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Mumbai, The <keyword id="6357808" type="General" weightage="20" keywordseo="enforcement-directorate" source="Orion">Enforcement Directorate</keyword> is conducting searches at some places linked to <keyword id="16811721" type="General" weightage="20" keywordseo="asset-manager-franklin-templeton" source="Orion">asset manager Franklin Templeton</keyword> and its former and current executives in Mumbai and Chennai as part of a money laundering investigation, officials said. The federal agency is looking to gather more evidence as part of its investigation against the company and its promoters under the Prevention of Money Laundering Act (PMLA), they said. In November 2020, capital markets regulator Sebi issued a show-cause notice to the company following its April 2020 decision to wind up six debt schemes having Rs 25,000 crore of assets under management (AUM) from 3 lakh investors, citing liquidity challenges because of the pandemic. Eventually, the company was asked to pay Rs 5 crore as penalty, return over Rs 450 crore collected as 22-month investment management and advisory fees, and was banned from launching new debt schemes for alleged irregularities in running the six debt schemes. The Chennai police economic offences wing (EOW) subsequently registered an FIR to probe these alleged irregularities. The ED case of money laundering stems from this complaint. In 2021, Sebi restricted the heads of the asset manager - Vivek Kudva and Roopa Kudva - from accessing the securities market and from buying, selling or otherwise dealing in securities, directly or indirectly, or being associated with the securities market in any manner, whatsoever, for a period of one year.

Enforcement Directorate conducts searches against Franklin Templeton in Mumbai, Chennai

<ul><li>The <keyword id="6357808" type="General" weightage="80" keywordseo="enforcement-directorate" source="Orion">Enforcement Directorate</keyword> (<keyword id="12163" type="General" weightage="20" keywordseo="ed" source="Orion">ED</keyword>) has reportedly raided 44 locations across the country.</li><li>The locations reportedly belong to Chinese smartphone maker <keyword id="215177" type="General" weightage="100" keywordseo="vivo" source="Orion">Vivo</keyword> and its related firms.</li><li>The financial watchdog is reportedly investigating violations of the Prevention of Money Laundering Act (PMLA).</li></ul>In a major crackdown on Chinese smartphone makers, India’s financial watchdog Enforcement Directorate (ED), has reportedly raided 44 locations across the country. The raids were conducted as part of its investigation into violations of the Prevention of Money Laundering Act (PMLA). The raids were reportedly conducted at places belonging to Chinese smartphone maker Vivo and its related firms. The raids are reportedly underway in Uttar Pradesh, Bihar, Madhya Pradesh, Punjab, Haryana, and several other states. It is unclear why the ED has raided Vivo or what evidence it has recovered so far from the raids. "Vivo is cooperating with the authorities to provide them with all required information. As a responsible corporate, we are committed to be fully compliant with laws," a Vivo spokesperson said in a statement to Business Insider India. Vivo is not the first Chinese smartphone maker under the ED’s scanner. Earlier this year, the ED had ordered a seizure of ₹5,551.27 crores from <keyword id="874458" type="General" weightage="80" keywordseo="xiaomi" source="Orion">Xiaomi</keyword> India, claiming that the company had illegally remitted ₹5,551.27 crores in February 2022. The company had later approached the Karnataka High Court, which had reserved its verdict. Xiaomi had <a href="https://www.businessinsider.in/business/news/exclusive-84-of-the-5551-27-crore-seized-from-xiaomi-india-were-remitted-to-qualcomm-group/articleshow/91560593.cms">claimed</a> that 84% of the amount mentioned above was remitted to Qualcomm as part of royalty payments. ED is not the only agency has is investigating Chinese smartphone makers. The Income Tax Department conducted <a href="https://www.businessinsider.in/finance/news/income-tax-department-raids-xiaomi-oppo-and-oneplus-offices-in-india/articleshow/88432807.cms">raids</a> across 15 locations of Xiaomi, Oppo, OnePlus, Dixon, and other companies in December 2021. SEE ALSO: <a href="https://www.businessinsider.in/business/news/exclusive-84-of-the-5551-27-crore-seized-from-xiaomi-india-were-remitted-to-qualcomm-group/articleshow/91560593.cms">EXCLUSIVE: 84% of the ₹5,551.27 crore of the alleged illegal remittance by Xiaomi India were to the Qualcomm Group</a> <a href="https://www.businessinsider.in/finance/news/income-tax-department-raids-xiaomi-oppo-and-oneplus-offices-in-india/articleshow/88432807.cms">Income Tax department reportedly raids Xiaomi, Oppo and OnePlus offices in India</a> <a href="https://www.businessinsider.in/india/news/chinese-state-media-says-indias-seizure-of-over-5500-crore-from-xiaomi-could-be-seen-as-a-crackdown-on-chinese-companies/articleshow/91434053.cms">Chinese state media says India's seizure of over ₹5,500 crore from Xiaomi could be seen as a crackdown on Chinese companies</a>

