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28 March, 2020, 08:31 PM IST

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ENFORCEMENT DIRECTORATE

RFL money-laundering: Court sends ex-Fortis Healthcare promoter Shivinder to ED custody till Dec 19

A Delhi court on Friday sent former Fortis Healthcare promoter Shivinder Singh to Enforcement Directorate (ED) custody till December 19 in a money laundering case related to alleged misappropriation of funds at Religare Finvest Ltd (RFL).

ED attaches Rs 10-crore assets in 'Islamic banking' Bengaluru ponzi scam

The accused firm is Ambidant Marketing Pvt Ltd and its promoters and...

ED arrests Former Religare Promoter Shivinder Singh

Shivinder Singh was in judicial custody after the Delhi Police's Economic Offences Wing h...

  • The govt needs to make the Insolvency and Bankruptcy Code speedier, more transparent and hazard-free.

    The properties which were acquired by Mirchi include the 3rd and 4th floor of CEEJAY House in Mumbai's Worli area, an office premise at Arun Chambers, Tardeo in Mumbai, three flats in Sahil bungalow in Worli, three prime commercial shops in Crawford market and bungalows and land (more than 5 acres) in Lonawala, ED said in a statement.

    The agency is probing alleged illegal purchases of certain properties of the Sir Mohammad Yusuf Trust at Worli, in south-central Mumbai, by Mirchi; ED believes the purchases are “proceeds of crime, and were later sold by Mirchi to two builders through agents.

    The assets are "held" in the name of shell firms "controlled" by Moin Qureshi, the ED said in a statement.

    The Delhi High Court on Monday sought response of the Enforcement Directorate on a plea by former Bhushan Power and Steel Ltd (BPSL) CMD Sanjay Singal, lodged in judicial custody, seeking interim bail in a multi-crore money laundering case linked to an alleged bank loan fraud.

    Liquor co may start exporting directly through parent Heineken’s global distribution net. According to sources, ED is investigating at least five companies in India and overseas for their alleged association with embattled liquor baron Vijay Mallya. On July 24, the ED had raided Ultimate Branding Worldwide, run by Mallya’s former executive assistant V Shashikant.

    A group of Indian public sector banks sought a bankruptcy order against embattled liquor tycoon Vijay Mallya during a High Court hearing in London. Judge Michael Briggs presided over the ongoing hearing in the insolvency division of the court on a bankruptcy petition filed by the banks last year, in relation to lending by Mallya's now-defunct Kingfisher Airlines.

    Opposing Puri’s bail, the agency had told the special court that on receipt of fresh information gathered from its probe, the Indian govt has shot off letters rogatories to different countries on November 21. ED had told the court that “numerous documents” pertaining to the chopper case were burnt by Puri and “bags of documents were shifted by him to thwart the investigation”.

    They said the 22-year-old management graduate has been asked to depose before the investigating officer of the case in New Delhi on September 12.

    A special court here on Thursday declared diamond businessman Nirav Modi, the key accused in the USD 2 billion Punjab National Bank (PNB) fr...

    The Cabinet is likely to approve relevant changes to the three-year-old Insolvency and Bankruptcy Code at the earliest. This will bring much-needed confidence to buyers of distressed assets, acquirers who were otherwise wary about the over-reach of the investigative authorities. Amendments to the IBC, which came into effect in December 2016, will require eventual parliamentary approval.

    Nirav is the second businessman after Vijay Mallya to be declared a fugitive economic offender under provisions of the new Fugitive Economic Offenders Act, which came into existence in August last year. Nirav and his uncle Mehul Choksi are the prime accused in PNB fraud case, related to alleged fraudulent issuance of LoU that caused a loss of over $2 bn to the PSB.

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