No impact on Rel Infra & Rel Power, say cos
Reliance Communications
saying the entities had no business or financial linkages with the company facing money laundering probe.
In identical statements, they also said Anil Ambani was not on their boards and actions by ED have "no bearing or impact on the governance, management, or operations" of the listed entities.
"The media reports appear to pertain to allegations concerning transactions of Reliance Communications Limited (RCOM) or Reliance Home Finance Limited (RHFL) which are over 10 years old... RCOM is undergoing Corporate Insolvency Resolution Process as per the Insolvency & Bankruptcy Code, 2016 since over six years," R-Infra and R-Power said in stock exchange filings.
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Hindustan Times
an hour ago
- Hindustan Times
Special court refuses to proceed against auditor Abhishek Gupta
MUMBAI: A special PMLA (Prevention of Money Laundering Act) court has refused to initiate legal proceedings against Abhishek Gupta, the chartered accountant who claims to be the whistle-blower in the multi-crore Torres Jewellery fraud. While refusing to issue process against Gupta, the court observed that there was no material to indicate his involvement in any activity connected to the proceeds of crime. Mumbai, India. Jan 07, 2025: Investors gathered in large numbers outside the office of Torres Jewellers in Dadar, Mumbai, demanding the return of their principal amounts after the company failed to pay the promised returns on its investment schemes. The Mumbai police booked the company's directors for committing multi-million fraud. Mumbai, India. Jan 05, 2025. (Photo by Raju Shinde/HT Photo) (Hindustan Times) The court, on Tuesday, issued process against the remaining 12 individuals and entities named in the chargesheet by the Enforcement Directorate, which has estimated the fraud at ₹177.11 crore. 'Accused No 10, the auditor, appears to have reported the irregularities and non-compliance in his audit report,' observed special sessions judge RB Rote. Considering his limited role, the court said there are insufficient grounds to proceed against Gupta. Advocate Mithilesh Mishra, representing Gupta, submitted before the court that he had neither participated in nor had knowledge of any alleged money laundering activities. Being a statutory auditor, he had reported the irregularities and non-compliance in the audit report, argued the lawyer. Torres Jewellery, whose holding company was Platinum Hern Pvt Ltd, had lured small investors to buy into its fraudulent investment schemes by selling low-value, synthetic moissanite stones as high-value gemstones. It promised exaggerated returns on its investment schemes, using misleading advertisements, fake bonuses and a Ponzi scheme to entice potential victims. The ED alleged that Gupta had failed to timely report the irregularities in the audit report to the relevant authorities. This shows that he facilitated the management of the illegal business, the agency said. The ED filed its chargesheet on May 22, against 13 individuals and entities. It had found codes, software applications and instant messaging that the accused had used to communicate with each other, move money around, and transfer large sums to the masterminds. The key accused in the case are: Alpesh Khara, Sagar Mehta, Oleksandr Zapichenko alias Alex, Olena Stoian, Victoria Kovalenko, Tazagul Khasatova alias Tanya, Lallan Singh, Tausif Reyaz, Abhishek Gupta and Savesh Surve. The fraud surfaced on January 6, when investors learnt that the Ukranians who ran the Torres Jewellery stores had fled the country with their money. Soon, police in various places in the Mumbai Metropolitan Region and in Navi Mumbai registered separate cases against the jewellery store chain, the holding company, its promoters and key managerial executives.
