Latest news with #DirectorateofEnforcement
New Indian Express
4 days ago
- Business
- New Indian Express
Bengaluru ED books top mineral export firm under Fema
The Directorate of Enforcement further added that 'it is also revealed that multiple bank accounts were opened abroad by the SKMEPL directors for parking of funds outside India and for further diversion of funds to these bank accounts for purchase of properties overseas in their and their family members' names.' The Directorate of Enforcement had initiated investigation based on 'intelligence input received from Income Tax wherein it was prima facie revealed that part of the export proceeds of SKMEPL were diverted by its buyers in the bank accounts of overseas companies wherein the directors of the company were shareholders,' the release said. 'Further, it is understood that Shantesh had acquired immovable property at 9, Hay's Mewa, London, which was valued at EUR 6.4 million, partly out of the said proceeds,' the Central agency added.
The Hindu
4 days ago
- Business
- The Hindu
ED raids exports firm for FEMA violations
The Directorate of Enforcement (ED) raided four premises linked to a private firm, Sri Kumaraswamy Mineral Exports Pvt. Ltd., in Bengaluru and Mangaluru on May 27, for alleged violations of Foreign Exchange Management Act, 1999, in the matter of various 'undisclosed transactions in overseas jurisdictions.' The ED said in a statement on Friday that the premises linked to the directors of the firm, Santesh Gureddi and Jyothi Gureddi, Bhavani Prasad Tapal and Renuka Devi and Ravindranath, and Uma Alva, were also raided. 'The ED had initiated investigation based on intelligence input received from the Income Tax Department wherein it was prima facie revealed that part of the export proceeds of Sri Kumaraswamy Mineral Exports Pvt. Ltd. were diverted by its buyers in the bank accounts of overseas companies wherein directors of the firm were shareholders. Further, it is understood that Shantesh Gureddi had acquired immovable property in London, valued at £6.4 million, partly out of the said proceeds,' ED said in the statement. The agency further said that the directors had incorporated multiple entities in overseas jurisdiction for receipt of profit derived by the company and diversion of part of export proceeds through these overseas entities. 'It is also revealed that multiple bank accounts were opened abroad by the directors for parking of funds outside India and for further diversion of funds to multiple bank accounts maintained overseas for purchase of properties outside India in their name and in the name of their family members,' ED said.
Time of India
27-05-2025
- Time of India
Toppers scam: ED files supplementary chargesheet in special court
Patna: Patna zonal office of the Directorate of Enforcement (ED) has filed a supplementary chargesheet before the Special Court (PMLA) here, seeking conviction of a person and a trust involved in a money laundering case related to Amit Kumar alias Bachcha Rai & others. Tired of too many ads? go ad free now Bachcha Rai is a key figure in the 2016 Bihar Intermediate toppers' scam, the ED said on Tuesday. The toppers' scam came to light in May 2016, when the 's (BSEB) arts topper Ruby Rai, during an interview by a television channel, pronounced political science as 'prodigal science' and described it as a subject related to cooking. "The accused people, against whom supplementary chargesheet were filed, include Saiyad Mahatab Alam, secretary of Vishun Rajdeo Teachers Training College (VRTT) and Vishun Roy Memorial Educational & Welfare Trust through its trustee Amit Kumar alias Bachcha Rai. The court has taken cognizance of the supplementary chargesheet," the ED said. The ED's Patna office had conducted searches at four locations on Dec 9, 2023, wherein huge cash of Rs2.78 crore was seized from premises connected to accused Baccha. Thereafter, this information was shared with the Bihar Police and consequent to that, a fresh FIR No. 88/2025 was registered by the Bhagwanpur police station in Vaishali district against Bachcha under various sections of the BNS, 2023 concerning accusations of cheating, forgery and criminal conspiracy. "It was alleged in the FIR that Bachcha and officers/staff of the VRTT College, in criminal conspiracy with each other, illegally misappropriated funds, which is a cognizable offence," the ED. During investigation, ED has uncovered a major racket where, under the garb of providing legitimate education through the VRTT College, BEd, MEd and DlEd degrees were being provided by accused persons without conducting any classes and charging huge amounts to provide such fraudulent degrees. Tired of too many ads? go ad free now "Investigation has revealed that proceeds of crime amounting to Rs9.34 crore has been collected by the VRTT College, run fraudulently by Bachcha in connivance with secretary of VRTT College-Saiyad Mahatab Alam. In this case, ED on March 31, 2018, provisionally attached properties valued at Rs4.52 crore, the ED said.
