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Rupee pressured, I-T cracks fake PAN and code games behind overseas remittances

Rupee pressured, I-T cracks fake PAN and code games behind overseas remittances

As the rupee weakens, India’s Income Tax department says it is intensifying checks on suspicious outward flows via banks and crypto wallets. Using information-sharing with Thailand, it flagged remittances routed to Thailand’s money-laundering ecosystem, including cases where the “overseas education” purpose code S0305 and incorrect PAN details were used to bypass the RBI’s LRS cap of $250,000 per year. Investigators also traced transactions tied to UPI IDs linked to gaming operations across multiple countries and to crypto-linked adult and betting networks.

Summarised by Beize from a story on The Economic Times on 14 May 2026
ED freezes Rs 526 crore bank deposits in Gameskraft PMLA crackdown against founders using illegal bots

ED freezes Rs 526 crore bank deposits in Gameskraft PMLA crackdown against founders using illegal bots

The Enforcement Directorate has frozen Rs 526 crore in bank deposits and seized gold jewellery and cash in a PMLA probe targeting Bengaluru-based online gaming firm Gameskraft and three arrested founders. Searches began on May 7 across Delhi-NCR and Karnataka, ending May 13. ED says movable deposits and investments were immobilised while jewellery and cash were confiscated. It alleges the company used illegal bots to manipulate real-money rummy, causing user losses of Rs 1,154 crore and severe distress. Gameskraft denies bot involvement and faces money-laundering accusations.

Summarised by Beize from a story on The Economic Times on 14 May 2026

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ED Freezes Gameskraft Assets 526 Cr Accuses Bot Tricks and High Stake Losses

ED Freezes Gameskraft Assets 526 Cr Accuses Bot Tricks and High Stake Losses

The Enforcement Directorate has frozen Gameskraft Technologies assets worth ₹526.49 crore, seizing gold jewellery and cash as part of a money laundering probe. ED claims the company bypassed geolocation bans and used bots to manipulate outcomes, first luring users with small wins before losses at higher stakes. The action follows arrests of cofounders and scrutiny intensified by the 2025 online gaming law.

Summarised by Beize from a story on Inc42 on 14 May 2026
Mumbai court lets Jet Airways founder Naresh Goyal travel to London for four weeks medical care

Mumbai court lets Jet Airways founder Naresh Goyal travel to London for four weeks medical care

A Mumbai court has allowed Jet Airways founder Naresh Goyal to travel to London for four weeks to obtain medical consultations. He is facing money laundering charges and argued he needs expert treatment for serious ailments. The Enforcement Directorate opposed the move, citing flight risk, but the judge granted permission while imposing strict conditions.

Summarised by Beize from a story on The Economic Times on 12 May 2026
ED arrests two ex IDFC First Bank staff in massive Rs 645 crore embezzlement probe

ED arrests two ex IDFC First Bank staff in massive Rs 645 crore embezzlement probe

The Enforcement Directorate has arrested two former IDFC First Bank employees in connection with a money laundering investigation linked to a large-scale embezzlement case. Prosecutors allege the duo helped siphon around Rs 590 crore from Haryana government funds, using ghost companies to route and erase the money, with the total case value placed at about Rs 645 crore.

Summarised by Beize from a story on The Economic Times on 12 May 2026
IMF tells Pakistan to crack down on trade based money laundering before next budget

IMF tells Pakistan to crack down on trade based money laundering before next budget

The IMF has urged Pakistan to take swift and strict action against trade-based money laundering ahead of the FY 2026-27 federal budget. The IMF flagged concerns about suspicious financial activity and noted gaps in how beneficial ownership information is shared, pressing Pakistan to strengthen financial oversight mechanisms before budget decisions come due.

Summarised by Beize from a story on Republic on 12 May 2026

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Karnataka High Court seeks ED reply over arrest of Gameskraft founders in Rs 250 crore case

Karnataka High Court seeks ED reply over arrest of Gameskraft founders in Rs 250 crore case

The Karnataka High Court has ordered the Enforcement Directorate (ED) to respond to petitions challenging the arrest of Gameskraft founders in a money laundering case. The ED alleges the founders lured players into real-money games and laundered about Rs 250 crore. The court’s notice signals scrutiny of the ED’s actions as the legal challenge moves forward.

Summarised by Beize from a story on The Economic Times on 12 May 2026
ED blocks Jacqueline Fernandez approver plea in Rs 200 crore laundering case over alleged gift trail

ED blocks Jacqueline Fernandez approver plea in Rs 200 crore laundering case over alleged gift trail

The Enforcement Directorate has opposed actor Jacqueline Fernandez’s plea to become an approver in a Rs 200 crore money laundering case linked to Sukesh Chandrashekar. The ED says she continued contact with him despite his criminal background and allegedly received gifts funded by proceeds of crime. It also argues her cooperation during the investigation is questionable.

