New Delhi, Jan 18 () Assets worth over Rs 204 crore, including houses in Delhi and London, of former Bhushan Power and Steel Ltd (BPSL) CMD Sanjay Singal have been attached under the anti-money laundering law, the ED said on Saturday.
 "The attached assets consist of movable and immovable properties in Delhi and London," the agency said in a statement.
 "An amount of Rs 204.31 crore was diverted out of bank loan funds of BPSL, which was utilised for acquisition of assets in India and abroad by Sanjay Singal," it said.
 The Enforcement Directorate had on Friday filed a charge sheet against Singal and others before a special Prevention of Money Laundering Act (PMLA) court here.
 The charge sheet or the prosecution complaint named 24 people and the company as accused, and the court had issued production warrant against Singal for January 21.
 Singal is at present in judicial custody after the ED arrested him in November last year.
 The agency alleged that the accused had "diverted huge amount of funds" out of loans taken by BPSL from 33 banks and financial institutions during 2007-2014, which were used for creation of assets.
 These assets, the ED said, included equity investment in BPSL and movable and immovable properties in Delhi and London in the name of companies controlled by Singal.
 Over Rs 4,229 crore worth of attachment has been done by the agency in this case so far.
 The ED had alleged that Singal was the mastermind behind diversion of loan funds from BPSL either in cash or through bank transfers via shell and group companies.
 The agency had filed a PMLA case on the basis of a CBI FIR against the accused. NES AQS

ED attaches Rs 204 cr worth assets of ex-BSPL CMD Singal

Mumbai, Apr 22 () DHFL promoters Kapil Wadhawan andhis brother Dheeraj on Wednesday filed an anticipatory bailapplication in a special court here in connection with thecase registered against them for their alleged role in the YESbank scam.In their plea, the Wadhawan brothers said that theyshould be granted protection from arrest at least during thelockdown period considering the coronavirus outbreak."Our primary plea is that there is no need for arrestduring this period of lockdown. Give us interim protectionuntil then and all the merits can be discussed once thelockdown is lifted," their lawyer said.The court has asked the Enforcement Directorate (ED)to file its reply on Thursday and directed the agency not totake any coercive action until then, the lawyer added. The Wadhawan brothers are accused in the YES Bank-DHFLfraud cases.The DHFL (Dewan Housing Finance Limited) group has aloan amount of about Rs 3,700 crore taken from Yes Bank thatis under "stress". The ED is probing alleged quid pro quobetween the two business groups and their promoters.The Wadhawans have also been named in the FIR lodgedby the CBI in connection with the YES Bank scam. They are alsobeing probed by the ED in an another criminal case filed underthe PMLA and is linked to late gangster Iqbal Mirchi. AVINP NP

Yes Bank scam: Wadhawan brothers seek protection from arrest

New Delhi, Nov 28 () A Noida-based multi-level marketing firm's assets worth over Rs 8 crore have been attached in connection with an alleged online ponzi fraud case, the federal agency said on Thursday.
A provisional order under the Prevention of Money Laundering Act (PMLA) has been issued by the Enforcement Directorate against the company-- Webwork Trade Link Pvt Ltd. 
The case dates back to 2017 when Noida Police had filed an FIR against the firm and its directors Anurag Garg, Sandesh Verma and others for allegedly perpetrating an online fraud and cheating gullible depositors.
The ED subsequently took cognisance of this police criminal compliant to file a case under the PMLA.
"The attachment consists of fixed deposits, mutual funds, balances in savings and current accounts of entities who had received money on account of selling the immovable properties and ornaments or providing services but due to the business shutting down and consequent fraud cases against the company, these funds remained with the beneficiaries," the agency said in a statement.
 The total value of the attached assets as part of the latest order is Rs 8.82 crore.
"Webwork Trade Links Pvt Ltd, through its online portal, in the name of addsbook.com and web-work.in had been defrauding the public by inducing them to invest in very lucrative investment schemes.
"Investigation revealed that the bank accounts were being opened and closed in succession by the company in many banks like Citi Bank, ICICI Bank, Vijaya Bank, Lakshmi Vilas Bank and Axis Bank," the ED alleged. 
In this very short span of time, the agency claimed, the multi-level marketing company diverted large amounts to the accounts of different persons and companies associated with them. 
This is the second attachment of assets action by the ED in this case as it has earlier frozen properties worth Rs 27.66 crore. 
The ED had also filed a chargesheet in this case last year before a special PMLA court in Lucknow and the case is under trial at present, it said. NES NES DPB
DPB

