pmla

Cryptocurrency exchange Binance has been in discussions with the government to restore access to its mobile app and website in India. While the platform is ready to pay the taxes and the penalties levied, it is not yet ready to comply with the PMLA (Prevention of Money Laundering Act) guidelines, sources in the know of the development told ET.The government has therefore rejected Binance’s plea to be allowed to resume operations in India in the interim while they put in processes to comply with the country’s legislation…

American online payment gateway PayPal on Wednesday moved the Delhi High Court against an order which ruled that it was a "payment system operator" under the Prevention of Money Laundering Act (PMLA) and has to thus comply with "reporting obligations" under it.Senior counsel appearing for PayPal argued before a bench headed by Chief Justice Satish Chandra Sharma that the order passed by a single judge of the high court was “wrong”.Senior advocate Mukul Rohatgi, appearing for the appellant, also said that the single…

The Delhi High Court has asked Chinese smartphone maker Vivo to approach the PMLA Appellate Tribunal in relation to the freezing of its bank accounts pursuant to a money laundering probe by the Enforcement Directorate.Justice Prathiba M Singh asked Vivo, which has already filed an appeal before the tribunal, to file a plea there itself for interim relief and clarified that until a decision, interim or final, is taken by the tribunal, the high court's earlier orders asking the company to furnish bank guarantee of Rs. 950…

India has tightened the definition of beneficial ownership under its anti-money laundering law while making mandatory maintenance of records of all financial transactions carried out by non-profit organisations.The finance ministry notified changes to rules related to maintenance of records under the Prevention of Money Laundering Act late Tuesday.As per the changes, the ownership threshold has been reduced to 10% from 25% earlier.This means that any individual or group having 10% ownership in the client of a 'reporting…

The Enforcement Directorate (ED) said that they recently carried out search operations in Delhi, Gurugram (Haryana), Mumbai, Bengaluru and Salem (Tamil Nadu) in respect of a probe relating to the misuse of App-based token, named 'HPZ' and other similar applications by various entities.The case was lodged on the basis of an FIR registered by the Cyber Crime Police Station, Kohima, Nagaland, against HPZ token & others.The official said that HPZ Token was an App-based token which promised users of high returns against…

The Enforcement Directorate (ED) said that it carried out a search operation on Binance's crypto exchange, which led to the freezing of 150.22 bitcoins, equivalent to $24,86,693.73 (Rs 22.82 crore), with regard to its ongoing probe into a financial fraud by a gaming application named E-Nuggets.The instant case was registered on the basis of an FIR filed under various sections of the IPC by the Park Street police station in Kolkata against Aamir Khan and others. The FIR was filed based on a complaint by Federal Bank…

The Enforcement Directorate (ED) has reportedly conducted raids against Chinese-controlled loan apps and investment tokens and frozen funds worth Rs. 46.67 crore kept in payment gateways such as Easebuzz, Razorpay, Cashfree and Paytm. The federal agency is said to have frozen accounts under the anti-money laundering law. Searches were carried out on Wednesday at several premises of the accused in Delhi, Mumbai, Ghaziabad, Lucknow and Gaya, as per a report. Around Rs. 33.36 crore was reportedly found with Easebuzz in Pune,…

New Delhi: The Enforcement Directorate on Tuesday attached properties worth Rs 147.72 crore of fugitive diamantaire Nirav Modi and his companies, officials said. The attached movable and immovable properties are located in Mumbai and Surat in Gujarat, and have a market value of Rs 147,72,86,651.The properties comprise eight cars; plant and machinery; consignments of jewellery; paintings and some buildings, they said. The properties are owned by Modi, who is an accused in the over Rs 13,000-crore PNB scam, and…