ED ATTACHES ASSETS
ED shares Gensol probe findings with Delhi Police
Enforcement Directorate shared findings of its FEMA probe against Gensol Engineering promoters with Delhi Police EOW. The agency indicated a case against Gensol Engineering and Jaggi brothers. EOW is aware of complaints from IREDA and PFC. ED may register a case under PMLA and attach assets. Raids were conducted last month. The brothers resigned following SEBI's order.
NCLT adjourns hearing on Bhushan Power & Steel's promoter plea for a month
The National Company Law Tribunal has postponed the hearing on Bhushan Power & Steel's case. Sanjay Singhal, the former promoter, filed a petition. He seeks enforcement of a Supreme Court order. The order quashed JSW Steel's resolution plan. The court directed liquidation of Bhushan Power & Steel. Solicitor General Tushar Mehta suggested hearing all stakeholders.
Delhi High Court grants temporary injunction to WTCA restraining the use of trademark by its Indian partner
The Delhi High Court has issued an injunction against WTC Noida, preventing them from using World Trade Center Association trademarks. This follows the termination of WTC Noida's licenses due to an investigation by the Directorate of Enforcement. The investigation revealed financial irregularities, including the collection of over Rs 3500 crore from investors without project completion.
ED attaches assets worth Rs 5,000 cr in US, UAE, Thailand in investors' 'fraud' case
The Enforcement Directorate has attached thirty assets. These assets are in the US, UAE, and Thailand. The attachment relates to a money laundering investigation. This investigation is linked to the 'Pan card club' fraud. The alleged fraud is worth over Rs 5,000 crore. The attached properties belong to subsidiaries of Panoramic Universal Ltd and Late Sudhir Moravekar.
ED attaches 30 overseas assets of Mumbai-based Panoramic Universal Ltd in Pancard Clubs investment fraud case
The Enforcement Directorate has attached 30 overseas assets worth Rs 54.32 crore linked to Panoramic Universal Ltd and the late Sudhir Moravekar in connection with the Pancard Clubs investment fraud. These properties, located in Thailand, UAE, and the USA, were acquired between 2002 and 2015 using diverted funds.
ED attaches Delhi-NCR realty group's assets worth Rs 2,348 crore
The ED has attached Rs 2,348 crore worth of assets, including land and real estate, belonging to WTC Faridabad Infrastructure and other WTC Group entities. This action follows a money-laundering investigation into a real estate fraud led by Ashish Bhalla, who allegedly duped over 12,000 investors and diverted funds abroad after collecting over Rs 2,700 crore.
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BPSL creditors face big clawback after SC rejection of plan
The Supreme Court overturned JSW Steel's acquisition of Bhushan Power & Steel, potentially requiring creditors like Deutsche Bank and SBI to refund ₹19,350 crore within two months. This decision stems from a clause in the resolution plan mandating repayment if the acquisition was invalidated. The court also rejected JSW Steel's justification for delaying a significant equity infusion.
JSW Steel-Bhushan Power fallout: In the absence of legal certainty, foreign investors may shun stressed assets
SC's decision to overturn JSW Steel's acquisition of Bhushan Power & Steel has shaken India's insolvency resolution framework. This ruling raises concerns about the finality of IBC deals, potentially deterring global financial investors from the distressed asset market due to increased legal uncertainty.
SC scraps JSW Steel’s ‘illegal’ Bhushan Power and Steel deal, orders liquidation
The Supreme Court has nullified JSW Steel's resolution plan for Bhushan Power and Steel Ltd, deeming it illegal and ordering liquidation. JSW's plan involved a significant haircut for lenders, offering Rs 19,350 crore to financial creditors and Rs 350 crore to operational creditors.
Litigation on 2 significant issues holding up final attachment of assets worth over Rs 50K crore: ED
The Enforcement Directorate's annual report reveals that legal challenges and manpower shortages are hindering the confirmation of attached assets under the PMLA. Litigation over quorum issues and the 180-day time limit during COVID-19 have led to stay orders on assets worth thousands of crores. Despite a high conviction rate, the agency faces resource constraints in handling a growing caseload.
Lucknow court declares Shine Group promoter fugitive economic offender
A special PMLA court has declared Rashid Naseem, promoter of Shine City Group, a fugitive economic offender in connection with an alleged Rs 800-1,000 crore fraud. Naseem is accused of defrauding investors through real estate schemes and multi-level marketing. He absconded to Dubai via Nepal to evade investigation, leading to the confiscation of his assets worth Rs 128 crore.
ED to speed up PMLA, FEMA cases; focus on fugitive assets, says director
On the restitution of proceeds of crime, Rs 15,261 crore was restituted in 30 cases during FY 2024-25 with court approval, a process expected to accelerate. The ED has 1,739 cases under trial as of March 31, following the filing of 333 prosecution complaints last year. Under FEOA, applications have been filed against 24 individuals, with 14 declared fugitive economic offenders, leading to the confiscation of over Rs 900 crore in assets.
PMLA action picked momentum after 2014; conviction rate over 93 pc: ED director Rahul Navin
Enforcement Directorate (ED) Director Rahul Navin said that over 1700 money laundering cases are under trial, attributing delays to the broader issues within the Indian justice system. Despite these delays, the ED boasts a conviction rate of 93.6 per cent. The agency aims to expedite pending investigations by leveraging advanced technology and forensics.
ED attaches fresh assets worth over Rs 1,500 crore in Sahara case
The Enforcement Directorate has attached over Rs 1,500 crore in assets belonging to the Sahara Group as part of a money-laundering investigation. The agency's provisional order under PMLA involves 1,023 acres of land in 16 cities, purchased through "benami" transactions using funds diverted from Sahara entities.
