Money laundering: CBI team at Delhi Minister, Satyendra Jain’s residence

sateyneA CBI team has arrived at the residence of Delhi health minister Satyendra Jain in connection with an alleged money laundering case. The CBI is questioning the minister’s wife.

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Zakir Naik created firms with dummy directors to launder cash

zakirnaikIn a money laundering case, the Enforcement Directorate submitted a complaint against Aamir Gazdar, a close aide of controversial Islamic preacher, Zakir Naik. The ED says that Gazdar is an associate of Naik and operated as a front while dealing with funds of the Islamic Research Foundation.

The ED says in its complaint that an offence under the Prevention of Money Laundering Act has been committed.

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Non-bailable warrant issued against Zakir Naik

zakirnaikA special court has issued a non-bailable warrant against controversial Islamic preacher Zakir Naik. The court said that the warrant would be an open dated one. On Tuesday the Enforcement Directorate had moved the court seeking issuance of a non-bailable warrant against controversial against Naik. The application was moved in the Special Prevention of Money Laundering Court in Mumbai.

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ED seeks non-bailable warrant against Zakir Naik

zakirnaikThe Enforcement Directorate has moved a court seeking issuance of a non-bailable warrant against controversial Islamic preachers Dr Zakir Naik. The application was moved in the Special Prevention of Money Laundering Court in Mumbai.

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Rs 500, 1,000 notes invalid- Full text of PM’s speech

modi_7593New Delhi, Nov 8 In a historical move that will add record strength in the fight against corruption, black money, money laundering, terrorism and financing of terrorists as well as counterfeit notes, the Government of India has decided that the five hundred and one thousand rupee notes will no longer be legal tender from midnight, 8th November 2016.

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Karnataka Lokayukta: ED to probe money laundering charges

  Bengaluru, Oct 3: The Enforcement Directorate will probe to find out if there were any instances of money laundering in the Karnataka Lokayukta case where allegations of extortion have been made. The probe which is being handled by the Special Investigating Team had found that money had allegedly been laundered and hence the help of the ED was sought.
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Separatist leader Shabir Shah summoned by ED

The Enforcement Directorate will question Kashmiri separatist leader Shabir Shah under the Prevention of Money Laundering Act. The case is in relation to a charge that money to the tune of Rs 2.25 crore had been passed on to Shah.
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NGO’s- Time for a reality check

ngo-thumbDo NGO’s have a negative impact on India? To a large extent yes and a report of the Intelligence Bureau which has been submitted to the Home Ministry would suggest that there are several NGO’s in the country which are in place only to weaken India on the security and economical front.
The most obvious interference from an NGO was found at the Kundankulam Nuclear plant in Tamil Nadu. The protests that erupted had puzzled several persons and the Intelligence Agencies the most. The IB had submitted a report to the then Home Ministry about a US based NGO being behind the protests. However the Home Ministry at that time had made a statement about the same and left it at that.
With a new government in place, the Intelligence Bureau has once again raked up the issue and wants stringent action against such NGO’s. Handling NGO’s is no easy task for the country. There are 85000 out of which 17000 are not registered. According to the report of the Intelligence Bureau the 17000 un-registered NGO’s no doubt pose a huge security risk. However there have been instances of foul play by the NGOs that have been registered as well.

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Money laundering- Why is the conviction so low?


Pic: Sify

The Financial Action Task Force in a report yesterday states that there are 1704 cases of money laundering of various types under probe. While this is a clear indicator that the detection rate has gone up considerably, the problem however lies with the conviction which is a meagre 3 per cent including cases of terrorism.

Money laundering is of various types and the most notorious one is parking of black money in the banks with the help of its representatives. Sting operations in the recent past have revealed that various reputed banks in the country have indulged in money laundering. The other type is directly related to terrorism and crime. The drug syndicate and terrorist outfits have parked money in banks in order to make it look like a valid transaction. Continue reading

Money laundering- FIU has it hands full

With the Financial Intelligence Unit deciding to probe three major banks for alleged money laundering, it would be interesting to note that the same agency also conducted a probe in the HSBC money laundering case.

The decision to probe three major banks, HDFC, ICICI and Axis come in the wake of a sting operation by Cobrapost in which there were clops of officials allegedly agreeing to receive unverified amounts of money in violation of the money laundering laws.

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