The Singapore high court has put a freeze on deposits of $ 6.122 million following Enforcement Directorate's request on the ground that the money was "proceeds of crime" illegally siphoned off by Nirav Modi from the Punjab National Bank.
Justice Ramana said the body was required to be "created under a statute" clearly defining its powers, functions, and duties.
Businessman Vijay Mallya's property worth Rs 14 crore located in France has been seized under the anti-money laundering law, the Enforcement Directorate said on Friday. It said the action was undertaken by French authorities "on the request of the Enforcement Directorate" and the property bears the address: 32 Avenue FOCH in France.
The chargesheet was filed by the agency early this month before a special Prevention of Money Laundering Act court in New Delhi and the Enforcement Directorate named Chandrashekhar, his wife Leena Maria Paul and six others in it.
Why is the Indian cricket team still using the Board of Control for Cricket in India (BCCI) logo which resembles 'Star of India' honour given by the British to their favourite princes in colonial times?
An extradition expert in the UK said the strict social distancing norms in place to try and curb the spread of COVID-19 may add a further dimension to the UK's Article 3 obligations under the European Convention on Human Rights, relating to inhuman and degrading treatment or punishment.
Mallya said, the ED on the one side and the banks on the other are fighting over the same assets.
The Reserve Bank on Friday retained the GDP forecast for the current financial year at 9.5 per cent and flagged global semiconductor shortages, elevated commodity prices and potential global financial market volatility as downside risks to economic growth. In his address after the three-day meeting of the rate-setting panel, RBI Governor Shaktikanta Das said recovery in aggregate demand gathered pace in August-September, and it is reflected in high-frequency indicators, like railway freight traffic; port cargo; cement production; electricity demand; e-way bills; GST and toll collections. "The ebbing of infections, together with improving consumer confidence, has been supporting private consumption," he said, and added the pent-up demand and the festival season should give further fillip to urban demand in the second half of the financial year.
As the coronavirus pandemic made courts adopt the new normal and go virtual in 2020, the Union law ministry pitched in by providing the required infrastructure to ensure online hearings are held smoothly.
The ED on Monday also examined the state-owned bank's executive director K V Brahmaji Rao to understand how the alleged fraud was detected and other banking procedures.
Thomas Ninad's bank account was defrauded of Rs 14 lakh under mysterious circumstances.
The Reserve Bank of India (RBI) said directions have been issued in the wake of a rise in the number of cheque-related fraud cases.
Kochhar is required to assist the investigating officer of the case in taking the probe forward and her statement will be recorded under the Prevention of Money Laundering Act (PMLA).
A sacked United Nations official has accused President Hamid Karzai of organising second poll fraud as his main challenger on Monday pulled out of next weekend's runoff election amid fears of rigging, a news report has said.
The ED has attached seven sugar mills worth over Rs 1,097 crore in a money laundering case against former Uttar Pradesh BSP MLC Mohammed Iqbal and his family, officials said.
Chartered accountants are readying themselves for a higher onus on individuals to report violations that they come across as part of their work. There has been a scramble to understand the implications as the non-compliance with laws and regulations (NOCLAR) comes into effect in less than six months. It is applicable from April 1, 2022 after being deferred earlier because of the Covid-19 pandemic.
If Mallya does not appear before the court, he risks being declared a fugitive economic offender, besides properties linked to him being confiscated.
'Badle ki bhavna (revengeful politics) was never seen in Maharashtra and Indian politics, but now we are witnessing all that today.'
The leave to appeal to the Supreme Court is on a point of law of general public importance, which according to experts is a very high threshold that is not often met.
Accusing the Union government of using the central agencies to target leaders like former finance minister P Chidambaram and others, Kamal Nath expressed hope that the court will take a right decision in the case.
The review will help all the banks find if there is any loophole.
Their bank accounts have been frozen. State governments have been told to restrict sales and transfers of real estate assets these companies own.
Veena Mani reports.
While making online purchases, the cardholder will have to use this second verification apart from the card verification value number, which is the main saftey parameter used presently. As per the RBI guidelines, customers will have to register their cards from tomorrow onwards with the respective merchants--Visa or Master Card and create a security password.
The Enforcement Directorate has arrested the chairman and the managing director (MD) of Mumbai-based Omkar Realtors and Developers in connection with a money laundering case against them linked to the alleged loan fraud in Yes Bank, official sources said on Wednesday.
The Income Tax Department had last month auctioned several art works that were owned by absconding diamond merchant Nirav Modi for Rs 59.37 crore.
This was decided in the business advisory committee meeting, where the leaders of various political parties agreed for a discussion on the fraud. The short duration discussion in the Lok Sabha was listed for February 13 but was deferred following a request from leader of the Opposition L K Advani.
The government is seeking to replace the 52-year-old Companies Act 1956 with new legislation, a bill for which was introduced in the Rajya Sabha in October. The proposed legislation is primarily aimed at updating corporate laws and reducing state control over the affairs of companies.
Officials said the Enforcement Directorate along with the Central Bureau of Investigation launched fresh searches on March 22 at the Samudra Mahal luxury residential flats of Modi in Mumbai's Worli area which resulted in the recovery of fresh valuables.
Several depositors were duped in the Rs 460.91-crore alleged fraud engineered by Shivraj Puri, a Global Wealth Manager of the bank working at its branch in Gurgaon.
He added that while he is not too worried about a constitutional crisis, he is worried about further diminishment of the basic reputation of the voting process in the US. There might be a "significant minority" of voters rejecting the election result on November 8.
Tax experts say one of the most dispute-prone proposals is making "fraudulent availing" of input tax credit (ITC), without an invoice or bill, a cognizable and non-bailable offence.
The valuables include polished diamonds, pearls and silver jewellery and are worth Rs 1,350 crore.
The company's Chief Executive Officer G S C Rao, Chief Financial Officer Sanjay Tapriya, Executive Director Gursimran Kaur Mann and five non-executive directors have also been booked by the agency. Gurpal Singh is the son-in-law of Punjab Chief Minister Amrinder Singh.
A Bill to change the PCA (1988) was introduced in the Rajya Sabha earlier this month.
The next hearing on ED's application before the special court, seeking permission to start confiscation proceedings, is scheduled for April 8.
Raju was arrested by the Crime Investigation Department of Andhra Pradesh Police two days later along with his brother.
A large number of public sector bank employees, as a matter of routine, do not "take" promotions so that they are not transferred out of their hometowns. The eastern region is famous for this, but it is a common practice everywhere, says Shyamal Majumdar.
The PMLA court in Mumbai has sought their appearance on September 25 (Nirav Modi) and 26 (Mehul Choksi) respectively under the fugitive economic offender law.
Karan Choudhury reports on the implications of the strict Real Estate (Regulation and Development) Act and the prosecution of Unitech MDs, Sanjay Chandra and Ajay Chandra, in an alleged fraud case.
