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2022 (12) TMI 605 - HC - Money LaunderingPonzi schemes - Various persons conspired and connived with Karvy and its promoters to dupe the Petitioners - It has been estimated that the cumulative amount invested in these schemes totals Rs. 800 crores. - The Petitioners then preferred complaints before the Enforcement Directorate (ED) requesting action in accordance with law against the accused. However, till date, the Petitioners are not aware of any action taken against the private Respondents as a result of the complaint filed on 6th September, 2022 Mr. Ahluwalia, ld. CGSC appearing for the ED submits that the ED has launched a money laundering investigation against M/s Karvy Stock Brocking Ltd. and various other connected entities. Significant developments have taken place in these investigations and the matter is under examination. According to the ED, the Petitioners’ complaint has already been taken on record. Considering the nature of allegations and the stand taken by the parties, it is directed that the contents of the present writ petition along with the annexures and documents shall be transmitted to ED. Since the ED has already stated that the Petitioners’ complaint is under examination, let the allegations made in this writ petition be also considered and proper action be taken in accordance with law.
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