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Actor <keyword id="19897962" type="General" weightage="100" keywordseo="Tamannaah-Bhatia" source="keywords">Tamannaah Bhatia</keyword>, who made waves with her recent cameo in Stree 2, is in the news again — but for a very unexpected reason this time. The actor was questioned by the <keyword id="19895344" type="General" weightage="20" keywordseo="Enforcement-Directorate" source="keywords" meta.keywordsubtype="org" meta.entityname="Enforcement Directorate" meta.hostid="261" meta.entityid="Enforcement Directorate">Enforcement Directorate</keyword> (ED) in Guwahati on Thursday in connection with a high-profile <keyword id="19899231" type="General" weightage="20" keywordseo="money-laundering" source="keywords">money laundering</keyword> case involving the ‘<keyword id="19984854" type="General" weightage="20" keywordseo="HPZ-Token" source="keywords">HPZ Token</keyword>’ mobile app, where several investors were allegedly duped on the pretext of <keyword id="23296351" type="General" weightage="20" keywordseo="cryptocurrency-mining" source="keywords">cryptocurrency mining</keyword>. The 34-year-old actor’s statement was recorded under the <keyword id="19912399" type="General" weightage="20" keywordseo="Prevention-of-Money-Laundering-Act" source="keywords">Prevention of Money Laundering Act</keyword> (PMLA), according to the Press Trust of India (PTI). Bhatia allegedly received payments for making a "<keyword id="23595308" type="General" weightage="20" keywordseo="celebrity-appearance" source="keywords">celebrity appearance</keyword>" at an event linked to the app, though there were no incriminating charges against her. Initially called for questioning earlier, she deferred the summons due to professional commitments but appeared on Thursday, as per PTI. The money laundering probe is tied to an FIR filed by the <keyword id="21156024" type="General" weightage="20" keywordseo="cyber-crimes-unit" source="keywords">cyber crimes unit</keyword> of Kohima Police, where several accused were booked under the Indian Penal Code and Information Technology Act. The app in question, 'HPZ Token,' was reportedly used to deceive investors by promising hefty returns on Bitcoin and other cryptocurrency mining. For an investment of ₹57,000, investors were promised returns of ₹4,000 per day for three months, but payments were halted after the first round, and fresh funds were solicited. The ED’s investigation uncovered 299 entities involved, including 76 Chinese-controlled entities, accused of creating "shell entities" to launder funds. The agency seized assets worth ₹455 crore following searches across the country. This case is part of a broader crackdown on fraudulent online schemes and <keyword id="20454123" type="General" weightage="20" keywordseo="illegal-betting" source="keywords">illegal betting</keyword> tied to cryptocurrency investments. (With inputs from sources)

Why is actor Tamannaah Bhatia being questioned by the ED for a money laundering case?

In its first ever raids in the Union Territory of <keyword id="19905190" type="General" weightage="20" keywordseo="Ladakh" source="keywords">Ladakh</keyword>, the <keyword id="19895344" type="General" weightage="20" keywordseo="Enforcement-Directorate" source="keywords" meta.keywordsubtype="org" meta.entityname="Enforcement Directorate" meta.hostid="261" meta.entityid="Enforcement Directorate">Enforcement Directorate</keyword> on Friday conducted searches as part of its <keyword id="19899231" type="General" weightage="20" keywordseo="money-laundering" source="keywords">money laundering</keyword> probe linked to a cryptocurrency fraud case in which investors lost more than Rs 7 crore worth of deposits, officials said. The agency's zonal office here raided at least six premises in Leh town of Ladakh, Jammu in J-K and Sonipat in Haryana in the case against A R Mir and others. It is alleged that 2,508 investors deposited more than Rs 7.34 crore in a fake cryptocurrency business in the name of "<keyword id="22638371" type="General" weightage="20" keywordseo="Emollient-Coin-Limited" source="keywords" meta.keywordsubtype="org" meta.entityname="Emollient Coin Limited" meta.hostid="261" meta.entityid="Emollient Coin Limited">Emollient Coin Limited</keyword>". They, however, did not get any returns or currency back, and these funds were laundered by the business' promoters to purchase land assets in Jammu. The money laundering case stems from a March 2020 FIR registered in Leh and some other complaints filed in the Union Territory (UT) of Jammu and Kashmir (J-K) against Mir and Ajay Kumar Choudhary. Police in Leh in their FIR stated that an inquiry was conducted by a committee formed by the local district magistrate against Mir and his agents who were running the "fake" cryptocurrency business (Emollient Coin Limited) from a office located at the Anjuman Moin-Ul-complex, opposite SNM Hospital, in Leh. The committee sealed this office during inquiry on charges of "cheating many innocent individuals by assuring them to double their investment", according to the FIR. The accused lured people of the UT of Ladakh and some other places to purchase "Emollient Coin" using cash or transferring money into bank accounts, according to Enforcement Directorate (ED) officials. The depositors were also duped in the name of "Bitcoins" with the assurance of returns up to 40 per cent with a lock-in period of 10 months, the probe agency said. Investors were dished out a commission of up to seven per cent of the investment made by the people on their reference in the business, thereby forming a multi-level marketing chain, the ED found. A total of 2,508 people invested Rs 7,34,36,267 in the investment plan offered by Mir and the company (Emollient) floated by him that was incorporated in September 2017 and had its registered office in London. A man, Henry Maxwell, living in the UK capital, was its director. The company had two promoters in India -- Naresh Gullia and Channi Singh. The company was "deliberately" dissolved in March 2019, and Mir along with Choudhary launched a real estate business and acquired lands in Jammu from the funds generated by the fake cryptocurrency trade, according to the ED. SEE ALSO:<a href="https://www.businessinsider.in/stock-market/webstories/ola-electric-ipo-price-band-to-risk-factors-all-you-need-to-know/slidelist/112185870.cms" target="_blank"></a> <a href="https://www.businessinsider.in/stock-market/webstories/ola-electric-ipo-price-band-to-risk-factors-all-you-need-to-know/slidelist/112185870.cms" target="_blank">Ola Electric IPO – Price band to risk factors, all you need to know</a><a href="https://www.businessinsider.in/tech/mobile/news/nothing-phone-2a-plus-with-dimensity-7350-pro-chipset-launched-in-india-starting-at-29999/articleshow/112164963.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/news/nothing-phone-2a-plus-with-dimensity-7350-pro-chipset-launched-in-india-starting-at-29999/articleshow/112164963.cms" target="_blank">Nothing Phone (2a) Plus with Dimensity 7350 Pro chipset launched in India starting at ₹29,999</a><a href="https://www.businessinsider.in/tech/mobile/news/indian-smartphone-shipments-decline-by-2-in-q2-2024-xiaomi-retakes-the-throne/articleshow/112162312.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/news/indian-smartphone-shipments-decline-by-2-in-q2-2024-xiaomi-retakes-the-throne/articleshow/112162312.cms" target="_blank">Indian smartphone shipments decline by 2% in Q2 2024, Xiaomi retakes the throne</a>

