The World Opinion

Tag: Money laundering

  • UAE set to be placed on cash laundering watchdog’s ‘grey record,’ file says

    Dubai, United Arab Emirates, on July 5, 2021.

    Christopher Pike | Bloomberg | Getty Photographs

    DUBAI, United Arab Emirates — The Monetary Motion Process Pressure, an intergovernmental group devoted to combatting cash laundering and illicit money flows, is about to position the United Arab Emirates on its “grey record” over considerations that the Gulf nation is not sufficiently stemming unlawful monetary actions.

    The inside track was once reported via Bloomberg Thursday, mentioning 3 nameless assets on the Paris-based FATF. The designation may come once Friday.

    The watchdog workforce’s “grey record” isn’t as critical as its “black record,” which recently contains North Korea and Iran. The previous record implies that the rustic is “actively operating” with the FATF to handle weaknesses in its techniques to “counter cash laundering, terrorist financing, and proliferation financing,” however is underneath “greater tracking” because it has now not but taken the essential steps to totally take on the issues. Different nations at the grey record come with Pakistan, Turkey and Albania.

    The UAE is the monetary hub of the Center East, house to a lot of global corporations’ headquarters, some of the global’s busiest airports, and a kind of 90% expat inhabitants. Hanging it at the grey record might be some of the important selections the FATF has ever made, Bloomberg wrote.

    Learn the entire file right here.

  • Some superheroes are known as dad, says Nawab Malik’s daughter after his arrest

    By way of PTI

    MUMBAI: Some superheroes do not put on capes, they’re known as dad, mentioned Nilofer Malik, daughter of Maharashtra minister Nawab Malik, after his arrest by way of the Enforcement Directorate (ED) on Wednesday.

    The ED arrested Malik after wondering him for roughly 5 hours at its place of job in south Mumbai’s Ballard Property space in a cash laundering probe connected to the actions of fugitive gangster Dawood Ibrahim and his aides.

    The 62-year-old NCP chief was once later produced prior to particular Pass judgement on R N Rokade, who remanded him to ED custody until March 3 for additional probe into the topic.

    When the minister was once delivered to the courtroom, Nilofer, who was once ready at the premises, were given a chance to fulfill her father, even though in short.

    When the ED’s car wearing Malik entered the courtroom premises and stopped, Nilofer may no longer prevent her tears. She went with regards to the SUV, held her father’s hand and hugged him after opening the car’s door. She then kissed her father’s hand and raised her clenched fist to turn her beef up.

    A video of the emotional second between the father-daughter duo was once later circulated on social media. Along side Nilofer, Malik’s every other daughter was once additionally provide throughout the courtroom all the way through the listening to.

    After the transient assembly together with her father, Nilofer mentioned in a tweet, “Some superheroes do not put on capes. They’re known as Dad.” with hashtags #NawabMalikMyHero #NawabMalik #WeStandWithNawabMalik.

  • Malik despatched to ED custody until March 3 in cash laundering case

    By means of PTI

    MUMBAI: After a courtroom right here remanded Maharashtra minister Nawab Malik within the ED custody following his arrest in a cash laundering probe on Wednesday, he used to be dropped at the central company’s workplace in south Mumbai, the place he should spend the night time, an reliable mentioned.

    A different courtroom remanded the state Minority Affairs Minister to the custody of the Enforcement Directorate (ED) until March 3 in a cash laundering probe connected to the actions of fugitive gangster Dawood Ibrahim and his aides.

    Malik used to be arrested previous within the day after being wondered for roughly 5 hours on the ED workplace in south Mumbai’s Ballard Property house since round 8 am.

    ALSO READ | BJP seeks Malik’s resignation after arrest via ED; Sena says he used to be held in ‘crafty way’

    The 62-year-old NCP chief used to be produced ahead of particular Pass judgement on R N Rokade, who remanded him within the ED custody for additional probe into the topic.

    “After the courtroom listening to, Malik used to be dropped at the ED workplace in Ballard Property round 9 pm. The minister should spent this night time on the ED workplace,” the reliable mentioned.

    The senior NCP chief used to be dropped at the central company’s workplace amid tight safety of the CRPF staff, he mentioned.

    Whilst getting down from the car at night time, Malik as soon as once more waved at media individuals, similar to he had performed within the afternoon after stepping out of the ED workplace after his wondering.

