit the top office in March 2021 following a "collective decision" by the party. Sworn in as CM on March 18, 2017, he had just nine days left to complete four years of his tenure when he had to call it quits. The BJP retained power in the state in the Assembly polls held earlier this year. The opposition parties led by the Congress have alleged that Dehradun-based Social Mutual Benefit Company Limited, owned by the wife of Rawat's former advisor K S Panwar, allegedly opened bank accounts in the names of thousands of people in a fraudulent manner from 2017 to 2020 and converted black money into white. They also claimed that Panwar had quit as the director of the company after becoming the chief minister's advisor and made his

FATF called for enhanced due diligence on Myanmar following blacklist: RBI

Earlier in February 2020, Democratic People's Republic of Korea (DPRK) and Iran was put on blacklist by the anti-terror financing and anti-money laundering watchdog