ED slaps Rs 567 crore fine on TN firm in FEMA probe
1 month, 3 weeks ago

ED slaps Rs 567 crore fine on TN firm in FEMA probe

New Indian Express  

CHENNAI: The Enforcement Directorate, Chennai, on Friday said it has slapped a penalty of Rs 566.5 crore and ordered the confiscation of properties worth Rs 195 crore of Chennai-based GI Retail Private Ltd for violation of the Foreign Exchange Management Act in a case pertaining to transfer of shares of a company owned by it to German firm Wirecard through a Mauritius-based entity. ‘Rs 195 crore in two UAE-based accounts’ This excess amount of Rs 195 crore was parked in the accounts of two UAE-based entities under the guise of fictitious services, ED said. Having found the beneficiaries to have acquired huge amounts of foreign exchange but failed to repatriate the same to India, the ED invoked provisions of Section 37A of FEMA seizing various equivalent properties belonging to the perpetrators in India to the tune of Rs 195 crore, the agency said. The complaint filed by the ED regarding various FEMA contraventions by the noticees along with a prayer to confiscate the seized properties was taken up for adjudication by an authority who on October 30 ordered a total penalty of Rs 566.5 crore and confiscation of their properties worth Rs 195 crore.

India Chennai Fema Crore Wirecard Rs 195 Rs 195 Crore Gi Retail  tn  rs  195  wirecard  ed  fema  shares  fine  gi  firm  crore  properties  probe  retail  567  slaps

History of this topic

ED raids five locations in Mumbai in connection with illegal forex sale case
1 month, 2 weeks ago

ED raids five locations in Mumbai in connection with illegal forex sale case

India Today  

The Enforcement Directorate's Mumbai zonal office conducted search operations at five locations in Mumbai in connection with a case of suspected illegal sale and distribution of Forex by FFMCs. The raids were conducted on Thursday under the provisions of the Foreign Exchange Management Act, 1999 at premises of Kuntilaa Forex Pvt Ltd, Shagun Enterprises, Capital India Finance Ltd and MDB …

ED seizes 4.6cr forex in FEMA probe
1 month, 2 weeks ago

ED seizes 4.6cr forex in FEMA probe

Hindustan Times  

MUMBAI: The Mumbai unit of the Enforcement Directorate seized foreign currencies worth ₹4.6 crore during searches at five locations in the city, mainly at the premises of four entities that are Full-Fledged Money Changers. ED seizes 4.6cr forex in FEMA probe The investigation was initiated based on observations related to unusual financial activities during the financial year of 2022-23 in …

FEMA probe against fund manager: ED seizes ₹12.96 L forex, trace properties in UK
3 months, 1 week ago

FEMA probe against fund manager: ED seizes ₹12.96 L forex, trace properties in UK

Hindustan Times  

MUMBAI: The Enforcement Directorate has seized foreign currency worth around ₹12.96 lakh during searches conducted as part of its FEMA investigation against Viresh Joshi, a former fund manager at Axis Mutual Fund, for alleged contravention of the forex rules. ED initiated its investigation based on an interim order passed by the Securities and Exchange Board of India, which accused Joshi …

ED Fines ₹908 Crore on DMK MP Jagathratchakan for Foreign Exchange Violations
3 months, 3 weeks ago

ED Fines ₹908 Crore on DMK MP Jagathratchakan for Foreign Exchange Violations

The Hindu  

The Enforcement Directorate has imposed a red penalty of ₹908 crore on S. Jagathrakshakan, Arakkonam DMK Member of Parliament, for violations under the Foreign Exchange Management Act. The penalty order was passed by the ED on Monday based on the Seizure Order dated September 11, 2020, under Section 37A of FEMA in which various movable and immovable properties held in …

ED fines DMK MP Jagathrakshakan and family ₹900 crore in FEMA case
3 months, 3 weeks ago

ED fines DMK MP Jagathrakshakan and family ₹900 crore in FEMA case

Live Mint  

The Enforcement Directorate on Wednesday said that a fine of ₹900 crore has been slapped in FEMA case against DMK MP Jagathrakshakan and family members. The Central probe agency said that assets worth ₹89 crore have been confiscated in a case related to the violation of foreign exchange rules. Issuing a statement, the ED stated that properties worth ₹89.19 crore, …

ED attaches immovable assets of a hotel worth ₹44 crores under money laundering case
9 months ago

ED attaches immovable assets of a hotel worth ₹44 crores under money laundering case

