Page 4 - Pmla

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

ED files PC against Premia Projects, Solitaire Infomedia under PMLA act

During the ED investigation, movable or immovable property worth Rs. 24.17 crore was provisionally attached

ED attaches immovable properties worth over Rs 200 cr across Tamil Nadu

As per officials, the crackdown was taken under the provisions of the Prevention of Money Laundering Act, (PMLA) 2002

Mahadev app case: Actor Sahil Khan, 3 others summoned for questioning today

In the Mahadev betting app case, there are allegations of fraud of 15,000 crore rupees along with match-fixing, illegal hawala, and cryptocurrency transactions

ED attaches assets worth Rs 6.79 cr in case involving cheating in 4 states

The assets were attached under the provisions of the Prevention of Money Laundering Act (PMLA), 2002, which include bank balances worth Rs 0.75 crore and immovable assets worth Rs 6.04 crore

PSBs get back Rs 15,183 cr following ED action under PMLA: Sitharaman

The Enforcement Directorate (ED) has confiscated assets worth Rs 15,186.64 crore under the stringent prevention of money laundering law and almost all of these have been restituted to public sector banks, Finance Minister Nirmala Sitharaman informed the Rajya Sabha on Tuesday. Replying to supplementary questions in the Rajya Sabha, the minister said specific actions through various legal provisions are being taken against defaulters and as a result, "huge monies" are going back to the banks. Sitharaman informed the House that as of March 31, 2023, legal suits were filed for recovery against 13,978 loan accounts, action under the SARFAESI Act has been initiated in 11,483 cases, FIRs have been filed in 5,674 cases, and an aggregate amount of Rs 33,801 crore has been recovered. "As of December 1, 2023, assets amounting to Rs 15,186.64 crores under the PMLA have been confiscated by the ED out of which Rs 15,183.77 crores have been restituted to the Public Sector Banks," she said. Chair

28 crypto, VDA platforms register with FIU-India to comply with PMLA norms

As many as 28 Virtual Digital Assets (VDA) service providers, including WazirX, Coin DCX and Coinswitch, have registered themselves with the Financial Intelligence Unit-India (FIU-IND), Finance Ministry said on Monday. The Finance Ministry in March had said entities dealing in VDAs, crypto exchanges and intermediaries would be considered "reporting entity" under the Prevention of money laundering Act (PMLA). Accordingly, crypto exchanges and intermediaries dealing with VDAs were required to perform KYC of their clients and users of the platform. To a question on whether these guidelines and reporting requirements are applicable to Offshore Crypto Exchanges servicing the Indian market, Minister of State for Finance Pankaj Chaudhary replied in the affirmative. "The guidelines and reporting requirements are applicable to offshore crypto exchanges servicing the Indian Market. The process of registration for the said VDA service providers has been initiated," Chaudhary said in the Lok .

SC defers hearing on pleas for reconsideration of 2022 PMLA verdict

The Supreme Court on Thursday adjourned by eight weeks the hearing on pleas seeking reconsideration of its July 27, 2022 verdict, which had upheld the Enforcement Directorate's (ED) powers to arrest and attach property under the PMLA. A three-judge bench headed by Justice Sanjay Kishan Kaul deferred the hearing, which continued since Wednesday, after Solicitor General Tushar Mehta, appearing for the Centre, sought time to address the arguments raised by the petitioners in detail. The bench also comprising justices Sanjiv Khanna and Bela M Trivedi allowed the amendment application moved by the petitioner's side, by which various 'new aspects' have been raised, and asked the Centre to file its reply within four weeks. The apex court said that the rejoinder to the Centre's reply be filed within four weeks thereafter. "The deferment will leave really no time for this court to pen down the order," the bench said, adding, "the Chief Justice of India will have to reconstitute the bench, i

Govt blocks 22 'illegal' betting apps and websites, including Mahadev Book

The owners of Mahadev Book are currently in custody, according to the central government's statement

Time for courts to wake up to blatant misuse of PMLA: Sibal on ED summon

It is time for courts to wake up to the blatant misuse of the Prevention of Money Laundering Act, Rajya Sabha MP Kapil Sibal said on Wednesday, days after the Enforcement Directorate summoned Delhi Chief Minister Arvind Kejriwal for questioning. The probe agency was targeting leaders of almost all opposition parties, he alleged, adding that the ED and denial of bail to leaders has become a "political weapon" in the hands of the government. Kejriwal has been issued the summons under the Prevention of Money Laundering Act (PMLA) and according to sources, the ED will record his statement in an excise policy-related case once he deposes at the probe agency's Delhi office at 11 am on November 2. Sibal, a prominent opposition voice and a senior advocate, in a post on X, said, "Kejriwal summoned by ED. ED targeting leaders of almost all political parties in opposition." "ED and denial of bail to leaders has become a political weapon in the hands of the government. Time for courts to wake

SC sets Nov 22 to hear review petition challenging various PMLA provisions

The top court has clarified that would be addressing issues only related to PMLA on certain parameters