  • ED arrests gangster Dawood Ibrahim’s jailed brother Iqbal Kaskar in cash laundering case

    By means of PTI

    MUMBAI: The Enforcement Directorate (ED) on Friday arrested Iqbal Kaskar, the jailed brother of 1993 Mumbai blasts mastermind Dawood Ibrahim, as a part of a probe right into a not too long ago registered cash laundering case in opposition to him, officers mentioned.

    Kaskar, already lodged in Thane prison in reference to more than one circumstances of alleged extortion, was once taken into custody within the contemporary case. He’s going to be produced prior to a different Prevention of Cash Laundering Act (PMLA) court docket that had issued a manufacturing warrant in opposition to him on February 16, the officers mentioned.

    The federal probe company is predicted to hunt his custody for wondering within the newly registered case in opposition to him, fugitive gangster Ibrahim and others related to the Mumbai underworld. The ED’s transfer comes following the registration of the brand new case and its February 15 raids in Mumbai into the operations of the underworld, related alleged unlawful assets offers and hawala transactions.

    The searches had been performed at 10 places, together with premises related to Ibrahim’s overdue sister Haseena Parkar, Kaskar and Salim Qureshi alias Salim Fruit, a brother-in-law of gangster Chhota Shakeel. Qureshi was once additionally wondered by means of the ED after the raids.

    The ED case is according to an FIR filed not too long ago by means of the Nationwide Investigation Company (NIA) in opposition to Ibrahim and others aside from its unbiased intelligence. The NIA had filed its prison criticism underneath sections of the Illegal Actions (Prevention) Act (UAPA).

    The company is known to have recovered paperwork comparable to those alleged unlawful assets offers with hyperlinks to Indian businessmen running right here and in Dubai all over the process the investigation and likewise after the raids.

    Some political hyperlinks to those alleged shady offers also are underneath the scanner of the company.

  • Particular PMLA Courtroom orders confiscation of Rs 300 crore saved in Singaporean banks in cash laundering case

    By means of PTI

    NEW DELHI: A unique PMLA Courtroom in Mumbai has ordered confiscation of Rs 300 crore saved in Singaporean banks in a cash laundering probe related to an alleged Ponzi fraud perpetrated towards just about 70,000 depositors by means of the promoter of a Mumbai-based corporate, the ED mentioned on Wednesday.

    Those property had been “beneficially owned” by means of Sayed Masood, chairman and promoter of Town Limouzines (I) Ltd and his members of the family.

    The federal probe company mentioned those are financial institution accounts of Masood’s overseas firms in Singapore, having steadiness of about USD 40 million (about Rs 300 crore), they usually might be hooked up after “intensive out of the country investigations”.

    Those finances had been previous hooked up provisionally by means of the Enforcement Directorate (ED) below sections of the Prevention of Cash Laundering Act (PMLA) and due to this fact showed by means of the Adjudicating Authority (established below the PMLA).

    On ED’s request, the company mentioned, Singaporean government had restrained the finances held within the overseas financial institution accounts of businesses bearing on Masood following which it moved an software earlier than the particular PMLA Courtroom in Mumbai asking for for confiscation of the accounts.

    “At the power of this courtroom order, the ED will transfer to the suitable authority of overseas jurisdiction for repatriation of those finances to India,” it mentioned.

    Masood was once additionally arrested by means of the company within the case and no less than 5 chargesheets had been filed towards him and others.

    The company mentioned Masood was once the “key conspirator and beneficiary” on this case and he, in “connivance” with different administrators of the Town Staff of businesses, laundered investor’s cash by means of routing them thru more than a few nations and invested them in movable and immovable homes positioned in India and in a foreign country.

    “The ED unearthed the intensive path of proceeds of crime parked out of the country which resulted into attachment of homes within the type of financial institution balances to the music of Rs 300 crore in Singapore,” it mentioned.

    Probe discovered that businesses of Masood had “won an quantity of about Rs 400 crore within the garb of advance towards exports of diamonds from entities positioned at UAE, Hong Kong and Singapore”.

    “Alternatively, no export of diamond was once if truth be told finished and the ones entities had been compensated by means of refund of quantities or provided diamonds in the community from UAE thru every other individuals on the behest of Masood and now not thru prison banking channel,” it mentioned.

    The company alleged that Masood opened many entities, firms, trusts and financial institution accounts in a foreign country with none needful statutory permission in violations of Indian rules which served as particular objective cars to launder the proceeds of his illegal activity of dishonest greater than 70,000 buyers of Rs 700 crore.

