Central investigation agencies today turned up the heat on embattled jewellery designer Nirav Modi in a huge bank fraud case, by seizing diamond and gold jewellery worth Rs 5,100 crore in nationwide searches and initiating the process for revoking his passport, officials said.&nbsp;

The CBI and the ED moved separate applications to the external affairs ministry seeking the revocation of passports of Modi and his maternal uncle Mehul Choksi, the promoter of Gitanjali jewellery chain, both accused in the 280-crore bank fraud case the officials said.&nbsp;

Also read: <a href="http://www.wionews.com/business-economy/punjab-national-bank-loses-rs-8000-crore-market-cap-in-2-days-six-times-its-annual-profit-32991" target="_blank">PNB loses Rs 8,000 crore market cap in 2 days, six times its annual profit</a>

Also read: <a href="http://www.wionews.com/india-news/pnb-scam-nirav-modi-left-india-on-january-1-say-officials-32966" target="_blank">Nirav Modi left India on January 1, ED asks for passport to be revoked</a>

Also read:&nbsp;<a href="http://www.wionews.com/india-news/scam-began-in-2011-bank-discovered-it-in-january-2018-pnb-md-32969" target="_blank">Scam began in 2011, bank discovered it in January 2018, says&nbsp;PNB MD</a>

Also read:&nbsp;<a href="http://www.wionews.com/india-news/who-is-nirav-modi-the-billionaire-jeweller-at-centre-of-rs-11000-crore-scam-32970" target="_blank">Who is Nirav Modi, the billionaire jeweller at centre of Rs 11,400 crore PNB scam</a>

The Central Bureau of Investigation (CBI) completed the analysis of computers seized from premises linked to him and was going through the two fresh complaints received from Punjab National Bank (PNB) on Tuesday that it had been defrauded of Rs 11,400 crore to decide its future course of action.&nbsp;

The day for companies and outlets owned or partnered by the 46-year-old diamond merchant, who has fled the country on January 1, began with the Enforcement Directorate (ED) carrying out searches at properties linked to him in Mumbai, Delhi and Gujarat and claiming to have seized gold and diamond jewellery and precious stones worth Rs 5,100 crore.

As many as 17 locations in Delhi, Mumbai, Hyderabad, Jaipur and Surat were raided by the ED after the agency filed a Rs 280-crore money laundering case against Modi, his wife Ami, brother Nishal and Choksi yesterday, following a complaint by the bank. ED officials, speaking on condition of anonymity, said five properties belonging to Modi and the other accused in Mumbai were sealed by the agency.&nbsp;

The ED has also written to the Income Tax department for sharing all documents seized by it during raids on January last year from premises linked to Modi and his associates.&nbsp;

The ED filed the case under the Prevention of Money Laundering Act (PMLA) after going through a CBI FIR registered on January 31. The agency also went through the PNB complaint that was made out against Nirav Modi and others.&nbsp;

The ED, they said, would probe if the allegedly defrauded bank funds were laundered and these proceeds of crime were subsequently used by the accused to create illegal assets and black money.&nbsp;

Modi, a regular feature on the lists of rich and famous Indians since 2013, was booked by the CBI, along with wife, brother and Choksi on January 31, for allegedly cheating the state-run bank to the tune of Rs 280 crore.&nbsp;

The bank has sent two more complaints to the CBI on Tuesday, saying the scam was worth more than Rs 11,400 crore.&nbsp;

In a related development, the CBI officials said Modi and other members of his family, who fled the country last month, allegedly made fraudulent transactions of over Rs 11,400 crore through 150 letters of understanding issued by the bank.&nbsp;

Modi, who holds an Indian passport, left India on January 1, while his brother Nishal, a Belgian citizen, also left the country on the same day.&nbsp;

However, whether they travelled together has to be probed, they said. Modi&#39;s wife Ami, a US citizen, left on January 6 and his uncle Choksi departed on January 4, the officials said.&nbsp;

The bank became suspicious only on January 16 when the accused companies &mdash; Diamond R US, Solar Exports and Stellar Diamonds (all accused in the CBI FIR) &mdash; approached it with import documents and a request to issue Letters of Understanding (LoUs) for raising buyers&#39; credit for making payments to the overseas suppliers.&nbsp;

The bank, however, could not find any past entries in the system, the FIR has alleged. It approached the CBI on January 29 with a complaint of Rs 280 crore fraud, officials said. Modi, who is believed to be in Switzerland, was also present in a group photograph of Indian CEOs with Prime Minister Narendra Modi, issued by the Press Information Bureau, during the World Economic Forum on January 23, six days before the bank sent its first complaint against him to the CBI, according to the officials.&nbsp;

The agency immediately swung into action registering an FIR on January 31 followed by searches at 20 locations in Mumbai and Surat and issued a lookout circular on February 4 against Nirav Modi and three absconding accused, they said.&nbsp;

A lookout circular is issued by enforcement agencies to all exit and entry ports to inform them about the movement of an accused. The question why the PNB did not send one complaint to the CBI and decided to give separately is also under the scanner of the agency, they said.&nbsp;

The agency is analysing the fresh complaints and will take a call whether to register fresh FIRs or expand the ambit of the existing FIR related to fraudulent transactions of worth Rs 280 crore, they said. In these cases, the bank has alleged that the LOUs were issued to Hong Kong-based branches of Allahabad Bank and Axis Bank, they said.