ED undertakes first-ever searches in Ladakh in crypto fraud case

Gandhinagar: The <keyword id="19895344" type="General" weightage="20" keywordseo="Enforcement-Directorate" source="keywords" meta.keywordsubtype="org" meta.entityname="Enforcement Directorate" meta.hostid="83" meta.entityid="Enforcement Directorate">Enforcement Directorate</keyword> on Thursday conducted multi-city searches in Gujarat in connection with a <keyword id="19899231" type="General" weightage="20" keywordseo="money-laundering" source="keywords">money laundering</keyword> case linked to a GST "fraud" in which eight people, including a journalist, were arrested recently by the state police, official sources said. About 23 premises in cities of Rajkot, Junagadh, Ahmedabad, Bhavnagar and Veraval were being raided by the federal agency after a case was filed under the Prevention of Money Laundering Act (PMLA), the sources said. Premises linked to arrested journalist <keyword id="23517167" type="General" weightage="20" keywordseo="Mahesh-Langa" source="keywords">Mahesh Langa</keyword>, who works with <keyword id="21256671" type="General" weightage="20" keywordseo="The-Hindu" source="keywords" meta.keywordsubtype="org" meta.entityname="The Hindu" meta.hostid="83" meta.entityid="The Hindu">The Hindu</keyword> newspaper, were also being covered. The money laundering case stems from an FIR of the Ahmedabad Police Crime Branch. The city Crime Branch registered the FIR against several persons and entities after getting a complaint from the Central GST over an alleged scam involving shell firms set up to defraud the government through <keyword id="23577822" type="General" weightage="20" keywordseo="bogus-input-tax-credits" source="keywords">bogus input tax credits</keyword> and fraudulent transactions. Langa along with seven others was arrested after the Central GST found some suspicious transactions in bogus firms floated in the name of his wife and father using forged documents. After the registration of the FIR, the Crime Branch and Gujarat's Economic Offences Wing raided 14 locations across the state, including in Ahmedabad, Junagadh, Surat, Kheda and Bhavnagar. According to the Crime Branch, more than 200 fraudulently created firms worked across the country in an organised manner to defraud the government exchequer by availing bogus input tax credits and forged documents and identities were used to create these firms for tax evasion.

