Featured India

Over 30 lakh Indian bank accounts beneficiary of Chinese online gaming fraud

Sources told Deccan Chronicle that close to thirty lakh bank accounts across India are beneficiaries of the companies involved in the online gaming fraud, headquartered in China, to which payments, ranging from a few thousands to lakhs of rupees were made, after defrauding them of 10 times more than the… Read More

Reserve Bank of India Sets Out Guidelines on Bank Compliance Function

The RBI (Reserve Bank of India) has issued new guidelines on banks’ compliance functions and the appointment of their chief compliance officers (CCO). Banks are already required to have an effective compliance culture, an independent corporate compliance function and a strong compliance risk management programme at the bank and group… Read More

Ex-ICICI bank CEO Chanda Kochhar’s husband arrested

Businessman Deepak Kochhar and husband of former ICICI Bank CEO Chanda Kochhar has been arrested by the Enforcement Directorate for alleged money laundering in a deal between the bank and Videocon Group. He had been questioned since noon on Monday before he was arrested at night. The probe agency had… Read More
8th September 2020
India’s anti-money laundering agency fined Standard Chartered Plc 1 billion rupees ($13.6 million) for breaking foreign exchange rules when it worked on the takeover of a local bank, marking one of the country’s biggest penalties imposed on an overseas lender. An eight-year probe found that Standard Chartered violated the so-called… Read More
3rd September 2020
The Enforcement Directorate (ED) has arrested notorious “hawala” operator Naresh Jain, who along his accomplices is alleged to have facilitated illegal transactions involving more than ₹95,000 crore in India using over 600 bank accounts. The accused also got transferred about ₹11,500 crore overseas on various pretexts. It is alleged that… Read More
3rd September 2020
The UAE has made it mandatory for Hawala service providers in the country to register, as the country strengthens its anti-money laundering and counter terrorist financing (AML/CFT) framework, the Central Bank said in a statement on Monday. The announcement was made following the sixth meeting of the National Committee for… Read More
31st August 2020
The Enforcement Directorate has frozen Rs 46.96 crore in four bank accounts after raiding 15 locations across Delhi, Gurgaon, Mumbai and Pune after some companies were allegedly found running illegal online betting apps linked to China. The chartered accountants of these firms were also raided, the ED said in a… Read More
28th August 2020
Banks and financial institutions across South Asia need to redesign their processes to deal with cases of money laundering even as they are facing increased challenges in meeting heightened regulatory expectations, consultancy firm Deloitte said in its latest South Asia Anti-Money Laundering Preparedness Survey. The survey will be… Read More
27th August 2020
US authorities have charged three suspects involved in a large-scale tech support scam operation after FBI agents arrested one of their co-conspirators and turned him into an informant. Evidence provided by the informant along with court documents filed in the case provide an in-depth glimpse at the techniques and inner… Read More
26th August 2020
The Interpol has put out a Red Corner Notice, or a global arrest, warrant against Ami Modi, the wife of fraud-accused diamond merchant Nirav Modi. The notice has been issued in connection with money laundering cases registered against her in India. Ami Modi was last seen in the United States… Read More
24th August 2020
After the recent arrest of a Chinese businessman by the Income Tax authorities for money laundering, the Himachal Pradesh Police said it is also conducting investigations as “possible links” have emerged in the State. The businessman at the centre of the scam, identified as Charlie Peng, 43, alias Luo… Read More
19th August 2020
Indian taxpayers appear a step closer to reaping millions of dollars their fellow citizens have stashed illicitly in secrecy jurisdictions, following a recent landmark ruling against the elderly beneficiary of an undeclared Swiss bank account. Based on her declared taxable income of less than $4,000 in 2006, the powerful… Read More
18th August 2020
Mumbai: The Enforcement Directorate has told the Delhi High court that Sergio Cabral, the Brazilian politician who was jailed for corruption, had created dozens of shell companies in India and received $13.24 million in those accounts. The former Rio de Janeiro governor was arrested in November… Read More