Money Laundering

The Enforcement Directorate on Saturday said it has attached fresh assets worth about Rs 388 crore in its ongoing money laundering investigation into the Mahadev online betting case in which various high-ranking politicians and bureaucrats from Chhattisgarh are alleged to have been involved. These include movable assets -- investment made by Mauritius-based company Tano Investment Opportunities Fund related to Dubai-based "hawala operator" Hari Shankar Tibrewal through FPI and FDI -- and properties in Chhattisgarh, Mumbai and Madhya Pradesh in the name of promoters of multiple betting apps and websites, panel operators and associates of the promoters, the federal agency said in a statement. A provisional order was issued under the Prevention of Money Laundering Act (PMLA) on December 5 to attach these assets with a total value of Rs 387.99 crore, the Enforcement Directorate (ED) said. Tibrewal is being investigated by the agency in this case. The ED has issued multiple such orders

The Delhi High Court on Friday refused to advance the hearing on a petition by AAP chief Arvind Kejriwal challenging a trial court's order taking cognisance of a chargesheet filed against him in a money laundering case. Justice Manoj Kumar Ohri said, "matter will be heard on the same date (December 20). I have a lot on the board to hear." Kejriwal had sought preponement of the date of hearing on his petition from December 20. After the court declined to change the date, Kejriwal's counsel pleaded that the Enforcement Directorate (ED) be directed to a supply copy of its reply to the petition in advance. "Whatever you file, give it to them also," the court told the ED's lawyer. On November 21, the high court refused to stay at that moment the trial court proceedings against Kejriwal in the money laundering case. The high court had issued notice and sought response of the ED on the plea by the former Delhi chief minister. Kejriwal sought setting aside of the trial court order and a

Businessman Raj Kundra, whose premises were raided by the Enforcement Directorate on Friday, has requested the media to "respect boundaries" and not drag his wife, actor Shilpa Shetty's name into "unrelated matters". The ED raided the premises of Kundra and some others as part of a money laundering case linked to alleged distribution of pornographic and adult movies, official sources said. Kundra said unlike media reports, he was "fully complying" with the ongoing investigation that has been unfolding for the last four years. In his first public statement after the raids in an Instagram Story, the entrepreneur said: "As for the claims of associates', pornographic' and money laundering', let's just say that no amount of sensationalism will cloud the truth, in the end, justice will prevail!" "A note to the media: It's unacceptable to repeatedly drag my wife's name into unrelated matters. Please respect the boundaries!!! #ED," he added in the post shared on Friday night. Shetty, who

The Eurasian Group (EAG) has identified more than 600 people linked to international networks involved in terror financing this year, its top official said here. Identifying ways of financing international terrorists and their financiers has emerged as the biggest challenge at present and this issue was discussed at length during the 41st plenary meeting of the EAG comprising nine countries, EAG chairman Yuri Chikhanchin said on Friday. He was addressing a press conference after the conclusion of the five-day meet that began on November 25. Belarus, China, Kazakhstan, Kyrgyzstan, India, Russia, Tajikistan, Turkmenistan and Uzbekistan are the nine member countries of the EAG. "This is the biggest challenge that we are facing - identifying channels of financing, financiers and sustainment of international terrorists because we all are international these days," Chikhanchin said. "This year itself, over 600 people have been identified in our region via the analysis of financial ...

The Enforcement Directorate on Friday said it has arrested a father-son duo in Kolkata in an alleged Rs 2,800 crore worth chit fund scam linked money laundering case. A special Prevention of Money Laundering Act (PMLA) court sent Basudeb Bagchi and his son Avik Bagchi, promoters of Prayag Group of companies, to ten days of ED custody, it said in a statement. The premises of the two and some others in Kolkata and Mumbai were raided by the ED on November 26. The two are accused of "defrauding" the public by collecting deposits worth Rs 2,800 crore under "false" high-return schemes like monthly income schemes (MIS), redeemable preference shares and club membership certificates. As of now, the ED said, Rs 1,900 crore remains "unpaid" to investors. The Prayag Group of companies operated "illegally" without necessary authorisations from regulatory bodies like the Reserve Bank of India (RBI) and the Securities and Exchange Board of India (SEBI), affecting lakhs of investors across multip