After Xiaomi, Vivo comes under the Enforcement Directorate’s scanner

The <keyword id="6357808" type="General" weightage="50" keywordseo="enforcement-directorate" source="Orion">Enforcement Directorate</keyword> has filed a case against <keyword id="60684" type="General" weightage="100" keywordseo="bbc" source="Orion">BBC</keyword> <keyword id="3658" type="General" weightage="50" keywordseo="india" source="Orion">India</keyword> under <keyword id="88944" type="General" weightage="50" keywordseo="foreign-exchange-management-act" source="Orion">Foreign Exchange Management Act</keyword> (FEMA) for irregularities in foreign funding. Official sources said that the action was taken to probe irregularities of foreign funding by BBC India, diversion of funds and violation of rules under the Foreign Exchange Management Act, 1999 (FEMA). The move comes in the wake of searches conducted by Income Tax at the offices of the British broadcaster in New Delhi and Mumbai in February this year. The broadcaster came under the radar of Indian agencies after it published a controversial documentary, 'India: The Modi Question,' which drew sharp criticism from the Indian government and tarnished the country's image. Following a survey by the <keyword id="65338" type="General" weightage="50" keywordseo="income-tax-department" source="Orion">Income Tax Department</keyword>, the ED had earlier also sent summons to BBC, calling for an inquiry into the matter. An officer of BBC's administrative and editorial departments is being questioned at ED's headquarters here. The government, in January, directed social media platforms to block YouTube videos and Twitter posts sharing links to the documentary soon after it created controversy. The documentary, which questioned the role of Prime Minister Narendra Modi in the 2002 Gujarat riots, was widely criticized by the Indian government and several sections of the Indian public. The BBC faced allegations of spreading fake news and propaganda, and the Indian government accused the broadcaster of trying to destabilize the country. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/entertainment/news/star-treks-william-shatner-to-lead-stars-on-mars-competition-series/articleshow/99457006.cms">Star Trek's William Shatner to lead 'Stars On Mars' competition series</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/rajasthans-beekeepers-in-the-honey-trap-of-high-costs-and-low-prices/articleshow/99457609.cms">Rajasthan's beekeepers in the honey trap of high costs and low prices</a>

Enforcement Directorate files case against BBC for irregularities in foreign funds

The <keyword id="6357808" type="ORGANIZATION" weightage="100" keywordseo="Enforcement-Directorate">Enforcement Directorate</keyword> (ED) is probing why senior Reserve Bank of India (<keyword id="30067" type="ORGANIZATION" weightage="100" keywordseo="RBI">RBI</keyword>) officials did not take any concrete action in Ponzi scams like Saradha. The ED is not convinced by the RBI’s contention that it did not have the power to act in these cases. 
 
Section 58 B of the RBI states, "Whoever in any application, declaration, return, statement, information or particulars made, required or furnished by or under or for the purposes of any provisions of this Act, or any order, regulation or direction made or given there under or in any prospectus or advertisement issued for or in connection with the invitation by any person, of deposits of money from the public willfully makes a statement which is false in any material particular knowing it to be false or willfully omits to make a material statement shall be punishable with imprisonment for a term which may extend to three years and shall also be liable to fine." 
 
According to media reports, ED had questioned both RBI and Security and Exchange Board of India (SEBI) officials in these scams. SEBI had begun prosecution proceedings but RBI did not take any action, saying its role is merely regulatory in nature. ED had also sent a list of questions to the RBI on the issue, but did not receive a convincing reply.

