Page 2 - Pmla

NCLT, NCLAT can't review PMLA decision: Supreme Court in BPSL case

The Supreme Court has ruled that NCLT and NCLAT lack judicial review power over statutory decisions under the PMLA in the Bhushan Power and Steel liquidation case

100 PMLA courts in country but money laundering trials delayed: ED

Timely completion of money laundering case trials continues to face several "systemic" and "procedural" hurdles, even though there are 100 special PMLA courts across the country, the Enforcement Directorate has said in its latest report. The federal probe agency has been regularly targeted by political parties in the opposition, alleging that its actions were biased and the conviction rate was "poor" -- a claim strongly refuted by the organisation. ED Director Rahul Navin defended the track record of his agency during an event held here on Thursday to mark the 'ED Day', saying its conviction rate was more than 93 per cent. Same day, the ED also released its first-ever annual report, where it devoted a specific chapter to 'Challenges in Expeditious Completion of PMLA Trials'. Till now, the estimate of yearly work done by the agency was clubbed in the 'Annual Report' of the Union finance ministry under which the ED works. "While the legal framework under PMLA (Prevention of Money ..

PMLA picked momentum after 2014; conviction rate over 93%: ED director

ED director Rahul Navin on Thursday said that the anti-money laundering law was left "largely ineffective" before 2014, and the slowdown in adjudication of these cases can be attributed to the "general delay" in the judicial system of the country coupled with the inherent complexity of such investigations. Navin also said that the Enforcement Directorate (ED) had a "commendable conviction" rate of 93.6 per cent as out of the 47 cases decided by courts till now, there have been only three acquittals. Speaking at an event held here to mark the 'ED Day', the agency chief said he "acknowledges candidly" that several investigations initiated under the Prevention of Money Laundering Act (PMLA) were pending for a "very long time", and one their focus areas this year would be to undertake efforts to complete probe and file "final" chargesheets fast. The PMLA was enacted in 2003 and came into force on July 1, 2005, but, Navin said, it was "largely ineffective" in the initial years with less

Over 1,700 PMLA cases in trial stage; conviction rate at 93.6%: ED director

Over 1700 money laundering cases probed by the Enforcement Directorate (ED) are currently in the trial stage and the delay in courts can be attributed to the general delay in the justice system in the country, ED Director Rahul Navin said on Thursday. The top officer of the ED, however, said the conviction rate of the ED cases was 93.6 per cent as out of 47 cases decided by courts till now, there have been only three acquittals. A total of 1,739 cases of PMLA are under trial at present and the delay in prosecution in the money laundering cases can be attributed to general delay in the justice system in the country, he said while addressing the ED Day event held here. Navin said he "candidly" acknowledges pending investigation in PMLA cases, saying it will be the agency's efforts to file chargesheets in such cases before courts. He said the ED will use advanced technology and forensics in its investigations. The federal probe agency has completed 69 years of its existence as it was

FinMin authorises I4C to share info under PMLA to combat cyber frauds

The government has authorised Indian Cyber Crime Coordination Centre (I4C) to share and receive information from the Enforcement Directorate under the anti-money laundering law, a move aimed at detecting money trail and combating cyber frauds. Established under the home ministry, I4C is envisaged to act as the nodal point to curb cybercrime in the country. I4C focusses on improving coordination between various law enforcement agencies and the stakeholders, driving change in India's overall capability to tackle cybercrime. In a notification dated April 25, the Revenue Department under the Finance Ministry included I4C under Section 66 of the Prevention of Money Laundering Act (PMLA). This would help I4C to share and receive information from the Enforcement Directorate (ED) and other law enforcement agencies. Amid growing instances of cyber frauds targeting common man, this information sharing would help identify the masterminds behind such frauds which are mostly trans-national. Suc

ED raids several locations in Delhi-NCR over FIITJEE centres' shutdown

FIITJEE institutes provide coaching to engineering aspirants for competitive exams. The institute has as many as 73 centres across the country

Travelling abroad a constitutional right: Court suspends LOC in PMLA probe

A Delhi court has directed the ED to suspend a lookout circular (LOC) against the erstwhile promoter of Kwality Ltd., Siddhant Gupta in a money laundering case, saying travelling abroad was a constitutional right. Principal District and Sessions Judge Anju Bajaj Chandna allowed the application seeking directions to the Enforcement Directorate (ED) for suspension of the LOC issued by it from January 25 to February 8 to enable him to visit Singapore to drop his daughter and make arrangements for her there for further studies. "The right to free movement includes travelling abroad and the same is the constitutional right of the applicant. The applicant has sought permission to travel abroad for a limited period and for a specific purpose. In my opinion, no prejudice would be caused to ED if for a limited period, LOC is suspended and the applicant is permitted to visit abroad," the judge said in an order passed on Friday. The judge noted that Gupta's anticipatory bail application was ..

Rs 14,131.6 crore recovered from Vijay Mallya's asset sales: FM Sitharaman

The Enforcement Directorate has restored assets worth Rs 22,280 crore to victims or rightful claimants from cases involving economic offences, the finance minister informed Lok Sabha

ED attaches properties worth Rs 2.73 crore in money laundering case

The restitution was made under the second proviso to Section 8(8) of PMLA (restitution pending trial) read with Rule 3A of PMLA Restoration of Property Rules

Enough evidence for PMLA case against Sachin Waze, others: Special court

A special court here, while rejecting dismissed policeman Sachin Waze's plea to turn approver in a money laundering case, has said the ED prima facie has sufficient evidence against him and other accused, and that there was no need for his help. By filing such an application, Waze admits to be "privy to the offence allegedly committed by the accused", special court judge A U Kadam hearing cases pertaining to the Prevention of Money Laundering Act (PMLA), stated in the order passed on October 23. The other accused in the case, probed by the Enforcement Directorate (ED), includes former Maharashtra home minister and NCP (SP) leader Anil Deshmukh. In the plea to turn approver (seek pardon) in the money laundering case, Waze had said that he wants to disclose all the facts pertaining to the case. His application was opposed by the ED, saying that prosecution under the PMLA is against the proceeds of crime with entirely different motives than the other prosecution agency. "Therefore, .

