Latest news with #ForeignExchangeManagementAct
Time of India
10 hours ago
- Business
- Time of India
Agencies will continue to work closely: PM Modi on extradition of economic offenders from UK
With India seeking extradition of a number of billionaire fugitives from the UK, Prime Minister Narendra Modi on Thursday said the concerned agencies of the two sides will continue to work in "close" coordination and cooperation on the matter. The prime minister made the remarks after meeting his British counterpart Keir Starmer at Chequers , the countryside residence of the British PM. Explore courses from Top Institutes in Please select course: Select a Course Category Project Management Healthcare Management Design Thinking Public Policy CXO MBA Degree Cybersecurity Others Digital Marketing healthcare Artificial Intelligence Data Science Product Management PGDM Data Science Technology Operations Management Leadership Finance Skills you'll gain: Portfolio Management Project Planning & Risk Analysis Strategic Project/Portfolio Selection Adaptive & Agile Project Management Duration: 6 Months IIT Delhi Certificate Programme in Project Management Starts on May 30, 2024 Get Details "On the matter of extradition of economic offenders as well, our agencies will continue to work together in close coordination and cooperation," Modi said in his media statement. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Eat 1 Teaspoon at Night – Cardiologists Stunned by the Results Weight Loss News Click Here India has been raising with the UK the issue of extradition of economic offenders such as Vijay Mallya , Nirav Modi and Lalit Modi . Nirav Modi, the fugitive diamond merchant, is wanted in India to stand trial on fraud and money laundering charges in an estimated USD 2 billion Punjab National Bank (PNB) loan scam case. Live Events Mallya, who fled to the United Kingdom in March 2016, is wanted in India over a default of Rs 9,000 crore that was loaned to Kingfisher Airlines (KFA) by several banks. Lalit Modi is also wanted by Indian probe agencies for his alleged involvement in money laundering and violating the Foreign Exchange Management Act, 1999 (FEMA).
Time of India
19 hours ago
- Business
- Time of India
ED raids 35 locations linked to Anil Ambani's Reliance Group in Rs 3,000 crore money laundering probe
Live Events (You can now subscribe to our (You can now subscribe to our Economic Times WhatsApp channel The Enforcement Directorate (ED) on Thursday launched a large-scale search operation at premises linked to RAAGA companies (Reliance Anil Ambani Group Companies) or the Reliance Group (ADAG) as part of its ongoing investigation into alleged money laundering offences, sources told The Economic are currently underway at 35 locations, covering over 50 companies and more than 25 individuals, under Section 17 of the Prevention of Money Laundering Act (PMLA). Notably, the Mumbai residence of businessman Anil Ambani is not part of the search operation, sources Reliance Group (ADAG) did not respond immediately to requests for investigative agencies, including the Central Bureau of Investigation (CBI), Income Tax Department, and the Securities and Exchange Board of India (SEBI), are reportedly probing companies linked to Anil Ambani for various alleged financial irregularities. The ED is also investigating Ambani in a separate case under the Foreign Exchange Management Act (FEMA) for suspected foreign exchange to sources, the current ED investigation has been initiated based on inputs received from multiple institutions, including the National Housing Bank, SEBI, the National Financial Reporting Authority (NFRA), and the Bank of Baroda At the heart of the investigation is an alleged fraud involving Yes Bank Ltd , where the ED has uncovered evidence pointing to a diversion of approximately ₹3,000 crore in loans between 2017 and 2019. ED's probe suggests that just before these loans were disbursed, Yes Bank promoters received money in their affiliated entities, indicating a possible quid pro quo ED has reportedly found serious violations in the loan approval process, including backdated Credit Approval Memorandums (CAMs), lack of due diligence, and non-compliance with internal bank credit policies. Loans were allegedly disbursed without proper credit analysis and were subsequently routed to shell companies and group entities, violating the terms of the loan the red flags cited by investigators include loans sanctioned to companies with poor financial health, use of common directors and addresses among borrower entities , loans disbursed on the same day as the application. Also, loans disbursed before formal approvals? evidence of 'evergreening' through onward lending and misrepresentation of financials and lack of documentation and due process, sources explained .SEBI has reportedly shared its findings regarding Reliance Home Finance Ltd. (RHFL) with the ED. One red flag involved a sharp surge in corporate loans, from ₹3,742.60 crore in FY 2017–18 to ₹8,670.80 crore in FY 2018–19.
