Money Laundering Archives - Lokmarg

Colombia: President’s Son Arrested For Money Laundering

By LokMarg 30th July 2023

The son of Colombian President Gustavo Petro was arrested on the charges of money laundering and illicit enrichment, Al Jazeera reported.

This arrest came as a part of the high-profile probe into the funds that Nicolas Petro allegedly collected during last year’s election campaign
In a statement, the chief prosecutor’s office said Petro and his ex-wife Daysuris Vazquez were taken into custody on orders of a court in Bogota at about 6 am (local time) on Saturday.

The office said once produced before a judge, prosecutors would seek their provisional detention as it investigates the two over allegations of money laundering, reported Al Jazeera.

Talking about the case, President Petro said he would not interfere with the probe.

“As an individual and father, it pains me to see so much self-destruction and one of my sons going to jail,” Petro wrote on social media.

“As president of the republic, I’ve assured the chief prosecutor’s office that it will have all of the guarantees so it can proceed according to the law,” he added.

He tweeted further that as a person and as a father, so much self-destruction hurts him a lot and the fact that one of his sons goes to jail. He also ensured that as a President, the prosecution has all the guarantees on my part to proceed in accordance with the law.

“I wish my son luck and strength. May these events forge your character and may you reflect on your own mistakes,” the Colombian President said in a tweet.

The arrest of Nicolas Petro is a major blow to the government, which has been buffeted by conservative attacks and struggled to maintain bipartisan support for Colombia in the United States, a key ally, reported Al Jazeera.

Earlier, last month, Gustavo Petro won the election, according to preliminary results, setting the third-largest nation in Latin America on a radically new path, New York Times reported.

“Colombians, today the majority of citizens have chosen the other candidate,” he told his supporters in Bucaramanga, adding, “As I said during the campaign, I accept the results of this election.” (ANI)

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Videocon Chairman Venugopal Arrested In ICICI Bank Money Laundering Case

By LokMarg 26th December 2022

The Central Bureau of Investigation (CBI) on Monday arrested Videocon chairman Venugopal Dhoot, co-accused in the ICICI bank money laundering case.

Dhoot has been arrested in Mumbai. He was also questioned by the CBI, a few days back.
On December 23, CBI arrested Chanda Kochhar and Deepak Kochhar. The couple is scheduled to remain in CBI custody till today (December 26).

CBI has alleged that Deepak Kochhar, husband of former ICICI Bank CEO-MD Chanda Kochhar, was helped by a co-accused to get the ownership of Nupower Renewables Ltd (NRL) and receive ill-gotten money.

CBI had registered a preliminary enquiry (PE) against Deepak Kochhar and Dhoot in March 2018 to probe alleged irregularities in the Rs 40,000 crore loan made by a consortium of lenders to the Videocon Group.

The agency had registered a case against Chanda, her husband, and Venugopal Dhoot, along with their companies viz NuPower Renewables, Supreme Energy, Videocon International Electronics Ltd, and Videocon Industries Limited.

During its preliminary enquiry, the CBI found six loans worth Rs 1,875 crore were sanctioned to the Videocon Group and companies associated with it between June 2009 and October 2011 in an alleged violation of laid-down policies of ICICI Bank, which are part of the probe.

The agency has said that the loans were declared non-performing assets in 2012, causing a loss of Rs 1,730 crore to the bank.

The agency on Friday arrested former Managing Director (MD) and Chief Executive Officer (CEO) of the ICICI bank Chanda Kochhar and her husband Deepak Kochhar in connection with the alleged ICICI Bank-Videocon money laundering case. (ANI)

Nirav Modi Loses Bid Against Extradition In UK Supreme Court

By LokMarg 15th December 2022

The UK Supreme Court on Thursday denied fugitive diamantaire Nirav Modi’s plea against his extradition to India.

Modi lost the bid to take his fight against extradition to India on charges of fraud and money laundering to the UK’s Supreme Court.

“The appellant’s application for permission to appeal to the Supreme Court is refused,” Lord Justice Stuart Smith said in his statement.

The diamantaire, who fled India in 2018 before details of his alleged involvement in large-scale fraud at the Punjab National Bank became public, has argued there is a high risk of suicide if he is extradited.

In November, Nirav Modi filed an application before the UK High Court for permission to appeal against his extradition to India in the UK Supreme Court. He lost the appeal on Thursday to take his fight against extradition to the UK Supreme Court.

Nirav Modi reportedly filed an application in the High Court in London, seeking permission to appeal against his extradition order, two weeks after a UK court dismissed his plea against extradition back to India.