The Hindu  

The Enforcement Directorate, Mumbai, on Saturday said that they have provisionally attached immovable properties consisting of 2nd, 3rd, 4th and 5th floor of Hotel One Continent at King Koti Road, Sultan Bajaar, Abids, Hyderabad, to the extent of ₹43.84 crore under the provisions of Prevention of Money Laundering Act, 2002, in loan fraud case of the Punjab and Maharashtra Cooperative …

No FEMA violation found by ED in Paytm Payments Bank case: Report
10 months ago

No FEMA violation found by ED in Paytm Payments Bank case: Report

Hindustan Times  

In the case of Paytm Payments Bank Limited, the Enforcement Directorate has not found any violation under the Foreign Exchange Management Act, The Hindu has reported quoting people familiar with the development. REUTERS/Florence Lo/Illustration//File Photo Only the apex Reserve Bank of India, which, on January 31, prohibited PPBL from onboarding new customers after February 29, cracking down due to ‘persistent …

ED finds no FEMA violation in Paytm Payments Bank case
10 months, 1 week ago

ED finds no FEMA violation in Paytm Payments Bank case

The Hindu  

February 17, 2024 03:00 am | Updated 11:44 am IST - NEW DELHI The Enforcement Directorate has not found any violation under the Foreign Exchange Management Act during the inquiry of Paytm Payments Bank Limited transactions. On January 31, the RBI had issued a circular barring PPBL from taking further deposits, top-ups or undertaking credit transactions into its customer accounts, …

India's Financial Intelligence Unit Registers Over Two Dozen Crypto Service Providers
1 year ago

India's Financial Intelligence Unit Registers Over Two Dozen Crypto Service Providers

ABP News  

In a notable development for the Indian cryptocurrency sector, over two dozen digital currency service providers have registered with India's Financial Intelligence Unit. Here are some key case studies and developments: Enforcement Directorate's Proactive Measures India's Enforcement Directorate has been actively investigating several money laundering cases through cryptocurrencies. Regulatory Framework Strengthening India has subjected cryptocurrency trading to anti-money laundering laws, …

ED seizes two Mumbai flats under FEMA
1 year, 5 months ago

ED seizes two Mumbai flats under FEMA

The Hindu  

The Enforcement Directorate has seized two Mumbai residential flats worth ₹2.83 crore in the name of businessman Bhupesh Agarwal and his wife under the Foreign Exchange Management Act. According to the agency, Mr. Agarwal had incorporated and used several dummy entities for remitting funds to Dubai-based companies without getting any services, as was previously declared by him to the authorised …

ED issues notices to Xiaomi, 2 senior executives for FEMA 'violations' to the tune of ₹5,551 crore
1 year, 6 months ago

ED issues notices to Xiaomi, 2 senior executives for FEMA 'violations' to the tune of ₹5,551 crore

The Hindu  

The Enforcement Directorate on Friday said it had issued show cause notices to the Indian arm of Chinese mobile phone manufacturer Xiaomi, its chief financial officer and director Sameer B. Rao, former managing director Manu Kumar Jain and three foreign banks for alleged violations of the foreign exchange law to the tune of more than ₹5,551 crore. The adjudicating authority …

FEMA violation case: Byju's ‘confident’ it complies with foreign exchange laws
1 year, 7 months ago

FEMA violation case: Byju's ‘confident’ it complies with foreign exchange laws

Hindustan Times  

Indian education platform Byju's CEO is confident that the country's financial crime-fighting agency will find the company compliant after raids on its premises over suspected breaches of foreign exchange laws, according to an internal memo. "As we are funded by 70 impact investors who have satisfactorily done due diligence on our operations, including all FEMA compliance, we are confident that …

CBI books directors of Chennai steel firm for cheating bank of ₹25.89 crore
1 year, 10 months ago

CBI books directors of Chennai steel firm for cheating bank of ₹25.89 crore

The Hindu  

The Central Bureau of Investigation has booked the directors of a steel firm on charges of cheating the Indian Overseas Bank and causing a loss to the tune of ₹25.89 crore. The agency’s Economic Offences Branch has registered a case against M/s SAR ISPAT Private Ltd., and its directors Sanjay Kumar Sharma, Sandeep Kothari, Vikranth Sharma and others, for the …

FEMA violation: HC reserves verdict on Xiaomi plea challenging ED’s order to seize Rs 5,551 crore in bank
2 years, 1 month ago

FEMA violation: HC reserves verdict on Xiaomi plea challenging ED’s order to seize Rs 5,551 crore in bank