  • PMLA: Money travels sooner than mild, says SC, stresses want for sooner probe into cash laundering

    By way of PTI

    NEW DELHI: “Money travels sooner than mild,” seen the Preferrred Court docket on Tuesday whilst stressing the desire for a quick investigation if the Enforcement Directorate (ED) comes throughout an intelligence enter indicating large unlawful cash laundering.

    A bench headed via Justice A M Khanwilkar, coping with a batch of petitions in regards to the interpretation of sure provisions of the PMLA, referred to a state of affairs announcing if ED will get actionable enter of unlawful cash transaction and requested whether or not it must watch for registration of an FIR via police or different businesses for the predicate offence prior to swinging into the motion to probe the cash laundering.

    “Money travels sooner than mild. The proof might vanish temporarily if the company (ED) waits for registration of the FIR (for predicate offence),” seen the bench which additionally comprised justices Dinesh Maheshwari and C T Ravikumar.

    The bench once more referred to its query of whether or not the Enforcement Directorate may have jurisdiction to probe the unaccounted cash below PMLA within the absence of a previous FIR registered for the predicate offence.

    Below the Prevention of Cash Laundering Act (PMLA), ED registers an ECIR (enforcement case knowledge record) to probe laundering of proceeds of a criminal offense, dedicated prior, for which an FIR is already there.

    Senior recommend Amit Desai, showing for probably the most petitioners, stated that the ED can not have the jurisdiction that statute does now not supply for.

    Desai referred to Phase 19 of the PMLA and stated that the ED can not have the unbridled energy of arrest and attachment of houses as those government are draconian.

    The bench referred to the language of the supply and stated that the ability of arrest is exercised via the Director, Deputy Director, Assistant Director, or some other officer approved in this behalf via the Central Executive via basic or particular order.

    Additionally, the officer has to present the explanations in writing after scrutinising the prima facie fabrics prior to continuing with the arrest of the accused, it stated.

    “It isn’t the peon or clerk which may have the ability of arrest below segment 19 of the Act….relatively this proper to arrest is supported via Article 21 (coverage of lifestyles and liberty) of the charter,” the bench stated. The court docket would resume listening to on Wednesday.

    Previous on February 10, the bench had referred to the hot restoration of money to the song of Rs 190 crore in Uttar Pradesh and had requested if ED will haven’t any jurisdiction to probe the unaccounted cash below PMLA within the absence of a predicate offence.

    Previous to this, the bench used to be advised that there can’t be “mechanical accommodation” of an ECIR because the PMLA calls for that there should be some indication of the act of cash laundering and projecting the proceeds of crime as untainted.

    Solicitor Normal Tushar Mehta had previous advised the bench that there are over 200 petitions within the topic and period in-between remains had been granted in numerous critical instances because of which investigation has been affected.

    A few of these petitions have challenged the validity of sure provisions of the PMLA.

  • Indian nationwide charged with cash laundering, twine fraud

    Through PTI

    NEW YORK: An Indian nationwide has been charged along side a US citizen for committing quite a lot of fraud schemes concentrated on essentially aged sufferers all the way through the US and netting just about $600,000 from them.

    Ravi Kumar of India and Anthony Munigety of Texas had been charged in a 20-count indictment. Kumar is thought to be in India and thought to be a fugitive. A warrant stays exceptional for his arrest, america Justice Division mentioned Tuesday.

    Munigety has been taken into custody on fees of acquiring over $600,000 from aged sufferers all the way through the rustic, U.S. Lawyer Jennifer Lowery.

    Munigety and Kumar are charged with conspiracy to devote cash laundering, 13 counts of twine fraud and 6 counts of cash laundering.

    If convicted, they withstand twenty years on every depend in addition to a imaginable $250,000 most tremendous. In line with the allegations, the fraud ring operated out of the Conroe space in Texas and different places in the US and India.

    Munigety, Kumar and others allegedly dedicated quite a lot of fraud schemes concentrated on essentially aged sufferers all the way through the US.

    The principle function, in keeping with the indictment, used to be to misinform sufferers by way of telling them a technical toughen corporate or different entities have been purportedly serving to them with their computer systems.

    They might allegedly trick sufferers into believing that they had been erroneously refunded or overpaid and wanted to go back the overpayment.

    The indictment alleges they have been ready to achieve get entry to to a sufferer’s pc which enabled Munigety, Kumar and others to transport budget between or twine switch monies out in their accounts, in keeping with the costs.

    As soon as that happened, Munigety and others would stay a portion of the cash and cord the remaining to Kumar in India, in keeping with the costs. Because of their scheme, Munigety and others allegedly gained over $600,000 from aged sufferers.