Despite an ongoing pandemic, there has been a significant increase in the white-collar crimes and scrutiny. Over the past few years, the enforcement agencies have been relatively active in undertaking punitive actions such as attachment of properties and undertaking arrests. Just a few months ago, the Enforcement Directorate (“ED“) seized assets worth 1.6 million euro in France belonging to a fugitive Indian businessman and arrested the promoter of a bankrupt travel company, in connection with its money laundering probe. Other notable instances include ED arresting high-profile people such as former ICICI Bank MD-CEO’s husband (in connection with ICICI -Videocon money laundering case) and Yes Bank former CEO (in connection with the YES Bank fraud case). Overall, ED investigated approximately 170 Prevention of Money-laundering Act, 2002 (“PMLA“) cases and conducted approximately 430 raids for PMLA and foreign exchange laws violations in FY’20.
Please click here to read the full article by Rupinder Malik and Madhvi Datta published in Mondaq.
Rupinder specializes in General Corporate Commercial; Mergers & Acquisitions; Private Equity; Anti-Corruption and White-Collar Crime investigations practice areas.