Latest news with #moneylaunderingact
Hindustan Times
5 days ago
- Hindustan Times
ED grills Suresh Raina for 8 hours in illegal betting apps probe
The Enforcement Directorate on Wednesday questioned former India cricketer Suresh Raina for more than eight hours in its money laundering probe against illegal online betting platforms. The agency also recorded Raina's statement under the prevention of money laundering act (PMLA).(PTI) Raina, who was seen interacting with the ED staff and CISF personnel outside the agency's office, marked his attendance at 11 am, and left around 8 pm, PTI reported. The agency also recorded Raina's statement under the prevention of money laundering act (PMLA) for endorsing a sports betting app, which was involved in illegal practices. Raina allegedly undertook certain endorsements for the betting app. The ED interrogated the former Indian cricketer to understand his links with the app, any endorsement fee which he might have received, and the mode of communication used between both parties, PTI quoted sources as saying. Meanwhile, an ED officer said that 'another former Indian cricketer has also been asked to appear before the agency', without naming the individual. The agency, which is calling several celebrities with links to betting apps for interrogation, had also summoned representatives of Google and Meta for questioning as part of the probe. The ED is investigating multiple such cases which involve illegal betting apps, and has also questioned tech firms and media houses' representatives who have received money in the form of advertisements from them. The apps under the scanner have allegedly duped several people and investors of crores of rupees, while also evading taxes. There are around 22 crore Indians using such online betting apps, with half of them being regular users, according to PTI. The online betting app market in India is worth over USD 100 billion, PTI quoted experts as saying. In relation to online betting, the union ministry of information and broadcasting had, in 2023, issued four advisories to newspapers, broadcast news channels, entertainment channels, publishers of online news and current affairs content, online advertisement intermediaries, and social media platforms to not advertise these platforms. However, despite the advisories, celebrities from the entertainment and sports fields continued to endorse such apps, with some of them now being under the ED scanner, according to an officer.
Hindustan Times
5 days ago
- Sport
- Hindustan Times
ED records Raina's statement in illegal betting probe
New Delhi: The Enforcement Directorate (ED) on Wednesday recorded the statement of cricketer Suresh Raina in connection with its larger money laundering probe against several illegal online betting platforms, which use multiple platforms for surrogate advertisements and collect funds from their users, officials said. Former cricketer Suresh Raina. (PTI) The former India player reached the ED headquarters at around 11 am and was examined till evening. Raina's statement was recorded under the prevention of money laundering act (PMLA) for endorsing a sports betting app, which indulged in illegal practices. An officer, without naming the player, said 'another former Indian cricketer has also been asked to appear before the agency.' ED is calling several celebrities to understand their links with the betting apps, any endorsement fee earned and the mode of communication between them. Earlier, the agency had called the representatives of Google and Meta for questioning as part of this probe. The financial crimes probe agency is probing multiple illegal online betting platforms and has questioned tech firms, media houses' representatives who have received money in the form of advertisements from them. Several platforms hosting illegal betting and gambling links, including instances of advertisements placed for them on various social media outlets and app stores, are under the ED scanner. In 2023, the Union ministry of information and broadcasting issued four advisories to newspapers, broadcast news channels, entertainment channels, publishers of online news and current affairs content, online advertisement intermediaries (like Google and Facebook), and social media platforms to not advertise online betting platforms. Despite these instructions from the Centre, eminent personalities in the field of entertainment and sports endorsed them. These actors and sportspersons are also under the ED's scanner and they could be summoned soon, according to an ED officer. According to the information gathered by ED over the past several months, multiple betting platforms, which have been banned over the years, still run their operations by changing names and are promoted by celebrities and social media influencers. 'These platforms are in violation of multiple laws and directions by the Indian government, including tax evasion, money laundering, and Foreign Exchange Management Act (FEMA) as money is transferred out of the country illegally. It is estimated that around 220 million Indian users are currently engaged on various betting apps, and 110 million of these are regular users,' said the officer. In just the first three months of 2025, more than 1.6 billion visits were recorded on illegal betting websites or apps and it is suspected that the online betting market in India might be worth around $100 million, the first ED officer said. 'The estimates also suggest that top betting apps are evading ₹27,000 crore in taxes every year,' the officer said. The government has issued 1,524 blocking orders against illegal gambling websites and mobile apps between 2022 and June 2025, as revealed in a response from the ministry of electronics and information technology (MeitY) in the ongoing monsoon session.
