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Indian Express
2 hours ago
- Indian Express
103 days under ‘digital arrest': Cybercriminals made Gujarat doctor sell house, break FD, take loan to pay Rs 19.24 crore
A doctor in Gujarat's Gandhinagar was allegedly placed under 103 days of 'digital arrest' and forced to sell her properties, take loan against gold to pay the accused over Rs 19.24 crore. The cyber criminals had placed her under alleged 'digital arrest' between March and June this year. While one of the accused allegedly identified herself as Jyoti Vishwanath from the Department of Telecommunications (DoT), another identified himself as Police Sub-Inspector Mohan Singh, a third identified himself as Public Prosecutor Deepak Saini, a fourth as Public Prosecutor Venkateswara, and the fifth as as Notary Officer Pawan Kumar. The victim was called from different numbers. 'The accused made phone calls, WhatsApp video calls, and sent messages on the victim's WhatsApp. They allegedly told the victim that they would block her mobile numbers as 'offensive' messages were being sent to people from her numbers. They also allegedly threatened the doctor, who is the complainant in the case, saying that a case would be filed against her,' said a statement from SP Dharmendra Sharma. The accused obtained details of the victim's Aadhaar card and allegedly claimed that she was found involved in money laundering. Later, they even told her that a case of money laundering had been registered against her. The accused also sent a fake letter in which the complainant had been named as an accused in a case for alleged violations of the Foreign Exchange Management Act (FEMA) as well as the Prevention of Money Laundering Act (PMLA) by the Enforcement Directorate (ED). They also warned the victim against talking to anyone about this matter. A case was registered in the matter in July. A statement from the State Cybercrime Cell of the CID on Monday said that an investigation has been launched. As per the State Cyber Crime Cell statement, the accused persons kept the victim under 'digital arrest' for 103 days, from March 15 to June 26 and she was told that a man in plain clothes was keeping an eye on her and if she wanted to get a relief, she would have to provide information about all her properties. 'After the complainant provided the information about the properties, the accused persons made her withdraw her Fixed Deposit (FD), sell the gold in her house and further made her take a loan on the gold in her bank locker. They made her sell her house and shares in her stock market portfolio as well, and made her transfer a total amount of Rs 19,24,41,541 to different bank accounts on a fake receipt of 'Financial Supervisionary Freezing Certificate' for the same, and falsely promised that the money would be returned to her after investigation.'
Hans India
3 days ago
- Hans India
ED attaches properties for embezzlement of Bhiwani Municipal Council funds
Chandigarh: The Directorate of Enforcement (ED), Chandigarh Zonal Office, on Friday provisionally attached immovable properties of approximately Rs 3.46 crore in the case of embezzlement of government funds belonging to the Municipal Council of Bhiwani in Haryana. Out of the attached properties, assets of Rs 2.30 crore belong to Ran Singh Yadav, former President of the Municipal Council and the mastermind of the embezzlement. The remaining assets belong to other middlemen and co-conspirators, the ED said in a statement. The ED initiated investigation on the basis of an first information report (FIR) registered by Bhiwani Police under various sections of the Indian Penal Code against various officials of Municipal Council, officials of a private bank and other private people for embezzlement of the government funds of the Municipal Council that was allocated for various civic projects. The ED investigation revealed that the significant amount of Rs 12.97 crore of government funds were misappropriated and siphoned off through fraudulent transfers to bank accounts of private firms by conspiring with other officials of the Municipal Council and the bank officials of Axis Bank. Notably, the recipient firms were not allotted any work orders by the Municipal Council. The ED had earlier issued attachment order attaching immovable properties of Vinod Goyal (middleman) and Nitesh Agarwal (Axis Bank Manager), to the tune of Rs 3.99 crore and the same has been confirmed by the adjudicating authority under the PMLA. Further investigation is under progress, said the ED. The ED is a law enforcement and economic intelligence agency of the Central government. Established on May 1, 1956, the ED is responsible for enforcing economic laws and combating financial crimes. It operates under the Department of Revenue, Ministry of Finance, and has headquarters in Delhi. The primary mandate of the ED is to enforce the Prevention of Money Laundering Act, 2002 (PMLA) and the Foreign Exchange Management Act, 1999 (FEMA).
