PMLA RULES
Andaman co-operative bank 'fraud' case: ED attaches semi-submarine tourist vessels, other assets
A fresh prosecution complaint (chargesheet) was also filed in the case on November 6 before a special Prevention of Money Laundering Act court located in Port Blair. A provisional order was issued under the PMLA on November 5 attaching a total of 35 immovable and five movable properties, the agency said in a statement. The total value of these assets is Rs 121.35 crore, the agency said.
ED alleges network of intermediaries sought to influence transfers, policy decisions in Punjab CMO
The Enforcement Directorate (ED) has alleged that a network of private intermediaries around the Punjab Chief Minister’s Office sought to influence government transfers, policy decisions, tenders, licensing and land approvals.
Delhi court grants 2-day transit remand for Mahadev app promoter Sourabh Chandrakar; Oman court had ordered his extradition on ED's request
Chandrakar was arrested on November 1 at 7.35 pm and produced before the court at around 11.45 am on Monday. The CBI told the court that he had been detained in Oman for illegal entry on forged travel documents and was subsequently surrendered to India by the Omani government. An open-ended non-bailable warrant issued against him by the CBI special court in Raipur was pending, and he has been charge-sheeted in the case.
Experts divided over Justice Kaul's criticism of ex-CJI Chandrachud's approach to judicial appointments
Sanjay Kishan Kaul has raised concerns regarding the judicial appointment approach of former Chief Justice D Y Chandrachud. Legal experts have expressed differing opinions on Kaul's criticisms, with some defending Chandrachud's tenure and others supporting Kaul. Senior advocates have highlighted issues related to judicial independence and the allocation of sensitive cases during Chandrachud's administration. While some praise his leadership, others suggest he was deferential to the government.
Congress cites ex-SC judge's memoir to flag 'serious questions' on independence of judiciary under Modi govt
The Congress has questioned judicial independence under the Modi government, citing a yet-to-be-released memoir by former Supreme Court judge Justice Sanjay Kishan Kaul. Jairam Ramesh flagged reported concerns over government involvement in judicial appointments and the reassignment of a bench hearing a money laundering law case.
ED moves SC against Delhi HC order quashing PMLA case against news portal NewsClick
The Enforcement Directorate has challenged a Delhi High Court ruling that dismissed a money laundering case against NewsClick. The high court determined that the FIR was an abuse of legal process after evaluating the evidence presented. The court found insufficient grounds for the allegations of violating Foreign Direct Investment guidelines. After extensive investigations, the ED did not find any incriminating evidence against the accused.
Ozone Urbana MD S Vasudevan remanded in ED custody in Rs 927-cr fraud case
S Vasudevan, chairman of Ozone Urbana Infra Developers, was arrested for alleged money laundering activities. The Enforcement Directorate claims he cheated homebuyers out of nearly Rs 927.22 crore by failing to deliver apartments. Investigations reveal that the company collected funds but did not refund deposits to buyers. The ED has also attached properties worth Rs 423.37 crore during the investigation.
ED's National Herald case cannot stand on a private complaint: Sonia, Rahul Gandhi tell Delhi HC
The Gandhis' reply say that the words "private complaint" appear nowhere in the PMLA. They call this case the only instance in India where ED has acted on a private citizen's complaint. That complaint was filed by BJP leader Subramanian Swamy back in 2013.
ED chief orders action against IBC frauds, large haircuts to promoters
The ED director has ordered increased action on IBC fraud cases. He also directed steps for police FIR delays in certain states. Investigators must now fast-track high-profile trials for speedy convictions. The agency will also pursue restitution of attached and confiscated assets. A cadre restructuring will enhance the ED's investigation capabilities.
Supreme Court to hear on Sep 15 IAS officer's plea to quash cognisance order in money laundering case
The Supreme Court will hear IAS officer Pooja Singhal's plea on September 15. She challenges a Jharkhand High Court order dismissing her petition. The plea seeks to quash a money laundering case cognisance order. Singhal was arrested by the Enforcement Directorate in May 2022. The case involves an alleged Rs 18 crore MGNREGA scam.
FIU-IND cracks down on 15 crypto platforms over money laundering rules
India's Financial Intelligence Unit has issued compliance notices to fifteen virtual digital asset service providers. These platforms are accused of violating the country's anti-money laundering framework and must now be taken down. Action targets both offshore and onshore crypto entities operating without proper registration. Virtual digital asset service providers were brought under the AML framework in March 2023.
Non-compliance notices issued to 15 Virtual Digital Asset service providers under PMLA
India's Financial Intelligence Unit issued notices to fifteen Virtual Digital Assets Service Providers. These firms operated without complying with anti-money laundering regulations in India. The Director of FIU-India also ordered the takedown of illegal applications and URLs. Fifteen firms were brought under the AML/CFT framework in March 2023. Virtual Digital Assets Service Providers must register with FIU-India and follow mandated obligations.
PMLA review pleas: CJI-led new bench to take up matter
A new three-member bench, led by Chief Justice of India Surya Kant, will hear review petitions challenging the Supreme Court's 2022 ruling that upheld key provisions of the Prevention of Money Laundering Act (PMLA). The bench, also including justices Joymalya Bagchi and V Mohana, was constituted after obtaining consent from all parties involved. This change was made to avoid disrupting other ongoing benches.
SC agrees to hear review pleas against 2022 verdict upholding ED powers under PMLA
The Supreme Court will hear review petitions challenging its 2022 judgment. These petitions question the Enforcement Directorate's powers under the PMLA law. Senior advocate Kapil Sibal argued for the review petitions' urgent hearing. The Centre opposes a wider review beyond specific issues. The court previously upheld key PMLA provisions and ED's arrest powers.
FIU slaps Rs 18.82 cr penalty on crypto exchange Binance
FIU imposes Rs 18.82 crore penalty on Binance for alleged anti-money laundering law violation.
Sebi updates guidelines on anti-money laundering norms
The development comes after the government amended the Prevention of Money Laundering (Maintenance of Records) Rules or PMLA rules in September.
FinMin tightens PMLA rules, brings partners with 10% stake under its purview
The finance ministry in India has tightened anti-money laundering rules by reducing the threshold for beneficial ownership from 15% to 10%. The new rules require partners with a 10% stake in a firm to be considered beneficial owners. The ministry also introduced the role of a "Principal Officer" responsible for providing information to the financial intelligence unit.
Home buyers to be asked for KYC, info on source of funds by real estate agent
The government has issued two notifications dated December 28, 2020, making it mandatory for real estate agents to maintain records of transactions facilitated by them under the PMLA rules. Here is a look at what has been amended, its impact on home buyers and sellers and what will happen if one does not comply with the rules.
Govt may widen money laundering act
Full-fledged money changers, casinos and offshore banks would have to comply with the PMLA rules.
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