Prevention of Money Laundering Act

The Enforcement Directorate (ED) has frozen ₹440.42 crore in three HDFC Bank accounts of the Trinamool Congress (TMC) under the Prevention of Money Laundering Act (PMLA). The action involves bank deposits held by the TMC.

CPI(M) leaders A.C. Moideen, K. Radhakrishnan, and M.M. Varghese received bail in the Karuvannur bank fraud case. A Special Court for Prevention of Money Laundering Act in Kochi granted bail after the leaders argued that the allegations in the complaint were insufficient to proceed under Section 4 of PMLA.

The National Company Law Appellate Tribunal is addressing a legal question on whether the protection under the Insolvency and Bankruptcy Code (IBC) moratorium applies to assets subject to simultaneous proceedings under the Prevention of Money Laundering Act (PMLA). The issue involves whether the Enforcement Directorate (ED) can attach a company's assets post-insolvency.

The Enforcement Directorate (ED) conducted raids in Tamil Nadu and Kerala, recovering documents from premises in Coimbatore, Krishnagiri, Malappuram, and Thrissur under the Prevention of Money Laundering Act.

A court has framed charges against Sheikh Shahjahan and accomplices Shib Prasad Hazra and Didar Boksh Molla in a case under the Prevention of Money Laundering Act. All four individuals are currently in judicial custody.

The Karnataka High Court ruled the arrest of Gameskraft directors by the Enforcement Directorate (ED) illegal, citing failure to issue summons under Section 50 of the Prevention of Money Laundering (PML) Act. However, the court permitted the ED to continue proceedings by issuing summons, noting no new evidence justified the arrest.