Online ponzi: ED attaches Rs 8.82-cr assets of Noida-based firm

New Delhi, Dec 19 () A demand draft bearing Rs 2.25 crore funds has been attached by the Enforcement Directorate (ED) in connection with its probe in an alleged multi-crore bank fraud case in Rajasthan, the federal agency said on Thursday.
It said the case pertains to Syndicate Bank and involves alleged "mastermind" of the fraud, Udaipur-based chartered accountant (CA) Bharat Bomb and a Jaipur-based builder Shankar Lal Khandelwal.
The accused, the ED said in a statement, "in collusion with officials of Syndicate Bank" defrauded the bank between 2011-16 by adopting different modus operandi and caused the bank "deliberate and a huge loss." 
"Khandelwal, through his company Khandelwal Buildcon Pvt Ltd, invested Rs 2.25 crore in February, 2016 to purchase a plot (no G20 west way heights in truck terminal scheme at Bhankrota in Jaipur) in the name of Taruchaya Colonizers LLP."
"Subsequently, on this plot a real estate project Taruchaya Residency was developed," the ED said.
Khandelwal was making an attempt to dispose of proceeds of the crime by accepting demand draft (DD) of Rs 2.25 crore from the firm, Taruchaya Colonizers LLP, the agency said.
It said that when this DD was presented before a IndusInd Bank branch in Jaipur, for realisation with a proposal to release the immovable properties mortgaged by Khandelwal, early this month the ED seized and froze it under the Prevention of Money Laundering Act (PMLA).
 Properties worth Rs 386.58 crore have been attached by the ED in this case in the past and the agency has also filed a chargesheet against 81 people including bank officials, Bomb and Khandelwal before a special PMLA court in Jaipur.
 "The tainted money earned by the fraudsters was either invested in immovable assets or transferred in various bank accounts through complex maze of transactions," the agency charged. 
Further probe is underway, it said. NES NES TIR
TIR

Bank fraud: ED attaches demand draft worth Rs 2.25 cr in Rajasthan

New Delhi, May 14 () The Enforcement Directorate (ED) on Thursday arrested DHFL promoters Kapil and Dheeraj Wadhawan in connection with its money laundering probe against Yes Bank co-founder Rana Kapoor and others, officials said.The brothers were remanded to 10-day ED custody by a special court in Mumbai, they said.The Wadhawans are presently in jail after being arrested by the Central Bureau of Investigation (CBI), which is also probing the same case.They were arrested under the provisions of the Prevention of Money Laundering Act (PMLA), the officials said.The Wadhawan brothers, also being probed by the ED in another money laundering probe linked to late gangster Iqbal Mirchi, were summoned by the agency multiple times in the Yes Bank case but they had cited the ongoing COVID-19 travel restrictions to skip the summons.Five vehicles of the Wadhawan brothers were seized by the ED in April after they and their family members were reported to have unauthorisedly travelled to Mahabaleshwar from Lonavala in Maharashtra during the nationwide coronavirus-induced lockdown.As many as 44 companies belonging to 10 large business groups, including Anil Ambani Group, Essel Group, ILFS, Dewan Housing Finance Corporation Ltd, Cox &amp; Kings, and Bharat Infra, reportedly accounted for bad loans of Rs 34,000 crore of Yes Bank.The ED has accused Kapoor, his family members and others of laundering "proceeds of crime" worth Rs 4,300 crore by receiving alleged kickbacks in lieu of extending big loans through their bank that later allegedly turned non-performing assets (NPA).Kapoor is also in ED custody. NES DIVDIV