Yahoo
4 days ago
- Business
- Yahoo
India expands its e-commerce crackdown with a new $200M case against Walmart's fashion arm Myntra
India's financial crime watchdog has filed a complaint against Walmart-backed fashion e-commerce giant Myntra, alleging the company violated foreign investment rules by channeling over $191 million through a related-party scheme that disguised retail operations as wholesale trade. This complaint marks the latest move in a broader crackdown by Indian authorities, which previously targeted Amazon and Flipkart. On Wednesday, the Enforcement Directorate said the Bengaluru-based fashion e-commerce firm violated the Foreign Exchange Management Act, known as FEMA, by engaging in multi-brand retail trading 'under the guise of wholesale cash and carry,' utilizing a related entity, Vector E-Commerce, as an intermediary to route retail sales through a wholesale structure. India restricts foreign companies engaged in wholesale business from making direct sales to consumers in an effort to protect local retailers. The law also limits sales to related group companies to a maximum of 25%. Myntra failed to meet the conditions for operating as a wholesale or cash-and-carry business, as all of its sales were made exclusively to Vector E-Commerce, the agency stated (PDF). The agency filed the complaint against Myntra, its related companies, and their directors under section 16(3) of the FEMA, 1999. Myntra controls around half of the country's overall fashion e-commerce market. The company is also gradually expanding its quick-commerce service and broadening its reach in high-growth categories, including home and living, as well as beauty. The company is also testing the waters in social commerce by partnering with celebrities and bringing on micro-influencers, taking on the likes of Instagram, YouTube, and Amazon's Live. The complaint comes as Indian officials hold talks with the Trump administration over a potential trade deal with the United States. The Modi government in New Delhi is reportedly under pressure from the Trump administration to grant Amazon and Walmart-owned Flipkart full access to its $125 billion e-commerce market. The Modi government has long been expected to release its e-commerce policy, but sources previously told TechCrunch that it has been on the back burner, as officials are cautious not to strain relations with the U.S. government. Nonetheless, Amazon and Flipkart have previously faced investigations by Indian agencies, including the Enforcement Directorate. One of the recent major actions against the two companies was reportedly a raid by the federal agency in November on the offices of some of their sellers, who are accused of violating the country's foreign investment rules. In April, the agency also privately sought sales data and other documents from smartphone vendors, including Apple and Xiaomi, as part of its probe into Amazon and Flipkart. Responding to the latest action, Myntra stated that it had not received a copy of the complaint and supporting documents from the authorities but remained 'fully committed to cooperating with them at any point of time.' 'At Myntra, we are deeply committed to upholding all applicable laws of the land and operating with the highest standards of compliance and integrity,' a company spokesperson said. Founded in 2007, Myntra was acquired by the Indian e-commerce giant Flipkart in 2014 and was later bought by Walmart as part of Flipkart's $1.6 billion acquisition in 2018. When contacted, a Walmart spokesperson pointed to the statement issued by Myntra. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Time of India
4 days ago
- Business
- Time of India
Agencies will continue to work closely: PM Modi on extradition of economic offenders from UK
With India seeking extradition of a number of billionaire fugitives from the UK, Prime Minister Narendra Modi on Thursday said the concerned agencies of the two sides will continue to work in "close" coordination and cooperation on the matter. The prime minister made the remarks after meeting his British counterpart Keir Starmer at Chequers , the countryside residence of the British PM. Explore courses from Top Institutes in Please select course: Select a Course Category Project Management Healthcare Management Design Thinking Public Policy CXO MBA Degree Cybersecurity Others Digital Marketing healthcare Artificial Intelligence Data Science Product Management PGDM Data Science Technology Operations Management Leadership Finance Skills you'll gain: Portfolio Management Project Planning & Risk Analysis Strategic Project/Portfolio Selection Adaptive & Agile Project Management Duration: 6 Months IIT Delhi Certificate Programme in Project Management Starts on May 30, 2024 Get Details "On the matter of extradition of economic offenders as well, our agencies will continue to work together in close coordination and cooperation," Modi said in his media statement. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Eat 1 Teaspoon at Night – Cardiologists Stunned by the Results Weight Loss News Click Here India has been raising with the UK the issue of extradition of economic offenders such as Vijay Mallya , Nirav Modi and Lalit Modi . Nirav Modi, the fugitive diamond merchant, is wanted in India to stand trial on fraud and money laundering charges in an estimated USD 2 billion Punjab National Bank (PNB) loan scam case. Live Events Mallya, who fled to the United Kingdom in March 2016, is wanted in India over a default of Rs 9,000 crore that was loaned to Kingfisher Airlines (KFA) by several banks. Lalit Modi is also wanted by Indian probe agencies for his alleged involvement in money laundering and violating the Foreign Exchange Management Act, 1999 (FEMA).
Time of India
5 days ago
- Business
- Time of India
ED raids 35 locations linked to Anil Ambani's Reliance Group in Rs 3,000 crore money laundering probe
Live Events (You can now subscribe to our (You can now subscribe to our Economic Times WhatsApp channel The Enforcement Directorate (ED) on Thursday launched a large-scale search operation at premises linked to RAAGA companies (Reliance Anil Ambani Group Companies) or the Reliance Group (ADAG) as part of its ongoing investigation into alleged money laundering offences, sources told The Economic are currently underway at 35 locations, covering over 50 companies and more than 25 individuals, under Section 17 of the Prevention of Money Laundering Act (PMLA). Notably, the Mumbai residence of businessman Anil Ambani is not part of the search operation, sources Reliance Group (ADAG) did not respond immediately to requests for investigative agencies, including the Central Bureau of Investigation (CBI), Income Tax Department, and the Securities and Exchange Board of India (SEBI), are reportedly probing companies linked to Anil Ambani for various alleged financial irregularities. The ED is also investigating Ambani in a separate case under the Foreign Exchange Management Act (FEMA) for suspected foreign exchange to sources, the current ED investigation has been initiated based on inputs received from multiple institutions, including the National Housing Bank, SEBI, the National Financial Reporting Authority (NFRA), and the Bank of Baroda At the heart of the investigation is an alleged fraud involving Yes Bank Ltd , where the ED has uncovered evidence pointing to a diversion of approximately ₹3,000 crore in loans between 2017 and 2019. ED's probe suggests that just before these loans were disbursed, Yes Bank promoters received money in their affiliated entities, indicating a possible quid pro quo ED has reportedly found serious violations in the loan approval process, including backdated Credit Approval Memorandums (CAMs), lack of due diligence, and non-compliance with internal bank credit policies. Loans were allegedly disbursed without proper credit analysis and were subsequently routed to shell companies and group entities, violating the terms of the loan the red flags cited by investigators include loans sanctioned to companies with poor financial health, use of common directors and addresses among borrower entities , loans disbursed on the same day as the application. Also, loans disbursed before formal approvals? evidence of 'evergreening' through onward lending and misrepresentation of financials and lack of documentation and due process, sources explained .SEBI has reportedly shared its findings regarding Reliance Home Finance Ltd. (RHFL) with the ED. One red flag involved a sharp surge in corporate loans, from ₹3,742.60 crore in FY 2017–18 to ₹8,670.80 crore in FY 2018–19.
