Tag: money laundering

ED arrests four persons in Vivo PMLA case
10Oct By adminNo Comments
Technology

ED arrests four persons in Vivo PMLA case

[ad_1] The Enforcement Directorate has arrested the MD of Lava International mobile company, a Chinese national, a Chartered Accountant and another person as part of its ongoing money-laundering probe against Chinese smartphone-maker Vivo, official sources said on Tuesday. The four were taken into custody under the provisions of the Prevention of Money Laundering Act (PMLA). They are expected to be produced before a court here where the ED will seek their custody. We are now on WhatsApp. Click to join The agency had raided the company and its linked persons in July last year, claiming to have busted a major money laundering racket involving Chinese nationals and multiple Indian companies. The ED had then alleged that a whopping ₹62,476 crore was "illegally" transferred by Vivo to Chi...
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Chinese loan app case: ED charge sheet against Razorpay, fintech firms, NBFCs on money laundering charges
18Mar By adminNo Comments
Technology

Chinese loan app case: ED charge sheet against Razorpay, fintech firms, NBFCs on money laundering charges

[ad_1] The Enforcement Directorate Friday said it has filed a charge sheet against payment gateway Razorpay, three fintech companies controlled by Chinese nationals and as many NBFCs and some others in a money laundering probe linked to Chinese loan apps which allegedly cheated numerous people.The federal probe agency said in a statement that the special Prevention of Money Laundering Act (PMLA) court based in Bengaluru has taken cognisance of the prosecution complaint (charge sheet). A total of seven entities and five individuals have been named as accused in the charge sheet. The accused entities include fintech companies Mad Elephant Network Technology Private Limited, Baryonyx Technology Private Limited and Cloud Atlas Future Technology Private Limited which are "controlled" by the...
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Mobile gaming app case: ED freezes Bitcoin worth ₹22 cr in Binance crypto exchange raid
11Nov By adminNo Comments
Technology

Mobile gaming app case: ED freezes Bitcoin worth ₹22 cr in Binance crypto exchange raid

[ad_1] The case was registered by police, against Aamir Khan and others, based on a complaint filed by Federal Bank, in the court of Chief Metropolitan Magistrate, Calcutta. The Enforcement Directorate (ED) has frozen 150.22 Bitcoins equivalent to ₹22.82 crore during a search operation at the Binance Crypto Exchange, the agency said on Friday.The action was taken under the provisions of the Prevention of Money Laundering Act (PMLA), 2002, with respect to an investigation being conducted relating to the Mobile Gaming Application E-nuggets. The instant case was registered on the basis of the First Information Report registered on February 15, 2021 filed under various sections of the Indian Penal Code (IPC) by Park Street Police Station, Kolkata Police, against Aamir Khan and others, ba...
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India says Xiaomi misled Deutsche Bank on ‘illegal’ royalty payments
4Nov By adminNo Comments
Technology

India says Xiaomi misled Deutsche Bank on ‘illegal’ royalty payments

[ad_1] Xiaomi has locked horns with India's financial crime fighting agency, the Enforcement Directorate, since it froze $670 mn of the company's bank assets. Indian investigators have alleged Chinese smartphone maker Xiaomi Corp's India unit misled its banker Deutsche Bank AG for years by claiming it had an agreement for payment of royalties when it had none, legal documents showed.Xiaomi has locked horns with India's financial crime fighting agency, the Enforcement Directorate, since it froze $670 million of the company's bank assets saying a probe found the smartphone seller made "illegal remittances" to U.S. chip firm Qualcomm and others in the "guise" of royalties. Xiaomi denies wrongdoing and approached an Indian court arguing its payments were legitimate and that the assets fre...
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Chinese loan apps: ED freezes fresh ₹9.82 cr worth funds; check list of names
29Sep By adminNo Comments
Technology

Chinese loan apps: ED freezes fresh ₹9.82 cr worth funds; check list of names

[ad_1] The ED has frozen ₹9.82 crore worth funds kept in merchant IDs with certain online payment gateways The ED has frozen ₹9.82 crore worth funds kept in merchant IDs with certain online payment gateways as part of an ongoing money laundering investigation against a "Chinese-controlled" investment token app.This is the second time that the ED has frozen funds kept in merchant IDs with certain online payment gateways. "Various Chinese-controlled entities like Comein Network Technology Private Limited and others, in service agreements with various NBFCs (non banking financial companies) were also operating multiple suspicious loan/other apps such as Cashhome, Cashmart, Easyloan etc. and they indulge in receiving funds from...
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