ED carrying out searches at properties linked to him in Mumbai, Delhi and Gujarat and claiming to have seized gold and diamond jewellery and precious stones worth Rs 5,100 crore

Central investigation agencies today turned up the heat on embattled jewellery designer Nirav Modi in a huge bank fraud case, by seizing diamond and gold jewellery worth Rs 5,100 crore in nationwide searches and initiating the process for revoking his passport, officials said. The CBI and the ED moved separate applications to the external affairs ministry seeking the revocation of passports of Modi and his maternal uncle Mehul Choksi, the promoter of Gitanjali jewellery chain, both accused in the 280-crore bank fraud case the officials said. Also read: PNB loses Rs 8,000 crore market cap in 2 days, six times its annual profit Also read: Nirav Modi left India on January 1, ED asks for passport to be revoked Also read: Scam began in 2011, bank discovered it in January 2018, says PNB MD Also read: Who is Nirav Modi, the billionaire jeweller at centre of Rs 11,400 crore PNB scam The Central Bureau of Investigation (CBI) completed the analysis of computers seized from premises linked to him and was going through the two fresh complaints received from Punjab National Bank (PNB) on Tuesday that it had been defrauded of Rs 11,400 crore to decide its future course of action. The day for companies and outlets owned or partnered by the 46-year-old diamond merchant, who has fled the country on January 1, began with the Enforcement Directorate (ED) carrying out searches at properties linked to him in Mumbai, Delhi and Gujarat and claiming to have seized gold and diamond jewellery and precious stones worth Rs 5,100 crore. As many as 17 locations in Delhi, Mumbai, Hyderabad, Jaipur and Surat were raided by the ED after the agency filed a Rs 280-crore money laundering case against Modi, his wife Ami, brother Nishal and Choksi yesterday, following a complaint by the bank. ED officials, speaking on condition of anonymity, said five properties belonging to Modi and the other accused in Mumbai were sealed by the agency. The ED has also written to the Income Tax department for sharing all documents seized by it during raids on January last year from premises linked to Modi and his associates. The ED filed the case under the Prevention of Money Laundering Act (PMLA) after going through a CBI FIR registered on January 31. The agency also went through the PNB complaint that was made out against Nirav Modi and others. The ED, they said, would probe if the allegedly defrauded bank funds were laundered and these proceeds of crime were subsequently used by the accused to create illegal assets and black money. Modi, a regular feature on the lists of rich and famous Indians since 2013, was booked by the CBI, along with wife, brother and Choksi on January 31, for allegedly cheating the state-run bank to the tune of Rs 280 crore. The bank has sent two more complaints to the CBI on Tuesday, saying the scam was worth more than Rs 11,400 crore. In a related development, the CBI officials said Modi and other members of his family, who fled the country last month, allegedly made fraudulent transactions of over Rs 11,400 crore through 150 letters of understanding issued by the bank. Modi, who holds an Indian passport, left India on January 1, while his brother Nishal, a Belgian citizen, also left the country on the same day. However, whether they travelled together has to be probed, they said. Modi's wife Ami, a US citizen, left on January 6 and his uncle Choksi departed on January 4, the officials said. The bank became suspicious only on January 16 when the accused companies — Diamond R US, Solar Exports and Stellar Diamonds (all accused in the CBI FIR) — approached it with import documents and a request to issue Letters of Understanding (LoUs) for raising buyers' credit for making payments to the overseas suppliers. The bank, however, could not find any past entries in the system, the FIR has alleged. It approached the CBI on January 29 with a complaint of Rs 280 crore fraud, officials said. Modi, who is believed to be in Switzerland, was also present in a group photograph of Indian CEOs with Prime Minister Narendra Modi, issued by the Press Information Bureau, during the World Economic Forum on January 23, six days before the bank sent its first complaint against him to the CBI, according to the officials. The agency immediately swung into action registering an FIR on January 31 followed by searches at 20 locations in Mumbai and Surat and issued a lookout circular on February 4 against Nirav Modi and three absconding accused, they said. A lookout circular is issued by enforcement agencies to all exit and entry ports to inform them about the movement of an accused. The question why the PNB did not send one complaint to the CBI and decided to give separately is also under the scanner of the agency, they said. The agency is analysing the fresh complaints and will take a call whether to register fresh FIRs or expand the ambit of the existing FIR related to fraudulent transactions of worth Rs 280 crore, they said. In these cases, the bank has alleged that the LOUs were issued to Hong Kong-based branches of Allahabad Bank and Axis Bank, they said.

PNB scam: ED, CBI turn up heat on Nirav Modi; jewellery worth Rs 5,100 cr seized

The Enforcement Directorate (ED) has summoned Trinamool Congress MP KD Singh in connection with its money laundering probe into an alleged ponzi scam case pegged at over&nbsp;Rs.&nbsp;1,900 crore. 
 
According to official sources, Singh, the TMC&#39;s Rajya Sabha member, has been summoned in New Delhi today by the investigating officer (IO) of the case. 
 
The Member of Parliament (MP) has been summoned under the provisions of the Prevention of Money Laundering Act (PMLA) and the IO is expected to record his statement, they said. 
 
A phone call and an SMS sent by PTI to the TMC MP went unanswered. 
 
The ED&#39;s probe against&nbsp;Singh and his firm Alchemist Infra Realty Limited dates back to September 2016 when it filed a criminal case under the PMLA taking cognisance of a charge sheet filed against the company, its directors and others by market regulator SEBI. 
 
It is alleged that the company launched an illegal &#39;collective investment scheme&#39;, also called a ponzi or chit fund scheme, and mobilised funds of about&nbsp;Rs.&nbsp;1,916 crore from the public in the years preceding 2015. 
 