Hans India
a day ago
- Business
- Hans India
ED files FEMA complaint over Rs 913- cr FDI violation
Bengaluru: The Enforcement Directorate's Bengaluru Zonal Office has filed a complaint against One Sigma Technologies Pvt Ltd (SIMPL) and its Director Nitya Nand Sharma for contravention of the Foreign Exchange Management Act to the tune of Rs 913 crore (Rs 913,75,88,062), an official statement said on Wednesday. The enquiries in the matter were initiated on the basis of credible information that SIMPL has received a substantial amount of Foreign Direct Investment (FDI) from the US, allegedly in violation of the extant FDI policy, the ED statement said. The ED investigation under the provisions of the FEMA revealed that the firm runs its business through mobile application named SIMPL.
New Indian Express
a day ago
- Business
- New Indian Express
Enforcement Directorate books Myntra, One Sigma for FEMA violation
BENGALURU: The Directorate of Enforcement (ED), Bengaluru, has filed a complaint against fashion etailer Myntra, and its related entities under the Foreign Exchange Management Act (FEMA), 1999, for allegedly violating foreign investment rules to the tune of Rs 1654,35,08,981 (Rs 1,654.35 crore) under the guise of wholesale trading. The complaint was filed under Section 16(3) of FEMA. In another case, ED filed a complaint under Section 16(3) of FEMA against Bengaluru-based 'One Sigma Technologies Pvt Ltd' (SIMPL) and its director Nithya Nand Sharma, for contravention to the tune of Rs 913,75,88,062 (Rs 913.75 crore). The company is behind the popular Buy Now Pay Later (SIMPL) app, which allows customers to buy now and pay later in instalments. In an official release on Wednesday, the ED stated that inquiry into Myntra's books was initiated on the basis of 'credible information that Myntra Designs Private Limited (Myntra) and its related companies are doing Multi Brand Retail Trade (MBRT) in the guise of 'Wholesale Cash & Carry', allegedly in violation of the extant Foreign Direct Investment (FDI) policy'. The ED investigation revealed that Myntra had 'declared that they were engaged in the business of wholesale cash & carry and invited and received FDI from foreign investors equivalent to Rs 1,654.35 crore, and that they sold a majority of their goods to Vector E-Commerce Pvt Ltd (which sold the goods in retail to the ultimate customer). Vector E-Commerce and Myntra are related parties and belong to the same group or group of companies'. 'Vector was created and continued to be used as a corporate entity to bifurcate the B2C (business to customer i.e Myntra to retail customers) transaction into B2B (Myntra to Vector) and then B2C (Vector to retail customers),' the ED added.
Time of India
a day ago
- Business
- Time of India
ED issues 914cr show-cause notice to SIMPL
Enforcement Directorate NEW DELHI: The ED's Bengaluru unit on Wednesday issued a show-cause notice of Rs 914 crore to One Sigma Technologies Pvt Ltd and its director Nithya Nand Sharma for violating Foreign Exchange Management Act to receive Rs 649 crore in FDI from the US without govt's approval. The company operates through its mobile app called SIMPL and offers "Buy Now Pay Later" services to users of various online shopping and travel platforms. "...One Sigma Technologies received FDI of Rs 648.88 crore and issued convertible notes of Rs 264.88 crore under 100% automatic route by declaring its business as 'benefits of information technology and other computer service' activity," the agency said.
