Money Laundering

  • Pak MQM chief Altaf Hussain arrested in London June 3, 2014

    London/Karachi: Altaf Hussain, Pakistan's powerful MQM leader, was on Tuesday arrested in London on charges of money laundering. Scotland Yard confirmed that a 60-year-old man had been arrested from a North-West London property on charges of money-laundering, but declined to disclose the exact identity of the individual for "legal reasons". Officers...
  • ED files fresh FIR against hawala operator Afroz Phatta April 30, 2014

    New Delhi: The Enforcement Directorate has filed a fresh FIR against Afroz Phatta, who was arrested last month in Surat in connection with an alleged hawala racket to the tune of Rs 700 crore, on money laundering charges. Sources said Phatta, who was summoned by the ED, appeared before officials...
  • Satyam case: Ramalinga Raju appears in court on money-laundering charges April 4, 2014

    Satyam Computers founder Ramalinga Raju and another accused appeared before a court in Hyderabad in connection with a prosecution complaint filed by Enforcement Directorate against them for offences under the Prevention of Money Laundering Act (PMLA). The Enforcement Directorate in October last year had file the complaint against Raju and 212...
  • HC rejects Anil Bastawade's bail plea in multi-crore money laundering case February 11, 2014

    Jharkhand High Court on Monday rejected the bail petition of Anil Bastawade, an alleged aide of former Chief Minister Madhu Koda, who is an accused in a multi-crore money laundering scam. The Bench of Justice HC Mishra dismissed the petition, saying granting bail could influence the investigation of the case. Bastawade...
  • Spain's Princess Cristina testifies in historic fraud probe February 10, 2014

    In a historic judicial hearing that could further impact the deteriorated image of Spain's monarchy, Princess Cristina testified on Saturday in a fraud and money laundering case in which she and her husband could eventually be charged. Judge Jose Castro will rule on whether Cristina, the first Spanish royal to be...
  • Madhu Koda case: Jharkhand ex-ministers' assets frozen January 21, 2014

    A special PMLA court has frozen properties worth over Rs 5.8 crore belonging to Kamlesh Kumar Singh, former Jharkhand minister in the Madhu Koda cabinet, declaring them as proceeds of money laundering crime. The order has been issued while confirming a provisional attachment order of the Enforcement Directorate (ED) which seized...
  • Spanish court summons Princess Cristina for tax fraud January 7, 2014

    A Spanish court has subpoenaed Princess Cristina, the daughter of Spain's King Juan Carlos, as a suspect in an investigation of alleged tax fraud and money laundering, the latest blow to the royal family's reputation. Palma de Mallorca court judge Jose Castro on Tuesday ordered the 48-year-old princess to appear on...
  • Jagan case: Court freezes Rs 34 crore FDs of media firm November 20, 2013

    New Delhi: A special PMLA court in New Delhi has issued orders for attachment of fixed deposits worth over Rs 34 crore of a media firm owned by YSR Congress leader Jagan Mohan Reddy, identifying them as "proceeds of crime of money laundering". The order of the Adjudicating Authority of the...
  • RBI penalises 22 banks for violating KYC norms July 15, 2013

    New Delhi: The Reserve Bank of India on Monday penalised 22 banks for violating Know Your Customer norms and imposed penalties ranging from Rs 50 lakh to Rs 3 crore. The RBI has absolved them of money laundering charge saying there is no prima facie evidence against them. The RBI has...
  • SEBI to be given powers to get call data records of entities June 30, 2013

    New Delhi: Market regulator SEBI will soon be given powers to get telephone call data records (CDRs) of entities under its investigation in cases of insider trading, money laundering and other market manipulations. A formal order in this respect will be issued after the Union Cabinet gives its approval to...
  • Is the violation of banking norms far more widespread than believed? June 18, 2013

    After the Reserve Bank of India (RBI) fined ICICI, HDFC and Axis banks for flouting customer norms, highlighted by a Cobrapost expose, the latest sting operation by the online magazine exposes how some employees in two foreign banks in India have also been involved in accepting black money and agreeing...
  • StanChart, HSBC officials caught on camera offering to launder money June 18, 2013

    New Delhi: After the Reserve Bank of India (RBI) fined ICICI, HDFC and Axis banks for flouting customer norms, highlighted by a Cobrapost expose, the latest sting operation by the online magazine exposes how some employees in two foreign banks in India have also been involved in accepting black money...
  • Cobrapost expose: RBI penalises Axis, HDFC, ICICI banks June 10, 2013

    Mumbai: Three private banks, caught in the Cobrapost sting operation, have been let off the hook with paltry penalties. The Reserve Bank of India on Monday imposed penalties on Axis, ICICI and HDFC banks after a sting operation by online magazine Cobrapost exposed many loopholes. RBI imposed a penalty of Rs...
  • Some truth in Cobrapost expose, will take action: RBI May 30, 2013