The firm allegedly launched the scheme &quot;without the approval&quot; of the SEBI and led to cheating of gullible investors. 
 
In 2015, the firm had informed the SEBI that it had refunded&nbsp;Rs.&nbsp;1,077 crore after the market regulator&#39;s investigation and had sought more time to restore the rest of the amount, which was turned down by the SEBI. 
 
Subsequently, a charge sheet was filed by it before the Patiala House court here in 2016.

The ED has questioned a number of officials and people linked to the realty firm and it now wants to question the MP as it is alleged that he was the &quot;main person&quot; behind these operations. 
 
The central probe agency has also written to banks, the Registrar of Companies and the income tax department to obtain more information about the financial transactions of the company and those associated with it, sources said.

According to official sources, Singh, the TMC's Rajya Sabha member, has been summoned in New Delhi today by the investigating officer (IO) of the case.

The Enforcement Directorate (ED) has summoned Trinamool Congress MP KD Singh in connection with its money laundering probe into an alleged ponzi scam case pegged at over Rs. 1,900 crore. According to official sources, Singh, the TMC's Rajya Sabha member, has been summoned in New Delhi today by the investigating officer (IO) of the case. The Member of Parliament (MP) has been summoned under the provisions of the Prevention of Money Laundering Act (PMLA) and the IO is expected to record his statement, they said. A phone call and an SMS sent by PTI to the TMC MP went unanswered. The ED's probe against Singh and his firm Alchemist Infra Realty Limited dates back to September 2016 when it filed a criminal case under the PMLA taking cognisance of a charge sheet filed against the company, its directors and others by market regulator SEBI. It is alleged that the company launched an illegal 'collective investment scheme', also called a ponzi or chit fund scheme, and mobilised funds of about Rs. 1,916 crore from the public in the years preceding 2015. The firm allegedly launched the scheme "without the approval" of the SEBI and led to cheating of gullible investors. In 2015, the firm had informed the SEBI that it had refunded Rs. 1,077 crore after the market regulator's investigation and had sought more time to restore the rest of the amount, which was turned down by the SEBI. Subsequently, a charge sheet was filed by it before the Patiala House court here in 2016. The ED has questioned a number of officials and people linked to the realty firm and it now wants to question the MP as it is alleged that he was the "main person" behind these operations. The central probe agency has also written to banks, the Registrar of Companies and the income tax department to obtain more information about the financial transactions of the company and those associated with it, sources said.

ED summons Trinamool Congress lawmaker in Rs 1,900 crore ponzi scam probe

Investigating agencies have&nbsp;learned&nbsp;about&nbsp;underworld don&nbsp;Dawood&nbsp;Ibrahim&#39;s&nbsp;Corporate Money Transfer Network, which is very different from orthodox&nbsp;hawala&nbsp;channels.&nbsp;

Ibrahim&nbsp;has been laundering money&nbsp;through&nbsp;various shell companies instead of&nbsp;hawala, the traditional means to transfer funds illegally.&nbsp;

These companies are registered&nbsp;on&nbsp;the names of close aides,&nbsp;relatives&nbsp;and&nbsp;a&nbsp;few&nbsp;trustworthy&nbsp;businessmen.&nbsp;

These shell companies&nbsp;operate out of&nbsp;Nepal, Bangladesh&nbsp;and&nbsp;Mauritius,&nbsp;and have offices in&nbsp;tax-friendly&nbsp;countries.&nbsp;

Income from illegal businesses and trades like extortion or drugs are moved out of&nbsp;the&nbsp;country&nbsp;through these companies which do not have a direct criminal record,&nbsp;but&nbsp;are&nbsp;used only to transfer funds from one country to another.&nbsp;

To avoid problems in dealing with cash, D Company, as&nbsp;Dawood Ibrahim&#39;s crime network&nbsp;is&nbsp;colloquially&nbsp;referred to,&nbsp;operates&nbsp;through all legitimate financial transactions like cheques and RTGS.&nbsp;

&nbsp;These shell companies operate only on paper and records loss in its balance-sheet to evade tax.&nbsp;

To look after the transactions of these Shell companies, Dawood has appointed a group of&nbsp;management graduates&nbsp;who do not have any criminal background and a team of about 15&nbsp;chartered&nbsp;accountants&nbsp;(CAs)&nbsp;based&nbsp;in Karachi&nbsp;in Pakistan.&nbsp;&nbsp;

A core team of these&nbsp;management graduates&nbsp;and CAs submit&nbsp;its&nbsp;report&nbsp;to&nbsp;Ibrahim&#39;s associate,&nbsp;Chhota&nbsp;Shakeel,&nbsp;who later updates the crime syndicate head.&nbsp;

Indian agencies like&nbsp;enforcement&nbsp;directorate&nbsp;(ED)&nbsp;and Directorate of Revenue Intelligence&nbsp;are to&nbsp;investigate&nbsp;into&nbsp;Ibrahim&#39;s&nbsp;properties and such suspected shell companies.&nbsp;

ED may soon record the statement of&nbsp;gangster&nbsp;Iqbal&nbsp;Kaskar,&nbsp;who is in judicial custody now, in this connection.&nbsp;