RBI Could Have Taken Action Against
Ponzi Companies: Enforcement Directorate

<keyword id="1564214" type="COMPANY" weightage="20" keywordseo="the-Enforcement-Directorate">The Enforcement Directorate</keyword> on Monday raided at least five premises of global tours and <keyword id="9364371" type="UNKNOWN" weightage="20" keywordseo="travel-company-cox">travel company Cox</keyword> and Kings in Mumbai in connection with the <keyword id="45660" type="COMPANY" weightage="20" keywordseo="Yes-Bank">Yes Bank</keyword> <keyword id="6355008" type="UNKNOWN" weightage="20" keywordseo="Money-laundering">money laundering</keyword> probe case, officials said. The teams of the central agency are carrying out the searches under the Prevention of Money Laundering Act (PMLA), they said. Cox and Kings was one of the top borrowers of the bank and the latter had an exposure of about Rs 2,260 crore to the company, the officials said. The searches are aimed at gathering more evidence in the case and five premises are being covered, they said. The ED is probing Yes Bank and a number of other large corporate groups in connection with an alleged fraud case where huge loans issued by the bank became non-performing assets (NPAs). It arrested Yes Bank co-founder Rana Kapoor in March this year and recently filed its first charge sheet in the case before a special PMLA court in Mumbai. SEE ALSO: <a href="https://www.businessinsider.in/retail/e-commerce/news/flipkart-is-putting-the-money-where-its-mouth-is-and-its-not-food-and-groceries-yet/articleshow/76256592.cms" data-type="tilCustomLink">Flipkart is putting the money where its mouth is⁠— and it’s not food and groceries yet</a> <a href="https://www.businessinsider.in/business/corporates/news/hero-motocorp-profit-revenue-for-q4-march-2020-preview-share-price-chart-and-sales-data/articleshow/76256963.cms" data-type="tilCustomLink">Hero MotoCorp shareholders are betting that people will go for cheaper bikes after the pandemic</a>

Yes Bank's top borrower Cox and Kings sees raids at five of its premises

The <keyword id="6357808" type="General" weightage="50" keywordseo="enforcement-directorate" source="Orion">Enforcement Directorate</keyword> Friday said it has attached a multi-storeyed commercial complex, worth more than Rs 252 crore, located in Delhi's <keyword id="138738" type="General" weightage="100" keywordseo="shalimar-bagh" source="Orion">Shalimar Bagh</keyword> area in connection with a money laundering investigation linked to an alleged bank fraud case against the <keyword id="692589" type="General" weightage="80" keywordseo="ambience-group" source="Orion">Ambience Group</keyword>. The immovable property is named <keyword id="16931757" type="General" weightage="80" keywordseo="ambience-tower" source="Orion">Ambience Tower</keyword> and it belongs to a company called Ambience Towers Pvt Ltd, a firm of the Ambience Group promoted by Raj Singh Gehlot, the agency said in a statement. A provisional order, under the Prevention of Money Laundering Act (PMLA), was issued by the ED to attach the commercial building worth a total Rs 252.17 crore. The money laundering case stems from an FIR and chargesheets filed by the Jammu and Kashmir anti-corruption bureau that found that a company named Aman Hospitality Pvt. Ltd, through its promoter director Gehlot, was sanctioned a term loan facility of Rs 810 crore by a consortium of banks led by J&amp;K Bank to part finance its hotel project in Shahdara, Delhi. "The loan amount later turned into an NPA. During the investigation, it was revealed that Gehlot had diverted loan funds and layered the same through a web of bank accounts belonging to his relatives and Ambience Group companies," the ED said. Apart from the diversion of funds, it was also found that Gehlot "diverted" materials to the other project sites of the Ambience Group, it said. Gehlot was arrested by the ED in September 2021 in this case. His wife Sheela Gehlot and other directors of the Ambience Group such as Amit Gehlot, Shamsher Singh and Pawan Singh were also named as accused in the chargesheets filed by the ED earlier. The agency earlier attached assets worth Rs 20.20 crore belonging to Raj Singh Gehlot, his family members and the Ambience Group companies. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/news/github-launches-ai-powered-copilot-x-adopts-openais-gpt-4-model/articleshow/98970047.cms">GitHub launches AI-powered Copilot X, adopts OpenAI's GPT-4 model</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/layoffs-coming-to-the-indian-it-sector-analysts-say-accentures-jobs-cuts-offers-a-blueprint/articleshow/98970175.cms">Layoffs coming to the Indian IT sector? Analysts say Accenture’s jobs cuts offers a ‘blueprint’</a>

You Searched For "the Enforcement Directorate" and got 6 results

Enforcement Directorate conducts searches against Franklin Templeton in Mumbai, Chennai

PTI

After Xiaomi, Vivo comes under the Enforcement Directorate’s scanner

Sourabh Jain

Enforcement Directorate files case against BBC for irregularities in foreign funds

ANI

RBI Could Have Taken Action Against Ponzi Companies: Enforcement Directorate

BI India Bureau

Yes Bank's top borrower Cox and Kings sees raids at five of its premises

PTI

Bank fraud: ED attaches ₹252 crore worth 'Ambience Tower' in Delhi's Shalimar Bagh

PTI

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