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 Reuters Dated 03.12.2020 By  Drazen Jorgic GUADALAJARA (Reuters) - Early next year, a Chinese businessman named Gan Xianbing will be sentenced in a Chicago courtroom for laundering just over $530,000 in Mexican cartel drug money. Gan, 50, was convicted in February of money laundering and operating an unlicensed money-transfer business that whisked cartel cash from U.S. drug sales offshore. Gan has maintained his innocence; his lawyers say he was entrapped by U.S. authorities. The trial garnered few headlines and little of the public fascination reserved for kingpins of powerful narcotics syndicates that U.S. federal prosecutors said Gan served. Still, U.S. law enforcement officials told Reuters that Chinese "money brokers" such as Gan represent one of the most worrisome new threats in their war on drugs. They say small cells of Chinese criminals have upended the way narcotics cash is laundered and are displacing the Mexican and Colombian money men that have long dominate...

The Indian Express   Written by  Khushboo Narayan  Mumbai |  Updated: November 14, 2020 In a relief to the former ICICI Bank chief executive officer  Chanda Kochhar  and her husband  Deepak Kochhar , the adjudicating authority under the Prevention of Money Laundering Act (PMLA) on Friday said their assets attached by the Enforcement Directorate do not qualify as proceeds of crime. The PMLA has not confirmed the attachment of assets, worth Rs 78.15 crore, by the ED. The acting chairperson of the authority, Tushar V Shah, in a 798 page order said that the assets of Deepak Kochhar do not qualify as proceeds of crime under PMLA. Read|  Special court rejects bail plea by Deepak Kochhar The ED had provisionally attached movable and immovable assets of Kochhar including the flat at CCI Chambers, land, cash, plant and machinery at Windfarm Projects located in Tamil Nadu and Maharashtra. The agency is likely to challenge the order before the appellate auth...

Accountantsdaily July 22, 2020 AFP busts $17m payroll money laundering scheme A joint agency investigation into an alleged $17 million payroll tax fraud syndicate has resulted in the arrest of 12 individuals across three different states. On Tuesday, the Australian Federal Police executed search warrants at 10 locations across Sydney, nine in south-east Queensland and two in the ACT in a co-ordinated strike against a transnational and serious organised criminal syndicate using labour hire and payroll companies associated with the building and construction industry to defraud the Commonwealth. Charges have been brought against 12 people, include a 49-year-old man from Surfers Paradise, who is alleged to be the director of this organised crime syndicate comprising of a mix of financial industry experts and former bankers. It will be alleged in court that the syndicate had effective control of labour hire companies undertaking legitimate work in the building and...

Livemint July 22, 2020 PACL Chit Fund Scam: Sebi asks investors to rectify errors in applications The PACL scam which was found to have illegally collected over ₹49,100 crore over a period of 18 years is considered to be one of the biggest chit-fund scams in India Sebi on Tuesday issued a notice to ask the investors or applicants of Pearls Agrotech Corporation (PACL), with claims between ₹5,000 and ₹7,000 to check the status of their claim applications online and rectify the deficiencies for settlement of the claims. The portal will be operational from August 1, 2020 to October 30, 2020. The PACL scam which was found to have illegally collected over ₹49,100 crore over a period of 18 years is considered to be one of the biggest chit-fund scams in India. The company was started in 1982. PACL and Pearls Golden Forest Limited(PGFL) illegally raised money from the poor on the pretext of sale and development of agriculture land. The Justice (Retd.) R.M. Lodha Com...

Livemint July 22, 2020 FIU to get PAN data from I-T dept to check large, suspicious cash transactions The Financial Intelligence Unit (FIU) is the nodal central agency authorised to obtain cash transaction reports (CTRs) from public and private sector banks every month to analyse and find out the suspicious cases The Income Tax Department has been allowed to share the PAN data of an individual of entity with the Financial Intelligence Unit to dig deeper into suspicious and large cash transactions at banks, according to the Central Board of Direct Taxes. The CBDT, which frames policy for the tax department, issued an order on July 16 allowing the two agencies under the Union Finance Ministry to share the data. The Financial Intelligence Unit (FIU) is the nodal central agency that is authorised to obtain cash transaction reports (CTRs) from public and private sector banks every month and after analysing these, it forwards the suspicious or intriguing such reports...

Hindustan Times July 08, 2020 The Enforcement Directorate (ED) on Tuesday filed a money laundering case against GVK Group, its chairman, G V K Reddy, his son, G V Sanjay Reddy, and others for alleged irregularities worth over Rs 800 crore in the Mumbai airport development, officials familiar with the matter said. The group also runs the airport. ED’s probe into the case under the Prevention of Money Laundering Act is based on a Central Bureau of Investigation (CBI) First Information Report (FIR) registered on June 27. The FIR named 13 people including the Reddys, the Mumbai International Airport Limited (MIAL), and companies that were given contracts at the airport. CBI searched the group’s premises in Mumbai and Hyderabad last week. The officials said ED, which has powers to attach properties during investigations, will examine the accounts of the companies and their transfer of funds to ascertain the alleged money laundering. A GVK spokesperson said they have not receiv...

The Indian Express March 05, 2020 Express News Service The Enforcement Directorate (ED) has registered a case, under the Prevention of Money Laundering Act (PMLA), against Jet Airways founder Naresh Goyal. This is the first time the agency has booked Goyal for alleged money laundering. Sources said that the agency has taken cognisance of an FIR by Mumbai Police at MRA Marg Police Station on a complaint from a travel agency. Sources said the ED’s forex violations probe revealed alleged money laundering, but in the absence of a predicate offence it was not in a position to register a PMLA case. They added that the agency is also carrying out searches in Mumbai in connection with the new case. Last year, the ED questioned Goyal and searched multiple premises associated with him, after registering a case under the Foreign Exchange Management Act. As per ED sources, Goyal has 19 privately held companies, of which 14 are in India and 5 abroad. The Directorate has al...

P Gurus March 15,2017 The Income Tax’s Chennai Investigation Unit’s report having more than 200 pages about former Finance Minister P Chidambaram’s family and especially son Karti and his companies huge assets in more than 14 countries are now out in the public domain. Recently some portion of this sensitive report was exposed in public by Bharatiya Janata Party (BJP) leader Subramanian Swamy in a press conference. Many media houses whose owners are friendly and in collusion with Chidambaram tried to black out the news. In the interest of public, we are producing the entire data of assets and bank accounts found in the joint raid of Income Tax and Enforcement Directorate. 21 foreign bank accounts  by Karti and his companies in Metro Bank in UK, 4 accounts in OCBC in Singapore in the name of Advantage Strategic Consulting Pte Ltd, the controversial company caught in kickbacks in Aircel-Maxis scam, 2 banks in Spain namely Sabadell Atlantico, La Caxia Bank, HSBC UK, Barclays ...