The Supreme Court on Wednesday questioned the ED over the low rate of convictions in money laundering cases, wondering for how long former West Bengal minister Partha Chatterjee, arrested over alleged irregularities in academic staff recruitment in the state, could be kept in jail. A bench of Justices Surya Kant and Ujjal Bhuyan said Chatterjee has been incarcerated for over two years and the trial in the case was yet to commence. "What will happen if we don't grant bail? Trial is yet to commence, there are 183 witnesses in the cases. Trial will take time...How long can we keep him? That is the question. Here is a case where more than two years have gone. How to strike balance in such case?" the bench asked Additional Solicitor General S V Raju, representing ED. The top court remarked it also couldn't ignore that the allegations against the former minister were serious in nature and asked, "Mr Raju, if ultimately he is not convicted, what will happen? Waiting for 2.5-3 years is not

The Enforcement Directorate on Thursday conducted fresh searches against Chennai-based 'lottery king' Santiago Martin, the single biggest donor to political parties with over Rs 1,300 crore in electoral bonds, as part of a money laundering investigation, official sources said. The action comes after the Madras High Court recently allowed the ED to proceed against Martin as the Tamil Nadu Police had decided to close the predicate or primary FIR against him and a few others and a lower court accepted this police plea. Sources said multiple premises linked to Martin were being searched on Thursday in Chennai and some other places. The federal agency last year attached assets worth about Rs 457 crore in a case against Martin linked to an alleged loss of over Rs 900 crore to the Sikkim government by fraudulent sale of the state lottery in Kerala. Future Gaming Solutions India Pvt. Ltd. is the master distributor of Sikkim lotteries and the ED has been investigating Martin, known as the .

ED initiated investigation on the basis of an FIR registered by the Central Crime Branch

The Enforcement Directorate (ED) said on Saturday it has filed a prosecution complaint against alleged Gujarat conman Kiran Patel before a special court here under the Prevention of Money Laundering Act (PMLA). The court took cognisance of the prosecution complaint and issued a notice to the accused to appear on November 27, the agency said. On August 29 last year, a court here granted bail to Ahmedabad-resident Patel, who was arrested for allegedly posing as a top official in the Prime Minister's Office (PMO) in March to dupe people and secure undue advantages from the administration. The ED initiated investigation on the basis of an FIR registered at the Nishat Police Station in Srinagar against Patel and others under various sections of Indian Penal Code. "The investigation revealed that Patel, a conman, impersonated himself as Additional Director (Strategy and Campaigns), PMO and fraudulently created/printed fake visiting cards for faking his identity to fulfil his ulterior ...

The Reserve Bank on Wednesday made changes to the Know Your Customer (KCC) norms to align them with recent amendments carried out in the Prevention of Money Laundering (Maintenance of Records) Rules and revised certain existing instructions. According to the Amendment to the Master Direction - Know Your Customer (KYC) Direction, 2016, regulated entities (REs) will have to apply the customer due diligence (CDD) procedure at the unique customer identification code (UCIC) level. "Thus, if an existing KYC-compliant customer of a RE desires to open another account or avail any other product or service from the same RE, there shall be no need for a fresh CDD exercise as far as identification of the customer is concerned," it said. The amended provisions in the Master Direction have come into force with immediate effect, said the circular issued by the Reserve Bank of India (RBI) in this regard. Amendments have also been made regarding CDD Procedure and sharing KYC information with the ..

The Union Home Ministry has issued an alert against illegal payment gateways created by transnational gangs of cybercriminals using mule bank accounts and are being used for facilitating money laundering, officials said on Monday. The gateways are created by transnational cybercriminals who provide money laundering services using accounts of shell companies and individuals, exploiting the bulk payout facility provided by banks, it said. Police in Gujarat and Andhra Pradesh recently conducted nationwide raids which showed that cybercriminals have set up illegal digital payment gateways using rented bank accounts for laundering the proceeds of different crimes. "Some of the payment gateways identified during the operation are PeacePay, RTX Pay, PoccoPay, RPPay etc. These gateways are learnt to be providing money laundering as a service and are operated by foreign nationals," a government statement said. When information gathered by the state police was analysed by the Indian Cybercri

The fast-growing Indian online gaming sector is facing a significant threat from money laundering, necessitating urgent steps to ensure its sustained success and protect the country's robust digital economy, a report said on Thursday. The essential measures outlined in a report by the Digital India Foundation include forming a dedicated task force for illegal operators, creating a whitelist of legal operators, combating misleading advertisements, and incorporating principles of financial integrity and international cooperation. Other critical measures include public awareness and providing education to help users make informed decisions and avoid platforms that engage in deceptive practices. A comprehensive assessment of in-game assets, financial institutions should deploy AI/ML-driven detection models, build strong investigative teams, implement a robust programmes and take decisive actions to combat money mules, it said. The Indian Real Money Gaming (RMG) sector has become a key .

