Tag: Prevention of Money Laundering Act

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ED Seizes ₹762 Crore in PACL Assets

NEW DELHI: The Enforcement Directorate (ED) announced on Saturday that it has attached assets valued at over Rs 762 crore belonging to PACL (Pearls Group) and its promoters under the anti-money laundering law. This action relates to an alleged Ponzi scheme that swindled investors out of approximately Rs 48,000 crore. A provisional order under the Prevention of Money Laundering Act (PMLA) has been issued to seize 68 immovable properties located across Punjab, Haryana, Delhi, Maharashtra, and Australia. This money-laundering investigation dates back to 2015 and originated from a Central Bureau of Investigation (CBI) FIR against Pearl Agrotech Corporation Limited (PACL),…

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Unitech Group Promoters Misused ₹8,000 Crore in Buyer Funds: ED

NEW DELHI: The Enforcement Directorate (ED) has accused the Unitech Group and its promoters of misappropriating nearly half of the over Rs 16,000 crore obtained from homebuyers and financial institutions for personal use and through various “benami” entities. This allegation was made in a recent chargesheet filed against them. The third prosecution complaint (chargesheet) was submitted to a special Prevention of Money Laundering Act (PMLA) court in Delhi on July 10. Unitech promoter Ramesh Chandra, along with linked companies like Shivalik Ventures Private Limited, Auram Asset Management Private Limited, Unitech Build Tech Limited, Unitech Golf Resorts Limited, and Ranchero Services…

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SC Approves M3M Group’s Request to Substitute Attached Property

Supreme Court NEW DELHI: The Supreme Court has granted M3M Group’s request to substitute a property initially attached by the Enforcement Directorate under the Prevention of Money Laundering Act, 2002. A bench consisting of Justices P S Narasimha and R Mahadevan ruled that the property substitution is contingent upon nine conditions recommended by the ED. The bench stated, “We have heard Dr. Abhishek Manu Singhvi, senior counsel for the petitioner, and have considered the matter thoroughly. The petitioners, M/s. M3M India Pvt. Ltd. and M/s. M3M India Infrastructure Pvt. Ltd., have submitted an affidavit agreeing to the stipulations. While we…