ED conducts raids in Gujarat in GST fraud case

Actor <keyword id="19915080" type="General" weightage="100" keywordseo="Shilpa-Shetty" source="keywords">Shilpa Shetty</keyword> and her businessman husband <keyword id="19895826" type="General" weightage="20" keywordseo="Raj-Kundra" source="keywords">Raj Kundra</keyword> have moved the <keyword id="19905533" type="General" weightage="20" keywordseo="Bombay-High-Court" source="keywords" meta.keywordsubtype="org" meta.entityname="Bombay High Court" meta.hostid="153" meta.entityid="Bombay High Court">Bombay High Court</keyword> challenging ED's notices directing them to vacate their house in Mumbai's <keyword id="19933318" type="General" weightage="20" keywordseo="Juhu" source="keywords">Juhu</keyword> 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 <keyword id="19895344" type="General" weightage="20" keywordseo="Enforcement-Directorate" source="keywords" meta.keywordsubtype="org" meta.entityname="Enforcement Directorate" meta.hostid="153" meta.entityid="Enforcement Directorate">Enforcement Directorate</keyword> (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 <keyword id="23486542" type="General" weightage="20" keywordseo="Bitcoin-fraud" source="keywords">Bitcoin fraud</keyword>. The couple's advocate Prashant Patil said that Shetty and Kundra received the <keyword id="20675198" type="General" weightage="20" keywordseo="eviction-notices" source="keywords">eviction notices</keyword> 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 vacate their premises and that the issuance of such eviction notices was uncalled for. "The petitioners are also seeking relief on humanitarian grounds as the premise in question is their residential premise in which they have been staying with their family of six members for almost two decades," the petitions said. The pleas also sought HC to stay the effect of the eviction notices. As per the pleas, the ED had in 2018 lodged a complaint against one <keyword id="21346793" type="General" weightage="20" keywordseo="amit-bhardwaj" source="keywords">Amit Bhardwaj</keyword> and others for an alleged Bitcoin fraud and on charges of <keyword id="19899231" type="General" weightage="20" keywordseo="money-laundering" source="keywords">money laundering</keyword>. Both Shetty and her husband have not been named as accused in the case. The ED, during its probe, had summoned Kundra for questioning on several occasions. Kundra had appeared before the agency after each summons, the pleas said. In April 2024, Shetty and Kundra received a notice based on an order passed by the ED provisionally attaching their assets including their residential premise in Juhu that had been purchased by Kundra's father in 2009. Both Shetty and Kundra submitted their response to the notice. "However, in contravention to the provisions of law, the adjudicating authority confirmed the provisional attachment order on September 18, 2024. This order clearly states that the attachment is confirmed only till the conclusion of trial and is subject to its outcome," the pleas said. "The petitioners (Shetty and Kundra) on October 3 received two notices dated September 27, 2024, directing them to vacate their residential premises and the farmhouse," the petitions said. The petitions said no eviction order/notice can be issued prior to conviction. The pleas added that their residential premise has no connection with the scheduled offence or any proceeds of crime. The petitions further claimed that Kundra had absolutely no connection with the alleged fraud.

Shilpa Shetty and Raj Kundra's money laundering case takes new turn as they challenge the ED's eviction notices

New Delhi: <keyword id="21114628" type="General" weightage="20" keywordseo="Swiss-authorities" source="keywords" meta.keywordsubtype="org" meta.entityname="Swiss authorities" meta.hostid="153" meta.entityid="Swiss authorities">Swiss authorities</keyword> have frozen more than USD 310 million in funds across multiple Swiss bank accounts as part of <keyword id="19899231" type="General" weightage="20" keywordseo="money-laundering" source="keywords">money laundering</keyword> allegations into <keyword id="19955648" type="General" weightage="100" keywordseo="Adani-Group" source="keywords" meta.keywordsubtype="org" meta.entityname="Adani Group" meta.hostid="153" meta.entityid="Adani Group">Adani Group</keyword>, US-based short seller Hindenburg Research claimed citing media report - a charge that the conglomerate vehemently denied. In a post on X, Hindenburg cited "newly released Swiss criminal records reported by Swiss media outlet" to state that "Swiss authorities have frozen more than $310 million in funds across multiple Swiss bank accounts as part of a money laundering and securities forgery investigation into Adani, dating back as early as 2021." "Prosecutors detailed how an Adani frontman invested in opaque BVI/Mauritius &amp; Bermuda funds that almost exclusively owned Adani stocks," it said citing the report. Adani group rejected the allegations as baseless saying it had no involvement in any Swiss court proceedings. "We unequivocally reject and deny the baseless allegations presented. The Adani Group has no involvement in any Swiss court proceedings, nor have any of our company accounts been subject to sequestration by any authority," it said. It went on to state that "even in the alleged order, the Swiss court has neither mentioned our group companies, nor have we received any requests for clarification or information from any such authority or regulatory body. We reiterate that our overseas holding structure is transparent, fully disclosed, and compliant with all relevant laws." The allegations, it said, "are clearly preposterous, irrational, and absurd. We have no hesitation in stating that this is yet another orchestrated and egregious attempt by the same cohorts acting in unison to inflict irreversible damage on our group's reputation and market value." "The Adani Group remains steadfastly committed to transparency and compliance with all legal and regulatory requirements," it said, adding it "strongly condemns" the allegations. The Swiss media outlet Gotham City in its report stated that "A ruling by the Federal Criminal Court (FCC) reveals that the Geneva Public Prosecutor's Office was investigating alleged wrongdoing by the Indian conglomerate Adani well before activist investors from Hindenburg Research made the first accusations." "More than USD 310 million belonging to an alleged front man for billionaire <keyword id="19929098" type="General" weightage="20" keywordseo="Gautam-Adani" source="keywords">Gautam Adani</keyword> is sequestered in five Swiss banks," it said adding the Office of the Attorney General of Switzerland (OAG) took over the investigation after the case was revealed in the media. Hindenburg, which had in January last year alleged stock market manipulation and fraud, claimed that criminal court records show in detail how an Adani frontman invested in opaque BVI/Mauritius and Bermuda funds that almost exclusively owned Adani stock. Adani Group had denied all allegations Hindenburg made in its January 2023 report.