India TV News  

The Karnataka High Court on Thursday reserved its judgement on Chinese technology firm Xiaomi’s plea in FEMA case. Electronic device manufacturer firm challenged the order passed by the Enforcement Directorate, seizing Rs 5,551 crore in its bank accounts for alleged violation of FEMA rules. Xiaomi Technology India Pvt Ltd filed the petition on October 3, challenging a September 29 order …

Xiaomi India case: FEMA authority confirms ED’s seizure order of ₹5,551.27 crore
2 years, 2 months ago

Xiaomi India case: FEMA authority confirms ED’s seizure order of ₹5,551.27 crore

The Hindu  

The competent authority appointed under the Foreign Exchange Management Act has confirmed the seizure order of ₹5,551.27 crore issued by the Enforcement Directorate against Xiaomi Technology India Private Limited on April 29. Stating that it was the highest ever seizure amount-related order confirmed till date, the ED said, “The authority, while confirming the seizure., held that the ED is right …

Will Take Action if Employees Found Guilty in Irregularities in Remittance Case: IndusInd Bank
2 years, 5 months ago

Will Take Action if Employees Found Guilty in Irregularities in Remittance Case: IndusInd Bank

News 18  

IndusInd Bank on Wednesday said it will take “appropriate action” against any of its employees if found indulging in any illegitimate transaction related to an old case being probed by the enforcement directorate. The matter relates to the Directorate of Enforcement investigating a few entities for certain “alleged irregularities” in remittances for import transactions conducted during 2011-2014, IndusInd Bank said …

ED slaps penalities on Amnesty India International, Aakar Patel
2 years, 5 months ago

ED slaps penalities on Amnesty India International, Aakar Patel

The Hindu  

The Adjudicating Authority of the Enforcement Directorate has imposed a penalty of ₹51.72 crore on Amnesty India International Private Limited and ₹10 crore on its former Chief Executive Officer Aakar Patel in connection with alleged violation of Foreign Exchange Management Act in 2019. “After getting a detailed reply from the AIIPL and following the principal of natural justice, the Adjudicating …

Assets worth ₹234.75 cr of a Chennai store seized in money laundering case
2 years, 5 months ago

Assets worth ₹234.75 cr of a Chennai store seized in money laundering case

Live Mint  

The Enforcement Directorate has attached immovable properties of M/s Sarvana Stores Chennai amounting to ₹234.75 crore in relation to a money laundering case for defrauding Indian Bank. ED investigation revealed that M/s Saravana Store Chennai has applied for sanctioning of loan by fabricating Balance Sheet and projecting sound financial health of the firm. Further, in order to cheat Indian Bank, …

ED probed 17,000 cases under FEMA in 6 years
2 years, 7 months ago

ED probed 17,000 cases under FEMA in 6 years

Hindustan Times  

New Delhi: Last week’s move by the Enforcement Directorate against Chinese phone company Xiaomi, seizing ₹5521 crore held in the company’s bank accounts under the FEMA comes as the agency increases its scrutiny of violations of foreign exchange laws. Over 17,000 cases probed, 27,000 summons issued, 771 raids carried out by ED under FEMA in last six years ED initiated …

ED issues Rs 7,272 crore show cause notice to Transcorp International for FEMA violation
2 years, 8 months ago

ED issues Rs 7,272 crore show cause notice to Transcorp International for FEMA violation

India Today  

Enforcement Directorate has issued a show cause notice to Transcorp International Limited, its director Ashok Kumar Agarwal and managing director Gopal Krishan Sharma for contravention of provisions of Foreign Exchange Management Act to the tune of Rs 7,272 crore. “It was also an authorised person and Indian agent under the Money Transfer Service Scheme License by RBI and was a …

Forex violation case: ED slaps Rs 10,600-cr FEMA contravention notice against Flipkart, its founders
3 years, 4 months ago

Forex violation case: ED slaps Rs 10,600-cr FEMA contravention notice against Flipkart, its founders

India TV News  

The Enforcement Directorate has issued a show cause notice of about Rs 10,600 crore to e-commerce major Flipkart and its promoters for alleged violation of the foreign exchange law, official sources said on Thursday. They said the notice under various sections of the Foreign Exchange Management Act was issued to 10 people last month that includes Flipkart, its founders Sachin …

ED arrests two in PMC Bank fraud case
3 years, 11 months ago

ED arrests two in PMC Bank fraud case

The Hindu  

The Enforcement Directorate has arrested two people following raids on the premises of a firm promoted by a Maharashtra MLA for alleged “illegal diversion of bank funds” in the Rs 4,300-crore PMC Bank fraud and money laundering case, official sources said on Saturday. On Friday, the agency searched five residential and business premises linked to the Viva Group, promoted by …

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