PREVENTION OF MONEY LAUNDERING ACT

ed-gets-custody-of-wadhawan-brothers-in-dhfl-case

ED gets custody of Wadhawan brothers in DHFL case

ED has arrested DHFL promoters -- Kapil Wadhawan and his brother Dheeraj Wadhawan -- in connection with a money laundering case of Yes Bank. They were produced before a special PMLA court, which remanded them to ED’s custody till May 24.

 

Bombay HC had rejected their anticipatory bail plea on May 12 saying that custodial interrogation was needed because of the serious nature of allegations such as money laundering and the accused had entered into a conspiracy with several others, including Yes Bank promoter Rana Kapoor and his family members.

 

ED had initiated proceedings against Wadhawans based on an FIR registered by the CBI on March 7 against Kapoor for conspiracy, cheating and under relevant provisions of the Prevention of Corruption Act.

 

It is alleged that Yes Bank invested Rs 3,700 crore in short-term, non-convertible debentures of DHFL and Kapoor received Rs 600 crore as kickbacks from DHFL, in the form of loan advanced to two firms, DOIT Urban Ventures (India) Private Ltd and Morgan Credits Private Ltd.

15 May 2020
uppcl-pf-scam-cbi-questions-ias-officers-alok-kumar-and-aparna-u

UPPCL PF scam: CBI questions IAS officers Alok Kumar and Aparna U

The Central Bureau of Investigation (CBI) on Saturday examined two IAS officers Alok Kumar (1988), the then Chairman of Uttar Pradesh Power Corporation Limited (UPPCL) and Aparna U (2001), the then MD of UPPCL in connection with its ongoing probe into the Rs 2,268 crore Employee Provident Fund scandal in Uttar Pradesh.

 

CBI, on 05 March, registered an FIR against the former secretary of the UP State Power Sector Employees' Trust Pravin Kumar Gupta and former Director (Finance), UPPCL Sudhanshu Dwivedi for violating norms while investing Rs 2,631 crore of the trust's funds with a controversial private mortgage lender Dewan Housing Finance Corporation (DHFL), which is facing an ED probe on charges of money laundering.

10 May 2020
ed-gets-custody-of-wadhawan-brothers-in-dhfl-case

ED gets custody of Wadhawan brothers in DHFL case

By IndianMandarins 15 May 2020

ED has arrested DHFL promoters -- Kapil Wadhawan and his brother Dheeraj Wadhawan -- in connection with a money laundering case of Yes Bank. They were produced before a special PMLA court, which remanded them to ED’s custody till May 24.

 

Bombay HC had rejected their anticipatory bail plea on May 12 saying that custodial interrogation was needed because of the serious nature of allegations such as money laundering and the accused had entered into a conspiracy with several others, including Yes Bank promoter Rana Kapoor and his family members.

 

ED had initiated proceedings against Wadhawans based on an FIR registered by the CBI on March 7 against Kapoor for conspiracy, cheating and under relevant provisions of the Prevention of Corruption Act.

 

It is alleged that Yes Bank invested Rs 3,700 crore in short-term, non-convertible debentures of DHFL and Kapoor received Rs 600 crore as kickbacks from DHFL, in the form of loan advanced to two firms, DOIT Urban Ventures (India) Private Ltd and Morgan Credits Private Ltd.

uppcl-pf-scam-cbi-questions-ias-officers-alok-kumar-and-aparna-u

UPPCL PF scam: CBI questions IAS officers Alok Kumar and Aparna U

By IndianMandarins 10 May 2020

The Central Bureau of Investigation (CBI) on Saturday examined two IAS officers Alok Kumar (1988), the then Chairman of Uttar Pradesh Power Corporation Limited (UPPCL) and Aparna U (2001), the then MD of UPPCL in connection with its ongoing probe into the Rs 2,268 crore Employee Provident Fund scandal in Uttar Pradesh.

 

CBI, on 05 March, registered an FIR against the former secretary of the UP State Power Sector Employees' Trust Pravin Kumar Gupta and former Director (Finance), UPPCL Sudhanshu Dwivedi for violating norms while investing Rs 2,631 crore of the trust's funds with a controversial private mortgage lender Dewan Housing Finance Corporation (DHFL), which is facing an ED probe on charges of money laundering.

ex-ias-sooraj-in-ed's-grip

Ex-IAS Sooraj in ED's grip

By IndianMandarins 10 Jan 2019

The Enforcement Directorate on Wednesday attached properties worth Rs 8.8 crores belonging to former IAS officer T O Sooraj in a disproportionate assets case filed by state Vigilance and Anti-Corruption Bureau (VACB).

 

The action against the former senior bureaucrat of the state was taken under the Prevention of Money Laundering Act (PMLA).  Sooraj retired from the service a few months back.

 

A charge sheet was filed before a court in Muvattupuzha (Kerala) last year, saying the former PWD secretary Sooraj has amassed unaccounted assets to the tune of Rs 11 crore.

ed-says-choksi-diverted-fund-to-us,-italy,-japan,-uae,-hongkong

ED says Choksi diverted fund to US, Italy, Japan, UAE, Hongkong

By IndianMandarins 12 Sep 2018

Enforcement Directorate (ED) investigation has discovered that absconding jeweller Mehul Choksi diverted over Rs 32.50 billion funds, allegedly defrauded from a PNB branch in Mumbai, to foreign shores and he was in business of highly inflating prices of precious metals sold from his outlets.

The businessman has rejected the charges as baseless.

The agency is probing about Rs 130 billion alleged bank fraud that also involved his nephew Nirav Modi, said Choksi was using several dummy companies to rotate funds and to divert money for his personal use.

In its chargesheet, the Enforcement Directorate has said Choksi allegedly diverted $56.12 million (about Rs 4 billion) of loan funds to Nirav Modi and about USD 50 million (Rs 3.60 billion approx) to Modi's father Deepak Modi.

"For in-between transactions, dummy companies were used for layering purpose wherein only sale/purchase bills were created and no movement of goods used to take place. He has been doing this to project inflated turnover to avail higher banking facility," the Enforcement Directorate (ED) has said in its charge sheet filed against the absconding businessman who is in Antigua now a days.


The agency said it has detected that funds to the tune of Rs 32. 57 billion, that were obtained from PNB's Brady House branch in Mumbai, were "diverted" to countries like Thailand, the US, Belgium, UAE, Italy, Japan and Hong Kong and were deposited in group entity firms.

 

jha-appointed-member,-adjudicating-authority

Jha appointed Member, Adjudicating Authority

By IndianMandarins 12 Sep 2018

Vinodanand Jha (IRS) appointed as Member from the field of Finance/Accountancy in the Adjudicating Authority under Prevention of Money Laundering Act 2002. Currently he serves as Chief Commissioner, Income Tax.

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