INTERNATIONAL HAWALA TRANSACTIONS
VK Saxena seeks maximum punishment against Medha Patkar, says defamation is serious offence
Delhi's Lieutenant Governor VK Saxena has requested maximum punishment for Narmada Bachao Andolan (NBA) leader Medha Patkar in a criminal defamation case filed against her. Patkar, who was the president of the National Council for Civil Liberties, had filed the defamation case in 2001 when she defamed him through a press release issued by her. The Saket District Court of Delhi recently convicted Patkar under Section 500 of the Indian Penal Code (IPC).
Big drug hauls in Punjab; nationally, seizures up 160% in a decade
Seizure of drugs by the Narcotics Control Bureau (NCB) across all states have gone up by 160% between 2014 and December 2023 when compared to 2006-2013, according to home ministry data. NCB has registered 210% more drug-related cases during the same period. In Punjab, which goes to polls on June 1, drones have been recovered and drugs seized, making it among one of the top states as far as drug seizures are concerned.
Gold’s Own Country: A lucrative trade fueled by rival gangs and high demand
In the world of gold smuggling in Kerala, intricate schemes unfold, often involving carriers from the UAE, rival gangs, and strategic maneuvers to avoid detection. This illicit trade, deeply rooted in gang rivalry and hawala transactions, thrives alongside Kerala's enduring love for gold. Despite Customs crackdowns and high import duties, smuggling persists, driven by the state's insatiable appetite for the yellow metal. The lure of profit continues to outweigh the risks, ensuring that the clandestine trade in Kerala's gold remains a lucrative enterprise.
Govt not at a standstill due to polls, working to make India a $35 trillion economy by 2047: Piyush Goyal
Ahead of elections, Commerce and industry minister Piyush Goyal spoke on centre’s focus, trade, new-age companies and more. He said country’s growth to be based on twin pillars of being inclusive & sustainable.
Jewellery trade moves to expose shell companies, curb illegal fund flows
The initiative to trace UBOs in the jewellery trade is being led by the main industry body Gem & Jewellery Export Promotion Council, which had introduced the 'MYKYC' regime in 2019 in the wake of the Nirav Modi-Mehul Choksi scam, making it mandatory for members to reveal UBOs of companies and IDs and personal details of proprietors of domestic firms.
Delhi chief minister Arvind Kejriwal misses ED date, seeks summons withdrawal
Arvind Kejriwal, who was summoned by the ED in connection with its ongoing money-laundering probe in the Delhi excise policy case, has written to the agency alleging that the summons was illegal and politically motivated. As per available information, the AAP leader alleged in his letter that the summons was sent to him at the behest of BJP. People in the know said ED would issue fresh summons to Kejriwal.
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Delhi minister R K Anand latest in list of senior AAP leaders under scanner of central probe agencies
Arvind Kejriwal was called by the Enforcement Directorate (ED) for questioning on Thursday in a money laundering case related to the alleged excise policy scam. He skipped the ED summons, saying it was "politically motivated" and done at the behest of the BJP to prevent him from campaigning in the poll-bound states.
Mahadev App scam: ED seizes Rs 417 crore after searches in Mumbai, Kolkata, Bhopal
The agency said that it's probe into the matter has revealed that Sourabh Chandrakar and Ravi Uppal, who hail from Chhattisgarh's Bhilai, are the main promoters of Mahadev Online Book and are running their operations from Dubai.
G20 meet on security: Chair stresses on need for better response to terror, money laundering, misinformation
India on Friday issued the summary of a G20 meeting under which it stressed the need for strengthening capacities of individual states and all stakeholders to better respond to traditional, non-traditional and emerging challenges, including terrorism and its financing, money laundering, misinformation and disinformation.
Rush to change Rs 2,000 notes spills on to many routes
The withdrawal of 2000 rupee notes in India has led to some visiting temples and religious institutions in order to change the notes into smaller denominations, as these establishments are authorised to receive anonymous donations. However, analysts are warning this may not be enough as rules have become harsher since the 2016 demonetisation.