Attached assets worth over Rs 600 crore in 3 West Bengal recruitment 'scams': ED
The Enforcement Directorate has attached assets worth over Rs 609 crore related to three West Bengal teacher recruitment scams. This includes Rs 56.50 crore in properties linked to Prasanna Kumar Roy in the School Service Commission case. The action follows the Supreme Court's order to terminate over 25,000 teachers due to irregularities.
Mehul Choksi's bail plea rejected by Belgian court
In a significant setback for Mehul Choksi, wanted in connection with the $2-billion Punjab National Bank fraud, a Belgian Court has denied his bail plea, citing concerns about him evading law enforcement. The court highlighted Choksi's history of fleeing India and acquiring Antiguan nationality, dismissing his health concerns and rejecting the offer of a GPS tracker.
ED may grill Jaggi brothers of Gensol for Mahadev link
The Enforcement Directorate (ED) is likely to summon Anmol and Puneet Singh Jaggi, promoters of Gensol Engineering, in connection with the Mahadev Book app case. ED suspects stock manipulation using tainted funds received through FPI routes and has frozen over 500,000 Gensol shares. The agency is investigating artificial price fluctuations and the promoters' potential awareness of the illicit funds.
Sonia Gandhi, Rahul Gandhi named in ED chargesheet in National Herald case out of vendetta: Mallikarjun Kharge
Congress President Mallikarjun Kharge denounced the ED chargesheet against Sonia and Rahul Gandhi in the National Herald case as political vendetta, highlighting its timing after an AICC session. The ED alleges money laundering, claiming Young Indian, with Sonia and Rahul holding major stakes, acquired AJL's assets worth over Rs 2,000 crore for a mere Rs 50 lakh.
ED attaches Jagan Reddy, Dalmia Cements' ₹800 cr-worth assets in money laundering case
The Enforcement Directorate has attached assets worth over Rs 405 crore, belonging to YS Jagan Mohan Reddy and Dalmia Cements, concerning a money laundering probe linked to alleged quid pro quo investments.
Mehul Choksi to seek bail next week in Belgium, may cite bad health
Mehul Choksi, wanted in the PNB fraud case, is set to challenge his arrest in Belgium, citing violation of natural justice and seeking bail. His legal team will argue against flight risk due to ill-health and community ties, while India opposes his release.
ED seizes Rs 7.33 crore in assets in PMLA case against ex-Kamrup Deputy Commissioner
The Enforcement Directorate (ED) in Guwahati has seized assets worth Rs. 7.33 Crore belonging to Sukanya Bora, former Additional Deputy Commissioner of Kamrup (M), Assam, under the PMLA act. This action follows a disproportionate assets case filed against her.
National Herald case: AJL, YI properties proceeds of crime, involved in money laundering, says adjudicating authority
The adjudicating authority has affirmed the ED's attachment of ₹661 crore in assets linked to the National Herald case, declaring them proceeds of money laundering. The ED has also filed a charge sheet against Sonia and Rahul Gandhi, accusing them of controlling Young Indian through a conspiracy to acquire AJL's assets.
National Herald: What exactly is the ED case against the Gandhis?
Sonia and Rahul Gandhi face PMLA charges in the National Herald case, with the ED alleging a Rs 5,000 crore money-laundering scheme. The ED has initiated proceedings to seize Rs 750 crore in AJL properties. The case revolves around the acquisition of Associated Journals Limited by Young Indian Limited, raising questions about financial irregularities.
Will not be cowed down by such threats: Congress on ED chargesheet in National Herald case
The Congress party dismisses the ED chargesheet as a sign of government panic. Jairam Ramesh explains the loan to Associated Journals Limited. He refutes claims of embezzlement by the Gandhi family. Pawan Khera links the National Herald's history to current political tensions. The party vows to continue opposing the government's policies.
National Herald Case explained: How a Rs 90 crore loan sparked an alleged money laundering case against Rahul & Sonia Gandhi
Rahul Gandhi and Sonia Gandhi face charges in a money laundering case linked to the National Herald, a newspaper founded by Jawaharlal Nehru in 1938. The Enforcement Directorate (ED) alleges the Gandhis, through Young Indian Limited (YIL), illicitly acquired assets of Associated Journals Limited (AJL), publisher of the National Herald. The ED's probe intensified, attaching properties worth crores.
ED attaches Aamby Valley in Lonavala in case against Sahara Group
The Enforcement Directorate has attached Aamby Valley City, worth Rs 1,460 crore, as part of a money laundering investigation against the Sahara Group. The agency alleges the land was purchased under "Benami" names using funds diverted from Sahara entities. The case stems from over 500 FIRs alleging investors were cheated through a Ponzi scheme involving high returns and forced re-deposits.
ED seeks Mehul Choksi asset details from 10 nations amid extradition efforts
The Enforcement Directorate is pursuing the confiscation of Mehul Choksi's foreign assets across 10 countries following his arrest in Belgium on India's request. Letters rogatory have been dispatched to nations including Hong Kong, the US, and the UAE, seeking details on Choksi's companies and assets.
Mehul Choksi Arrested: How fugitive diamantaire cheated Punjab National Bank of ₹13,500 crore & hit Indian banking sector
Fugitive diamantaire Mehul Choksi, wanted in connection with the Rs 13,000 crore Punjab National Bank (PNB) loan scam, has been arrested in Belgium following an extradition request from Indian authorities. Accused of colluding with bank officials to fraudulently obtain loans, Choksi fled India in 2018 and has since evaded authorities.
Not mother of democracy, 'father of dictatorship': Sibal slams govt over ED notices in Herald case
Kapil Sibal accuses the government of using probe agencies to paralyze the Congress, calling the ED's actions in the National Herald case an assault on democracy. The ED has issued notices to take possession of immovable assets worth Rs 661 crore linked to the case.
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