Money Laundering

  • Satyam case: Ramalinga Raju appears in court on money-laundering charges 04-04-2014 03:22 PM

    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...
  • HC rejects Anil Bastawade's bail plea in multi-crore money laundering case 11-02-2014 07:54 AM

    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....
  • Spain's Princess Cristina testifies in historic fraud probe 10-02-2014 02:22 PM

    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...
  • Madhu Koda case: Jharkhand ex-ministers' assets frozen 21-01-2014 05:49 PM

    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...
  • Spanish court summons Princess Cristina for tax fraud 07-01-2014 04:19 PM

    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...
  • Jagan case: Court freezes Rs 34 crore FDs of media firm 20-11-2013 02:36 PM

    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...
  • RBI penalises 22 banks for violating KYC norms 15-07-2013 02:17 PM

    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...
  • SEBI to be given powers to get call data records of entities 30-06-2013 02:55 PM

    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...
  • StanChart, HSBC officials caught on camera offering to launder money 18-06-2013 10:00 PM

    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 10-06-2013 06:41 PM

    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...
  • Some truth in Cobrapost expose, will take action: RBI 30-05-2013 11:20 PM

    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...
  • ED attaches OP Chautala's flat, launches money laundering probe 30-05-2013 10:46 PM

    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...
  • Money laundering: NABARD gives clean chit to cooperative banks 19-05-2013 02:22 PM

    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 17-05-2013 02:48 PM

    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 13-05-2013 01:14 PM

    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 09-05-2013 10:32 PM

    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 09-05-2013 09:45 PM

    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)...
  • Action against banks involved in money laundering soon: RBI 09-05-2013 02:50 PM

    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...
  • Money laundering by banks: Govt to begin probe 06-05-2013 09:48 PM

    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...
  • RBI should release its audit report on the banks: Aniruddha Bahal 06-05-2013 06:39 PM

    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...
  • 23 banks, insurance firms engaged in money laundering: Cobrapost 06-05-2013 10:43 AM

    New Delhi: 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...
  • Koda for more Assembly seats for stability in Jharkhand 06-05-2013 02:54 AM

    Jamshedpur: Former Jharkhand Chief Minister Madhu Koda on Sunday demanded that the number of Assembly seats in the state be increased to avoid a fractured mandate and provide a stable government. "I strongly favour that Assembly seats be increased from the existing 81 to at least 140 to provide stability...
  • Reported cases of economic crimes just 'tip of iceberg': ED 01-05-2013 05:20 PM

    New Delhi: Enforcement Directorate may have seized assets worth Rs 2,357 crore in 2012-13, a seven fold increase from previous fiscal, but it sees the cases of money laundering, forex violations and other economic offences probed by it as just the "tip of the iceberg". The ED has stepped up...
  • FM tells ED to select cases for prosecution carefully 01-05-2013 04:32 PM

    New Delhi: Finance Minister P Chidambaram on Wednesday said Enforcement Directorate should be extremely careful while choosing cases for prosecution under the money laundering law and focus its energies on important ones. "A word of caution is necessary. We must be extremely selective in deciding which cases to prosecute under...
  • ED questions Suresh Kalmadi in money laundering case 18-04-2013 03:56 AM

    New Delhi: The Enforcement Directorate on Wednesday questioned sacked CWG organizing committee chief Suresh Kalmadi and recorded his statement in connection with its probe into alleged money laundering in the run up to the 2010 sporting extravaganza. The agency questioned Kalmadi for the second time in less than a month....
  • Former Jharkhand CM fails to produce bail documents 18-04-2013 02:07 AM

    Ranchi: Former Jharkhand Chief Minister Madhu Koda, who got a three-week provisional bail from Jharkhand High Court, could not go home on Wednesday following his failure to produce bail documents to the jail authorities. "We don't have any document of his bail in any of the cases against him (Koda)....