The post Sahara Cooperative Scam ED Arrests Assistant Manager in ₹14 Crore Embezzlement Case appeared first on The Edge Media.
]]>According to investigators, the case relates to large scale misappropriation of funds collected from investors by promising high returns. An FIR was registered in Kanpur in 2021 against Bhatnagar and other officials of the company on charges of cheating and financial irregularities. During the probe, evidence surfaced indicating that crores of rupees had been siphoned off.
As the matter involved serious financial fraud, the state government later handed over the investigation to the Enforcement Directorate. So far, 14 accused have been arrested in the case, while charge sheets have been filed against 14 individuals. A total of 15 accused have been found guilty during the course of the investigation.
The ED said Sahara Credit Cooperative Society had its head office in Lucknow and branches in several districts including Kanpur, Agra, Aligarh, Etawah and Shahjahanpur. Company agents allegedly lured investors by offering unusually high interest rates and collected large sums of money.
Officials said Bhatnagar, a resident of Kidwai Nagar in Kanpur, was posted as assistant manager at the company’s Agra branch. At the time he went underground, he was living in Fatehgarh Sahib in Punjab. After receiving specific intelligence inputs, an ED team traced him and arrested him from Punjab before bringing him to Lucknow for further legal proceedings.
The Enforcement Directorate continues to investigate the case to identify other beneficiaries and trace the remaining proceeds of crime linked to the Sahara cooperative scam.
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]]>The post I PAC Calls ED Raids Unsettling, Says Work Will Continue Despite Political Storm in Bengal appeared first on The Edge Media.
]]>In a statement, I PAC said the previous day had been difficult and unfortunate for a professional organisation like theirs. The firm said the developments raised serious concerns but added that it had fully cooperated with the investigating agency and would continue to do so in accordance with the law and due process.
The consultancy stressed that it has always followed high standards of professional integrity and accountability. It said that despite what happened during the raids, its team remained committed to continuing its work in an unfazed and unperturbed manner, guided by the same principles that have defined the organisation since its inception.
I PAC also highlighted that it has worked purely in a professional advisory role with several political parties across ideologies and regions over the years. These include the BJP, Congress, AAP, TMC, JD U and Shiv Sena. The firm clarified that it does not contest elections or hold political office and that its role is limited to transparent political consulting, independent of ideological differences.
The issue sparked intense political reactions in West Bengal on Thursday after Chief Minister Mamata Banerjee made an unannounced visit to the central Kolkata residence of I PAC director Pratik Jain and later went to the firm’s office in Salt Lake, where the ED was conducting searches in connection with the coal pilferage case. The chief minister alleged that the central agency was attempting to seize sensitive Trinamool Congress data related to the upcoming elections.
Mamata Banerjee was seen leaving Jain’s residence carrying a green folder and electronic devices, accusing ED officials of overstepping their authority. Later, at the I PAC office, security personnel were observed loading files into the chief minister’s vehicle, further intensifying the controversy.
The Enforcement Directorate subsequently approached the Calcutta High Court, alleging that key incriminating documents had been seized and removed from the agency’s custody with the help of state police. The agency claimed the documents were taken during the search operations.
The Trinamool Congress has also moved the high court, alleging that the ED seized sensitive and confidential political data meant for use in the upcoming assembly elections. The party described the action as arbitrary and mala fide and has sought directions to restrain what it called the misuse and dissemination of documents collected during the raids.
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]]>The post ED Seizes ₹55 Crore Across 13 Reliance Infrastructure Bank Accounts in FEMA Violation Probe appeared first on The Edge Media.
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According to the agency, Reliance Infrastructure Ltd (R-Infra) and its special purpose vehicles (SPVs) allegedly diverted public money allocated for National Highways Authority of India (NHAI) construction projects. The ED claims the funds were moved out of India through unlawful channels.
read also: CBI Books Anil Ambani’s Son, Jai Anmol Ambani, in Rs 228 Crore Cheating Case Involving Union Bank of India
In its statement, the agency said that 13 bank accounts with a total balance of ₹54.82 crore have been seized for FEMA violations. The ED further alleged that the diverted funds were routed to shell companies in Mumbai through fraudulent sub-contracting arrangements.
R-Infra has not yet issued a comment on the development.
The agency also noted that Anil Ambani had been summoned for questioning in connection with the case last month but did not appear before investigators.
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]]>The post Alleged Forged Land Documents Emerge in Ongoing Probe Into Al Falah Group appeared first on The Edge Media.
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According to official sources, the agency is examining at least five instances, where documents related to General Power of Attorney for acquiring land, appear to have been fabricated on instructions from a Trust connected to Jawad Ahmed Siddiqui who heads the Al Falah Group and is currently in custody.
read also: ED Arrests Al Falah Group Chairman in Money Laundering Probe
Siddiqui was arrested on November 18 following searches at locations linked to the group in a money laundering case, involving allegations that students were deceived into enrolling in courses lacking proper accreditation.
