New Delhi, April 3 In fresh trouble for a tainted UAE-based Fintech Company, a Special Court in Delhi has taken congnisance of a Supplementary Prosecution Complaint against five accused involved in money laundering of proceeds from illegal betting and other cyber frauds.
A payment platform PYYPL (pronounced as “people”) violated provisions of PMLA, 2002 and indulged in laundering of proceeds generated through investment frauds, illegal betting and part-time job frauds. The company’s assets worth over Rs 8.5 crore have been attached by the ED.
On March 28, the ED filed a Supplementary Prosecution Complaint against five accused in the PMLA court at Rouse Avenue under the provisions of PMLA, 2002 in connection with laundering.
The probe agency of proceeds generated through various cybercrimes like investment frauds, illegal betting, part-time job frauds etc., with the help of PYYPL payment platform, a UAE-based Fintech Company.
The chargesheet in the case was filed on January 25, for which the court has taken cognisance.
Earlier, during the investigation, the ED attached the company’s private crypto wallet worth Rs 1.36 crore, properties worth Rs 7 crore and seized Rs 47 lakh.
In another case, the ED, Jalandhar, seized immovable properties worth Rs 22.02 crore of Rana Sugars Ltd under section 37A of the Foreign Exchange Management Act (FEMA), 1999 for holding foreign exchange outside India in contravention of Section 4 of FEMA,1999.
Meanwhile, the ED, Imphal Sub zonal office, has taken a significant step towards restitution of properties to gullible investors in a PMLA case against Sanasam Jacky Singh and other officials of Lamjingba Group of Companies.
In this case, a writ petition titled as “Wahengbam Pratap Singh and others versus Union of India" was filed before the High Court of Manipur.
The High Court, considering ED’s reply, passed an order directing the Special Court (PMLA), Imphal East, to consider the claims of the petitioners for restoration of the properties belonging to the claimants, strictly in terms of the relevant provisions of law.
The Special Judge, PMLA, passed an order dated March 21 for publication of notice in newspapers for inviting claims from interested persons and directing the petitioners, thus, paving the way for restitution of the properties.
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