Swiss authorities freeze $310 mn allegedly linked to front man of Adani group, Adani Group rejects allegations

Days after RBI Governor <keyword id="19913110" type="General" weightage="20" keywordseo="shaktikanta-das" source="keywords">Shaktikanta Das</keyword> sought to bring greater efficiency to trans-border transactions, a senior US Fed official on Wednesday said that frictionless <keyword id="20151783" type="General" weightage="20" keywordseo="cross-border-payments" source="keywords">cross-border payments</keyword> will make it difficult to check <keyword id="19899231" type="General" weightage="20" keywordseo="money-laundering" source="keywords">money laundering</keyword> and <keyword id="20699037" type="General" weightage="100" keywordseo="terror-funding" source="keywords">terror funding</keyword>. Speaking at the Global Fintech Fest 2024 here, Christopher J Waller, a member of the Board of Governors of the <keyword id="22948479" type="General" weightage="20" keywordseo="Federal-Reserve-System" source="keywords" meta.keywordsubtype="org" meta.entityname="Federal Reserve System" meta.hostid="261" meta.entityid="Federal Reserve System">Federal Reserve System</keyword>, made it clear that "not all frictions that slow payments down are bad". The US Fed official overseeing payment systems said slowing down the speed at which payments are cleared and settled helps <keyword id="19934118" type="General" weightage="20" keywordseo="banks" source="keywords">banks</keyword> prevent money laundering and counter the financing of terrorism, detect fraud, and recover fraudulent or misdirected cross-border payments. He said unless new solutions are found, interlinking fast payment systems "might increase" the <keyword id="22950159" type="General" weightage="20" keywordseo="risk-management" source="keywords">risk-management</keyword> burden for banks that participate in them. Acknowledging that consumers and businesses want cheaper and faster cross-border payments, Waller expressed his reservations. "I am not entirely convinced that interlinking arrangements will necessarily deliver," he said. Delivering a lecture in India's tech capital Bengaluru on Monday, Das advocated a faster interlinking of domestic payment systems to overcome the concerns of high costs and delays. "With the emergence of Fast Payment Systems across countries and experimentation around CBDC, new possibilities are opening up to bring in greater efficiency to cross-border payments. Maximum efficiency gains in such initiatives would come from ensuring inter-operability as a key design element," Das had said. Waller, however, said that it may not be easier. "There is no silver bullet that increases speed and efficiency without tradeoffs," he added. He said certain frictions are built "purposely" into the <keyword id="22950160" type="General" weightage="20" keywordseo="global-payment-system" source="keywords">global payment system</keyword> for compliance and risk-management reasons. The professor of economics said legal, compliance and operational considerations will have to be looked at, along with governance, oversight, data privacy and settlement arrangements when thinking about interlinking. He said the right incentives for the sender in a cross-border payment is essential, and also conceded that it exists in remittances. However, these are very small value transactions, he said, wondering whether the senders need to be incentivised at all. "We need to ask ourselves whether banks would find a central bank interlinking service more effective than their existing arrangements for cross-border payments, and if they would actually use it," Waller said. He also made it clear that having strong domestic networks is a necessity before one can embark on interlinking and added that the US Fed's system will take two years to be ready. The senior US Fed official also said the Silicon Valley Bank episode is behind, and the banking system in the world's largest economy is "fine" now. "We had a banking crisis in March 2023, Fed reserve stepped in to set up a landing facility, and that has calmed down, and we were able to close that facility in March of this year. That's our confidence that everything in the banking system is fine," he told reporters.

Fast cross-border payments to make it difficult to check money laundering, terror funding: Fed official

