Latest news with #PMLA
Time of India
7 hours ago
- Politics
- Time of India
HC: Court can't take cognisance of PMLA case without hearing accused
Calcutta HC KOLKATA: A court cannot take cognisance of a case under Prevention of Money Laundering Act without hearing the accused, as required under the BNSS, Calcutta HC on Friday held, quashing proceedings under PMLA against three accused. Tutu Ghosh, Bipin Kumar Kedia, and Anil Kumar Jain were accused of offences under sections 3 and 4 (money laundering), read with section 70 of PMLA (offences by companies and their officials). They approached the HC, contending the PMLA judge took cognisance of the offences in violation of the first proviso to BNSS section 223, as no opportunity of hearing was given to any of them before such cognisance was taken. Senior counsel appearing for the accused argued that BNSS has introduced a provision requiring an opportunity of hearing for the accused prior to the taking of cognisance, and that denial of such an opportunity amounts to a violation of fundamental rights.
Time of India
7 hours ago
- Politics
- Time of India
Justice Varma's plea to bin inquiry report may face maintainability hurdle in SC
Justice Yashwant Varma (File photo) NEW DELHI: A petition by Allahabad HC's Justice Yashwant Varma for quashing of an inquiry report on discovery of sacks of money in his official residence, based on which then CJI Sanjiv Khanna recommended stripping of him of judgeship, will face an uphill 'maintainability' test at the threshold before Supreme Court. Ahead of the monsoon session of Parliament commencing on Monday, parliamentary affairs minister Kiren Rijiju said over 100 MPs had signed a notice to bring a removal motion in Lok Sabha, Justice Varma's petition could become infructuous if SC does not list it for hearing prior to the motion being tabled in Parliament. A motion for removal of a constitutional court judge requires signatures of 100 MPs if it is moved in Lok Sabha and 50 MPs if it is presented in Rajya Sabha. Interestingly, the SC registry has pointed out several defects in Justice Varma's petition to advocate-on-record Vaibhav Niti, who has to race against time to get these cured and make the petition eligible for listing before a bench. Even if the petition gets cured of the defects and is listed for hearing before a bench, it would face many questions about its maintainability given the facts of the incident of March 14, the statements of first responders confirming the presence of sacks of half-burnt currency notes and the conduct of the judge as well as his private secretary after the fire incident in cleaning up the storeroom in the early hours of March 14 after police and firemen left the scene. Justice Varma raises a question as to why the police did not seize the cash and why they did not prepare a 'panchnama' (independent witness statements corroborating discovery of cash). For a week from March 15 till March 22, when the inquiry committee was appointed, why did Justice Varma keep silent and not register an FIR with police seeking a thorough investigation as to who planted the cash at his residence to frame him? Instead, he, in his petition, faults the inquiry committee for failing in its duty to find out how the cash came into his residence and who were the people responsible for it. It would have given credibility to his stand had he filed an FIR asking the police to find out who planted the cash and how the fire took place. But he did nothing even as evidence of burning cash was uploaded on SC website on orders of then CJI Khanna. Interestingly, a strong counter-point to Justice Varma's plea is provided in a PIL filed by advocate Mathews Nedumpara, who said, 'The presence of huge volumes of cash running into crores of rupees, that too at the official residence of a judge of Delhi HC, who decides commercial matters involving hundreds and thousands of crores, whose residence is secured 24/7 by CRPF, would lead to irresistible conclusion that the money which happened to catch fire is illegal money and the judge and the bribe giver, both, have committed offences punishable under Prevention of Corruption Act, PMLA, BNS and other laws, which render it obligatory on the part of the police to register an FIR. '
Time of India
11 hours ago
- Business
- Time of India
Robert Vadra received Rs 58 crore as proceeds of crime in Haryana land deal: ED Charge sheet
Live Events (You can now subscribe to our (You can now subscribe to our Economic Times WhatsApp channel The Enforcement Directorate (ED) has alleged that Robert Vadra , husband of Congress MP Priyanka Gandhi Vadra , received ₹58 crore as "proceeds of crime" in the Shikohpur, Haryana land deal case. The federal agency last week filed its prosecution complaint (equivalent of a charge sheet) against 11 individuals and entities, including Vadra under relevant provisions of the Prevention of Money Laundering Act (PMLA) for their alleged involvement in the Shikohpur case. This is ED's first charge sheet against agency, in its prosecution complaint, has alleged that Vadra received ₹58 crore of proceeds of crime via two channels, people in the know told ET. The agency has claimed that ₹53 crore was routed through M/s Sky Light Hospitality Private Limited (Vadra's firm). Another ₹5 crore was allegedly routed through M/s Blue Breeze Trading Private Limited (BBTPL), ED has has further submitted in its prosecution complaint that these proceeds of crime were allegedly utilised by Vadra to acquire immovable properties, make investments, advance funds/loans, and settle liabilities of his various group companies. The agency has further alleged