ED arrests Wadhawan brothers in Yes Bank case

(Eds: correcting a word in headline) Mumbai, Apr 7 () Two undertrials lodged at Maharashtra's Aurangabad Central Jail have approached theBombay High Court against a high-powered committee's decisionthat prisoners booked under special Acts will not be entitledto temporary bail in view of the coronavirus pandemic. The undertrials - Nitin Shelke and MadhukarSuryawanshi - were not granted temporary bail by the prisonauthorities as they are booked under the MaharashtraProtection of Interest of Depositors (MPID) Act.The petition, submitted before the Aurangabad bench ofthe Bombay High Court, challenged the March 25 decision of ahigh-powered committee which said prisoners prosecuted underspecial Acts would not be granted bail. A single bench of Justice R G Avachat last weekdirected the state prisons department and the high-poweredcommittee to respond to the petition by April 8.The petitioners sought a direction to the committeeand jail authorities that they be granted temporary bail. On March 23, the Supreme Court in a suo moto (on itsown) petition directed for a high-powered committee to be setup to determine which class of prisoners can be released onparole or interim bail to reduce crowding in jails in view ofthe coronavirus outbreak.It said the parameters would be nature of offence,sentence awarded to the convict and severity of the offence.The two undertrials in their petition said, Thehigh-powered committee issued impugned decision with a blanketdisqualification against persons prosecuted for offences underSpecial Acts (other than IPC) like MCOCA, PMLA, MPID, NDPS andUAPA on the ground that there are higher restrictions on grantof bail in these Acts."It said the committee, instead of issuing a blanketdisqualification order, should have given weightage toprisoners like women or aged persons or those suffering fromother ailments like diabetes, blood pressure and others."These persons are more vulnerable to be infected,the plea said.As per the petition, out of 1,828 prisoners in theAurangabad Central Jail, also known as the Harsul Jail, only74 were granted temporary bail.The two petitioners were not given bail as they wereaccused of offences punishable under the MPID Act.Their lawyer Pradnya Talekar argued that maintainingsocial distancing was an impossible condition in prisons,which are over-crowded.Further, the state is not in a position to providemedical facilities in case the prison inmates contract theviral infection. SPGK GKGK GK

COVID-19 crisis: Two prisoners denied temporary bail move HC

Mumbai, Apr 7 () Two undertrials lodged atMaharashtra's Aurangabad Central Jail have approached theBombay High Court against a high-powered committee's decisionthat prisoners booked under special Acts will not be entitledto temporary bail in view of the coronavirus pandemic. The undertrials - Nitin Shelke and MadhukarSuryawanshi - were not granted temporary bail by the prisonauthorities as they are booked under the MaharashtraProtection of Interest of Depositors (MPID) Act.The petition, submitted before the Aurangabad bench ofthe Bombay High Court, challenged the March 25 decision of ahigh-powered committee which said prisoners prosecuted underspecial Acts would not be granted bail. A single bench of Justice R G Avachat last weekdirected the state prisons department and the high-poweredcommittee to respond to the petition by April 8.The petitioners sought a direction to the committeeand jail authorities that they be granted temporary bail. On March 23, the Supreme Court in a suo moto (on itsown) petition directed for a high-powered committee to be setup to determine which class of prisoners can be released onparole or interim bail to reduce crowding in jails in view ofthe coronavirus outbreak.It said the parameters would be nature of offence,sentence awarded to the convict and severity of the offence.The two undertrials in their petition said, Thehigh-powered committee issued impugned decision with a blanketdisqualification against persons prosecuted for offences underSpecial Acts (other than IPC) like MCOCA, PMLA, MPID, NDPS andUAPA on the ground that there are higher restrictions on grantof bail in these Acts."It said the committee, instead of issuing a blanketdisqualification order, should have given weightage toprisoners like women or aged persons or those suffering fromother ailments like diabetes, blood pressure and others."These persons are more vulnerable to be infected,the plea said.As per the petition, out of 1,828 prisoners in theAurangabad Central Jail, also known as the Harsul Jail, only74 were granted temporary bail.The two petitioners were not given bail as they wereaccused of offences punishable under the MPID Act.Their lawyer Pradnya Talekar argued that maintainingsocial distancing was an impossible condition in prisons,which are over-crowded.Further, the state is not in a position to providemedical facilities in case the prison inmates contract theviral infection. SPGK GK