<ul class="summary-list"><li>A British-Chinese woman has been sentenced to more than six years in prison for money laundering.</li><li>Police seized 61,000 bitcoins — now worth more than $4 billion — from Jian Wen's home in 2018. </li></ul>A British-Chinese woman has been sentenced to more than six years in prison for her part in a <a target="_blank" href="https://www.businessinsider.com/category/bitcoin">bitcoin</a> money laundering scam.<a target="_blank" href="https://www.businessinsider.com/bitcoin-crypto-fraud-scam-money-laundering-jian-wen-uk-2024-3">Jian Wen, 42, was initially found guilty</a> at London's Southwark Crown Court on March 20, <a target="_blank" rel=" nofollow" href="https://www.cps.gov.uk/cps/news/specialist-cps-team-involved-uks-largest-bitcoin-seizure">the UK's Crown Prosecution Service (CPS) said in a press release at the time.</a>She was sentenced to 80 months in prison on Friday.Wen first came to the attention of authorities after she made a series of attempts to buy luxury homes in London from 2017 to 2018. The three properties were valued at £23.5 million ($29.7 million), £12.5 million ($15.8 million), and £4.5 million ($5.7 million).The subsequent investigation culminated in police seizing devices containing 61,000 bitcoins — currently worth more than $4 billion — in 2018, in what was the UK's largest-ever crypto seizure.The funds are said to have come from an investment fraud operation in China led by her "employer," Yadi Zhang.In her <a target="_blank" href="https://www.judiciary.uk/wp-content/uploads/2024/05/Wen-Sentencing-Remarks.pdf">sentencing remarks</a>, Judge Sally-Ann Hales, KC, said that more than 128,000 investors pumped 40 billion Renminbi (roughly $5.6 billion) into the scheme."Some of the proceeds of this fraud were exchanged for bitcoin, loaded onto a cryptocurrency wallet and smuggled out of China on a laptop," she added.According to the CPS press release, Wen was convicted of converting "significant amounts" of the bitcoin into cash and other assets on her boss's behalf.Despite declaring an income of just £12,800 (around $16,200) and £5,979 (roughly $7,600) in 2015 and 2016, Wen moved into a six-bedroom property in London in 2017, paying over £17,000 (around $21,600) a month.Wen and her boss claimed to run an international jewelry business, with Wen acting as the "front person." They also paid for Wen's son to move to the UK from China to attend a private school and purchased two properties in Dubai.But her attempts to purchase extravagant London homes triggered anti-money laundering checks, and the sales stalled as she could not explain the source of the funds.Wen was not accused of involvement in the original fraud, but Hales told Wen that she was "in no doubt that by 22 June 2019, you knew, rather than merely suspected, that you were dealing in the proceeds of crime."In March, Andrew Penhale, chief prosecutor, said: "Bitcoin and other cryptocurrencies are increasingly being used by organized criminals to disguise and transfer assets so that fraudsters may enjoy the benefits of their criminal conduct.""This case, involving the largest cryptocurrency seizure in the UK, illustrates the scale of criminal proceeds available to those fraudsters," he added.

Former Chinese takeaway worker jailed for money laundering after police seized 61,000 bitcoins — currently worth $4 billion      

The <keyword id="19895344" type="General" weightage="20" keywordseo="Enforcement-Directorate" source="keywords">Enforcement Directorate</keyword> alleged Saturday that the CPI(M) in <keyword id="19896018" type="General" weightage="20" keywordseo="Kerala" source="keywords">Kerala</keyword> was holding proceeds of <keyword id="19899231" type="General" weightage="20" keywordseo="money-laundering" source="keywords">money laundering</keyword>, as it attached a land parcel and <keyword id="20202062" type="General" weightage="20" keywordseo="bank-deposits" source="keywords">bank deposits</keyword> worth Rs 73 lakh of the political party in a <keyword id="19913348" type="General" weightage="20" keywordseo="probe" source="keywords">probe</keyword> linked to the Karuvannur Service Cooperative Bank "scam". Assets worth Rs 28.65 crore of various individuals and entities linked to the case have also been attached by the federal agency after a provisional order under the <keyword id="19912399" type="General" weightage="20" keywordseo="prevention-of-money-laundering-act" source="keywords">Prevention of Money Laundering Act</keyword> (PMLA) was issued. Official sources said the party may be nam<keyword id="19956083" type="General" weightage="20" keywordseo="ED" source="keywords">ed</keyword> as an accused in the next supplementary chargesheet to be filed in this case. If so, it will be the second political party to be arraigned as accused in a money laundering investigation after the Aam Aadmi Party. AAP has recently been named by the ED in the Delhi excise policy case. The CPI(M) vehemently denied the charges of wrongdoing and money laundering. The attached assets include 18 immovable properties, valued at Rs 28.65 crore, consisting of lands and buildings in Kerala of the beneficiaries of the "scam", including an immovable property worth Rs 10 lakh registered in the name of a district secretary of the Communist Party of India (Marxist) for a party office, the ED said in a statement. The attachment also includes eight movable properties, including a credit balance of Rs 63.62 lakh in eight "undisclosed" bank accounts of the CPI(M) local area committees in Thrissur, it added. The agency claimed that the CPI(M) received these funds from the beneficiaries as donations through the governing body and the party is "in possession of proceeds of crime" which has been invested in the purchase of immovable properties and credited to its five bank accounts in the Karuvannur Service Cooperative Bank Ltd. The bank is promoted by the party. The CPI(M) rejected the ED charges, saying it would legally and politically fight any move by the agency to arraign it in the case linked to the alleged multi-crore Karuvannur bank scam. Party state secretary M V Govindan alleged that the ED was trying to make opposition parties and their leaders accused in various cases due to political reasons. He also accused the central agency of attempting to create a smokescreen as it had failed to collect any evidence against the party. The ED believes that the land parcel attached by it was meant for the CPI(M) party office and was purchased using alleged kickbacks from the loanees or beneficiaries of the loans sanctioned by the Karuvannur Service Cooperative Bank. The agency has relied on the "confessional" statements of at least two accused in this case who claimed in their statements recorded before a judicial magistrate that the purported irregularities in the bank were orchestrated at the behest of CPI(M) Thrissur district committee leaders. The ED alleged that "bogus loans" were sanctioned by the Karuvannur Service Cooperative Bank on the same property multiple times without the knowledge of members of the society. "Investigation found benami loans were sanctioned to non-members against inflated property valuations in the names of other members and such loan funds were siphoned off and laundered by the accused beneficiaries," it said, adding that the loan amounts were disbursed in cash to avoid a money trail. "Such benami and illegal loans were sanctioned at the behest of the secretary and the governing body of the society in connivance with the then-bank manager, at the behest of the Thrissur district committee, CPI(M). "In return, the Thrissur district committee, CPI(M), collected money in the form of donations and salary cut from the beneficiaries and society committee members into their undisclosed and illegally opened bank accounts in the same society," the agency said. These funds, according to the ED, were utilised for the purchase of land worth Rs 10 lakh by the secretary of the Thrissur district committee of the CPI(M) for the construction of the party office, which has now been attached as proceeds of crime. Govindan said it has been a decades-long practice of registering the office and other assets of party units in the name of the respective district committees. What role does the party have in the office constructed by one of its local committees, he asked. But the ED is now trying to tarnish the image of the CPI(M) in the name of the assets of one such party unit, Govindan claimed. "We will fight it legally and politically. We haven't got any notice in this regard so far," he told reporters. The ED filed a chargesheet in this case against 55 accused entities in November last year. The money laundering case stems from 16 FIRs registered by the <keyword id="20086884" type="General" weightage="20" keywordseo="kerala-police" source="keywords">Kerala Police</keyword> (<keyword id="20146853" type="General" weightage="20" keywordseo="crime-branch" source="keywords">Crime Branch</keyword>) in Thrissur in 2010. Four people have been arrested by the ED in this case so far.

