If the account in a foreign bank has income undisclosed to income tax authorities, or has funds from illegal sources, the account can be declared illegal, under the Fema.
The NIA had filed the case suo motu on July 8 last year and arrested the 13 persons from Tamil Nadu.
A bench of Justices Sanjiv Khanna and Dipankar Datta took exception to the ED filing four supplementary chargesheets, the latest on March 1, 2024, in a money laundering case arising from alleged illegal mining in Jharkhand.
An official said the SIT will examine if the money was used on any illegal activities, like terrorism or forcible religious conversion.
The ED had attached Sai Resort NX, constructed over the land located at Gut no: 446, Murud in Ratnagiri's Dapoli, in January.
The Narcotics Control Bureau (NCB) on Saturday said it has arrested Jaffer Sadiq, a Tamil Nadu-based alleged dealer of narcotics, in connection with an international drugs trafficking investigation case.
The department has now sent the reports of such accounts to the respective chief commissioners of Income Tax in various parts of the country to check the veracity of such accounts in their regions. More than 6,50,000 frozen demat accounts were taken under scanner and investigated by the Income Tax department in December last year on the suspicion of huge evasion of taxes and benami transactions.
The ED will probe if money earned from the illicit narcotics trade was laundered to create movable and immovable assets by the accused. The investigation will run parallel to the NCB probe, the sources said.
The Reserve Bank on Saturday extended the special drive to withdraw Rs 2,000 bank notes from the system by another week, till October 7.
The Burman family, which had made an open offer in September to acquire Religare Enterprises' control, in a statement said: "We are surprised and disappointed at these allegations." Burmans said it will move towards closing the transaction "expeditiously", working with all the regulators.
'We have interesting leads on the agents. The roles of agents in this entire operation, who were doing what.'
The Enforcement Directorate on Thursday said it has frozen assets worth Rs 143 crore of prominent Kerala-based NBFC Manappuram Finance Ltd's MD and CEO V P Nandakumar after it conducted raids as part of a money laundering investigation. A total of six premises in Thrissur, where the company is headquartered, were covered during the searches that were launched on Wednesday. The case pertains to allegations of money laundering through "illegal" collection of deposits from the public, the agency said in a statement.
The Enforcement Directorate has filed its first charge sheet in connection with its money laundering probe against Chinese smartphone maker Vivo-India and some others, official sources said on Thursday. The prosecution complaint was filed before the court of Special Judge Kiran Gupta in New Delhi on Wednesday under the criminal sections of the Prevention of Money Laundering Act and Vivo-India has been named an accused apart from those arrested in this case, the sources told PTI. The judge posted the matter for consideration on December 13.
India's oldest stock exchange has created weekly, monthly, quarterly and annual price bands
The EC has asked all departments to deploy round-the-clock flying squads, quick-response teams, and high-tech machinery to check money inflow. They are also to examine vehicles passing though check-posts, reports Shrimi Choudhary.
Earlier, while presenting the Budget on February 1, Finance Minister Arun Jaitley had proposed to cap cash transactions at Rs 300,000 with effect from April 1.
For the time being, digital lending remains a grey area, notes Tamal Bandyopadhyay.
For many developers, it may not be a sufficient saving to make it worth creating and maintaining alternatives.
The ED will soon file a complaint under the Prevention of Money Laundering Act (PMLA) to probe criminal proceeds of crime that were allegedly generated by Dubey, his associates and family members and if this money was subsequently used for creation of illegal movable and immovable properties.
Sebi had directed some of these companies to wind up their unregistered schemes and repay investors.
The agency filed its affidavit in response to Goyal's habeas corpus (produce the person) petition in which he claimed he was illegally arrested by the ED in the case.
The charge sheet has been filed before a special Prevention of Money Laundering Act (PMLA) court in Delhi and the court has listed the matter to be heard on January 16, the sources said.
The ED conducted multiple searches in Mumbai as part of a money laundering probe into the operations of the underworld and linked illegal property deals and hawala transactions, official sources said.