Most of these firms operate out of Nepal, Bangladesh, Mauritius

Investigating agencies have learned about underworld don Dawood Ibrahim's Corporate Money Transfer Network, which is very different from orthodox hawala channels. Ibrahim has been laundering money through various shell companies instead of hawala, the traditional means to transfer funds illegally. These companies are registered on the names of close aides, relatives and a few trustworthy businessmen. These shell companies operate out of Nepal, Bangladesh and Mauritius, and have offices in tax-friendly countries. Income from illegal businesses and trades like extortion or drugs are moved out of the country through these companies which do not have a direct criminal record, but are used only to transfer funds from one country to another. To avoid problems in dealing with cash, D Company, as Dawood Ibrahim's crime network is colloquially referred to, operates through all legitimate financial transactions like cheques and RTGS. These shell companies operate only on paper and records loss in its balance-sheet to evade tax. To look after the transactions of these Shell companies, Dawood has appointed a group of management graduates who do not have any criminal background and a team of about 15 chartered accountants (CAs) based in Karachi in Pakistan. A core team of these management graduates and CAs submit its report to Ibrahim's associate, Chhota Shakeel, who later updates the crime syndicate head. Indian agencies like enforcement directorate (ED) and Directorate of Revenue Intelligence are to investigate into Ibrahim's properties and such suspected shell companies. ED may soon record the statement of gangster Iqbal Kaskar, who is in judicial custody now, in this connection.

Even underworld don Dawood uses shell companies for money transfer

The Punjab and Haryana <a href="http://www.wionews.com/india-news/delhi-high-court-reserves-order-in-honeypreets-bail-plea-20684" target="_blank">High Court</a> has ordered the Income Tax and Enforcement Directorate to investigate on the movable and immovable properties of the <a href="http://www.wionews.com/india-news/600-skeletons-found-in-dera-chief-ram-rahims-headquarters-20450" target="_blank">Dera Sacha Sauda</a>. &nbsp;

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Punjab&amp;Haryana HC order Income Tax &amp; ED to conduct probe in properties movable/immovable relating to Dera of Ram Rahim: Petitioner&#39;s lawyer <a href="https://t.co/mHVzPg3prs">pic.twitter.com/mHVzPg3prs</a>
&mdash; ANI (@ANI) <a href="https://twitter.com/ANI/status/912954067701325824">September 27, 2017</a></blockquote>
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The High Court has asked the court commissioner who conducted a search of all the properties of Dera Sacha Sauda to submit a copy of the report to&nbsp;Government of India.

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High Court asked Court Commissioner who searched all the premises of Dera to supply a copy of the report to the GoI also:Petitioner&#39;s lawyer
&mdash; ANI (@ANI) <a href="https://twitter.com/ANI/status/912954468118945792">September 27, 2017</a></blockquote>
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The High Court of the two states has also ordered that separate tribunals will be constituted for each of the states.

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Punjab and Haryana HC ordered that there will be two tribunals constituted, one for Punjab, other for Haryana: Petitioner&#39;s lawyer <a href="https://twitter.com/hashtag/RamRahim?src=hash">#RamRahim</a> <a href="https://t.co/ba1P2lmEy9">pic.twitter.com/ba1P2lmEy9</a>
&mdash; ANI (@ANI) <a href="https://twitter.com/ANI/status/912955186103988224">September 27, 2017</a></blockquote>
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The tribunals will investigate the claims made by people and will further decide the amount to be paid to them.&nbsp; 


&nbsp;

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These tribunals will examine if the claims made by ppl are genuine; if it is then how much amount are they entitled: Petitioner&#39;s lawyer <a href="https://t.co/r78ZlwT5b8">pic.twitter.com/r78ZlwT5b8</a>
&mdash; ANI (@ANI) <a href="https://twitter.com/ANI/status/912955615965618182">September 27, 2017</a></blockquote>
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&nbsp;( Also read: <a href="http://www.wionews.com/india-news/he-exposed-dera-sacha-saudas-truth-in-2002-was-shot-down-anshul-slain-journalists-son-19602" target="_blank">WION Web Exclusive: &#39;My father was shot for exposing Ram Rahim, but his readers helped me&#39;</a>)&nbsp;

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After this report comes, then the Punjab and Haryana High Court will finally decide as to how much amount has to paid: Petitioner&#39;s lawyer
&mdash; ANI (@ANI) <a href="https://twitter.com/ANI/status/912955967024672768">September 27, 2017</a></blockquote>
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&nbsp;

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The Punjab and Haryana High Court has ordered the Income Tax and Enforcement Directorate to investigate on the movable and immovable properties of the Dera Sacha Sauda

The Punjab and Haryana High Court has ordered the Income Tax and Enforcement Directorate to investigate on the movable and immovable properties of the Dera Sacha Sauda. Punjab&Haryana HC order Income Tax & ED to conduct probe in properties movable/immovable relating to Dera of Ram Rahim: Petitioner's lawyer pic.twitter.com/mHVzPg3prs — ANI (@ANI) September 27, 2017 × The High Court has asked the court commissioner who conducted a search of all the properties of Dera Sacha Sauda to submit a copy of the report to Government of India. High Court asked Court Commissioner who searched all the premises of Dera to supply a copy of the report to the GoI also:Petitioner's lawyer — ANI (@ANI) September 27, 2017 × The High Court of the two states has also ordered that separate tribunals will be constituted for each of the states. Punjab and Haryana HC ordered that there will be two tribunals constituted, one for Punjab, other for Haryana: Petitioner's lawyer #RamRahim pic.twitter.com/ba1P2lmEy9 — ANI (@ANI) September 27, 2017 × The tribunals will investigate the claims made by people and will further decide the amount to be paid to them. These tribunals will examine if the claims made by ppl are genuine; if it is then how much amount are they entitled: Petitioner's lawyer pic.twitter.com/r78ZlwT5b8 — ANI (@ANI) September 27, 2017 × ( Also read: WION Web Exclusive: 'My father was shot for exposing Ram Rahim, but his readers helped me') After this report comes, then the Punjab and Haryana High Court will finally decide as to how much amount has to paid: Petitioner's lawyer — ANI (@ANI) September 27, 2017 ×

HC orders investigation on Dera Sacha Sauda properties

The Enforcement Directorate on Sunday arrested Aslam Wani, close aide of Separatist leader Shabir Shah from Srinagar, in connection with terror funding case.