that its probe has uncovered "significant irregularities" in the commercial licence granted to Vadra's company M/s Sky Light Hospitality Pvt Ltd. (SLHPL).ED has claimed that despite the application stating 3.53 acres, only 1.35 acres were available for commercial licensing, below the 2-acre minimum. Nevertheless, Directorate of Town and Country Planning (DTCP) officials in Chandigarh proceeded with the application by including land designated for a sector road, people in the know part of its investigation, ED has recorded statements from DTCP officials, who in their testimonies have told the agency that pressure was exerted from higher authorities to accelerate the process. "The file also showed backdating and alterations to the sector road plan to help M/s SLHPL qualify for the license," people quoted above regard to the alleged offence pertaining to evasion of alleged stamp duty, ED has highlighted that the sale deed for the Shikohpur land transaction contained a false statement regarding the payment, stating it was received via cheque when it was it has invoked Section 70 of the PMLA, 2002, which pertains to offences by companies. Vadra has repeatedly denied the allegations against Wednesday, the agency also provisionally attached 43 immovable properties amounting to ₹37.64 crore linked to Vadra and his entities, i.e, M/s SLHPL & case dates to 2018 when an FIR was registered against Bhupinder Singh Hooda, Haryana chief minister from 2005 to 2014, as well as against Vadra and real estate companies DLF and Onkareshwar Properties on charges of alleged criminal conspiracy, cheating, fraud and forgery under the provisions of the Prevention of Corruption Act.
Time of India
13 hours ago
- Business
- Time of India
Viceroy alleges Vedanta Semiconductor is a ₹2,500-cr sham; co says baseless
Continuing its triad against mining Moghul Anil Agarwal's Vedanta group, US-based Viceroy Research has alleged that the group's semiconductor unit was a "sham commodities trading operation", designed to avoid classification as an NBFC, a charge the mining conglomerate dismissed as short seller Viceroy Research, which last week published a scathing report about Vedanta Group and followed it with similar reports on group companies, in fresh allegations said Vedanta Ltd's subsidiary, Vedanta Semiconductors Pvt Ltd, was part of a scheme to allow the Mumbai-listed firm to remit brand fees to parent Vedanta Resources in April this year, when it faced a severe liquidity crisis. In a statement, Vedanta spokesperson said the group "strongly rejects the baseless allegations made in the report regarding Vedanta Semiconductors Pvt Ltd (VSPL)". "All business activities of VSPL have been transparently disclosed and are in line with statutory norms," it said. Viceroy said, "VSPL is a sham commodities trading operation designed to improperly avoid classification as a Non-Banking Financial Company (NBFC)". "This scheme was devised to facilitate Vedanta Ltd 's remittance of brand fees to Vedanta Resources' (VRL) in April 2025, when it faced a severe liquidity crisis," Viceroy said. "VSPL's operational illusion needs 24 months of regulatory silence to fulfil its purpose, repaying its offshore lenders and hiding the near-catastrophe of April 2024. While credit analysts are snoozing through the alarm bells, India's regulators are famously light sleepers." In April 2024, Vedanta Limited (VEDL) faced a severe liquidity crisis. "In response, VEDL reactivated VSPL, not as a semiconductor venture, but as a zero-margin trading entity, whose operations appear to consist entirely of paper-based commodity trading." "VSPL tapped offshore lenders for a short-term, INR-denominated, 10 per cent NCDs secured by VEDL's stake in HZL (equivalent to 1 per cent of outstanding shares). VSPL then began trading commodities (copper, silver, gold) on a zero-margin basis reminiscent of wash trading," Viceroy alleged. VSPL, it said, remitted the loan to VEDL as a 24-month 12 per cent loan, with the spread intended to cover the sham operation's costs. The semiconductor unit, superficially an operating entity, would face reduced scrutiny for loan repayments under FEMA, Companies Act, PMLA and AML frameworks. "VSPL will likely have to continue these sham operations until FY27, when the loans fall due and repayment will have to be routed back through it. If, at any point, the regulators intervene at VSPL, the lender group is likely facing a total wipeout," the US short-seller alleged. Vedanta spokesperson in the statement said, "Loans between VSPL and Vedanta Ltd were executed in full compliance with applicable laws, corporate governance standards, and both Vedanta Ltd and VSPL have consistently reported accurate loan terms, interest rates, and collateral in line with statutory norms," it said, adding that it would encourage stakeholders to only reply on verified disclosures and audited financials. Viceroy, on July 9, said it has taken a short position against the debt of Vedanta Resources, the UK-based parent of Indian miner Vedanta Ltd, and alleged in the report that the British firm is "systematically draining" its Indian unit. Vedanta had dismissed the report as "a malicious combination of selective misinformation and baseless allegations", and that Research issued it without contacting the group. Viceroy, in its latest report, said despite Vedanta's claim that it failed to engage, it is yet to receive a response to the issues flagged since July 9. "For a company so quick to dismiss our findings, one might expect answers to be equally swift. It's been over a week since we formally requested clarification," the short seller added.
