Latest news with #DirectorateofEnforcement
India Today
a day ago
- Business
- India Today
Court restores Rs 952 crore Vadraj Cement assets in money laundering case
A Special Court under the Prevention of Money Laundering Act (PMLA), Mumbai, has allowed the restoration of immovable properties worth Rs 952 crore belonging to Vadraj Cement Limited (formerly ABG Cement Ltd.) to its rightful claimants in the IL&FS money laundering properties, including the company's Surat Cement Plant, had been provisionally attached by the Directorate of Enforcement (ED) on January 21, 2020, after an investigation revealed fraudulent loans worth Rs 952 crore availed from IL&FS Financial Services Ltd. (IFIN). The Adjudicating Authority confirmed the attachment on August 5, National Bank led the list of lenders to Vadraj Cement, with an admitted claim of Rs 2,122 crore. Other major creditors included Union Bank (Rs 1,620 crore), Indian Overseas Bank (Rs 1,419 crore), Central Bank of India (Rs 1,391 crore), and JC Flower ARC (Rs 677 crore). The ED had initiated an investigation under PMLA against IL&FS and its group companies for generating and laundering proceeds of crime (POC). During the probe, authorities found that Vadraj Cement fraudulently obtained loans and classified them as Special Court passed the restoration order on June 25, 2025, after Nuvoco Vistas Corporation Ltd.—a Nirma Group subsidiary and the successful resolution applicant under the Insolvency and Bankruptcy Code (IBC)—sought restoration of the property. The National Company Law Tribunal (NCLT), Mumbai, approved Nuvoco's resolution plan on April 1, 2025. As part of the plan, Nuvoco will pay Rs 1,706 crore to Vadraj's financial continuation of the Directorate of Enforcement's (ED) ongoing efforts for restitution of properties to their rightful owners and in order to put the productive assets to use, enabling financial institutions to monetise the assets attached or seized/secured by ED, a concerted effort was put by ED in the IL&FS case,' the agency said in a statement. 'Assets worth Rs 952 Crore were restituted / restored to the rightful claimant, by the Hon'ble Special Court (PMLA), Mumbai vide order dated 25.06.2025, after the NOC issued by the ED in this regard.'Considering PMLA's objective to return the POC to legitimate claimants, the ED submitted a no-objection before the court. The Hon'ble Additional Session Judge passed the restoration order in PMLA Special Case No. 6/2019 under Sections 8(8) and 8(7) of PMLA and Rule 3A of the PML (Restoration of Property) Rules, court directed the applicant to provide an undertaking to return or restore the property or its value as may be ordered in future. It also instructed the ED to prepare a detailed inventory of the property before handing over possession.- Ends IN THIS STORY#Mumbai
Hindustan Times
a day ago
- Hindustan Times
Bengaluru colleges sold engineering seats for cash: ED raids 17 locations, seizes ₹1.37 crore
The Directorate of Enforcement (ED), Bengaluru Zonal Office, carried out search operations at 17 locations across the city on June 25 and 26 in connection with a seat blocking scam involving private engineering colleges. In a statement, the Enforcement Directorate said searches were carried out on Tuesday at five business and residential premises in Ludhiana, Punjab and Chandigarh of the two companies apart from a third firm -- Infowiz Software Solution -- and some others. According to news agency ANI, the raids were conducted under the provisions of the Prevention of Money Laundering Act (PMLA), 2002, the agency said in a statement issued on Saturday. The search operations targeted the premises of prominent institutions including BMS College of Engineering, Akash Institute of Engineering and Technology, and New Horizon College of Engineering, as well as individuals associated with these colleges. Raids were also conducted at several educational consultancy firms and private agents suspected to be part of the scam, the report added. (Also Read: 'Bangalore folks would think they landed in Dubai': Woman's comment on Gurgaon roads sparks debate) According to the ED, investigators recovered a significant amount of incriminating documents and digital devices during the searches. Preliminary findings indicate large-scale irregularities in the admission process to professional courses under the management quota, where cash and other extraneous considerations allegedly played a key role. Officials say a network of agents and consultancy services facilitated seat blocking, drawing students from across India under the guise of legitimate admissions. The admissions under management quota were said to be conducted in a non-transparent and unregulated manner. The ED also seized approximately ₹ 1.37 crore in cash, identified as Proceeds of Crime, during the raids. The investigation was launched after an FIR filed by the Karnataka Examination Authority (KEA) against the involved colleges and unknown individuals under various sections of the Indian Penal Code and Bharatiya Nagarik Suraksha Sanhita (BNSS). According to the FIR, the accused institutions allegedly obtained KEA login credentials of registered students and used them to block seats in the names of students who had no intention of enrolling, thus manipulating the seat allotment process. The ED confirmed that the investigation is still underway and further findings will be shared in due course. (With PTI inputs) (Also Read: Businessman stabbed with screwdriver in Bengaluru hotel over horse racing feud: Report)
The Hindu
a day ago
- The Hindu
ED seizes ₹1.37 crore cash during search proceedings on three engineering colleges allegedly involved in seat blocking scam
The Directorate of Enforcement (ED) has seized ₹1.37 crore cash during searches at 17 locations related to seat-blocking scam in private engineering colleges in Bengaluru. 'There is an extensive network of agents, educational consultancy service entities, which is used to bring students for admission from across India to these institutes. The admission in management quota seats is done mostly in an opaque manner based on extraneous considerations such as cash/money,' stated a press statement released by ED in connection with the raids. The ED's Bengaluru Zonal Office conducted search operations related to seat blocking scam in private engineering colleges on June 25 and 26 under the provisions of Prevention of Money-Laundering Act (PMLA), 2002. The searches were conducted on the premises of BMS College of Engineering, Akash Institute of Engineering and Technology, New Horizon College of Engineering and persons associate with these institutions. The searches were also conducted at the premises of a few entities engaged in educational consultancy services and some private agents associated with the scam, reads the release. Earlier, the ED initiated an investigation on the basis of an FIR registered by the Karnataka Examination Authority (KEA) against these institutions. It is alleged that these colleges colluded with unknown persons, obtained the log-in credentials of students registered with KEA, and blocked seats by opting for seats in their college in the names of students who were not actually going to take admission. ED said that various incriminating documents related to money laundering activities and other digital devices have been found and seized. 'The search proceedings have revealed evidence with respect to widespread seat blocking and use of cash/money in the admission process in popular professional courses in the private institutes,' said the release during the search operations.