The Supreme Court on Friday granted bail to MLA Abbas Ansari in connection with a money laundering case. Abbas Ansari is the son of gangster-politician and former MLA Mukhtar Ansari, who died in jail a few months ago. A bench of Justices M M Sundresh and Pankaj Mithal gave the relief to Ansari. The apex court on August 14 had issued notice to the Enforcement Directorate (ED) and sought its reply on the appeal filed by Ansari challenging an order of the Allahabad High Court which rejected his bail. The high court on May 9 had dismissed Ansari's bail plea. Considering the material available on record, including the flow charts which clearly demonstrate the origin of funds and also explains how the funds found their way into the accounts of the accused Ansari, this court finds him not entitled for a bail at this stage, the high court had said. The high court had also mentioned in its order that the money trail links Ansari with the movement of funds to and from the two firms -- M/s

The global anti-money laundering watchdog noted that the impact of illicit financial flows is felt most strongly by the least developed nations

The Enforcement Directorate (ED) on Thursday said it has arrested two directors of a Delhi-based rice company under the anti-money laundering law in a bank-loan fraud case of Rs 1,200 crore involving a consortium of lenders led by the Canara Bank. Aparna Puri and Rahul Sood, also the key managerial persons of Amira Pure Foods Private Limited (APFPL), were taken into custody on October 8. A special court dealing with cases lodged under the Prevention of Money Laundering Act (PMLA) in Delhi sent them to the ED's custody till October 11, the federal agency said in a statement. The money-laundering case stems from a 2020 FIR lodged by the Central Bureau of Investigation (CBI) against APFPL, Karan A Chanana, Radhika Chanana, Anita Daing, Aparna Puri, Rahul Sood and others for allegedly committing fraud, criminal misappropriation, criminal breach of trust, cheating etc. and causing wrongful loss to the tune of Rs 1,201.85 crore to the consortium of banks. According to the ED, "key accuse

There is always a likely exposure to elevated ML, TF, and PF risks in an ever-changing business environment and the increasing level of complexities in banking and financial products

The Reserve Bank of India on Thursday asked banks, NBFCs, and other entities regulated by it to use information obtained from all relevant internal and external sources for their risk assessment exercise. Reserve Bank's Regulated entities (REs) have to carry out Money Laundering and Terrorist Financing Risk Assessment' exercise periodically to identify, assess and take effective measures to mitigate their Money Laundering (ML), Terrorist Financing (TF) and Proliferation Financing (PF) risks for clients, countries or geographic areas, products, services, and transactions or delivery channels. In this regard, the central bank has issued 'The Internal Risk Assessment Guidance for Money Laundering/ Terrorist Financing' for the REs, particularly for the dealing staff and the Anti-Money Laundering (AML)/ Countering Financing of Terrorism (CFT) / Counter Proliferation Financing (CPF) practitioners of the REs. It specifies key principles for an internal risk assessment (IRA) exercise. "The

Actor Shilpa Shetty and her businessman husband Raj Kundra have moved the Bombay High Court challenging ED's notice directing them to vacate their house in Mumbai's Juhu area and a farmhouse in Pune in connection with a money-laundering case. The pleas came up for hearing on Wednesday before a division bench of Justices Revati Mohite Dere and Prithviraj Chavan. The court issued notice to the Enforcement Directorate (ED) and posted the matter for hearing on Thursday. Their petitions challenge ED notices dated September 27 issued to Shetty and Kundra directing them to evict their residential premises here and a farmhouse in Pune within ten days in connection with a money-laundering case linked to an alleged Bitcoin fraud. The couple's advocate Prashant Patil said that Shetty and Kundra received the eviction notices only on October 3. He termed the notices arbitrary and illegal and sought them to be quashed. According to the pleas, there is no grave urgency for the petitioners to vac

RJD chief and former railways minister Lalu Prasad Yadav and his sons, Tejashwi Yadav and Tej Pratap Yadav, were granted bail on a surety of Rs 1 lakh each