Wani will be brought to Delhi today.

Earlier, the ED remand of Shabir Shah, a Democratic Freedom Party (DFP) chairman, was extended for six days.

This came after the Enforcement Directorate submitted an application before a Delhi court for further remand of Shah.

In its remand application, the ED submitted before the court that Shah is in continuous contact with anti national elements/ terrorists residing in Pakistan in garb of the Kashmir issue.

On July 26, Shah was produced in the Patiala House Court, following which he was sent to a seven-day ED custody.

On July 25, Shah was arrested from his residence, where he was under house detention for a very long time, in Jammu and Kashmir&#39;s Srinagar.

The National Investigation Agency (NIA) has been tough on Separatists regarding the alleged funding by Pakistan for illegal activities in Kashmir.

On July 24, the NIA arrested seven separatists over money laundering charges, for funding terror in the Kashmir Valley.

All seven separatist leaders - Altaf Shah, Ayaz Akbar, Peer Saifullah, Mehraj Kalwal, Shahid-ul-Islam, Naeem Khan and Bitta Karate - were later sent to 10-day NIA custody.

The accused have been charged under various sections of the Indian Penal Code (IPC) and the Unlawful Activities (Prevention) Act.

The NIA visited Srinagar in May to probe the alleged funding by Pakistan for illegal activities in Kashmir, and questioned several Separatist leaders on the issue of raising, collecting and transferring funds via the Hawala route and other channels to fund terror activities in Kashmir.

Wani, arrested in connection with terror funding case, will be brought to Delhi today

The Enforcement Directorate on Sunday arrested Aslam Wani, close aide of Separatist leader Shabir Shah from Srinagar, in connection with terror funding case. Wani will be brought to Delhi today. Earlier, the ED remand of Shabir Shah, a Democratic Freedom Party (DFP) chairman, was extended for six days. This came after the Enforcement Directorate submitted an application before a Delhi court for further remand of Shah. In its remand application, the ED submitted before the court that Shah is in continuous contact with anti national elements/ terrorists residing in Pakistan in garb of the Kashmir issue. On July 26, Shah was produced in the Patiala House Court, following which he was sent to a seven-day ED custody. On July 25, Shah was arrested from his residence, where he was under house detention for a very long time, in Jammu and Kashmir's Srinagar. The National Investigation Agency (NIA) has been tough on Separatists regarding the alleged funding by Pakistan for illegal activities in Kashmir. On July 24, the NIA arrested seven separatists over money laundering charges, for funding terror in the Kashmir Valley. All seven separatist leaders - Altaf Shah, Ayaz Akbar, Peer Saifullah, Mehraj Kalwal, Shahid-ul-Islam, Naeem Khan and Bitta Karate - were later sent to 10-day NIA custody. The accused have been charged under various sections of the Indian Penal Code (IPC) and the Unlawful Activities (Prevention) Act. The NIA visited Srinagar in May to probe the alleged funding by Pakistan for illegal activities in Kashmir, and questioned several Separatist leaders on the issue of raising, collecting and transferring funds via the Hawala route and other channels to fund terror activities in Kashmir.

Separatist Shabir Shah?s aide Aslam Wani arrested from Srinagar

The enforcement directorate raided the premises of some 300 shell companies Saturday morning, the Press Trust of India reported.&nbsp;

The raids were conducted at a 100 locations&nbsp;across 16 states.&nbsp;

PTI reported that raids were conducted in the cities of&nbsp;Delhi, Chennai, Kolkata, Chandigarh, Patna, Ranchi, Ahmedabad, Bhubaneswar, and Bengaluru among others.&nbsp;

Officials said the raids were carried out under the provisions of the Prevention of Money Laundering Act (PMLA) and the Foreign Exchange Management Act (FEMA) to check money laundering and illegal foreign exchange transactions.&nbsp;

The ED has recently attached the assets of these firms; the assets are reportedly worth crores.&nbsp;

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ED is conducting nationwide searches under FEMA &amp; PMLA in 16 states at over 100 premises in relation to 300 shell companies. <a href="https://t.co/tq9ZgCRDBo">pic.twitter.com/tq9ZgCRDBo</a>
&mdash; ANI (@ANI_news) <a href="https://twitter.com/ANI_news/status/848098265396424704">April 1, 2017</a></blockquote>
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The order to raid the alleged shell firms was issued a few weeks ago from the Prime Ministers Office (PMO).&nbsp;

A shell company is defined as &quot;a non-trading company used as a vehicle for various financial manoeuvres or kept dormant for future use in some other capacity&quot;.