FIU imposes Rs 54 lakh fine on Union Bank of India for PMLA violations

The Financial Intelligence Unit (FIU) has imposed a fine of Rs 54 lakh on the Union Bank of India for "failing" to report suspicious transaction reports and for not undertaking due diligence under the anti-money laundering law for certain accounts at one of its branches in Mumbai. The federal agency issued the penalty notice under section 13 of the Prevention of Money Laundering Act (PMLA) on October 1 as it observed that the charges against the lender were "substantiated" after it considered written and oral submissions made by the Bank. The investigation started, pursuant to an observation by the FIU, and a "comprehensive review" of the Bank's operations was undertaken, which uncovered certain "irregularities" related to KYC/AML (know your customer/anti-money laundering laundering) compliance. "An independent examination of specific current accounts maintained at Union Bank of India, Hill Road Branch, Mumbai, revealed that the accounts of an NBFC (non-banking financial company) an

Constitutional courts can't allow PMLA provisions to become ED's tools: SC

The Supreme Court on Thursday said constitutional courts cannot allow provisions of Prevention of Money Laundering Act to become instruments in the hands of the Enforcement Directorate to continue incarceration for a long time. The top court said when the trial of the complaint under PMLA is likely to prolong beyond reasonable limits, the constitutional courts will have to consider exercising their powers to grant bail. "The reason is that section 45(1)(ii) (of PMLA) does not confer power on the State to detain an accused for an unreasonably long time, especially when there is no possibility of trial concluding within a reasonable time. "What a reasonable time is will depend on the provisions under which the accused is being tried and other factors. One of the most relevant factors is the duration of the minimum and maximum sentence for the offence," a bench of Justices Abhay S Oka and Augustine George Masih said. The observations of the apex court came while granting bail to forme

India to adopt nuanced approach to deal with at risk NPOs after FATF report

India on Thursday said it will adopt a "nuanced" approach to deal with "at risk" non-profit organisations (NPOs), an issue raised by the global crime watchdog FATF in its report which has otherwise appreciated India for its efforts to tackle terror financing and money laundering. Additional Secretary (Revenue), Finance Ministry, Vivek Agarwal said India has excelled on 6 'immediate outcomes' of the Financial Action Task Force (FATF), including in risk, policy and coordination, international cooperation, financial intelligence, confiscation and proliferation financing. On the five other parameters, including abuse of NPOs and terror financing sanctions, as well as prosecution of money laundering and terror financing cases India has got a medium rating. As regards the abuse of NPOs for terror financing, Agarwal said the scope for NPOs being misused is very less in India because there is a cap on cash donations. "We were trying to make a case that regulatory framework is good enough..

FATF praises India's PMLA, terror financing; asks to improve prosecution

Global anti-money laundering and terror financing body FATF on Thursday launched its much-awaited mutual evaluation report on India, saying the county's systems were "effective" but "major improvements" were required to strengthen prosecution in these cases. The 368-page report was released after the assessment was adopted by the Paris-headquartered body at its June plenary meeting. The last such review of India's combating of money laundering and terror financing regime was published in 2010. The report, which comes after an on-site visit of FATF experts to India last November, has placed the country in the "regular follow up" category, a distinction shared by only four other G20 countries. India will undergo its next evaluation in 2031. The report said India implemented such an anti-money laundering (AML) and combating financing of terror (CFT) system that was effective in many respects. It, however, said "major improvements" were required to strengthen the prosecution in money

ED to prioritise asset restoration for victims; Rs 16,400 cr recovered

In addition to expediting the completion of investigations, the Enforcement Directorate will now prioritise restitution of assets

SC defers hearing review petition challenging PMLA provisions till Sep 18

A bench of justices Surya Kant and Ujjal Bhuyan adjourned the matter for September 18. The matter was adjourned as one of the judges of the three-judge bench was not sitting today

SC defers hearing review petition challenging PMLA provisions to Sept 18

The court was hearing the review petition challenging of top court's judgement upholding the provision of PMLA

How SC rulings are redefining arrest and bail procedures in PMLA cases

The top court has upheld the stringent provisions of the Prevention of Money Laundering Act (PMLA) while emphasising the need for careful judicial scrutiny to protect the rights of those accused

Bail is the rule, jail is exception, even under special laws like PMLA: SC

The Supreme Court reaffirmed that bail should be the norm even under stringent laws like the PMLA and UAPA, stressing that individual liberty remains paramount

ED files money laundering case to probe irregularities in R G Kar Hospital

The Enforcement Directorate has filed a money laundering case to probe alleged financial irregularities at the RG Kar Medical College and Hospital during the tenure of its former principal Sandip Ghosh and some others, official sources said Tuesday. The federal agency has taken cognisance of a CBI FIR to file its Enforcement Case Information Report (ECIR), equivalent to an FIR, under various sections of the Prevention of Money Laundering Act (PMLA). The agency, according to the sources, has gathered banking and medical procurement documents related to this hospital and medical college from "various sources" and it may soon issue summons to the accused for questioning and recording of their statements, the sources said. The accused in the ED case are the same who have been named in the CBI complaint, they said. In its FIR registered on the directions of the Calcutta High Court, the CBI has booked Ghosh and three Kolkata-based private entities -- Ma Tara Traders of Madhya Jhorehat, .