    Ahmedabad: There is "some truth" in Cobrapost's allegations of wrong doings by banks and RBI has issued notices to their managements, central bank Governor D Subbarao said on Thursday. "We have done study of those banks, investigated them ... We have done a larger study of those banks and we have...
  • ED attaches OP Chautala's flat, launches money laundering probe May 30, 2013

    New Delhi: The Enforcement Directorate on Thursday attached a residential property of former Haryana Chief Minister OP Chautala under the criminal provisions of money laundering laws after he was recently convicted in a teachers recruitment scam. This is the first attachment order by the agency against the five-time Chief Minister even...
  • Money laundering: NABARD gives clean chit to cooperative banks May 19, 2013

    Mumbai: Amid allegations of cooperative banks being used as conduits for money laundering, NABARD, which jointly regulates such lenders, has said that it has found no shortcoming pointing towards any such activity. "Every year we do an inspection and we have not found anything like that," National Bank for Agriculture...
  • Money laundering: Information being shared with India, says Mauritius May 17, 2013

    Port Louis: Facing allegations of being a route for round-tripping of funds and money laundering by Indian entities, Mauritius says it is fully committed to remain a credible financial centre and there has been 170 cases of exchange of information with Indian authorities in the past three years. Allaying the...
  • RBI probes Cobrapost report, reveals major violations by banks May 13, 2013

    New Delhi: The Reserve Bank of India is probing the Cobrapost sting operation on alleged money laundering by top banks. The RBI report has revealed major irregularities in top banks. The report shows string of violations on several counts. Sources say the RBI report reveals dummy PANs, unknown NRO IDs,...
  • Money laundering: RBI action soon; banks start cracking whip May 9, 2013

    Srinagar/Chandigarh: Amid fresh allegations of money laundering by banks, RBI and several banks on Thursday said actions are being taken against erring institutions and employees for violating prudential banking norms. The central bank has already completed investigations against banks and would take action against guilty institutions, RBI Governor D Subbarao...
  • No criminality in Cobrapost findings: SBI May 9, 2013

    Chandigarh: Bank officials' advices of splitting deposits to evade taxes, as exposed in a sting operation by an online news portal, are "undesirable loose talks" but there is no apparent criminality, SBI Chairman Pratip Chaudhuri said on Thursday. "Prima facie, things that have come to our notice it looks (that) there is...
  • Action against banks involved in money laundering soon: RBI May 9, 2013

    Srinagar: The Reserve Bank of India (RBI) on Thursday said it has completed investigations against banks following the Cobrapost expose and will take action if they are found guilty of violating prudential banking norms. "We have done investigations, we have prepared an internal report. There are processes to be followed...
  • India @ 9 with Rajdeep Sardesai May 6, 2013

    Catch the day's top stories with Rajdeep Sardesai on India @ 9. ...
  • Is the entire banking and finance system prone to money laundering? May 6, 2013

    As many as 23 public and private sector banks and insurance companies were on Monday accused of "running a nation-wide money laundering racket" by online portal Cobrapost, prompting the Finance Ministry and regulator IRDA to initiate independent investigations into the matter. ...
  • Money laundering: No KYC norms violation at SBI, says bank chairman May 6, 2013

    CNBC TV18's Akanksha Sethi spoke to State Bank of India's chairman Pratip Chaudhary over the latest expose by Cobrapost revealing money laundering operations at SBI and other public sector unit banks. ...
  • Money laundering by banks: Govt to begin probe May 6, 2013

    New Delhi: As many as 23 public and private sector banks and insurance companies were on Monday accused of "running a nation-wide money laundering racket" by online portal Cobrapost, prompting the Finance Ministry and regulator IRDA to initiate independent investigations into the matter. In its second expose, Cobrapost accused country's leading...
  • News 360: SBI, LIC named in expose on money laundering by banks May 6, 2013

    Part Two of the Cobrapost investigation on money laundering methods used by banks focused on 23 major public sector banks and financial institutions. This included the State Bank of India as also the Life Insurance Corporation. ...
  • Money laundering: Banks will take action against delinquent employees, says Financial Services Secretary May 6, 2013

    Part Two of the Cobrapost investigation on money laundering methods used by banks focused on 23 major public sector banks and financial institutions. This included the State Bank of India as also the Life Insurance Corporation. ...
  • Money laundering by banks: Those at the helm must stem the rot May 6, 2013

    Part Two of the Cobrapost investigation on money laundering methods used by banks focuses on 23 major public sector banks and financial institutions. This includes the State Bank of India as also the Life Insurance Corporation. ...
  • RBI should release its audit report on the banks: Aniruddha Bahal May 6, 2013

    Special Investigations website Cobrapost has revealed that 23 banks and insurance companies have been engaged in money laundering. Among the 23 banks involved are mostly PSU banks including some big names like the State Bank of India, Bank of Baroda, Punjab National Bank, Canara Bank, IDBI, Oriental Bank and Dena...
  • Money laundering by banks: Will take action depending on crime, says SBI May 6, 2013

    Twenty three public sector banks, including the SBI, and insurance companies have been named in a sting operation conducted by special investigations website Cobrapost. ...