Time of India
15 hours ago
- Business
- Time of India
Andhra liquor scam: Chargesheet reveals Jagan Mohan Reddy's role; YSRCP MP Midhun Reddy arrested
Former Andhra Pradesh chief minister YS Jagan Mohan Reddy, left, and YSRCP MP PV Midhun Reddy NEW DELHI: Former Andhra Pradesh chief minister YS Jagan Mohan Reddy has been named as a recipient of alleged kickbacks in a Rs 3,500 crore liquor scam, according to a chargesheet filed by the state police. The 305-page document, submitted to a local court on Saturday, claims Jagan received a share of Rs 50–60 crore every month during the 2019–2024 YSR Congress Party (YSRCP) regime. However, the chargesheet stops short of naming him as an accused. The court is yet to take cognizance of the chargesheet. "The collected amounts were eventually handed over to Kesireddy Rajasekhar Reddy(A-1). Rajasekhar Reddy would then pass the money to Vijay Sai Reddy (A-5), Mithun Reddy (A-4), Balaji (A-33) who would transfer it to former Chief Minister Y S Jagan Mohan Reddy. On an average, Rs 50-60 crore was collected every month (during the 2019-24 YSRCP regime)," the charge sheet said, as quoted by PTI. A key witness has reportedly corroborated these transactions. The report labels Rajasekhar Reddy as the "mastermind and co-conspirator" behind the liquor scam, alleging he manipulated the excise policy, replaced automated Order for Supply (OFS) systems with manual processes, and appointed loyalists in APSBCL (Andhra Pradesh State Beverages Corporation Limited). by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Genius Portable Cooler Keeps Your Home Cool & Saves You Money AiraBreeze Learn More Undo The chargesheet states that Rs 250–300 crore was routed in cash for election expenses of the YSRCP, coordinated by Rajasekhar Reddy and ex-MLA Chevireddy Bhaskar Reddy. The laundered money was allegedly invested in land, gold, and luxury assets in Dubai and Africa, via over 30 shell companies. "The accused planned the change in excise policy and also its modalities, to ensure that they would receive large kickbacks, majority portion of such kickbacks was received in cash, gold bullion etc," said the document. A key meeting with distillery owners was allegedly held at Hyderabad's Park Hyatt Hotel in late 2019. Organised by Sajjala Sridhar Reddy (A-6), the owners were reportedly threatened to cooperate with the manual OFS process and pay kickbacks of 12–20% or face order denials. "During the meeting, the owners were intimidated that if they do not accede to their proposals and no orders will be issued to them. Such intimidation for kickbacks by threatening them with no issuances of OFS and thereby receiving kickbacks amounts to extortion," the chargesheet quoted by PTI added. On Saturday, YSRCP MP PV Midhun Reddy was arrested by the special investigation team (SIT) after hours of questioning in connection with the scam. Earlier in May, the enforcement directorate (ED) registered a money laundering case under the Prevention of Money Laundering Act (PMLA) and filed an Enforcement Case Information Report (ECIR) to probe the alleged financial crimes. Reacting to Midhun Reddy's arrest, several YSRCP leaders including Botcha Satyanarayana, Perni Venkatramaiah (Nani), Ambati Rambabu, Merugu Nagarjuna, and G Srikanth Reddy issued a joint statement calling it a clear case of 'political vendetta" by the Chandrababu Naidu-led TDP government.