COVID-29 crisis: Two prisoners denied temporary bail move HC

New Delhi, Nov 27 () The ED has attached assets worth over Rs 5 crore in connection with an alleged bank loan fraud and money laundering probe against a Rajasthan-based gems exporting firm, the agency said on Wednesday.
 The attached assets are four immovable properties valued at Rs 3.80 crore -- three residential-cum-business houses in Jaipur, a flat located in a posh locality in Mumbai -- and fixed deposits of Rs 1.31 crores in SBI, Jaipur.
 A provisional order for attachment of these assets, worth a total Rs 5.11 crore, of Shanti Kumar Chordia, Umrao Mal Chordi and Nayantara Chordia of Vipul Gems Pvt Ltd, has been issued by the agency under the Prevention of Money Laundering Act (PMLA).
 The alleged fraud was perpetrated against Bank of Baroda (BoB) at its Nehru Place branch in Jaipur.
 "These entities had cheated the bank and also dishonestly and fraudulently with criminal intention prevented the bank from recovering the loan amount. Thus, bank has suffered a loss of about Rs 30 crore towards advance given to the these borrowers plus interest and other charges," the agency said in a statement.
 Probe revealed that three entities -- Vipul Gems Pvt Ltd, Vipul Gems and K V Exports -- were engaged in export of precious stones.
 These entities had taken packing credit, that is advance for purchase of raw material, to meet export related expenses and PSDL (post shipment demand loan) to the tune of Rs 29 crore from the BoB during 2006-07.
 "It was revealed that for availing credit facilities forged and fabricated export orders were submitted. The amounts released were not used for business purposes but was diverted."
 "The bills remained outstanding for the purported exports made by these companies," it said.
 The foreign buyers had either returned the goods, made payments directly to the borrowers or had not at all received the goods, the probe found.
 These entities also opened new current account in the name of Gems International and transferred some of the loan advance on account of PC and PSDL to this account.
 "In this way, the funds were diverted and misappropriated by these entities. Investigation revealed that the borrowers had systematically and with criminal intention diverted and misappropriated the funds for settling their personal dues and old dues with previous bank (SBBJ) and not utilised them for the purpose for which they were borrowed," the ED alleged.
 The federal agency has filed a charge sheet in this case in 2017 before a special PMLA court in Jaipur after it attached a bungalow worth Rs 1 crore in Jaipur's Shyam Nagar area.
 Investigation in the case is ongoing, it said. NES NES SMN
SMN

Bank fraud: ED attaches Rs 5-cr assets of Rajasthan gems exporting firm, promoters

