ED – The News Desk

Jet Airways founder seeks bail in bank fraud case

9Dec

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Business

Jet Airways founder seeks bail in bank fraud case

Jet Airways founder Naresh Goyal, an accused in an alleged fraud of Rs 538 crore at state-run Canara Bank who is in jail for nearly three months, on Friday moved an application before a special court here seeking bail in the case.The court has asked the Enforcement Directorate (ED), probing the case, to file its reply to Goyal's plea by December 20. The 74-year-old businessman, in his plea seeking relief, has cited multiple health ailments like heart condition, prostate, orthopaedic-related issues, among others and claimed there are reasonable grounds to believe he "is not guilty.The entire investigation has been carried out only with the intention to allege and project siphoning (of funds) by the applicant for his personal benefits, said the plea filed before special PMLA court Judge M...

Natural-Gas Pipelines Are Old. Will Regulators Let Utilities Invest in Them?

25Nov

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World

Natural-Gas Pipelines Are Old. Will Regulators Let Utilities Invest in Them?

Utilities across the country are trying to boost spending to maintain aging natural-gas pipelines. Regulators in some Democratic states seeking to limit gas use are saying not so fast.Companies including PG&E, Consolidated Edison and Public Service Enterprise Group have proposed investing billions of dollars to bolster their pipeline networks, which will remain in use for years even as more customers use electricity to cook and heat their homes. They say such spending is necessary in part to maintain safety and reliability as they work to shrink their gas systems over time. Copyright ©2023 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8

FIR filed in Mahadev betting case, Dabur Group’s Burmans deny charges

14Nov

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Business

FIR filed in Mahadev betting case, Dabur Group’s Burmans deny charges

The Burman family, which runs Dabur Group, has denied any involvement or role in an illegal cricket-betting app as alleged by the Mumbai police in a complaint filed last week. The family said vested interests were behind the police complaint and they wanted to scuttle their (Dabur’s) move to acquire Religare Enterprises, a financial services company. “We have not received any formal communication on any such FIR (first information report). However, we have seen the FIR, which is being circulated to media houses. The FIR is patently false and baseless. Nothing could be further from the truth than what has been wrongly stated in the FIR,” said a spokesperson for the family, referring to the police document. According to the FIR, file...

Rs 50 crore assets of Pawan Munjal attached

10Nov

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Business

Rs 50 crore assets of Pawan Munjal attached

Hero MotoCorp Executive Chairman Pawan Munjal The Enforcement Directorate (ED) has “provisionally attached” assets worth about Rs 50 crore belonging to Hero MotoCorp Executive Chairman Pawan Munjal in connection with a money-laundering investigation against him. These include three immovable properties (in the form of land) in Delhi, the central agency said in a statement on Friday. The ED alleged that Munjal misused the Reserve Bank of India’s (RBI’s) liberalised remittance scheme (LRS) by illegally moving foreign currency and valuable items worth Rs 54 crore abroad and later using them for his personal expenses. “The foreign currency was drawn from authorised dealers by an event management company in the name of various employees and thereafter handed over t...

Money laundering probe: ED conducts raids against Hero Motocorp executive chairman Pawan Munjal

1Aug

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Business

Money laundering probe: ED conducts raids against Hero Motocorp executive chairman Pawan Munjal

NEW DELHI: The Enforcement Directorate (ED) on Tuesday conducted raids on the chairman of Hero MotorCorp, Pawan Munjal and others, after taking cognisance of a Directorate of Revenue Intelligence (DRI) case. The searches were carried out at premises located in Delhi and neighbouring Gurugram in accordance with provisions of the Prevention of Money Laundering Act (PMLA).Hero MotoCorp became the world's largest two-wheeler manufacturer in 2001, in terms of unit volume sales in a calendar year, and has maintained the title for the past 20 consecutive years.The company has presence across 40 countries spanning Asia, Africa, and South and Central America.However, this recent ED raid is not the first instance of scrutiny for the company and its chairman. The Income Tax department in March last ...

Centre Empowers ED by Bringing Goods & Services Tax Network Under PMLA

8Jul

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Business

Centre Empowers ED by Bringing Goods & Services Tax Network Under PMLA

The GST Council, comprising finance ministers of the Centre and states, has already taken a number of steps, including the sequential filing of monthly returns, to curb fake ITC in the system.Offenses related to GST such as fake invoices and fraudulent input tax credits will now be covered under PMLAThe Centre on Saturday issued a notification to bring the Goods and Services Tax Network (GSTN) under the purview of the Prevention of Money Laundering Act (PMLA). As per the notification, information stored on GSTN can now be shared in accordance with the provisions of the PMLA Act.The Ministry of Finance, Department of Revenue, said the notification has been issued in exercise of the powers conferred by clause (ii) of sub-section (1) of section 66 of the Prevention of Money Laundering Act, 2...

ED attaches over Rs 52-cr worth assets of Sisodia, wife

7Jul

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Business

ED attaches over Rs 52-cr worth assets of Sisodia, wife

The Enforcement Directorate Friday said it has attached assets worth more than Rs 52 crore of arrested AAP leader Manish Sisodia, his wife and some other accused in the Delhi excise policy-linked money laundering case. A provisional order has been issued under the Prevention of Money Laundering Act to attach among others immovable properties (worth Rs 7.29 crore) comprising two assets of Manish Sisodia and his wife Seema Sisodia, land/flat of another accused Rajesh Joshi (director of Chariot Productions Media Pvt Ltd.) and land/flat of Gautam Malhotra. The attachment also includes movable assets worth Rs 44.29 crore including bank balances of Manish Sisodia worth Rs 11.49 lakh, Brindco Sales Pvt. Ltd. (amount of Rs 16.45 crore) and others, the agency said in a stateme...