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Saturday
May 2019
9:21 AM IST
News Headlines
Day after BJP''s massive victory, all eyes now on govt formation        Cong-JDS cabinet reposes faith in Kumaramaswamy after dismal show in LS polls        Surat: 19 students die as fire engulfs commercial complex        Britain''s Brexit-beaten Theresa May announces resignation, to step down on June 7        Two more Indian mountaineers die on Mount Everest, toll of Indians rises to 8        Nadal, Federer set up potential semifinal at Roland Garros        India, New Zealand seek tune-up in warm-up clash        Federer, Nadal threaten Djokovic bid for historic Slam        Uncertainty over Serena fitness, Osaka form at Roland Garros        Sensex, Nifty hit record highs as early trends hint at NDA win        Rupee rises 26 paise to 69.40/USD in early trade ahead of Lok Sabha elections outcome        Chinese man guilty of defrauding Apple out of 1,500 iPhones        US aviation regulator says Boeing hasn't submitted 737 MAX fix        Indian among 18 people arrested in Nigeria for illegal bunkering        US-Japan vision for Indo-Pacific serves as foundation for global partnership: White House        Rahul elected from Wayanad LS seat        Will approach party high command against Sidhu: Amarinder Singh        Amit Shah wins Gandhinagar seat by margin of 5.57 lakh votes        People of India decided Narendra Modi as PM, I fully respect it: Rahul Gandhi        BJP set to return to power as Modi wave sweeps most of India        
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Business News
Demonetisation: ED attaches over Rs 2 crore assets in Axis Bank PMLA case
 
New Delhi: The ED Monday said it has attached assets worth over Rs 2 crore in connection with a money laundering case registered against former officials of an Axis Bank branch here and others, post the 2016 demonetisation exercise. In a statement, the agency said it has issued a "provisional attachment order under the Prevention of Money Laundering Act (PMLA), attaching movable and immovable properties worth Rs 2,95,92,351 of Puneet Jain, Hemraj Singh, Vinod Deshmukh, Rajeev Singh Kushwaha, Mehfooz Khan, Pravesh Kumar Gandhi and others in the Axis bank demonetised currency conversion case".

The Enforcement Directorate (ED) had filed a criminal case in the matter based on an FIR filed by the Delhi Police after it seized Rs 3.70 crore in old notes of Rs 1,000 in 2016. Demonetisation of old Rs 1,000 and Rs 500 notes was announced by Prime Minister Narendra Modi on November 8, 2016. "Investigation revealed that on announcement of demonetisation policy, accused Mohit Garg, Nitin Gupta, Vineet Gupta, Shobhit Sinha and Axis bank officials used shell companies like M/s Beagle Marketing, M/s Sunrise Trading Co, M/s R D Traders, M/s Himalayan Traders of Rajeev Singh Kushwaha for illegal exchange of demonetised currency of Vinod Deshmukh, Puneet Jain, Hemraj Singh, Pravesh Kumar Gandhi and others," it said. The ED said Mohit Garg, Nitin Gupta and Rajeev Singh Kushwaha used to collect demonetised currency from people and deposited them in the account of shell firms operated by Kushwaha. "This was done with the help of Axis Bank officials.

The amount deposited in these shell companies were further transferred to the account of different bullion traders for buying gold. "Thus, they converted demonetised currency into gold/RTGS form on commission basis and illegally exchanged demonetized currency into gold," it said. Investigation also revealed that demonetised currency worth of Rs 40 crore of different persons was converted in this manner, the ED charged. Kushwaha, Vineet Gupta and Shobhit Sinha -- all officials at the Axis Bank''s Kashmere Gate branch -- were arrested by the ED in this case and at present they are out on bail. The employees were later removed by the bank. The ED has filed two charge sheets in this case till now.


Sensex, Nifty hit record highs as early trends hint at NDA win
Rupee rises 26 paise to 69.40/USD in early trade ahead of Lok Sabha elections outcome
Chinese man guilty of defrauding Apple out of 1,500 iPhones
ILFS crisis: ED conducts fresh raids in Mumbai
Tata Motors shares fall 7 pc post quarterly results
Indices off record highs; Sensex trips 383 pts on profit-booking
Uber partners with ICC for Men''s cricket World Cup 2019
Markets soar in early trade; Sensex zooms 942 points, rupee gains 79 paise
Exports grow marginally, imports up 4.5pc in Apr
Jet Airways crisis: CEO, Deputy CEO resign
China hikes tariff on US products; says will not succumb to Trump''s pressure tactics
Andhra Bank net loss down by 51.34pc in Q4
Imminent crisis in NBFC sector: Corp Affairs Secy
China : Volvo to recall over six thousand cars
Pak to continue talks with IMF on bailout over weekend
Chinese envoy says trade talks with US have not broken down
Amazon's Bezos unveils lunar lander project 'Blue Moon'
UPL announces 26.75 pc stake buy in Allfresh
SBI reports net profit of Rs 838 cr in Mar 2019 quarter; trims bad loan ratio
HCL Tech profit stands at Rs 2,568 cr in Q4
KERALA NEWS
Rahul elected from Wayanad LS seat
 Thiruvananthapuram: Congress president Rahul Gandhi was Thursday declared elected from the Wayanad L  
LS polls candidate attacked in Kerala
Two women abort their plan to enter Lord Ayyappa temple Sabarimala
Kerala CM meets CEOs of leading business firms in Switzerland
INTERNATIONAL NEWS
Britain''s Brexit-beaten Theresa May announces resignation, to step down on June 7
 London: An embattled Theresa May announced Friday that she would resign as the UK''s Conservative le
Two more Indian mountaineers die on Mount Everest, toll of Indians rises to 8
US aviation regulator says Boeing hasn't submitted 737 MAX fix
Indian among 18 people arrested in Nigeria for illegal bunkering
NATIONAL NEWS
Day after BJP''s massive victory, all eyes now on govt formation
 New Delhi: As the BJP swept to power with a spectacular performance for a second term, all eyes are
Cong-JDS cabinet reposes faith in Kumaramaswamy after dismal show in LS polls
Will approach party high command against Sidhu: Amarinder Singh
Amit Shah wins Gandhinagar seat by margin of 5.57 lakh votes
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