After AAP, ED attaches land, bank deposits of CPI(M); says party holding proceeds of money laundering

<ul class="summary-list"><li>TD Bank shares fell 8% after it pleaded guilty to anti-money-laundering charges and agreed to pay a $3 billion fine.</li><li>The charges involved a scheme by Chinese cartels bribing TD employees at bank branches in New York and New Jersey.</li></ul>Shares of <a target="_blank" class="" href="https://markets.businessinsider.com/stocks/td-stock">TD Bank</a> dropped as much as 8% on Thursday after it pleaded guilty and agreed to pay a $3 billion fine stemming from charges over its anti-money-laundering practices.The penalty is the largest ever anti-money-laundering fine imposed on a bank by US officials, eclipsing the nearly $2 billion fine HSBC paid in 2014 for transferring billions of dollars on behalf of Mexican drug cartels.Canada-based TD Bank's US unit also accepted an asset limit set by the Office of the Comptroller of the Currency regarding how big its asset size can grow.The bank cannot grow past its current $370 billion in asset size for as long as the asset cap is in place.This is the first time an asset cap has been levied against a bank since 2018 when Wells Fargo accepted an asset limit due to its fake account-opening scandal."The OCC's coordinated and comprehensive action, including the imposition of an asset cap, will ensure that the bank focuses on building proper controls commensurate with its risk profile," acting Comptroller of the Currency <a target="_blank" class="" href="https://www.occ.gov/news-issuances/news-releases/2024/nr-occ-2024-116.html">Michael Hsu said.</a>The charges stem from an investigation that revealed TD Bank didn't have proper anti-money laundering practices in place.The lack of controls enabled a money laundering scheme to take place by Chinese drug cartels that were linked to fentanyl sales.The Chinese criminal operation involved bribing bank employees at TD branches in New York and New Jersey, allowing hundreds of millions of dollars in fentanyl sales to be laundered.TD Bank's settlement includes the Department of Justice, FinCEN, the Federal Reserve, and the OCC.In a statement in August, TD Bank CEO Bharat Masrani said, "We recognize the seriousness of our U.S. AML program deficiencies and the work required to meet our obligations and responsibilities is of paramount importance to me, our senior leaders, and our boards."Masrani has since said he will retire from the company in April.TD Bank stock has since pared its gains to about 6%, trading at $59.88 at 1:29 p.m. in New York.TD did not immediately respond to a request for comment.