(WION with inputs from PTI)

The enforcement directorate raided the premises of about 300 alleged shell companies in as many as nine cities

The enforcement directorate raided the premises of some 300 shell companies Saturday morning, the Press Trust of India reported. The raids were conducted at a 100 locations across 16 states. PTI reported that raids were conducted in the cities of Delhi, Chennai, Kolkata, Chandigarh, Patna, Ranchi, Ahmedabad, Bhubaneswar, and Bengaluru among others. Officials said the raids were carried out under the provisions of the Prevention of Money Laundering Act (PMLA) and the Foreign Exchange Management Act (FEMA) to check money laundering and illegal foreign exchange transactions. The ED has recently attached the assets of these firms; the assets are reportedly worth crores. ED is conducting nationwide searches under FEMA & PMLA in 16 states at over 100 premises in relation to 300 shell companies. pic.twitter.com/tq9ZgCRDBo — ANI (@ANI_news) April 1, 2017 × The order to raid the alleged shell firms was issued a few weeks ago from the Prime Ministers Office (PMO). A shell company is defined as "a non-trading company used as a vehicle for various financial manoeuvres or kept dormant for future use in some other capacity". (WION with inputs from PTI)

Crackdown on shell companies begins, ED raids 100 locations in 16 states

Enforcement Directorate (ED) today conducted searches at 40 locations across the country in order to check black money held with currency exchanges, hawala dealers and others in the wake of the demonetisation of Rs 500 and Rs 1000 notes.

Officials said the searches are being conducted by multiple teams of the agency in various cities and as many as 100 sleuths along with police personnel are undertaking the search operation.

In the eastern region, the agency is searching at least 16 locations including six in Kolkata, two each in Bhubaneswar and Paradip (both in Odisha), Guwahati among others.

The sleuths from the Kolkata zone of the ED have also seized Rs 10 lakh cash in new currency from the premises of a doctor in the West Bengal capital during the said operation, even as an assortment of foreign currency worth Rs 4 lakh has been seized from the same area.

They said the agency is looking at instances of illegal exchange of old currency and stashing of new currency notes to perpetrate &quot;hawala&quot; and money laundering-like activities.

ED is the central agency to enforce two laws -- the Foreign Exchange Management Act (FEMA) and the Prevention of Money Laundering Act (PMLA).&nbsp;

(PTI)

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Enforcement Directorate conducted searches at 40 locations to check black money held with currency exchanges, hawala dealers

Enforcement Directorate (ED) today conducted searches at 40 locations across the country in order to check black money held with currency exchanges, hawala dealers and others in the wake of the demonetisation of Rs 500 and Rs 1000 notes. Officials said the searches are being conducted by multiple teams of the agency in various cities and as many as 100 sleuths along with police personnel are undertaking the search operation. In the eastern region, the agency is searching at least 16 locations including six in Kolkata, two each in Bhubaneswar and Paradip (both in Odisha), Guwahati among others. The sleuths from the Kolkata zone of the ED have also seized Rs 10 lakh cash in new currency from the premises of a doctor in the West Bengal capital during the said operation, even as an assortment of foreign currency worth Rs 4 lakh has been seized from the same area. They said the agency is looking at instances of illegal exchange of old currency and stashing of new currency notes to perpetrate "hawala" and money laundering-like activities. ED is the central agency to enforce two laws -- the Foreign Exchange Management Act (FEMA) and the Prevention of Money Laundering Act (PMLA). (PTI)

Demonetisation: ED acts against black money dealers, raids 40 locations

After India&#39;s Central Bureau of Investigation (CBI), the Enforcement Directorate (ED) has now registered a money laundering case to probe the alleged payment of USD 5.7 million kickbacks in the 2008 Embraer aircraft deal.

Officials said the agency has filed a criminal complaint under provisions of the Prevention of Money Laundering Act (PMLA) based on a CBI FIR filed in this case last month.

They said the agency will now begin issuing summons to the accused.

The CBI had booked NRI arms dealer Vipin Khanna and two companies - Brazil-based Embraer and Singapore-based Interdev Pte Ltd--over alleged payment of commission in the aircraft deal with Embraer worth USD 210 million.

It is alleged that the kickbacks were allegedly routed from Embraer subsidiaries to Khanna through Interdev in three installments of USD 1.92 million each in 2009.

Sources had also said that it is alleged that the commission in the deal was routed through Austria and Switzerland.

A Brazilian newspaper had recently alleged that the aviation company had taken the services of middlemen to clinch deals in Saudi Arabia and India following which Defence Ministry had ordered an inquiry into the matter.

Involvement of middlemen in defence deals is strictly barred under the Indian law.

CBI had registered a preliminary enquiry in the case on September 16, 2016 at the request of DRDO to probe allegations regarding employment of an agent for facilitating the contract for Airborne Early Warning and Control System (AWACS) project for procurement of three fully modified EMB-145 Aircraft.

Embraer has been under investigation by the US Justice Department since 2010 when a contract with the Dominican Republic raised US suspicions, the report in Brazilian newspaper said.

Since then, the investigation has widened to examine its business dealings with eight more countries.

After the CBI Preliminary Enquiry (PE) was registered, Embraer had issued a statement saying: &quot;Since 2011, Embraer has publicly reported that it has been conducting an extensive internal investigation and cooperating with the authorities on investigations regarding alleged violations of the FCPA.

&quot;The company voluntarily expanded the scope of the investigation, systematically reporting the progress of the case to the market.

&quot;The company is not party of the legal proceedings in Brazil. Therefore, it does not have access to the information contained therein,&quot; it had said.