On November 9, Nirav Modi lost his appeal against extradition to India with a United Kingdom court dismissing his plea. Earlier, the High Court of London (United Kingdom) dismissed the appeal of Nirav Modi, who is wanted in India to face money laundering and fraud cases.

The Ministry of External Affairs (MEA) later welcomed the UK High Court’s decision to reject Nirav’s plea.

“India has been vigorously pursuing the extradition of economic fugitives so that they face justice in India. We welcome the decision of the UK High Court. We want to bring him to India as soon as possible,” said MEA spokesperson Arindam Bagchi during a press conference.

Nirav Modi, who is a prime accused in the Rs 13,500 crore PNB scam, had fled India. He lost his appeal after he had moved the High Court in London against extradition on mental health grounds.

The bench of Justice Stuart Smith and Justice Robert Jay of the High Court said there are “no features of psychotic illness”.

The court rejected Nirav Modi’s counsel’s claims that he will die by suicide due to severe depression and said “Nirav Modi neither is nor is very likely to be at the most severe end of the scale of depressive illness”.

“He has so far displayed no features of psychotic illness. Although he has exhibited persistent suicidal ideation, he has neither attempted suicide or deliberate self-harm nor disclosed plans to do so, except in the vaguest and general way,” the court said.

The High Court also noted the steps taken to render Barrack 12 safe and to ensure that there is effective constant monitoring to reduce both the risk of attempted suicide and the prospect of suicide being committed.

The court noted that the Government of India sought the appellant, Nirav Deepak Modi.

Nirav Modi last year had moved the UK High Court against District Judge Sam Goozee’s Westminster Magistrate Court ruling in favour of his extradition. He is presently behind bars at Wandsworth Prison in southeast London. (ANI)

ED Searches In 16 Locations, 3 Metros On Money Laundering Charges

By LokMarg 2nd December 2022

The Directorate of Enforcement (ED) has searched 16 premises across Chennai, Mumbai, and Delhi covering the office and residential premises of a few firms and their promoters under the Prevention of Money Laundering Act, 2002.

They are Securekloud Technologies Limited, Pro Fin Capital Services Limited, Quantum Global Securities Limited (QGSL), Unity Global Financial Services Pvt Limited, and Desert River Capital Pvt Ltd.
In this matter, the searches conducted led to the seizure of Rs 1. 04 crores in cash, gold, and diamond jewellery, the identification of immovable properties of more than Rs 30 crore and other movable assets in various DEMAT accounts as well as the seizure of incriminating documents and digital evidence.

The agency has initiated a money laundering investigation on the basis of an FIR filed on February 02, 2019, which was filed by Suresh Venkatachari, the promoter, and CEO of Securekloud Technologies Limited.

PMLA investigation revealed that the directors and beneficial owners of these share brokerage and financial services companies have transferred the shares worth Rs.160 crore off-market and subsequently sold the same to generate huge proceeds of crime, the agency said in a statement on Friday.

“The investigation also revealed that the complaint lodged by the Promoter of STL was misleading as he and his CFO are involved in the larger conspiracy of the cheating public by way of inflating the books of the company, diverting funds of the company to the unrelated business activities of the companies having stakes of CFO and CEO of STL (Securekloud),” it added.

Further investigation is under progress, the agency said. (ANI)

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SC To Hear Plea For Lifetime Ban On Convicted MPs, MLAs From Contesting Elections

By LokMarg 15th November 2022

The Supreme Court on Tuesday posted for next week hearing in a plea seeking to debar convicted Members of Parliament and State Legislative Assemblies from contesting elections for life.

A bench of Chief Justice of India DY Chandrachud and Justice Hima Kohli and JB Pardiwala said that it will hear the matter next week as it was hearing other matters.
Senior advocate Vijay Hansaria, who was appointed amicus curiae to assist the top court in the matter, told the bench, “I am requesting, some urgent orders are required.”

The bench said it will hear the matter next week.

A recent status report submitted before the Enforcement Directorate (ED) stated that there are 51 MPs and 71 MLAs, sitting and former, who stand accused by the agency of offense under the Prevention of Money Laundering Act (PMLA).

The report does not specify exactly how many of those are sitting MPs/MLAs and how many are former MPs/ MLAs.

The Central Bureau of Investigation (CBI) has also submitted a similar report stating that a total of 121 cases are pending trial against sitting and former MPs and MLAs.

The number of MPs involved in those cases is 51 out of which 14 are sitting, 37 are former and 5 are deceased. The report further stated that 112 MLAs are involved in CBI cases out of which 34 are sitting, 78 are former and 9 are deceased.