Indian Express
5 days ago
- Indian Express
School jobs case: ED attaches assets worth Rs 27.19 crore
The Directorate of Enforcement (ED), Kolkata Zonal Office, has provisionally attached movable and immovable assets worth Rs 27.19 crore in connection with the West Bengal Central School Service Commission (SSC) Group C & D recruitment scam. The attached assets, held in the name of three tea estates owned by Prasanna Kumar Roy, include bungalows, factories, plants, machinery, and vehicles. The tea estates involved are M/s Samsing Organic Tea Private Limited, M/s Yangtong Organic Tea Private Limited, and M/s Bamandanga Tea Estate Private Limited. According to the ED, these properties were allegedly purchased using illicit funds collected from candidates who secured illegal appointments to Group C and D posts. This latest action follows the Supreme Court's April 3, 2025, judgment in State of West Bengal vs Baishakhi Bhattacharya (Chatterjee) & Ors (SLP Civil 9586 of 2024), which quashed over 25,000 teaching and non-teaching appointments made through the West Bengal Central SSC. The court ruled the entire selection process was 'vitiated and tainted.' The ED investigation was initiated based on two FIRs registered by the Central Bureau of Investigation (CBI) under various sections of the Indian Penal Code (IPC), 1860, and the Prevention of Corruption Act, 1988. The FIRs allege appointments were made in violation of rules, through criminal conspiracy, and to undeserving or ineligible candidates, bypassing meritorious applicants. Prior to this, the ED had attached assets worth Rs 219.91 crore in the Group C & D recruitment scam alone. Prasanna Kumar Roy, identified as the main middleman who collected money and candidate details, and his key associate Chandan Mondal, are currently in judicial custody. In related investigations, the ED has also made significant property attachments; in the SSC Assistant Teacher (Classes 9 to 12) Recruitment Scam, assets worth Rs 238.78 crore were attached, in the Primary Teachers Recruitment Scam, assets worth Rs 151 crore have been attached or seized. With this latest actio, the total value of properties attached by the ED stands at Rs 636.88 crore.
The Hindu
6 days ago
- Politics
- The Hindu
ED questions D.K. Suresh in Aishwarya Gowda gold cheating case
Officials of the Directorate of Enforcement (ED) on Monday questioned former MP, D.K. Suresh, in a money laundering case against city-based businesswoman Aishwarya Gowda, who had cheated several people on the pretext of gold business ventures posing as sister of Mr. Suresh. Aishwarya Gowda is alleged to have used the name of Mr. Suresh, who is the brother of Deputy Chief Minister D.K. Shivakumar, to cheat several jewellers to the tune of ₹8 crore. She was arrested by the ED in April. Mr. Suresh was at the ED office for over six hours on Monday. After the questioning, Mr. Suresh said he had cooperated with the investigation, and officials had asked him to appear before the agency again on July 8. 'My name has been misused and I had already complained about it to the city police. Neither do I know her personally nor have had any financial transactions with her,' he said. The former MP further said that he wouldn't say ED was targeting him. 'Several people had given her money after she dropped my name. Many people who lost money have mentioned my name and hence ED had summoned me and I have cooperated with them,' he said. Properties attached Meanwhile, ED officials provisionally attached properties worth ₹3.98 crore under the Prevention of Money Laundering Act (PMLA), 2002 related to Aishwarya Gowda and others for being found involved in the offence. The attached properties include immovable properties in the form of flats, constructed building, and land worth ₹2.01 crore and movable properties in the form of cash and vehicle, worth ₹1.97 crore, the ED said in a statement on Monday. The agency initiated the investigation on the basis of multiple FIRs registered at various police stations in the State against Aishwarya Gowda, her husband Harish K.N., and others under various sections of IPC and BNS. According to the complaint, Aishwarya Gowda, Harish and others entered into a criminal conspiracy to defraud and cheat several individuals by taking gold, cash and funds through bank accounts from them promising high rate of returns. However, the accused neither returned the money nor given the promised returns and also threatened the investors of dire consequences if they pursued the matter, by claiming her proximity to various high-profile politicians.
