Featured India

India: Hawala dealer got Rs 565 crore as cuts for laundering money

In one of the biggest money laundering cases registered by it so far, the Enforcement Directorate has started attachment of assets of people associated with main accused Naresh Jain, a hawala dealer. Jain and his associates earned Rs 565 crore just through… Read More

Wirecard’s Indian Deal Started With ‘Fraud,’ U.K. Judges Say

A series of controversial deals that took place before Wirecard AG purchased an Indian business appeared to be an “evolving international fraud,” a panel of London judges said. The transactions in 2015 are being scrutinized in courts in London and Chennai, with the former minority holders of Hermes I-Tickets Private… Read More

UK court allows extradition of diamond billionaire Nirav Modi to India

A London court ruled on Thursday that billionaire Indian diamond magnate Nirav Modi could be extradited to his home country to face charges of fraud, money laundering and interfering with an investigation. Modi, whose diamonds have been worn by the likes of Kate Winslet and Dakota Johnson, was arrested in… Read More
23rd February 2021
With its plenary beginning on Monday (today), Pakistan may remain in the grey list of the Financial Action Task Force (FATF) though the authorities assert that the country qualifies to be moved out on merit. Background discussions with key officials and foreign diplomats suggest that the jury is divided —… Read More
22nd February 2021
Universities have been accused of inadvertently facilitating money laundering after a Times investigation found that they accepted millions of pounds in cash from students from “high-risk” countries. At least 49 British universities let students use banknotes to pay £52 million in fees over the past five years, including millions… Read More
17th February 2021
The Enforcement Directorate on Tuesday said it has attached over Rs 17 crore bank deposits in connection with its money laundering case against two entities of Amnesty International (India), the global human rights watchdog. The agency said in a statement that a provisional order has been issued under the Prevention… Read More
15th February 2021
India’s central bank said on Friday new investors who operate from jurisdictions not in compliance with the Financial Action Task Force (FATF) must hold less than 20% of the voting power in non-banking finance companies (NBFCs). In a bid to stop money laundering, the Reserve Bank of India (RBI) said… Read More
29th January 2021
Yes Bank co-founder Rana Kapoor has been arrested by the Enforcement Directorate (ED) in a new money laundering case. Kapoor’s arrest is in connection with a Rs. 4,300 Crore (£430 million) fraud at the Punjab and Maharashtra Cooperative (PMC) Bank in Maharashtra, officials say. The former… Read More
15th January 2021
Former Rajya Sabha MP KD Singh was on Wednesday arrested by the Enforcement Directorate (ED) in connection with a money laundering case. Reacting on the same, TMC MP Sougata Roy said, “I don’t want to comment. Neither is KD Singh with the TMC anymore nor he is a MP now.”… Read More
5th January 2021
Pakistan has arrested Zaki-ur-Rehman Lakhvi, a leader of armed group Lashkar-e-Taiba (LeT) – blamed by the United States and India for the 2008 Mumbai attacks, a counterterrorism official said. The arrest is in relation to “terrorism financing”, the official said on Saturday, and not a specific attack. “Proscribed organisation LeT… Read More
1st January 2021
Dealers of precious metals and stones will henceforth have to maintain records of cash transactions worth Rs 10 lakh or more cumulatively with a single customer. The finance ministry has notified such dealers in precious metals and stones and also real estate agents with over Rs 20 lakh turnover under… Read More
28th December 2020
The ED has summoned Varsha Raut, wife of Shiv Sena MP Sanjay Raut, for questioning in the PMC Bank money laundering case on December 29, officials said on Sunday. Varsha Raut has been asked to appear before the federal agency in Mumbai. This is the third summons issued to her… Read More
25th December 2020
The Enforcement Directorate (ED) has attached assets worth ₹4,109 crore in connection with a Ponzi scam involving ₹6,380 crore collected from over 32 lakh investors in six States. The agency had arrested three promoters of the Agri Gold Group of companies in the case earlier this week. The attached properties… Read More