The Hindu
26-05-2025
- Politics
- The Hindu
Former CPI(M) district secretaries had knowledge of illegal loan disbursement from Karuvannur bank: ED
The Directorate of Enforcement has alleged that former Minister A. C. Moideen knowingly assisted some of the accused in the Karuvannur Service Cooperative Bank loan scam in the process of money laundering and was thus guilty of the offence under the Prevention of Money Laundering Act. The ED alleged that Mr. Moideen, who was the secretary of Communist Party of India (Marxist) Thrissur district committee between 2011 and 2016, knew that illegal loans had been granted from the bank. He knowingly assisted the accused, who had availed illegal loans, in raising funds for the party from the loan amount. A certain percentage of the proceeds of crime was possessed by the CPI(M) for raising funds, which was used for the purchase of property for party office, it was alleged. The final complaint alleged that M.M. Varghese, who was the district secretary of the party between 2018 and 2025, had knowledge of the granting of illegal loans from the bank and he knowingly assisted the accused who had availed illegal loans for raising funds for the CPI(M) from the loan amount. The proceeds of crime were used for purchasing property for party office, and the property was registered in the name of Mr. Varghese, the final complaint filed on Monday alleged.
The Hindu
23-05-2025
- Politics
- The Hindu
ED likely to summon Parameshwara in gold smuggling case
The Directorate of Enforcement (ED) has reportedly wrapped up its search operations at Home Minister G. Parameshwara's family-run Sri Siddhartha Academy for Higher Education, Tumakuru, in connection with the gold smuggling case allegedly involving actor Ranya Rao. The ED is likely to summon Dr. Parameshwara to appear before the agency for questioning in the case soon, multiple sources said. The ED will also likely take the custody of Ranya Rao, presently in judicial custody in a case registered by the Directorate of Revenue Intelligence (DRI), which allegedly caught her smuggling 14.2 kg of gold at the Kempegowda International Airport here on March 3. The ED said on Wednesday that they were looking at a transaction in which the educational trust 'diverted funds and made a payment of ₹40 lakh towards the credit card bill of Ranya Rao, allegedly on the instructions of an influential individual'. The ED said there were no supporting vouchers or documentation to substantiate this payment. Though Dr. Parameshwara has refused to comment on the Ranya Rao link to the raids at his institutions, Karnataka Pradesh Congress Committee president D.K. Shivakumar has claimed that the Home Minister had told him that 'it was a gift during her wedding'. Mr. Shivakumar told mediapersons on Thursday, 'When there was a marriage in the family of an officer working with him, he seems to have helped them by giving a gift. There is nothing wrong in it.' Ranya Rao, the stepdaughter of Director-General of Police K. Ramachandra Rao, got married in November 2024. 'ED raids on Parameshwara a fallout of Congress factionalism' Two Union Ministers, Pralhad Joshi of the Bharatiya Janata Party and H.D. Kumaraswamy of the Janata Dal (Secular), hitting back at the Congress for terming the ED raid as a 'political vendetta', alleged that it was a fallout of internal factionalism in the Congress. Mr. Joshi, speaking to reporters in Gadag on Thursday, alleged that a faction within the Congress had provided all the information regarding Dr. Parameshwara to the ED, which led to the raid. 'A faction within the Congress wrote to the ED, and the agency was only acting according to law. Chief Minister Siddaramaiah, who controls the State intelligence, knows who within his own party wrote to the ED as well,' he said. Mr. Kumaraswamy, speaking to reporters in New Delhi on Friday, said the 'gold smuggling case was being used as a tool to damage Dr. Parameshwara's credibility and derail his leadership ambitions by a person aiming to succeed Siddaramaiah as Chief Minister, who he said was orchestrating the entire episode from behind the scenes'. He claimed the real motive is to sideline Dalit leadership and elevate a rival leader to the Chief Minister's post. He said Dr. Parameshwara's recent political activity, including efforts to organise a Dalit convention and engage with the party's national leadership, may have triggered this backlash.