Nexus or Icebreaker? These two global money transfer ideas deserve a shot
The European payment system recently did a trial linkup with Malaysia and Singapore under the Bank for International Settlements’ Nexus protocol, designed to transfer funds between bank accounts in different countries under 60 seconds. Meanwhile, the monetary authorities of Israel, Norway and Sweden have tested a separate BIS-backed initiative that achieves the same goal of fast cross-border retail payments. Project Icebreaker uses central bank digital currencies, or CBDCs, instead of bank accounts.
International meet on terror financing to be held next week
It will discuss diverse subjects like global trends in terrorism and terrorist financing, use of formal and informal channels of funds for terrorism, emerging technologies and terrorist financing and international cooperation to address challenges in combating terrorist financing.
I-T dept detects benami assets, hawala transactions after raids on Sena Corporator, BMC contractors
Shiv Sena spokesperson and Rajya Sabha MP Sanjay Raut had told reporters on the day of the raids that the I-T department action was conducted with an ulterior motive to malign the party and with an eye on the upcoming Mumbai civic body elections.
Hawala dealer Naresh Jain generated Rs 565-crore black money: ED
The central probe agency said it has filed a prosecution complaint or charge sheet against Jain and others under criminal sections of the Prevention of Money Laundering Act (PMLA) before a special court here on October 28.
Court extends custody of hawala dealer Naresh Jain in PMLA case worth over Rs 1 lakh crore
The case is linked to alleged dubious transactions worth over Rs 1 lakh crore made using over 550 shell firms over the last few years. The accused was produced before Additional Sessions Judge Rajesh Malik on expiry of his nine day ED custody.
Moin Qureshi extorted Rs 5.75 crore from businessman for help in CBI case: ED
The ED made the allegations in a charge sheet filed against Qureshi in a special court here yesterday. He is at present in jail.
15,000 victims, $300 million scam! US charges 61 over India-based IRS impersonation scam
Payments by victims were laundered by a US network of co-conspirators using prepaid debit cards or wire transfers, often using stolen or fake identities.
Hawala money and fake currency spotted: Election Commissioner Om Prakash Rawat
There are static surveillance teams that check entry of fake Indian currency, mainly in states like West Bengal and Assam that have international borders.
Rs 10,000 crore international hawala ring busted in Gujarat
The Enforcement Directorate has busted a hawala network in Ahmedabad which had allegedly laundered more than Rs 10,000 crore.
Commodity bourse MCX set to launch an international gold contract denominated in rupees
That apart, at 200 gm, it will be much smaller than the existing kilo gold contract on MCX. The base quote will be the same at 10 gms.
Hawala racket in IPL matches: ED get transit remand of accused
A Delhi court today allowed a plea of Enforcement Directorate (ED) seeking transit remand of an accused arrested here in connection with its probe into alleged multi-crore hawala and money laundering in betting in IPL and international cricket matches.
Hawala racket in cricket matches: ED gets transit remand of 2
The court allowed the agency's plea for transit remand of the two accused and directed it to produce them before the court concerned in Gujarat on or before May 13.
Turning the black money tide: It will require reforms in taxation and real estate transactions
Generated through out-of-book transactions, under-reporting and market manipulation, black money distorts India’s financial regime.
Surat diamond Hawala case: Enforcement Directorate to send LRs to Middle-East, Hong Kong
ED will soon approach Middle-East countries and Hong Kong for obtaining details of illegal payments made overseas in connection with the Rs 700 crore Surat diamonds Hawala case.
Black money: In 2011, Rs 4 lakh crore went out, a 24 per cent rise
In 2011, over Rs 4 lakh crore worth of black money was illegally taken out of India, a new report by the international watchdog Global Financial Integrity (GFI) has revealed.
Terror groups using hawala for fund transfer into India: FATF
India has seen "quite a few cases" of hawala funds coming in from abroad for terrorist organisations, while such cross-border fund transfers are also taking place for tax frauds, global inter-governmental body FATF said.
Black Money: Trillions stashed abroad is fantasy, says government
Most estimates of black money stashed abroad appear to be fabricated with malicious intent, with some bordering on the bizarre.
Hawala is business by another name
At the bottom of hawala is compelling business logic. When India banned gold imports and it had to be smuggled to meet local demand, businessmen had a problem.
Hawala - Malaysia's largest illegal trade
The Reserve Bank is also considering serious measures to curb illegal money transfers by imposing a new set of guidelines and stepping up surveillance and investigations.
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