Nation
ED registers money laundering case against Karti Chidambaram
The Enforcement Directorate on Friday registered a money laundering case against Karti Chidambaram, the son of former Finance Minister P. Chidambaram, on the basis of a corruption case filed by the CBI earlier this week, officials said.
 
"We have registered a case against Karti Chidambaram under charges of Prevention of Money Laundering Act (PMLA)," an ED official told IANS.
 
The ED action comes in the wake of the FIR filed by the Central Bureau of Investigation (CBI) on Monday under offences of criminal conspiracy, cheating, taking gratification by corrupt or illegal means, influencing public servants and criminal misconduct. 
 
In the FIR Karti is alleged to have got Rs 3.5 crore from INX media, now 9X media, for helping it in the clearance of a Foreign Investment Promotion Board (FIPB) proposal when his father was Finance Minister. 
 
The FIPB clearance was given to Mumbai-based INX Media when it was run by Peter and Indrani Mukherjea, both accused in Sheena Bora murder case. 
 
The FIR does not mention the name of former Minister Chidambaram, though it states that he had cleared the Foreign Investment Promotion Board (FIPB) approval for Rs 4.62 crore Foreign Direct Investment (FDI) in the FIPB meeting on May 18, 2007.
 
Karti left for London two days after the CBI registered a case against him. His father has said he will return soon. 
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

User

Government to bring law to confiscate assets of economic offenders
In a bid to deal with economic offenders like liquor baron Vijay Mallya, who flee the country to escape the legal process, the government on Thursday said it has prepared a draft legislation to enable confiscation of their assets.
 
The draft law -- Fugitive Economic Offenders Bill, 2017 -- has been prepared and put in public domain at the Department of Economic Affairs, Ministry of Finance, website for comments and suggestions of all stakeholders. 
 
"It is widely felt that the spectre of high-value economic offenders absconding from India to defy the legal process seriously undermines the rule of law in India," the Finance Ministry said here in a statement
 
"It is, therefore, felt necessary to provide an effective, expeditious and constitutionally permissible deterrent to ensure that such actions are curbed," the statement said. 
 
"The government is considering to introduce legislative changes or even a new law to confiscate the assets of such absconders till they submit to the jurisdiction of the appropriate legal forum," the statement added. 
 
All stakeholders need to submit their suggestions by June 3. 
 
The legislative action is part of the Union Budget announcement.
 
Finance Minister Arun Jaitley had in the Budget 2017-18 said: "In the recent past, there have been instances of big time offenders, including economic offenders, fleeing the country to escape the reach of law. We have to ensure that the law is allowed to take its own course. 
 
"Government is, therefore, considering introduction of legislative changes, or even a new law, to confiscate the assets of such persons located within the country, till they submit to the jurisdiction of the appropriate legal forum. Needless to say that all necessary constitutional safeguards will be followed in such cases."
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

User

COMMENTS

manoharlalsharma

6 months ago

Government to bring law to confiscate assets of economic offenders/is it possible the biggest property holders r Politicians only and they know how to cheat and hide behind HC and rest will be manged by their law officers with guaranty of 100% security of hiding with misguide/misrepresentation.

Hayath MS

6 months ago

Already they have 75% of wealth now want to take away remaining 25% also, every law is used as per convenience of the ruler and their finances .

SRINIVAS SHENOY

6 months ago

It is a good legislation which was long overdue. Hope it is legislated soon, so as to enable the banks to clean their books, which will spur in all round economic development of the country.

ICJ accepts India's plea, asks Pakistan not to execute Jadhav
In major relief for India, the International Court of Justice on Thursday ordered Pakistan not to execute alleged spy Kulbhushan Jadhav till a final decision is taken.
 
Judge Ronny Abraham, President of the court, reading out the court verdict also asked Pakistan to inform it of all the measures it has taken to implement the order.
 
India on Monday had sought the court's intervention for an immediate suspension of Jadhav's death sentence, fearing that the Indian national may be executed even before the ICJ decided the case.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

 

User

COMMENTS

Deepak Narain

6 months ago

Pakistan is a rogue State. It needs to be handled with a heavy hand. I am afraid the international court won't be able to solve the problem as they could not solve the Kashmir problem. Nehru's mistake is being repeated.

We are listening!

Solve the equation and enter in the Captcha field.
  Loading...
Close

To continue


Please
Sign Up or Sign In
with

Email
Close

To continue


Please
Sign Up or Sign In
with

Email

BUY NOW

The Scam
24 Year Of The Scam: The Perennial Bestseller, reads like a Thriller!
Moneylife Online Magazine
Fiercely independent and pro-consumer information on personal finance
Stockletters in 3 Flavours
Outstanding research that beats mutual funds year after year
MAS: Complete Online Financial Advisory
(Includes Moneylife Online Magazine)