Modus operandi employed by diamond jewellery businesses to launder money involves import of cheap, synthetic diamonds that are usually overvalued by over 100 times, it is learnt.
CM Ashok Gehlot attacks BJP, says his son received ED summons just a day after Congress launched guarantees for women in the state, which goes to polls next month.
The probe pertains to the alleged possession of undisclosed assets abroad and the linked movement of funds. Anil Ambani is expected to reappear before the ED later this week.
ED came across the case during an ongoing money laundering probe against a number of NBFCs & FinTech companies that are linked to instant personal loan-providing mobile applications.
The show cause notice was issued to 10 people including Flipkart founders Sachin Bansal & Binny Bansal. Flipkart said it's in compliance with Indian laws, including FDI regulations.
Raninder Singh was earlier questioned in the FEMA case in 2016 and was asked to explain the alleged movement of funds to Switzerland and a trust in the British Virgin Islands.
The ED said it got information that Sigamani illegally acquired foreign security without RBI approval & contravened provisions of section 4 of the Foreign Exchange Management Act.
While Amnesty said it was halting all operations in India due to govt's 'witch-hunt', MHA has said action was taken because the human rights body was receiving funds illegally.
Canada faces serious foreign interference issues, but these challenges must not be weaponized to unfairly target friendly and important allies like India.
In Episode 1544 of CutTheClutter, Editor-in-Chief Shekhar Gupta looks at some top economists pointing to the pitfalls of ‘currency nationalism’ with data from 1991 to 2004.
Among 19 Indian firms sanctioned by US Treasury Dept was Lokesh Machines Ltd accused of coordinating with 'Russian defence procurement agent to import Italy-origin CNC machines'.
While we talk much about our military, we don’t put our national wallet where our mouth is. Nobody is saying we should double our defence spending, but current declining trend must be reversed.
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