TD Bank falls 8% after it faces $3 billion fine and growth caps over charges of enabling fentanyl-linked money laundering scheme

<ul class="summary-list"><li>Jian Wen was convicted of money laundering offense in a court in London on Wednesday.</li><li>In 2021, police seized 61,000 bitcoin from digital wallets linked to the Chinese takeaway worker.</li></ul>A former Chinese takeaway worker was found guilty of a money laundering offense after police discovered that she'd converted <a target="_blank" href="https://markets.businessinsider.com/currencies/btc-usd">bitcoin</a> worth billions into cash and big-ticket items including jewelry and properties in Dubai.Jian Wen, 42, was convicted at Southwark Crown Court in London on Wednesday, <a target="_blank" href="https://www.cps.gov.uk/cps/news/specialist-cps-team-involved-uks-largest-bitcoin-seizure">the UK's Crown Prosecution Service</a> said in a press release.The case unfolded after police seized 61,000 bitcoin from digital wallets linked to Wen in 2021. The crypto haul, which was worth £1.4 billion ($1.8 billion) then and would now be valued at $3.8 billion, the CPS said.Prosecutors said Wen had helped an international fraudster who is still at large to hide the bitcoin, which had originally been stolen from nearly 130,000 Chinese investors between 2014 and 2017. Wen is not alleged to have been involved in that original fraud.Before meeting the woman she described as her "employer," Wen had lived above a Chinese restaurant in Leeds.In 2017 she started converting the stolen bitcoin into cash, jewelry, and two properties in Dubai worth more than £500,000 ($640,000), the court heard.<div type="image" title="cash" height="269" width="472" msid="108684679" hostid="261" sizebytes="9886"></div>Wen also rented a six-bedroom property in north London costing about £17,000 ($20,000) a month and paid for her son to move over from China to attend a private school in the UK.Police became involved when Wen tried to buy multiple properties in London but struggled to convert her bitcoin into cash and to answer banks' anti-money-laundering compliance checks, the CPS said.When challenged, the woman said she'd made the money legitimately through bitcoin mining, and later claimed her employer gave her 3,000 bitcoin then worth about £15 million."Bitcoin and other cryptocurrencies are increasingly being used by organized criminals to disguise and transfer assets, so that fraudsters may enjoy the benefits of their criminal conduct," said chief prosecutor Andrew Penhale in a press release. "This case, involving the largest cryptocurrency seizure in the UK, illustrates the scale of criminal proceeds available to those fraudsters."Adrian Foster, another chief prosecutor, added that the CPS had worked with police to obtain freezing orders to preserve the seized cryptocurrency. "A CPS-led civil recovery investigation is running to establish that the frozen cryptocurrency is criminal property and to seek its forfeiture," he said.Wen is due to be sentenced on May 10.

A Chinese takeaway worker who had 61,000 bitcoin worth $1.8 billion seized by police found guilty of money laundering

<ul class="summary-list"><li>The CEO of Binance will plead guilty to Justice Department charges.</li><li>Changpeng Zhao will step down from his leadership role and Binance will pay a $4.3 billion fine.</li></ul>Binance chief Changpeng Zhao will step down from his role as CEO, and will plead guilty to charges that his crypto exchange violated US anti-money-laundering requirements, <a href="https://www.wsj.com/finance/currencies/binance-ceo-changpeng-zhao-step-down-plead-guilty-01f72a40" target="_blank" rel="noopener">Wall Street Journal</a> first reported on Tuesday.Zhao is set to plead guilty to anti-money laundering charges, and Binance will pay a $4.3 billion fine at a federal court, sources told the Journal. That amount will also include money to settle a lawsuit brought by the Commodity Futures Trading Commission earlier this year, which accused Binance and Zhao of failing to prevent illegal trading activity on the crypto exchange.As part of the deal, Zhao will give up his leadership role at Binance, though he'll continue to have majority ownership of the crypto exchange.Binance is also set to plead guilty to the related charges, sources added, potentially putting an end to a <a href="https://markets.businessinsider.com/news/currencies/crypto-binance-reportedly-processed-over-10b-in-illegal-payments-2022-2022-12">Department of Justice investigation</a> spanning nearly five years. Prosecutors were looking into Binance's money laundering prevention measures, as well as whether the exchange allowed traders from sanctioned nations, like Russia and Iran, to conduct trades with American counterparties.Binance, which is ranked as the largest crypto exchange by trading volume, has been in hot water for months as regulators and law enforcement authorities took a harder look at the exchange's operations. The exchange reportedly processed over $10 billion in illegal payments last year, according to Reuters, a claim that Binance denied.Binance directed Business Insider to the latest blog post on its website when asked to comment on the settlement deal. "Binance grew at an extremely fast pace globally, in a new and evolving industry that was in the early stages of regulation, and Binance made misguided decisions along the way. Today, Binance takes responsibility for this past chapter," the post said.

