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Prevention of Money Laundering Act, 2002 (ISO: Dhana-Śōdhana Nivāraņa Adhiniyama, 2002) is an Act of the Parliament of India enacted by the Indian Government to prevent money laundering and to provide for confiscation of property derived from money laundering. [1] [2] PMLA and the Rules notified thereunder came into force with effect from 1 ...
Kochhar is facing allegations of money laundering charges in India. [4] ... of IPC, section 7 (taking gratification) and 13(2) (criminal misconduct) ...
Money laundering is the process of illegally concealing the origin of money obtained from illicit activities (often known as dirty money) such as drug trafficking, underground sex work, terrorism, corruption, embezzlement, and treason, and converting the funds into a seemingly legitimate source, usually through a front organization.
The Enforcement Directorate has reported a high conviction rate in money laundering cases, but this figure is based on a small number of completed trials. As of 31 January 2023, the ED had registered 5,906 Enforcement Case Information Reports (ECIRs) and arrested 513 persons. [ 28 ]
In the United States, the longest sentences for white-collar crimes have included the following: Sholam Weiss (845 years for racketeering, wire fraud and money laundering in connection with the collapse of National Heritage Life Insurance Company); Norman Schmidt and Charles Lewis (330 years and 30 years, respectively, for "high-yield ...
He noted that some of them were already being prosecuted for money laundering, and said the ICPC was scrutinising the file to see whether there are cases they could pursue. [23] In August 2009 the ICPC started investigations into an alleged N90 billion fraud leveled against managers of Pension Fund for retirees in the health sector. [24]
Power to try summarily: Where a Special Judge tries any offence specified in Sec. 3(1), alleged to have been committed by a public servant in relation to the contravention of any special order referred to in Sec.12-A(1) of the Essential Commodities Act, 1955 or all orders referred to in sub-section (2)(a) of that section then the special judge ...
On 8 June 2020, The Prevention of Money Laundering Act (PMLA) Court has ordered a confiscated of nearly Rs 1,400 crores worth property of Nirav Modi. [27] In May 2020, the UK court adjourned the Nirav Modi trial until September 2020, on the Five-day extradition trial hearing.