<ul><li>India’s nodal investigation agency, the <keyword id="6354889" type="ORGANIZATION" weightage="20" keywordseo="central-bureau-of-investigation">Central Bureau of Investigation</keyword> (CBI), has filed a charge sheet against Yes Bank founder <keyword id="128581" type="PERSON" weightage="20" keywordseo="Rana-Kapoor">Rana Kapoor</keyword> and his family members.</li><li>Dewan Housing Finance Limited (DHFL) brothers, Kapil and Dheeraj Wadhawan have also been named. </li><li>There's already an ongoing investigation against the Kapoor's for money laundering filed by the Enforcement Directorate (ED).</li></ul>The Central Bureau of Investigation (CBI) has filed a charge sheet for cheating and corruption against Yes Bank founder Rana Kapoor, his family members, Dewan Housing Finance Limited (DHFL) promoters Kapil and Dheeraj Wadhawan. The document was submitted before a special CBI court. Rana Kapoor and <keyword id="8240427" type="UNKNOWN" weightage="20" keywordseo="wadhawan-brothers">Wadhawan brothers</keyword> are presently lodged in the <a href="https://www.businessinsider.in/india/news/dhfls-kapil-and-dheeraj-wadhawan-taken-into-custody-by-cbi-for-role-in-yes-bank-scam-case/articleshow/75388823.cms">Taloja prison in Mumbai</a>. The charge sheet, which comes in just under 100 pages, mentions the name of Doit Urban Ventures Limited (DUVPL) — a company owned by Kapoor’s daughters — alongside DHFL. <div type="Article" hostid="261" msid="75388823" title="Yes Bank scam: DHFL's Kapil and Dheeraj Wadhawan taken into custody by CBI" mstype="2" mssubtype="0"></div> The case was originally registered by the CBI on March 7 on accusations of suspicious loans granted by Yes Bank to companies in exchanges for a quid pro quo between Kapoor and the Wadhawans. Details of the <keyword id="8878575" type="UNKNOWN" weightage="20" keywordseo="yes-bank-scam">Yes Bank scam</keyword> According to the apex investigation agency, Yes Bank made investments to the tune of ₹3,700 crore in short debentures of DHFL. DHFL, in turn, granted a loan of ₹600 crore to DUVPL. This loan is suspected to be a kickback in serving Kapoor’s interests since the company is within the family. Making the transaction even shadier, the CBI alleges that the loan given to DUVPL was based on a mortgage of properties that only had a market value of ₹40 crore. But when taking out the loan, the value was inflacted to reflect as ₹750 crore. Another loan of ₹750 crore was doled out by Yes Bank to a company which was owned by Wadhawans. This is also under investigation. <div type="Article" hostid="261" msid="75738310" title="The Yes Bank probe leads to the arrest of DHFL promoters Kapil and Dheeraj Wadhawan for alleged money laundering" mstype="2" mssubtype="0"></div> Not just cheating and corruption, but also money laundering The Enforcement Directorate (ED) is also looking into the Yes Bank scam and has registered a case of money laundering against the Kapoor’s. It was in considering of this case that Kapoor was first arrested and put in jail — where has he stayed since. The Wadhawan brothers were out on bail in connection to another money laundering case connected to the late drug smuggler Iqbal Mirchi. However, the brothers and twenty-one others were booked by the Satara police on April 8 for violating lockdown rules and were placed under institutional quarantine for 14 days. Once their quarantine ended on April 23, CBI officials took the brothers them custody from their family home in Mahabaleshwar April 26. On May 6, the ED submitted its own charge sheet against Kapoor, his wife Bindu, and their three daughters under the Prevention of Money Laundering Act (PMLA).

Yes Bank scam — Rana Kapoor and family named in CBI charge sheet alongside DHFL’s Wadhwan brothers

New Delhi, Jan 14 () The ED has detected over half-a-dozen alleged forex law violations by the Amrapali Group and found that homebuyers' funds worth over Rs 55 crore were laundered and sent abroad using shell firms, official sources said on Tuesday.
The federal probe agency also wants that JP Morgan, a US-based investment banking firm, embroiled in the case be legally "directed" to remit back funds worth about Rs 140 crore that were "unauthorisedly" sent abroad so that they can be confiscated, they said.
At least seven "serious contraventions" under the Foreign Exchange Management Act (FEMA) and its regulations have been detected by the Enforcement Directorate (ED) against the Amrapali Group's two companies -- Amrapali Zodiac Developers Pvt Ltd (AZDPL) and Amrapali Silicon City Pvt Ltd (ASCPL), according to the sources.
The alleged forex violations pertain to an unauthorised assured return of Rs 85 crore to the foreign investor under FDI (foreign direct investment), wrong-end use of FDI funds worth Rs 78.5 crore, unauthorised borrowings in the guise of FDI worth Rs 85 crore, wrong transfer of shares by AZDPL by the foreign investor to two Indian companies and illegal remittance by the Indian companies, among others.
The ED also found that the discounted cash flow (DCF) method (of valuing a project, company, or asset) deployed by the promoters of the firm was a "deliberate ploy" to falsely justify premium on re-purchase of shares when it did not exist.
It was detected, as per probe records accessed by , that the DCF method was "incorrectly applied" in this case and was "without any basis".
ED's Lucknow Zone Joint Director Rajeshwar Singh had on Monday apprised the Supreme Court about these facts and the progress made in the case. After this, the court asked the agency to ensure that the guilty are brought to book.
According to the sources, the ED has recently filed FEMA complaints for adjudication against AZDPL and ASCPL, before the competent authority of the case (a special director of the ED).
Apart from seeking a hefty penalty for the accused, it has sought directions to JP Morgan to remit back funds worth about Rs 140 crore so that they can be "confiscated" under the said law.
The probe records also said the Amrapali directors allegedly created shell companies and appointed dummy directors "in collusion" with JP Morgan and took away Rs 55 crore of the homebuyers' money.
The ED now wants to attach these funds under the stringent provisions of the Prevention of Money Laundering Act (PMLA).
It has obtained evidences in the case after it recorded statements of various accused, collected bank transaction documents and dossiers of the company and its promoters related to incorporation of the firm, its financial dealings and agreements forged by the Amrapali Group and JP Morgan.
The SC on Monday also allowed the ED to take into custody the now defunct Amrapali Group's CMD Anil Kumar Sharma and two other directors, Shiv Priya and Ajay Kumar, who are behind bars, for interrogation in connection with the alleged money laundering offences.
On July 23 last year, the top court had cracked its whip on errant builders for breaching the trust of homebuyers and ordered cancellation of the Amrapali Group's registration under real estate law RERA. 
The court had also ousted the group from its prime properties in the National Capital Region by nixing the land leases.
It had ordered a probe by the ED into allegations of money laundering and to look into the charge of FEMA violations by JP Morgan. NES NES DIV
DIV

