News Analysis India

Tag: Enforcement Directorate

  • PMC Bank fraud: Enforcement Directorate arrests two after raids against Maharashtra MLA

    By PTI
    MUMBAI: The Enforcement Directorate has arrested two people following raids on the premises of a firm promoted by a Maharashtra MLA for alleged “illegal diversion of bank funds” in the Rs 4,300-crore PMC Bank fraud and money laundering case, official sources said on Saturday.

    On Friday, the agency searched five residential and business premises linked to the Viva Group, promoted by Bahujan Vikas Agadhi (BVA) party chief and MLA Hitendra Thakur, its associates and two of its financial consultants in the Vasai-Virar area of Maharashtra’s Palghar district and Andheri, Juhu and Chembur suburbs of Mumbai, the sources said.

    Mehul Thakur, managing director of the Viva Group, and Gopal Chaturvedi, a chartered accountant, were arrested under sections of the Prevention of Money Laundering Act (PMLA) after the raids.

    Action was taken against the two as they were allegedly not cooperating in the investigation.

    The ED will now seek their custody when they are produced before a local court in Mumbai on Saturday, the sources said.

    Rs 73 lakh cash, incriminating digital and documentary evidences were recovered during the operation.

    Thakur’s party had pledged the support of its three MLAs, including his legislator son Kshitij Thakur, to the Maha Vikas Aghadi (MVA) government led by Shiv Sena chief and Maharashtra chief minister Uddhav Thackeray.

    The NCP and the Congress are also part of the MVA.

    The central agency has filed a criminal case of money laundering to probe the alleged loan fraud in Punjab and Maharashtra Co-operative (PMC) Bank in October 2019 against Housing Development Infrastructure Ltd (HDIL), its promoters Rakesh Kumar Wadhawan, his son Sarang Wadhawan, its former chairman Waryam Singh and ex-managing director Joy Thomas.

    It took cognisance of a Mumbai Police economic offences wing FIR against them that charged them with causing “wrongful loss, prima facie to the tune of Rs 4,355 crore to PMC Bank and corresponding gains to themselves”.

    The raids were conducted to collect more evidence after it was found that the “Wadhawans in connivance with Viva Group have diverted more than Rs 160 crore from HDIL to many companies and entities belonging to Viva Group in the garb of commission”.

      “Source of these funds from HDIL to Viva Group is apparently the illegal fund diversion from PMC Bank,” the ED claimed in a statement issued on Friday.

    The agency said in a statement that it is also probing another instance involving the searched firm where the Wadhawans allegedly siphoned Rs 200 crore loan sanctioned by Yes Bank to a company called Mack Star Marketing Pvt Ltd.

    “This loan was siphoned by the Wadhawans by showing it for fictitious purpose,” it said.

    Yes Bank, its promoters and executives are being probed by the ED as part of a separate money laundering case linked to sanction of illegal loans to various entities.

    The ED had earlier questioned Varsha Raut, the wife of Shiv Sena MP Sanjay Raut, in the PMC case for alleged transfer of Rs 55 lakh suspect funds as “interest free loan” into her account by Madhuri Raut, the wife of Pravin Raut, another accused in the case.

  • Land deal: NCP leader Eknath Khadse arrives at ED office in Mumbai

    By PTI
    MUMBAI: NCP leader and former Maharashtra minister Eknath Khadse on Friday arrived at the Enforcement Directorate (ED) office here for recording his statement in a 2016 land deal case.

    Khadse was seen entering the central agencys office at Ballard Estate in South Mumbai around 11 am to appear before ED officials in connection with the land deal of his family in Bhosari area near Pune city.

    Talking to the media outside his home before leaving for the ED office, Khadse, a former BJP leader who joined the NCP last year, said he will cooperate with the agency.

    Policemen in large numbers were deployed outside the ED office and barricades were put to avoid any gathering by his supporters.

    Besides the Mumbai police, personnel from the SRPF were also deployed.

    Khadse (68) was summoned by the ED on December 30, but he skipped appearance citing health reasons.

    ED officials had agreed to give him 14 days time to appear before the agency.

    Earlier, the Maharashtra Anti-Corruption Bureau (ACB) had investigated the matter and submitted a closure report.

    The Income-Tax department also had sought information in the matter.

    Khadse had resigned from the then Devendra Fadnavis- led Maharashtra cabinet in 2016 after facing allegations regarding the same land deal.

    It was alleged that he misused his official powers to facilitate the purchase of government land by his family.

    Khadse has repeatedly denied any wrongdoing.

  • ED arrests former Rajya Sabha TMC MP KD Singh in money laundering case

    By PTI
    NEW DELHI: The Enforcement Directorate has arrested former TMC MP K D Singh in a money laundering case, official sources said on Wednesday.

    They said Singh has been placed under arrest under sections of the Prevention of Money Laundering Act (PMLA).

    The Trinamool Congress (TMC) party is led by West Bengal Chief Minister Mamata Banerjee and Singh is stated to be not involved in the party affairs for quite some time.

    The central probe agency had carried out searches at the premises of Singh and those linked to him in September, 2019 in connection with two PMLA cases.

    Singh has been the chairman of the Alchemist group and while he resigned from the post in 2012, he is stated to be the Chairman, Emeritus and founder of the business group.

    The ED is probing him as part of two money laundering cases.

  • Enforcement Directorate attaches Rs 2.80-crore assets in Rajasthan ponzi case

    By PTI
    NEW DELHI: The Enforcement Directorate (ED) has attached assets worth Rs 2.80 crore in connection with its money laundering probe linked to an alleged ponzi or chit fund scheme in Rajasthan.

    The central probe agency said the provisionally attached immovable properties are in the form 29 houses and agricultural lands located in Bhilwara district of the western Indian state and gold and jewellery held in the name of the accused company — Abhinav Gold International Marketing Pvt Ltd — and its directors.

    The value of the attached properties is Rs 2.80 crore, it said in a statement issued here.

    The ED case under the Prevention of Money Laundering Act was registered after the agency studied at least 15 FIRs field against the directors of the firm, Anil Birla and Murlidhar Birla, by the Rajasthan Police and Gujarat Police crime branch.

    They were charged by the police with cheating under various sections of the IPC and also the Money Circulation Scheme (Banning) Act of 1978.

    Probe found, the ED said, “Anil Birla amd Murlidhar Birla and others collected crores of rupees from the public between March, 2010-March, 2012.”

    “They have paid negligible amount through cheques to the investors,” the ED alleged.

    The “illegally collected” amount, it said, was deposited in various bank accounts of Abhinav Gold International Marketing Pvt Ltd and its directors.

    These amounts were further invested in immovable and movable properties which have now been attached, it said.