Binance CEO to step down, plead guilty in anti-money laundering probe

<ul><li><keyword id="6672551" type="General" weightage="20" keywordseo="wazirx" source="Orion">WazirX</keyword> has suffered a massive <keyword id="19904114" type="General" weightage="20" keywordseo="security-breach" source="keywords">security breach</keyword>, with hackers stealing cryptocurrency from the platform.</li><li>Over $230 million in cryptos was stolen from the company’s wallets.</li><li>The company has suspended withdrawals in rupees and cryptos.</li></ul> WazirX, India’s largest cryptocurrency exchange on Thursday reported a massive security breach on its platform, which has resulted in the theft of over $230 million in cryptocurrency. WazirX took to social media platform X to confirm the security breach and informed users that customer withdrawals from the exchange have been temporarily paused. “A cyber-attack occurred in one of our multisig wallets involving a loss of funds exceeding $230 million. Despite us taking all necessary steps to protect the customer assets, the cyber attackers appear to have possibly breached such security features, and the theft occurred,” WazirX said in a post on X. <div type="Article" hostid="261" msid="111783199" title="Budget 2024 Expectations: FAME scheme, aid for vehicle scrapping and other expectations of the auto industry" mstype="2" mssubtype="0"></div> The breach reportedly occurred in one of the exchange's multisig wallets, which require multiple private keys to unlock and withdraw funds. The incident was linked to a discrepancy between the data displayed on Liminal's digital asset custody and wallet infrastructure and the actual contents of the transaction. Liminal has been providing services to WazirX since February 2023. “Our preliminary investigations show that one of the self-custody multi-sig smart contract wallets created outside of the Liminal ecosystem has been compromised. We can confirm that Liminal’s platform is not breached and Liminal’s infrastructure, wallets and assets continue to remain safe,” Liminal Custody said in a statement to Business Insider India. “It is also pertinent to note that all WazirX wallets created on the Liminal platform continue to remain secure and protected. Meanwhile, all the malicious transactions to the attacker’s addresses have occurred from outside of the Liminal platform,” Liminal added. WazirX has suspended all withdrawals, in both rupees and crypto on its platform. “To ensure the safety of your assets, INR and crypto withdrawals will be temporarily paused. Thank you for your patience and understanding. We'll keep you posted with further updates,” the company added. “We have identified 2 more exploited smart contracts. Our team is still investigating the incident. For the time being we have opened up a secluded website to revoke all approvals. Your funds are at risk until you revoke,” WazirX added. This security breach comes at a challenging time for WazirX, as the exchange has seen its trading volume plummet by 90% in 2023 compared to the previous year. The decline can be attributed to the Indian government's introduction of a 30% tax on virtual currencies and a 1% deduction for every crypto transaction in 2022. Additionally, the Enforcement Directorate (ED) has been investigating several cases under the Prevention of Money Laundering Act, 2002 (PMLA) and the Foreign Exchange Management Act, 1999 (FEMA) related to cryptocurrencies. SEE ALSO: <a href="https://www.businessinsider.in/business/ecommerce/news/amazon-prime-day-2024-to-begin-on-july-20-in-india-everything-you-need-to-know-about-amazons-biggest-sale/articleshow/111838068.cms">Amazon Prime Day 2024 to begin on July 20 in India – everything you need to know about Amazon’s biggest sale</a> <a href="https://www.businessinsider.in/stock-market/webstories/sanstar-ipo-opens-tomorrow-price-band-to-risk-factors-all-you-need-to-know/slidelist/111826563.cms">Sanstar IPO now open – Price band to risk factors, all you need to know</a> <a href="https://www.businessinsider.in/tech/mobile/webstories/oneplus-nord-4-vs-realme-gt-6t-which-mid-range-phone-should-you-buy-under-35000/slidelist/111803604.cms">OnePlus Nord 4 vs Realme GT 6T – which mid-range phone should you buy under ₹35,000?</a>

You Searched For "Money laundering" and got 12 results

Why is actor Tamannaah Bhatia being questioned by the ED for a money laundering case?

BI India Bureau

ED undertakes first-ever searches in Ladakh in crypto fraud case

PTI

ED conducts raids in Gujarat in GST fraud case

PTI

Shilpa Shetty and Raj Kundra's money laundering case takes new turn as they challenge the ED's eviction notices

PTI

Swiss authorities freeze $310 mn allegedly linked to front man of Adani group, Adani Group rejects allegations

PTI

Fast cross-border payments to make it difficult to check money laundering, terror funding: Fed official

PTI

Former Chinese takeaway worker jailed for money laundering after police seized 61,000 bitcoins — currently worth $4 billion

Nathan Rennolds

After AAP, ED attaches land, bank deposits of CPI(M); says party holding proceeds of money laundering

PTI

TD Bank falls 8% after it faces $3 billion fine and growth caps over charges of enabling fentanyl-linked money laundering scheme

Matthew Fox

A Chinese takeaway worker who had 61,000 bitcoin worth $1.8 billion seized by police found guilty of money laundering

George Glover

Binance CEO to step down, plead guilty in anti-money laundering probe

Jennifer Sor

WazirX suspends withdrawals after $230 million worth of cryptos stolen in a hack

Sourabh Jain

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