ED detects multiple FEMA violations in Amrapali case; Rs 55 cr laundered abroad

The <keyword id="6357808" type="ORGANIZATION" weightage="100" keywordseo="Enforcement-Directorate">Enforcement Directorate</keyword> (ED) busted an illegal racket in Karnataka that was converting old banknotes to new currency and recovered Rs 93 lakh in new notes. 
 
Rs 93 lakh in new notes of Rs 2000 have been seized in the case. 
 The ED officials arrested seven alleged middlemen as part of its <keyword id="6355008" type="UNKNOWN" weightage="20" keywordseo="money-laundering">money laundering</keyword> probe. 
 
Officials said the agency placed the seven, including the relative of a government official, under arrest late on Monday under provisions of the Prevention of Money Laundering Act (PMLA). 
 
Officials said the action was taken as part of a probe in a case where the income tax department had recently seized Rs 5.7 crore cash in new currency and the Enforcement Directorate had booked a money laundering case against a government engineer and others based on a CBI FIR in the case. 
 
The modus operandi adopted by the alleged middlemen, officials said, was unearthed after ED officials launched a special operation and themselves posed as 'customers' looking to get old currency changed illegally, after paying commission to the said middlemen. 
 
Officials said the probe by the agency found that these alleged middlemen were reportedly charging a commission between 15-35 per cent and were executing the racket of illegal conversion of new notes in alleged connivance with bank officials. 
 
They said the agency suspects that there is a chain of middlemen involved in converting black funds into white even as they added that the probe in continuing. 
 
The accused are expected to be produced in a local court here for further custody. 
 
(Image: Indiatimes)

Enforcement Directorate busts illegal conversion of notes racket in Karnataka, seizes Rs 93 lakh in new notes

Over the last two years, the Indian government has unearthed as much as Rs 50,000 crore of indirect tax evasion and another Rs 21,000 crore of undisclosed income. 
 
The announcement was made by the Finance Ministry, saying that the crackdown on black money has led to seizing of Rs 3,963 crore of smuggled goods in two years. This has seen a 32% jump over corresponding periods in earlier years. 
 
"Enhanced enforcement measures have resulted in unearthing of tax evasion of approximately Rs 50,000 crore of indirect taxes and undisclosed income of Rs 21,000 crore," the statement said. 
 
It also listed the steps that the government took to curb the menace of black money both within and outside India, and said that a new Blackmoney Act has now been enacted with strict penalty provisions, along with a Special Investigation Team (SIT) which is chaired by former Supreme Court Judge M B Shah. 
 
"Many recommendations of SIT have been implemented since then," it said, adding that 1,466 cases have seen prosecution, which is higher than the combined number of last two years. 
 
"The offence of willful attempt to evade any tax, penalty or interest referred to in section 51 of the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 has been made a scheduled offence under PMLA," it added. 
 
<a href="http://im.rediff.com/money/2014/dec/05black.jpg">Image source</a>

You Searched For "special pmla court" and got 12 results