Investigators believe that some of the GPAs may have been issued in the names of individuals who were no longer alive and the inquiry continues to track the authenticity of these records.
The Enforcement Directorate has also begun tracing and assessing the value of movable and immovable assets held by the group across India in addition to funds believed to have been transferred to foreign locations. These assets may be seized under the anti money laundering framework as the case progresses.
The agency has alleged that Siddiqui unlawfully collected more than four hundred fifteen crore rupees from students studying across institutions managed by his Trust while also expressing concern that he could attempt to leave the country given that some close relatives reside in Gulf nations. In its remand application the Enforcement Directorate stated that Siddiqui exercised significant influence over employees responsible for admission data financial ledgers accounts and IT systems across Al Falah University and other institutions under the Trust which placed him in a position to alter or eliminate important records.
Investigators have asserted that Siddiqui maintains overarching control over the entire Al Falah educational network and that only a segment of the suspected proceeds of crime totalling four hundred fifteen crore rupees has been traced to date. The agency also noted that the Al Falah group has grown rapidly since the late nineteen nineties developing into a sizeable educational establishment.
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]]>The post ED Arrests Al Falah Group Chairman in Money Laundering Probe appeared first on The Edge Media.
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Officials confirmed that Siddiqui was taken into custody under criminal provisions of the Prevention of Money Laundering Act and is being presented before a court for further remand.
read also: Al Falah University Clarifies Its Stand After Delhi Blast Investigation
Sources said the agency seized forty eight lakh rupees in cash during the searches that began at around 5:15 in the morning.
Multiple ED teams raided at least twenty five locations linked to the Al Falah Trust and the university network
An office in Delhis Okhla area was also searched with police and paramilitary forces providing security around the site.
The November 10 blast near the Red Fort claimed fifteen lives and investigators are examining the involvement of several doctors associated with the university and contacts in Kashmir as part of the wider anti terror probe.
The post ED Arrests Al Falah Group Chairman in Money Laundering Probe appeared first on The Edge Media.
]]>The post IAS officer Pooja Singhal detained by the ED in a money laundering case in Jharkhand appeared first on The Edge Media.
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Between April 1, 2008, and March 21, 2011, Ram Binod Prasad Sinha was accused of cheating the government by investing public funds in his name and the names of his family members. According to the agency, the funds would be used to carry out government initiatives in the Khunti district under the MGNREGA (Mahatma Gandhi National Rural Employment Guarantee Act).
The post IAS officer Pooja Singhal detained by the ED in a money laundering case in Jharkhand appeared first on The Edge Media.
]]>The post Trinamool MP Mahua Moitra Questions About Government’s Acceptance of Xiaomi’s Donations appeared first on The Edge Media.
]]>Mahua Moitra tweeted that issues like these were stonewalled in Parliament when Congress discussed the matter in 2020 within the first wave of the Covid-19 outbreak.
Under the brand name MI, Xiaomi India is a dealer and retailer of mobile phones in India. In 2014, the firm began operations in India, and in 2015, it began remitting funds. Manu Kumar Jain, the group’s worldwide vice president, was questioned by the ED previously this month.
The post Trinamool MP Mahua Moitra Questions About Government’s Acceptance of Xiaomi’s Donations appeared first on The Edge Media.
]]>The post Ordinances are introduced by the Centre to extend the tenure of the ED and CBI directors by up to 5 years appeared first on The Edge Media.
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The Delhi Special Police (Establishment) Ordinance, 2021, and the Central Vigilance Commission (Amendment) Ordinance, 2021, will take effect immediately, according to the Ministry of Law and Justice. The Central Vigilance Commission Act, 2003 will be amended by the Central Vigilance Commission (Amendment) Ordinance, 2021. The Ordinances are being promulgated by the President because Parliament is currently not in session, according to the Ministry.
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]]>The post Former Maharashtra Home Minister Anil Deshmukh has been remanded in the custody of the ED until November 6 appeared first on The Edge Media.
]]>After hearing Additional Solicitor General Anil Singh and senior attorney Vikram Chaudhri, backed by advocate Aniket Nikam, Special Judge PB Jadhav issued the order. The press was not permitted to enter the courtroom. The ED requested Deshmukh’s custody for 14 days, according to arguing counsel.
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]]>The post Home Ministry directive on supply of oxygen appeared first on The Edge Media.
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The Union Home Ministry gave clear instructions on Thursday that there will be no restriction in the movement of oxygen between the states.
With this, the Home Ministry said that the transport authorities (state authorities) will be asked to free the interstate movement of the vehicles carrying oxygen.
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