Latest news with #PreventionofMoneyLaunderingAct
India.com
an hour ago
- Business
- India.com
ED Issues Provisional Attachment Order For Rs 106.36 Cr Assets Of Ex-UCO Bank Chief
The Enforcement Directorate (ED) on Friday said that its Kolkata Zonal office recently issued a provisional attachment order attaching movable and immovable properties valued at around Rs 106.36 crore of Subodh Kumar Goel, former chairman and managing director of UCO Bank, and related entities in connection with an on-going money laundering investigation. Additionally, a supplementary prosecution complaint was filed before the special court of the Prevention of Money Laundering Act (PMLA) in Kolkata against accused entities, including Goel, his family members, close aides, and other related companies, said the ED in a statement issued on Friday. "The ED initiated an investigation based on an FIR registered by the CBI, BSFB, Kolkata, against Concast Steel & Power Ltd. (CSPL) and its directors/promoters for defrauding banks/ financial institutions to the tune of Rs 6,210.72 crore (excluding interest) through various fraudulent practices. These malpractices include diversion/siphoning of funds, submission of inflated stock statements, manipulation of balance sheet, etc., and accordingly, the accused persons have cheated the banks/FIs to the tune of Rs 6210.72 crore,' the ED statement read. Goel was arrested in this case on May 16, 2025, for playing a substantial role in sanctioning loans of more than Rs 1,460 crore to CSPL which later turned into NPA. 'In lieu of sanctioning loans to CSPL, Goel received substantial illegal gratifications in the form of cash, immovable properties, etc., which were routed through a web of shell companies. Evidence also shows the use of accommodation entries and structured layering through front companies for the systematic settlement of kickbacks. Anant Kumar Agarwal, a chartered accountant and close associate of Goel, was also arrested on June 25. 2025 for facilitating accommodation entries, managing shell entities, and routing illegally acquired cash,' the ED statement read. In this case, ED claimed, properties worth Rs 612.71 crore WERE provisionally attached till date. The key accused persons, namely Sanjay Sureka, Subodh Kumar Goel, and Anant Kumar Agarwal, remain in judicial custody.
Hans India
2 hours ago
- Hans India
ED attaches properties for embezzlement of Bhiwani Municipal Council funds
Chandigarh: The Directorate of Enforcement (ED), Chandigarh Zonal Office, on Friday provisionally attached immovable properties of approximately Rs 3.46 crore in the case of embezzlement of government funds belonging to the Municipal Council of Bhiwani in Haryana. Out of the attached properties, assets of Rs 2.30 crore belong to Ran Singh Yadav, former President of the Municipal Council and the mastermind of the embezzlement. The remaining assets belong to other middlemen and co-conspirators, the ED said in a statement. The ED initiated investigation on the basis of an first information report (FIR) registered by Bhiwani Police under various sections of the Indian Penal Code against various officials of Municipal Council, officials of a private bank and other private people for embezzlement of the government funds of the Municipal Council that was allocated for various civic projects. The ED investigation revealed that the significant amount of Rs 12.97 crore of government funds were misappropriated and siphoned off through fraudulent transfers to bank accounts of private firms by conspiring with other officials of the Municipal Council and the bank officials of Axis Bank. Notably, the recipient firms were not allotted any work orders by the Municipal Council. The ED had earlier issued attachment order attaching immovable properties of Vinod Goyal (middleman) and Nitesh Agarwal (Axis Bank Manager), to the tune of Rs 3.99 crore and the same has been confirmed by the adjudicating authority under the PMLA. Further investigation is under progress, said the ED. The ED is a law enforcement and economic intelligence agency of the Central government. Established on May 1, 1956, the ED is responsible for enforcing economic laws and combating financial crimes. It operates under the Department of Revenue, Ministry of Finance, and has headquarters in Delhi. The primary mandate of the ED is to enforce the Prevention of Money Laundering Act, 2002 (PMLA) and the Foreign Exchange Management Act, 1999 (FEMA).