Time of India
5 hours ago
- Time of India
ED raids unearth multiple property documents linked to former Vasai-Virar civic chief
Mumbai: The Enforcement Directorate (ED) seized multiple property-related documents linked to the former civic chief of Vasai-Virar City Municipal Corporation (VVMC), Anil Pawar, during searches conducted at 12 premises linked to him on Tuesday and Wednesday. ED sources said Pawar had "created a number of entities in the name of his family members, relatives and benamidars to launder the bribe amount collected." The source said, "The formation of shell entities coincides with his posting as VVCMC commissioner (2022). These entities are primarily engaged in businesses where large amounts of cash are absorbed, such as construction and redevelopment of residential towers, construction of warehouses and others." You Can Also Check: Mumbai AQI | Weather in Mumbai | Bank Holidays in Mumbai | Public Holidays in Mumbai Investigations by the ED showed an organised cartel of VVCMC officers, including the commissioner, deputy director of town planning, junior engineers, architects, CAs, and liaisoners, all operating in collusion. This cartel is responsible for large-scale illegal construction within VVCMC's jurisdiction. Commissioner VVCMC Anil Pawar, an IAS officer, is accused of orchestrating and sustaining this cartel. The ED investigation showed that after Pawar assumed the role of commissioner of VVCMC, the commission fee was set at Rs 20-25 per sq ft for the commissioner and Rs 10 per sq ft for his junior, Y S Reddy (Deputy Director Town Planning), based on the total project area from the builders. During searches at twelve premises associated with Pawar, the ED seized Rs 1.33 crore in unaccounted cash, along with numerous incriminating documents and devices. These included property documents in the names of relatives and benamidars, as well as cash and cheque deposit slips, among others. The ED sources said digital devices seized during the operations revealed Pawar's close involvement in creating a nexus of VVCMC officials and architects, CAs, and liaisoners. The money laundering case pertains to the illegal construction of 41 residential and commercial buildings on govt and private land under VVCMC's jurisdiction since 2009. This includes a 60-acre tract designated for sewage treatment and dumping facilities. Although Pawar was not the VVCMC chief at the time of construction, he failed to take action against the developments after assuming office, despite receiving complaints. The 41 buildings were recently demolished following a Bombay high court order. Flat buyers lost their money as well as their homes. In May, the ED raided 13 locations in Nalasopara, Vasai, Virar, and Hyderabad, seizing Rs 8.6 crore in unaccounted cash and Rs 23.2 crore worth of jewellery and bullion from the Hyderabad residence of Y S Reddy, deputy director of town planning, VVCMC. A few locals in Vasai burst crackers and distributed sweets late on Tuesday after the news of the ED raid spread across the city. They alleged that since Pawar was the administrator, he took unilateral decisions and corruption peaked during his tenure. "We also had written to the Maharashtra chief minister to conduct an investigation about his wealth and properties," said Sushant Patil of the Bhumiputra Sangathan, Vasai.
NDTV
5 hours ago
- NDTV
Probe Agency Restitutes Rs 380-Crore Assets In Bank 'Fraud' Involving Ex-MLA
New Delhi: Attached assets worth Rs 380 crore have been restored to a designated Maharashtra government authority for distribution to the about 5 lakh "duped" depositors of a cooperative bank, controlled by a former MLA, as part of a money laundering proceeding, the Enforcement Directorate said on Wednesday. The case pertains to the Karnala Nagari Sahakari Bank Ltd. in Panvel where it was alleged that its erstwhile chairman, Vivekanand Shankar Patil, in connivance with other officials of the bank, "cheated" the lender and "siphoned off" the funds for private investments. Patil, a four-time MLA of the Shetkari Kamgar Paksha Party, was arrested by the ED in June 2021. The money laundering case of the ED stems from a February 2020 FIR filed by the Pune Police Economic Offences Wing (EOW). The police alleged in its chargesheet that the then chairman Patil and other officials of the bank prepared 63 "bogus" loan accounts using "forged" documents without following the RBI guidelines and standard banking norms, and "siphoned off" Rs 560 crore for personal gains, the federal probe agency said in a statement. The ED said its probe found that funds were "diverted" to various entities "controlled" by Patil and his relatives. "He (Patil) purchased various properties and assets using the funds siphoned off from the bank and these proceeds of crime were utilised for the purchase of immovable properties at different locations in Raigad district of Maharashtra," it said. These assets, worth Rs 386 crore, were attached by the ED under two provisional orders issued in 2021 and 2023. The ED also filed a chargesheet in August 2021 before a special PMLA court in Mumbai. The ED said the liquidator appointed by the RBI for the bank filed an application, under section 8(8) of the PMLA, before the court seeking restitution of assets. The ED gave its consent, the agency said. The court issued an order on July 22 directing the release of the property -- Karnala Sports Academy at Panvel -- to the liquidator and to put it up for auction, the ED said. The court also ordered the Competent Authority (Maharashtra Protection of Interest of Depositors) to "realise" the land at Posari, Raigad by auction for distribution amongst the depositors. "The bank had more than 5 lakh depositors having total deposits of Rs 553 crore, and they lost their hard-earned money. "In the larger interest of depositors and currently ongoing restitution efforts, ED took steps to expedite the process resulting in the restitution," the agency said. The PMLA provides for the process of restitution even before completion of the court trial in order to provide succour to the victims of frauds like bank loans and Ponzi scheme cheating. The fraud came to light after an audit was done at the instance of the Reserve Bank of India during 2019-20, when it was found that Patil was siphoning off funds from the bank through 67 "fictitious" loan accounts. The funds were sent to the loan accounts of entities/firms/trusts owned or controlled by Patil including Karnala Charitable Trust, Karnala Sports Academy and Karnala Mahila Readymade Garments Cooperative Society Limited, the agency had claimed in a statement issued in October 2023.
