Money Laundering

ED attaches assets worth over Rs 118 cr in illegal forex trading case

The Enforcement Directorate on Thursday said it has attached various kinds of movable and immovable assets like mutual funds, shares, bonds, flats and houses worth more than Rs 118 crore as part of a money laundering probe into illegal forex trading by a company and its promoters. A provisional order for attachment of these properties, under the Prevention of Money Laundering Act (PMLA), belonging to Prasenjit Das, Shailesh Pandey, Tushar Patel and a company called TP Global FX has been undertaken, the federal probe agency said in a statement. The money laundering case stems from an FIR registered by the Kolkata Police. The attached assets, worth a total of Rs 118.27 crore, is in the form of shares, mutual funds, bonds, AIF/PMS (alternative investment funds and portfolio management services), cash in bank accounts, a luxury vehicle (MG Hector), flats, commercial business places, hotels and resorts, it said. The probe found that Das, Pandey, Patel and some others used various "dummy

ED files second supplementary charge sheet in Delhi Excise scam case

The Enforcement Directorate on Thursday filed a supplementary charge sheet before a court here in a money laundering case related to the alleged Delhi excise policy scam. Special Judge Vikas Dhull put up the charge sheet before the judge concerned for consideration on April 14. This is ED's second supplementary Prosecution Complaint, the agency's equivalent of a charge sheet. The complaint has been filed against Raghav Magunta, Rajesh Joshi, Gautam Malhotra and firms related to them.

Dubai court rejects Sanjay Shah's appeal in fraud case; to extradite him

The Dubai Court of Cassation has rejected the appeal of British-Indian Sanjay Shah, who is wanted by Danish authorities on charges of money laundering and committing tax fraud to the tune of $1.7 bn

ED arrested 374 people in 5 years, directors of companies among them: Govt

The Enforcement Directorate (ED) arrested 374 people, including directors of corporate firms, in the last five years under the anti-money laundering law, the government informed Parliament on Monday. Minister of State for Finance Pankaj Chaudhary, in a written reply to a question in the Lok Sabha, said that in major cases of "corporate fraud" like those against the Sterling Biotech group, a Vadodara-based company promoted by the Sandesara brothers, Vijay Mallya, Nirav Modi and Mehul Choksi, the ED has attached properties worth Rs 33,862.20 crore. The ED is a federal probe agency entrusted to implement the criminal sections of the Prevention of Money Laundering Act (PMLA). "Out of these, assets worth Rs 15,113.02 crore have been confiscated and restituted to the public sector banks." "Further, the consortium of banks led by SBI has realised Rs 7,975.27 crore by sale of assets handed over to them by the Directorate of Enforcement," the minister stated. He was responding to a questio

Enforcement Directorate conduct searches in Chhattisgarh coal levy case

The Enforcement Directorate on Tuesday conducted fresh searches at multiple locations in Chhattisgarh and Andhra Pradesh as part of its ongoing money laundering investigation into an illegal coal levy case, official sources said. The investigation relates to "a massive scam in which illegal levy of Rs 25 was being extorted for every tonne of coal transported in Chhattisgarh by a cartel involving senior bureaucrats, businessmen, politicians and middlemen", the agency had earlier said. The Enforcement Directorate (ED) had said an amount of at least Rs 540 crore was "extorted" over the last two years. Premises related to those allegedly linked to Chhattisgarh Pradesh Congress Committee treasurer Ramgopal Agrawal and arrested coal businessman Sunil Agarwal, besides a few others, in state capital Raipur and in Vishakhapatnam in Andhra Pradesh were searched, the official sources said. Nine people, including state administrative service officer Saumya Chaurasia, coal trader Suryakant Tiwa

ED attaches Ambience Tower worth over Rs 252 cr in money laundering case

Delhi-based Ambience Tower belongs to Ambience Towers Pvt. Ltd, a company of Ambience Group, promoted by Raj Singh Gehlot, the ED said

Crypto exchange WazirX blocked 2,431 accounts between Oct 2022-March 2023

WazirX received 431 requests from law enforcement agencies, against a total transaction volume of $390 million during the above-mentioned period

ED attaches assets worth Rs 5.21 cr of Mineral Enterprises Ltd under PMLA

The assets attached are in the form of six immovable properties owned by the accused persons, the official said

Crypto wrap: Opposite to global sentiments, crypto market jumps big

Cryptocurrency news: According to some experts, however, despite the bull run, the investors must remain cautious

Crypto under PMLA: CoinDCX registers itself as reporting entity with FIU

As per the Prevention of Money Laundering Act (PMLA), 2002, a reporting entity is required to conduct KYC verification of the customers and maintain their records

Delhi HC grants bail to Shakti Bhog Foods' CMD in money laundering case

The Delhi High Court on Friday granted bail to Kewal Krishan Kumar, Chairman & Managing Director (CMD) of the Delhi-based Shakti Bhog Foods Limited, in a money laundering case linked to an alleged Rs 3,200 crore bank loan fraud.

Money laundering: ED data shows only 2.98% cases against MPs/MLAs

The Enforcement Directorate (ED) has said that only 2.98 per cent of its overall ECIRs or complaints have been filed against serving or former MPs and MLAs even as its conviction rate under the anti-money laundering law is at a high of 96 per cent. The federal probe agency has published an updated data of its action under the three laws it implements-- the Prevention of Money Laundering Act (PMLA), the Foreign Exchange Management Act (FEMA) and the Fugitive Economic Offenders Act (FEOA)-- till January 31, 2023. The ED was entrusted with enforcing the stringent provisions of the PMLA, enacted in 2002, from July 1, 2005. The law empowers the agency to summon, arrest, attach the assets of the accused at the investigation stage and prosecute the offenders before a court of law. The data said the ED filed a total of 176 Enforcement Case Information Reports (ECIRs), equivalent to a police FIR, against existing and ex MPs, MLAs and MLCs which comes to 2.98 percentage of the total 5,906 suc

ED conducts searches at Franklin Templeton offices in Mumbai, Chennai

The Enforcement Directorate is conducting searches at some places linked to asset manager Franklin Templeton and its former and current executives in Mumbai and Chennai as part of a money laundering investigation, officials said. The federal agency is looking to gather more evidence as part of its investigation against the company and its promoters under the Prevention of Money Laundering Act (PMLA), they said. In November 2020, capital markets regulator Sebi issued a show-cause notice to the company following its April 2020 decision to wind up six debt schemes having Rs 25,000 crore of assets under management (AUM) from 3 lakh investors, citing liquidity challenges because of the pandemic. Eventually, the company was asked to pay Rs 5 crore as penalty, return over Rs 450 crore collected as 22-month investment management and advisory fees, and was banned from launching new debt schemes for alleged irregularities in running the six debt schemes. The Chennai police economic offences

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