Hindustan Times
10-06-2025
- Politics
- Hindustan Times
ED attaches 92 additional properties in MUDA case
The Enforcement Directorate (ED) has attached 92 immovable Mysuru Urban Development Authority (MUDA) sites valued at ₹100 crore in connection with its money laundering probe into irregularities in land allotment by MUDA, the agency said on Tuesday. Karnataka chief minister Siddaramaiah and his wife BM Parvati are under the ED scanner in the case. 'ED Bengaluru Zone has provisionally attached 92 immovable properties (MUDA sites) having market value of ₹100 crore (approximately) on Monday under the provisions of the prevention of money laundering act (PMLA) in connection with the MUDA case. The attached properties are registered in the name of entities such as housing cooperative society and individuals who are front or dummy for influential persons including MUDA officials,' ED said in a statement on Tuesday. ED's probe is based on a Karnataka Lokayukta first information report (FIR), which was closed by the state's anti-corruption body in February this year saying the allegations against Siddaramaiah, his wife Parvathi M, and two others could not be substantiated due to insufficient evidence. The financial crimes probe agency has already filed a protest petition before a special court in Bengaluru. In a detailed statement on Tuesday, ED said its probe revealed a 'large-scale scam in allotment of MUDA sites by flouting various statutes and government orders or guidelines and by other fraudulent means'. Also Read: Karnataka HC issues notice to CM, his wife in Muda case 'The role of ex-MUDA commissioners including GT Dinesh Kumar has emerged as instrumental in illegal allotment of compensation sites to ineligible entities or individuals. The evidence with respect to obtaining bribe for making illegal allotments in the form of cash, bank transfer, movable/ immovable properties have been gathered during the course of the investigation. The modus operandi for making illegal allotment involved identification of ineligible beneficiaries and making allotment using fake documents or incomplete documents in direct violation of government orders and also back dating of allotment letters in some cases,' ED said. ED further said that the illegal gratification received for making these illegal allotments was routed through a co-operative society and bank accounts of the relatives or associates of the officers playing key roles in the allotment process. 'The gratification thus received was further used to purchase some of these illegally allotted MUDA sites in the name of relatives of MUDA officers,' the statement added. The financial crimes probe agency had earlier attached 160 MUDA sites having a market value of ₹300 crore. With regard to Karnataka CM, specific allegations are that a 3.16 acre land plot was gifted to Parvathi by her brother, Mallikarjuna Swamy in 2010. MUDA illegally developed the land between 2011-13, following which Parvathi, in 2014, sought compensation. In 2017, MUDA agreed to compensate her, and in 2022, she was given 14 plots. After the controversy came to light, Siddaramaiah offered to return the 14 plots if his wife was given ₹56 crore as compensation. The MUDA 50:50 scheme, announced in 2016, entailed offering 50% of the developed sites as compensation to the original land owners. The controversial scheme was scrapped in 2023. In a statement in January this year, ED had said that 'Siddaramaiah has used his political influence to get compensation of 14 sites in the name of his wife in lieu of 3 acres 16 guntas of land acquired by MUDA. The land was originally acquired by MUDA for ₹3,24,700. The compensation in the form of 14 sites at posh locality is worth ₹56 crore (approx)'.
Time of India
24-04-2025
- Business
- Time of India
Dalmia Bharat's net profit up 37.19% in Q4 FY25
NEW DELHI: Dalmia Bharat has reported a growth of 37.19 per cent in its net consolidated profit during the quarter ended March 31, 2025. Its profit after tax (PAT) stood at ₹439 crore in Q4 FY25 as against ₹320 crore it recorded in the corresponding quarter of the previous fiscal, the company said in a BSE filing. The company's net consolidated total income stood at ₹4,184 crore in Q4 FY25, a dip of 5.49 per cent from ₹4,427 crore it recorded in the similar quarter last year. Puneet Dalmia , managing director & CEO of the company said, "Having successfully achieved our milestone of cement capacity at 49.5 MnT, we have commenced the next phase of expansion with the recently announced capacity addition of 6 MnT catering mainly to new markets in Western India. During the current year, while profitability remained subdued due to soft demand and weak pricing, I am confident to deliver profitable growth going forward on the back of stronger volumes, improved realizations and a consistent focus on cost leadership." The board of directors recommended final dividend of ₹5 per equity share of face value of ₹2 each fully paid up (i.e. 250%) for the financial year ended March 31, 2025. The company commissioned 2.4 MnT cement capacity in Lanka, Assam and 0.5 MnT of cement capacity in Rohtas, Bihar. This takes its overall installed capacity to 49.5 MnT. It also announced investment of ₹3,520 crore to establish a 3.6 MnTPA clinker unit with a 3 MnTPA grinding unit at existing Belgaum plant, Karnataka coupled with a new 3 MnTPA greenfield split grinding unit in Pune, Maharashtra. Dharmender Tuteja , chief financial officer of the company said, "Our cement volumes declined by 3% year-on-year in Q4, primarily due to the discontinuation of JP tolling volumes. However, quality of sales improved driven by a higher share of trade sales and increased contribution from premium products. Revenue from operations declined by 5% year-on-year to ₹4,091 crore, reflecting the continued softness in cement prices. However, our EBITDA grew by 21% year-on-year to ₹793 crore during the quarter due to our continued focus on cost leadership through various initiatives including increase in renewable power capacity." The company commissioned 2.2 MW captive solar power plant at Lanka, Assam, while 13 MW is commissioned under the group captive agreements, increasing its total operational renewable energy (RE) capacity to 267 MW. Total operational renewable capacity, including the group captive, is expected to reach 595 MW by end of FY26. Dalmia Cement (Bharat) ( DCBL ) has received a provisional order of attachment (POA) in April 2025 for ₹793 crore and attached certain land parcels of the company amounting to ₹377 crore, issued by the directorate of enforcement (ED), Hyderabad under prevention of money laundering act, 2002 (PMLA). The provisional attachment by ED emanates from an earlier case registered by the central bureau of investigation (CBI) in 2011 wherein they had made certain allegations against DCBL vide their charge sheet filed in 2013. "In the opinion of the group and basis the legal advice, no offence is made out against DCBL, and no adverse impact is expected to devolve on the company," it said in the regulatory filing. The company's volume improved by 2% year-on-year to 29.4 MnT while net debt to EBITDA stood at 0.3x during the quarter ended March 31, 2025.