The Central Bureau of Investigation on Monday told a special court here that former ICICI Bank CEO and MD Chanda Kochhar misappropriated the lender's funds for personal use. The probe agency, represented by special public prosecutor A Limosin, made this argument while urging the special court to take cognizance of the chargesheet filed against Chanda Kochhar, her husband Deepak Kochhar and others in a case pertaining to cheating and irregularities in sanctioning of loans to Videocon Group firms. Chanda Kochhar was MD and CEO of ICICI Bank between May 2009 and January 2019 in which capacity she was entrusted with the Bank's funds, the CBI told court.
The 61-year-old MLA from Islampur seat of Maharashtra has been asked to depose before the federal agency in Mumbai on Friday, they said. Patil, a former minister of home and finance, is also the Maharashtra president of the NCP and is a seven-term legislator.
The Enforcement Directorate (ED) on Wednesday produced WhatsApp chat records between former Jharkhand chief minister Hemant Soren and a close associate where information related to transfer and posting of state government officials involving 'huge amount of money' is alleged to have been discussed.
Maran had challenged the Madras High Court's July 25 decision setting aside a CBI court order discharging him in the case.
According to the officials, the funds to the Congress were sent by Hyderabad-based Megha Infrastructure and Engineering.
The ED carried out searches against two former auditor firms of IL&FS -- BSR and Associates and Deloitte Haskins and Sells -- on Wednesday in connection with its money-laundering probe into alleged financial irregularities at the infrastructure development and finance company, official sources said. The premises linked to the two auditors in Mumbai were searched under the provisions of the Prevention of Money Laundering Act (PMLA), they added. The action came a week after the Supreme Court set aside a Bombay High Court verdict that quashed an SFIO probe against the two companies, both former auditors of IL&FS Financial Services, paving the way for action against them under the Companies Act and allowing the National Company Law Tribunal (NCLT) to take forward its enquiry against them.
BharatPe co-founder Ashneer Grover and his wife Madhuri Jain were stopped at the Delhi international airport following a look out circular issued against them in the alleged fraud at the fintech firm, sources said. The couple were to travel to New York late on Thursday for vacation when they were stopped at the airport on the basis of a look out circular issued by the Economic Offences Wing (EoW) of the Delhi police. EoW is investigating complaints of payments being made at BharatPe to fake human resource consultancies allegedly operated by Grover and family. They have also been accused of backdating invoices to use funds.
The complaint against CM's son Vaibhav Gehlot and a man described as the younger Gehlot's business associate seeks action under the Prevention of Money Laundering Act.
In a significant win for the Adani group, the Supreme Court on Wednesday refused to transfer the probe into allegations of stock price manipulation by the Indian corporate giant to a special investigation team or the CBI, saying market regulator SEBI was conducting a "comprehensive investigation" and its conduct "inspires confidence".
"The DMK is not worried a wee bit," he said on the ED searches. Such an action by the ED was 'usual, ordinary and a drama' enacted to divert attention.
A bench headed by Chief Justice N V Ramana took note of the submissions of senior lawyer Kapil Sibal, appearing for the NCP leader, and asked him to provide documents to the bench.
The ruling Aam Aadmi Party termed the LG's orders removing Shah and Gupta from the boards of discoms "illegal and unconstitutional". The LG does not have the power to issue such orders, it claimed.
he Punjab government had also sought a judicial declaration that the assembly session held on June 19 and 20 was "legal and that the business transacted by the House is valid".
Abhishek Banerjee, Trinamool Congress MP and nephew of West Bengal Chief Minister Mamata Banerjee, was questioned for about nine hours by the Enforcement Directorate (ED) in New Delhi on Monday in a money laundering case linked to an alleged coal pilferage scam in the state.
The diamantaire's counsel said there is a vigilance manual circular that the consortium can lodge only one FIR. Each consortium member cannot lodge separate FIRs, he said.
The properties include Goawala compound and a commercial unit in Mumbai's suburban Kurla (West) 147.79-acre agricultural land located in Osmanabad district of Maharashtra and three flats in Kurla (West).