(PTI)

The ED seeks a probe in the alleged payment of USD 5.7 million kickbacks in the 2008 Embraer aircraft deal

After India's Central Bureau of Investigation (CBI), the Enforcement Directorate (ED) has now registered a money laundering case to probe the alleged payment of USD 5.7 million kickbacks in the 2008 Embraer aircraft deal. Officials said the agency has filed a criminal complaint under provisions of the Prevention of Money Laundering Act (PMLA) based on a CBI FIR filed in this case last month. They said the agency will now begin issuing summons to the accused. The CBI had booked NRI arms dealer Vipin Khanna and two companies - Brazil-based Embraer and Singapore-based Interdev Pte Ltd--over alleged payment of commission in the aircraft deal with Embraer worth USD 210 million. It is alleged that the kickbacks were allegedly routed from Embraer subsidiaries to Khanna through Interdev in three installments of USD 1.92 million each in 2009. Sources had also said that it is alleged that the commission in the deal was routed through Austria and Switzerland. A Brazilian newspaper had recently alleged that the aviation company had taken the services of middlemen to clinch deals in Saudi Arabia and India following which Defence Ministry had ordered an inquiry into the matter. Involvement of middlemen in defence deals is strictly barred under the Indian law. CBI had registered a preliminary enquiry in the case on September 16, 2016 at the request of DRDO to probe allegations regarding employment of an agent for facilitating the contract for Airborne Early Warning and Control System (AWACS) project for procurement of three fully modified EMB-145 Aircraft. Embraer has been under investigation by the US Justice Department since 2010 when a contract with the Dominican Republic raised US suspicions, the report in Brazilian newspaper said. Since then, the investigation has widened to examine its business dealings with eight more countries. After the CBI Preliminary Enquiry (PE) was registered, Embraer had issued a statement saying: "Since 2011, Embraer has publicly reported that it has been conducting an extensive internal investigation and cooperating with the authorities on investigations regarding alleged violations of the FCPA. "The company voluntarily expanded the scope of the investigation, systematically reporting the progress of the case to the market. "The company is not party of the legal proceedings in Brazil. Therefore, it does not have access to the information contained therein," it had said. (PTI)

Embraer deal: India's enforcement directorate registers money laundering case

Enforcement Directorate has issued notices to firms linked to Indian arms dealer Sudhir Choudhrie in connection with its foreign exchange violations probe in a 16-year-old case emerging out of alleged payment of kickbacks for providing field guns to the army and certain other defence deals.

Official sources said the agency has sought documents and financial statements of the firms linked to Choudhrie as part of its investigation in the case registered under the Foreign Exchange Management Act (FEMA).

One of the notices issued by the Enforcement Directorate (ED) relates to a case in which a Delhi Court in 2011 had directed the agency to probe the &quot;receipt of commission&quot; to Choudhrie and others.

The court had then accepted the closure report filed by CBI in this case that was registered following a sting operation that had alleged upgrade of the army&#39;s 130 mm field guns involved payment of USD 1,56,940 in kickbacks. The court had given a clean chit to Choudhrie for lack of evidence while asking ED at the same time to go into the matter.

CBI had registered a case in July 2004 against erstwhile Samata Party&#39;s national treasurer R K Jain, also the director of Magnum International Trading Co Ltd (MITCO), Choudhrie and unknown public servants of the Ministry of Defence and the army for alleged cheating and corruption by entering into criminal conspiracy to award the contract for upgrading of 130 mm field guns to 155 mm by importing 185 kits costing Rs 208.15 crore to Israeli firm Soltam Limited.

Sources while said the initial amount under the scanner of ED is about Rs 68 lakh, received by a firm in 2000 through foreign transfer of funds, it is understood that the agency is looking to widen its probe in all the defence deals related to Choudhrie and others.

A media report had recently said that British defence major Rolls Royce made &#39;secret payments&#39; of around 10 million pounds to an Indian defence agent, identified as Choudhrie, that may have helped the company to win a big contract for engines on Hawk aircraft used by the Indian Air Force.

Choudhrie is understood to be settled in the United Kingdom.

As per the CBI case of 2004 registered under sections of the Prevention of Coruption Act and IPC, there were allegations that an unsolicited offer from Soltam was considered by MoD and the army without any proper trials and procedures and that proposals from all other foreign vendors were not considered to favour the Israeli firm with payment of commission to agents for the same.

CBI in its closure report had said that during its probe it was found that there was no major alternative before the defence authorities and hence Ms Soltam&#39;s offer was accepted as it also coincided with urgent requirements of tanks.

It also said that all technical trials for firings, accuracy and others to check the compatibility of 155 mm Bofors ammunition of the modified 130 mm field guns were conducted and its compatibility was confirmed.

CBI had added that no information on objections being raised by other wings of the army and experts was suppressed and all opinions on modification of the field guns were considered.

The agency had noted that its investigation could not corroborate the allegation that other foreign vendors were not considered and a deliberate single vendor situation was created to award the contract to Ms Soltam without ensuring price competitiveness.

On the allegation that there were payments of commission to agents or middlemen as revealed in conversation in the sting operation tapes, CBI had said that the Israeli firm and its general manager for 1992-99 had denied appointing any agent to assist in the matter of import of field guns and that there was no question of payment of any commission.

The CBI probe had said that after the signing of the contract in 2000, MITCO received about Rs 67.48 lakh in its bank account from Ms Soltam.

It was shown as payments in pursuance of an agreement reached in London in June 1999 by which MITCO was appointed the representative of the Israeli firm for their products of &quot;electrical and non-electrical stainless steel kitchen utensils&quot;.

The same agreement was terminated by M/s Soltam in August 2001.