The Hindu
3 hours ago
- The Hindu
Incriminating documents, ₹72 lakh cash seized in ED searches linked to HMDA scam
The Directorate of Enforcement (ED), Hyderabad Zonal Office, carried out search operations on Thursday, July 24 at three locations in the city in connection with a disproportionate assets case involving Siva Balakrishna, the suspended Director of HMDA and Secretary-in-charge of Telangana Real Estate Regulatory Authority (TSRERA), and others. These searches led to the recovery of several incriminating documents and unaccounted cash amounting to ₹72 lakh. Searches were conducted at the residences of directors and partners of three real estate firms, Sree Krishna Constructions, Quorizon Spaces and Udaya SSV Projects. The searches were conducted under the provisions of the Prevention of Money Laundering Act (PMLA), 2002. The ED's investigation stems from an FIR registered by the Anti-Corruption Bureau (ACB), Hyderabad, which accused Siva Balakrishna and others of accumulating wealth far exceeding their known sources of income. The FIR alleged that properties were acquired not only in his name but also in the names of family members and benamis. According to the ED, Balakrishna received illicit payments from builders in exchange for favourable actions such as building plan sanctions and land use changes. These proceeds of crime were used to acquire both movable and immovable assets across various fronts. The agency said earlier searches conducted on July 2 at the premises of Balakrishna and his brother resulted in the seizure of incriminating documents and property records. The documents suggested extensive dealings with multiple realtors. Investigators also found that Balakrishna had parked funds with certain builders and was using vehicles registered under their names. Another FIR by the ACB alleged that Balakrishna received illegal gratification for facilitating clearance of a high-rise project by M/s Udaya SSV Projects at Narsingi. Further investigation is ongoing.
Hindustan Times
5 hours ago
- Business
- Hindustan Times
ED files chargesheet against ex UCO Bank CMD Goel; attaches ₹106-cr assets
New Delhi, A chargesheet has been filed against arrested former UCO bank CMD Subodh Kumar Goel and his family members, and his properties worth ₹106 crore have been attached under the anti-money laundering, the Enforcement Directorate said on Friday. ED files chargesheet against ex UCO Bank CMD Goel; attaches ₹ 106-cr assets Goel was arrested by the federal probe agency in May from his home in Delhi in an alleged bank loan fraud case of more than ₹6,200 crore linked to a Kolkata-based TMT bars supplying company named Concast Steel & Power Ltd. . He is currently lodged in a Kolkata jail under judicial custody Movable and immovable assets of Goel worth ₹106.36 crore were attached as part of a provisional order issued under the Prevention of Money Laundering Act on July 9, the agency said in a statement. It added that a fresh chargesheet was also filed before a special PMLA court in Kolkata on July 11, and Goel, his family members, close aides and related companies have been named as accused. The former UCO Bank boss was arrested for playing a "substantial" role in sanctioning loans of more than ₹1,460 crore to CSPL, which later on turned into an NPA . "In lieu of sanctioning loans to CSPL, Goel received substantial illegal gratifications in the form of cash, immovable properties, luxury goods and services routed through a web of shell companies," the ED said. Evidence, it alleged, also shows the use of accommodation entries and structured layering through front companies for systematic settlement of kickbacks, it said. A Chartered Accountant named Anant Kumar Agarwal, an alleged close associate of Goel, was also arrested by the agency in June for "facilitating accommodation entries, managing shell entities, and routing illegally acquired cash." Agarwal, too, is lodged in jail at present. With the latest attachment, the total freezing of assets in the case stands at ₹612.71 crore, according to the ED. This article was generated from an automated news agency feed without modifications to text.
Economic Times
5 hours ago
- Business
- Economic Times
ED files chargesheet against ex UCO Bank CMD Subodh Kumar Goel; attaches Rs 106-crore assets
A chargesheet has been filed against arrested former UCO bank CMD Subodh Kumar Goel and his family members, and his properties worth Rs 106 crore have been attached under the anti-money laundering, the Enforcement Directorate (ED) said on was arrested by the federal probe agency in May from his home in Delhi in an alleged bank loan fraud case of more than Rs 6,200 crore linked to a Kolkata-based TMT bars supplying company named Concast Steel & Power Ltd. (CSPL).He is currently lodged in a Kolkata jail under judicial custody Movable and immovable assets of Goel worth Rs 106.36 crore were attached as part of a provisional order issued under the Prevention of Money Laundering Act (PMLA) on July 9, the agency said in a statement. It added that a fresh chargesheet was also filed before a special PMLA court in Kolkata on July 11, and Goel, his family members, close aides and related companies have been named as accused. The former UCO Bank boss was arrested for playing a "substantial" role in sanctioning loans of more than Rs 1,460 crore to CSPL, which later on turned into an NPA (non-performing asset)."In lieu of sanctioning loans to CSPL, Goel received substantial illegal gratifications in the form of cash, immovable properties, luxury goods and services routed through a web of shell companies," the ED it alleged, also shows the use of accommodation entries (hawala transactions) and structured layering through front companies for systematic settlement of kickbacks, it said.A Chartered Accountant (CA) named Anant Kumar Agarwal, an alleged close associate of Goel, was also arrested by the agency in June for "facilitating accommodation entries, managing shell entities, and routing illegally acquired cash." Agarwal, too, is lodged in jail at present. With the latest attachment, the total freezing of assets in the case stands at Rs 612.71 crore, according to the ED.
