Prevention of Money Laundering Act News
Sources said that the ED on Tuesday arrested Archana under section 19 of the Prevention of Money Laundering Act However, the court has granted a six-day remand of Archana and nine-day remand of Jagabandhu More than 20 leaders from the ruling BJD and opposition BJP reportedly honey-trapped by Archana Nag
The SC will deliver its judgment on a batch of pleas challenging the various provisions of the PMLA today The verdict is likely to affect a huge number of opposition leaders who are under the scanner of the Central investigating agency The SC said that its judgment on the pleas challenging the provisions of the Prevention of Money Laundering Act is "almost ready"
The Enforcement Directorate initiated an investigation on the basis of FIR registered by CBI and the charge sheet has also been filed by CBI against Jharkhand Ispat Private Limited and its Directors. A Special Court convicted JIPL and its directors along with imposing a fine on them in the CBI case.
ED raided the premises of the True Value Group and M/s Vipul & Manish Associates in connection with a bank fraud case of Ardor Group of Companies. ED initiated an investigation under on the basis of six FIRs registered by CBI, ACB, Gandhinagar and an FIR by CBI, BS&FC, Mumbai. It was alleged that Ardor Group of Companies and its Directors, in connivance with unknown bank officials, had cheated and caused wrongful loss to the consortium of banks amounting to approx Rs 488 crores.
The attached assets belong to accused Nimmagadda Ramakrishna, Nimmagadda Venugopal, VVNK Viswanath and their family members and associates. ED initiated investigations under the provisions of PMLA based on FIR of CBI, BS & FC, Bengaluru, against Nimmagadda Ramakrishna, Managing Director of M/s Venus Aqua Foods Limited and other directors of the company for defrauding Union Bank of India (erstwhile Andhra Bank), Gudivada branch to the tune of Rs 36.97 crore. Further investigation is in progress.
During the course of an investigation under PMLA, it was revealed that the above-accused persons have indulged in criminal activities and a huge amount of proceeds of crime have been generated and the accused persons are possessing/concealing/using such proceeds of crime and accordingly, Prosecution Complaint under PMLA has been filed against them for punishing the accused in accordance with the law for the offence of money laundering.