The number of cases pending investigation against MPs and MLAs by the CBI is 37, the report of the CBI submitted.

Hansaria also filed a report pursuant to an order passed by the court seeking a status report relating to the pendency and grant of sanctions for prosecution, the expected time for completion of the investigation, and reasons for the delay in the same.

In his report Hansaria highlighted a “glaring case of inordinate delay” in the trial of cases against lawmakers, submitting that many cases were pending for over five years.

He sought directions to ensure that courts dealing with case against lawmakers should exclusively try such issues.

The plea filed by advocate Ashwini Upadhyay sought direction that convicted parliamentarians and State legislators, former and sitting, should be disqualified and banned for life from contesting elections to Parliament or Assemblies.

The plea also sought speedy disposal of cases against them and pointed out that while judges and babus were suspended for such activities, politicians were condoned by the law.

As of now, convicted politicians are banned from polls for six years.

The Central government in an affidavit filed in 2020 had rejected the idea of a lifetime ban on convicted persons contesting elections or forming or becoming an office-bearer of a political party.

It had said that disqualification under the Representation of the People Act of 1951 for the period of six years was enough for legislators.

Hansaria had earlier filed the report in the apex court and informed that a total of 4,984 criminal cases against former and sitting MPs and MLAs are pending before various sessions and magistrate courts across the country, an increase of 862 such cases in the last three years.

In August 2021 the top court directed that no prosecution against sitting former MPs and MLAs will be withdrawn without the permission of the High Court of the concerned state.

It had further directed that judges hearing the criminal cases against MPs and MLAs in Special Courts should continue in their current posts until further orders of the Supreme Court. (ANI)

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Ready To Be Hanged: Sukesh Chandrashekhar Writes Another Letter

By LokMarg 8th November 2022

Releasing another letter, Jailed conman Sukesh Chandrasekhar, who is facing several cases of corruption under the Prevention of Corruption Act and Money Laundering Act alleged that he was ready to be hanged if any of the issues he has raised to Delhi LG turned out to be wrong.

In his press letter provided by his lawyer, Sukesh said, “(Delhi CM) Kejriwal Ji, if any of my raised issues to Delhi LG turn out to be wrong as you and your associates said, I am ready to be hanged. But if the complaint is proven true, you will resign and retire from politics for good.”
He also alleged that Aam Adami Party’s Satyendar Jain asked him to pay money to the party for the Goa and Punjab elections.

“I kept quiet and ignored everything but due to your constant threats and pressure through the Jail administration and Mr. Jain asking me to give funds during Punjab and Goa polls, brazenly even though I was undergoing investigation,” Sukesh wrote.

Rejecting the AAP’s allegations that he was lying, Sukesh Chandrasekar said if he was lying then why the jail administration was pressurizing him or being coerced to withdraw his earlier complaint?

“Kejriwal Ji why was Mr. Jain constantly asking me to withdraw the complaint filed in HC against former DG Sandeep Goel and the Jail administration? Why was I constantly threatened apart from asking me to give more funds for your election Campaigns? Why afraid of enquiry? What are you scared off if you are truthful?” he said in his letter.

Chandrashekar rejected the allegations of AAP leaders that he was trying to malign the image of the party and its leaders at the behest of the BJP ahead of the Delhi MCD elections.

“Kejriwalji doesn’t keep saying all this is being done because of elections, let me tell you something and give to a piece of advice. You know me very well. You and Mr. Jain are among the few people, who know me very well so, don’t hallucinate that won’t give evidence against all that I have said or won’t testify. I will give every single thing that I have, which you know very well, as your mask has to be removed in open. Please Kejriwalji don’t daydream about winning elections as people are seeing everything, your Drama won’t work anymore, your karma, your lies, you will be defeated badly for sure,” he further wrote.

Earlier on Monday, he wrote another letter to Delhi LG Lieutenant Governor Vinai Kumar Saxena requesting the CBI probe against Aam Aadmi Party (AAP).

In his latest letter to Delhi LG, Chandrashekhar wrote, “I request you to direct an urgent CBI investigation and allow me to file FIR as the pressure is getting too much and any undue event may take place before the truth about AAP is exposed,” he wrote.

Alleging that he is being threatened by AAP leader Satyendar Jain and ex-DG (Prisons) of Tihar jail after his complaint to the Delhi L-G went public, he said, “After my last application was released on media, from last two days there has been a severe threat that I have been receiving from the jail administration on behalf of Mr. Satyendar Jain and DG prison Sandeep Goel.” (ANI)

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