(PTI)

Choudhrie is involved in a case of alleged payment of kickbacks for providing field guns to the army and certain other defence deals

Enforcement Directorate has issued notices to firms linked to Indian arms dealer Sudhir Choudhrie in connection with its foreign exchange violations probe in a 16-year-old case emerging out of alleged payment of kickbacks for providing field guns to the army and certain other defence deals. Official sources said the agency has sought documents and financial statements of the firms linked to Choudhrie as part of its investigation in the case registered under the Foreign Exchange Management Act (FEMA). One of the notices issued by the Enforcement Directorate (ED) relates to a case in which a Delhi Court in 2011 had directed the agency to probe the "receipt of commission" to Choudhrie and others. The court had then accepted the closure report filed by CBI in this case that was registered following a sting operation that had alleged upgrade of the army's 130 mm field guns involved payment of USD 1,56,940 in kickbacks. The court had given a clean chit to Choudhrie for lack of evidence while asking ED at the same time to go into the matter. CBI had registered a case in July 2004 against erstwhile Samata Party's national treasurer R K Jain, also the director of Magnum International Trading Co Ltd (MITCO), Choudhrie and unknown public servants of the Ministry of Defence and the army for alleged cheating and corruption by entering into criminal conspiracy to award the contract for upgrading of 130 mm field guns to 155 mm by importing 185 kits costing Rs 208.15 crore to Israeli firm Soltam Limited. Sources while said the initial amount under the scanner of ED is about Rs 68 lakh, received by a firm in 2000 through foreign transfer of funds, it is understood that the agency is looking to widen its probe in all the defence deals related to Choudhrie and others. A media report had recently said that British defence major Rolls Royce made 'secret payments' of around 10 million pounds to an Indian defence agent, identified as Choudhrie, that may have helped the company to win a big contract for engines on Hawk aircraft used by the Indian Air Force. Choudhrie is understood to be settled in the United Kingdom. As per the CBI case of 2004 registered under sections of the Prevention of Coruption Act and IPC, there were allegations that an unsolicited offer from Soltam was considered by MoD and the army without any proper trials and procedures and that proposals from all other foreign vendors were not considered to favour the Israeli firm with payment of commission to agents for the same. CBI in its closure report had said that during its probe it was found that there was no major alternative before the defence authorities and hence Ms Soltam's offer was accepted as it also coincided with urgent requirements of tanks. It also said that all technical trials for firings, accuracy and others to check the compatibility of 155 mm Bofors ammunition of the modified 130 mm field guns were conducted and its compatibility was confirmed. CBI had added that no information on objections being raised by other wings of the army and experts was suppressed and all opinions on modification of the field guns were considered. The agency had noted that its investigation could not corroborate the allegation that other foreign vendors were not considered and a deliberate single vendor situation was created to award the contract to Ms Soltam without ensuring price competitiveness. On the allegation that there were payments of commission to agents or middlemen as revealed in conversation in the sting operation tapes, CBI had said that the Israeli firm and its general manager for 1992-99 had denied appointing any agent to assist in the matter of import of field guns and that there was no question of payment of any commission. The CBI probe had said that after the signing of the contract in 2000, MITCO received about Rs 67.48 lakh in its bank account from Ms Soltam. It was shown as payments in pursuance of an agreement reached in London in June 1999 by which MITCO was appointed the representative of the Israeli firm for their products of "electrical and non-electrical stainless steel kitchen utensils". The same agreement was terminated by M/s Soltam in August 2001. (PTI)

India: Notices issued to firms linked to arms dealer Choudhrie

The Enforcement Directorate (ED), a law enforcement and an economic intelligence agency working as a part of India&#39;s ministry of finance, has attached over Rs 91 crore kept in a Singapore bank in connection with a Mumbai-based City Limousine chit fund case. 
 
Sayed M Masood, chairman of the chitfund, is being investigated for floating illegal ponzi schemes by promising extraordinary returns.&nbsp;The amount has been attached under the Prevention of Money Laundering Act (PMLA), Indian news agency PTI reported today.&nbsp; 
 
The ED, in a joint collaboration&nbsp;with their counterparts in Singapore, carried the operation out and attached Rs 91.3 crore in foreign currency in Singapore bank accounts&quot;. The total seizure of assets now amounts to Rs 385 crore, the news agency said.&nbsp; 
 
In 2015, the agency had attached Rs 166 crore in Singapore and Rs 6 crore in a Swiss bank account in 2012, including a few other attachments.&nbsp; 
 
According to PTI, the law enforcement agency suspects that Ms City Limousines (India) Limited and Ms City Realcom Limited, its chairman and other directors of the companies have cheated thousands of investors across the country,&nbsp; 
 
(WION)

The total seizure of assets now amounts to Rs 385 crore

The Enforcement Directorate (ED), a law enforcement and an economic intelligence agency working as a part of India's ministry of finance, has attached over Rs 91 crore kept in a Singapore bank in connection with a Mumbai-based City Limousine chit fund case. Sayed M Masood, chairman of the chitfund, is being investigated for floating illegal ponzi schemes by promising extraordinary returns. The amount has been attached under the Prevention of Money Laundering Act (PMLA), Indian news agency PTI reported today. The ED, in a joint collaboration with their counterparts in Singapore, carried the operation out and attached Rs 91.3 crore in foreign currency in Singapore bank accounts". The total seizure of assets now amounts to Rs 385 crore, the news agency said. In 2015, the agency had attached Rs 166 crore in Singapore and Rs 6 crore in a Swiss bank account in 2012, including a few other attachments. According to PTI, the law enforcement agency suspects that Ms City Limousines (India) Limited and Ms City Realcom Limited, its chairman and other directors of the companies have cheated thousands of investors across the country, (WION)

Indian regulatory body attaches Rs 91 crore to Singapore bank in Mumbai ponzi case

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