Vivo PMLA case: Court sends Lava MD, Chinese national to judicial custody

A court here on Wednesday sent Lava International MD Hari Om Rai and Chinese national Guangwen Kuang to judicial custody till October 30 in a money laundering case against Chinese smartphone maker Vivo. Additional Sessions Judge Devender Kumar Jangala, however, extended by two days the custodial interrogation of co-accused Nitin Garg. The court passed the order on an application moved by the Enforcement Directorate. The three accused were produced before the court on completion of their ED custody granted earlier. They were arrested under the provisions of the Prevention of Money Laundering Act (PMLA). The smartphone company has denied the allegations. Vivo has constantly denied the allegations. We will pursue necessary and appropriate legal recourse, a company representative said in a statement. The ED had raided the Chinese company and individuals linked to it in July last year, claiming to have busted a major money laundering racket involving Chinese nationals and multiple Ind

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Partners with 10% stake to come under beneficial owners: Sebi tweaks rules

Capital markets regulator Sebi on Friday tweaked guidelines pertaining to anti-money laundering standards, whereby partners holding a 10 per cent stake in a firm will come under the definition of beneficial owners. Earlier, the requirement was 15 per cent. The development comes after the government amended the Prevention of Money Laundering (Maintenance of Records) Rules or PMLA rules in September. In case the client is a partnership firm, the beneficial owner would be the one who has "ownership of/ entitlement to more than 10 per cent of capital or profits of the partnership or who exercises control through other means", Sebi said in its updated guidelines on anti-money laundering standards and combating the financing of terrorism obligations of securities market intermediaries. To ensure that the registered intermediaries properly discharge their legal obligations to report suspicious transactions to the authorities, the regulator said that the Principal Officer would be responsi

FinMin tightens PMLA rules, brings partners with 10% stake under purview

The finance ministry has tightened the anti-money laundering rules by bringing in partners holding 10 per cent stake in a firm, as against 15 per cent earlier, under the definition of beneficial owners. The ministry has amended the Prevention of Money-laundering (Maintenance of Records) Rules, 2005, which also provides for management-level functionary as 'Principal Officer' responsible for providing information to the financial intelligence unit. The amendment also said that in the case of a trust, the reporting entity shall ensure that trustees disclose their status at the time of commencement of an account-based relationship or when carrying out specified transactions. The government has in recent months tightened various anti-money laundering provisions ahead of assessment by the global watchdog on terror financing and money laundering Financial Action Task Force (FATF). The agency is scheduled to conduct an assessment of the implementation of anti-money laundering and ...

ED attaches FDs of Sree Venkateshwara Industries under PMLA violations

The Enforcement Directorate on Thursday said it has attached fixed deposits worth Rs 90 lakh of a Hyderabad-based company in a money laundering case against it linked to alleged dumping of hazardous waste in violation of anti-pollution laws. The action has been taken against the company, Sree Venkateshwara Industries, under various sections of the Prevention of Money Laundering Act (PMLA), it said in a statement. The money laundering case of the ED stems from a complaint filed by the Telangana State Pollution Control Board (TSPCB) before the court of Metropolitan Magistrate, Cyberabad at Medchal. It was alleged by the board that the company was disposing "hazardous waste material without proper treatment in violation of the prescribed rules and regulations stipulated by the TSPCB under various sections of the Water (Prevention and Control of Pollution) Act, 1974 and the Air (Prevention and Control of Pollution) Act." Sree Venkateshwara Industries and its partners "did not" comply

Delhi HC seeks govt's stand on plea against inclusion of CAs under PMLA

The Delhi High Court on Monday sought the Centre's stand on a petition challenging the inclusion of chartered accountants, company secretaries and cost accountants within the ambit of reporting entities under the anti-money laundering law. A bench headed by Chief Justice Satish Chandra Sharma granted time to the Additional Solicitor General Chetan Sharma to seek instructions on the petition by Rajat Mohan, a practising chartered accountant (CA). The court, while listing the case for further hearing on October 4, noted that at this stage, the petitioner was not extending his challenge to the legality of certain provisions under the Prevention of Money Laundering Act with respect to the consequent liabilities imposed upon the professionals. Observing that CAs were the experts in the field of accounting and the enhanced due diligence was with respect to specified transactions only, the bench -- also comprising Justice Sanjeev Narula-- asked the petitioner to state the problem with the

SC criticises seeking bail under guise of challenging validity of PMLA

The Supreme Court on Tuesday deprecated the trend of the accused in money laundering cases using Article 32 petitions to challenge a summons or seek bail under the guise of calling into question the provisions of the Prevention of Money Laundering Act (PMLA). A vacation bench of Justices Bela M Trivedi and Prashant Kumar Mishra, said filing such petitions challenging an Act, and in the process seeking consequential reliefs, amounts to bypassing other available legal remedies. "The court is constrained to observe that despite the Vijay Madanlal judgment there is a trend prevailing in writ petitions filed before this Court under Article 32 challenging the constitutional validity of Sections 15 and 63 and other provisions of the PMLA, which has been decided finally, and then seek consequential relief. These reliefs are bypassing other forums which are open to the petitioners," the bench said. The apex court had in the Madanlal judgement upheld the Enforcement Directorate's powers relat

How much gold can you legally buy in cash without any ID proof in India?

The Centre has tightened the restrictions governing the purchase of gold with cash by placing the gems and jewellery sector within the Prevention of Money Laundering Act (PMLA), 2002

Supreme Court makes a key clarification on grounds for bail under PMLA

The top court made these observations while considering an appeal by the Enforcement Directorate against the Telangana High Court orders