Summarised by Beize from a story on The Economic Times on 11 May 2026
Saket court orders three day police custody for Al Falah University chairman in PMLA money laundering case

Saket court orders three day police custody for Al Falah University chairman in PMLA money laundering case

A Delhi Saket court granted three days of police custody to Jawad Ahmad Siddiqui, chairman of Al-Falah University, in a PMLA-linked money laundering case. The Enforcement Directorate says the Al-Falah Trust generated over Rs 493 crore in proceeds of crime. His earlier bail plea was rejected, and the ED has already filed a charge sheet.

Summarised by Beize from a story on The Economic Times on 10 May 2026
Gurugram Court Orders Seven Day ED Remand for Punjab Minister Sanjeev Arora in 100 Crore GST Case

Gurugram Court Orders Seven Day ED Remand for Punjab Minister Sanjeev Arora in 100 Crore GST Case

A Gurugram sessions court granted a seven-day ED remand to Punjab Minister Sanjeev Arora after his arrest in a Rs 100 crore money laundering case tied to alleged fraudulent GST transactions. The Enforcement Directorate had sought a 10-day remand following multiple raids, but the court decided on a shorter custody period as the probe continues.

Summarised by Beize from a story on Republic on 10 May 2026

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ED arrests Punjab minister Sanjeev Arora in Rs 100 crore GST-linked money laundering case

ED arrests Punjab minister Sanjeev Arora in Rs 100 crore GST-linked money laundering case

The Enforcement Directorate has arrested Punjab minister Sanjeev Arora in a Rs 100 crore money laundering case tied to alleged fraudulent GST transactions. Officials said the arrest comes in connection with an ongoing investigation involving suspected fake or improper tax-related dealings. The ED is expected to continue probing the case’s financial trail and links to others involved.

Summarised by Beize from a story on The Economic Times on 9 May 2026
ED raids Punjab minister Sanjeev Arora again probing alleged money laundering links

ED raids Punjab minister Sanjeev Arora again probing alleged money laundering links

The Enforcement Directorate has carried out fresh searches in a money laundering investigation involving Punjab Industries Minister Sanjeev Arora and associates. Raids were conducted at Arora’s Chandigarh residence and at a Gurugram real estate firm. The action follows earlier ED steps under FEMA and a money laundering probe that began in 2024, spotlighting alleged financial links across locations.

Summarised by Beize from a story on The Economic Times on 9 May 2026
ED arrests three Gameskraft founders in PMLA case tied to alleged fraud and money laundering

ED arrests three Gameskraft founders in PMLA case tied to alleged fraud and money laundering

The Enforcement Directorate has arrested three founders of online gaming platform Gameskraft—Deepak Singh, Prithvi Raj Singh, and Vikas Taneja—under the PMLA. The move follows raids and a money laundering case tied to alleged fraud. ED had earlier frozen their bank accounts as part of its investigation, signaling the probe is widening beyond initial allegations.

Summarised by Beize from a story on The Economic Times on 8 May 2026
ED investigates alleged fake foreign ESOPs used to launder money and dodge remittance rules

ED investigates alleged fake foreign ESOPs used to launder money and dodge remittance rules

The Enforcement Directorate has begun probing employee stock options (ESOPs) offered by foreign firms to Indian workers. The investigation focuses on whether such ESOPs were misused to launder money and circumvent foreign remittance rules. Experts warn that fake or manipulated ESOP arrangements could help hide overseas funds or push remittances beyond permissible limits.

Summarised by Beize from a story on The Economic Times on 7 May 2026

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ED issues lookout notice for Kolkata Police DCP after repeated summons evasion

ED issues lookout notice for Kolkata Police DCP after repeated summons evasion

The Enforcement Directorate has issued a lookout notice against Kolkata Police Deputy Commissioner Shantanu Sinha Biswas after he allegedly evaded multiple summons tied to a money laundering probe. The move is intended to prevent him from leaving India. ED claims the investigation involves alleged financial irregularities connected to land grabbing and sand smuggling.

Summarised by Beize from a story on The Economic Times on 5 May 2026
Delhi Police bust fake trading app scam netting retired officer Rs 45 lakh

Delhi Police bust fake trading app scam netting retired officer Rs 45 lakh

Delhi Police arrested three people, including a bank assistant manager, in a Rs 45 lakh investment scam that targeted a retired government officer. The accused allegedly lured the victim with promises of high returns on IPOs via a fake trading app. Investigators found the money was routed through mule accounts, with the bank official accused of enabling the laundering.

Summarised by Beize from a story on The Economic Times on 3 May 2026
Delhi court grants regular bail to I PAC director Vinesh Chandel in money laundering case

Delhi court grants regular bail to I PAC director Vinesh Chandel in money laundering case

A Delhi court has granted regular bail to Vinesh Chandel, director of political consultancy firm I-PAC, arrested by the Enforcement Directorate on April 13 in an alleged money laundering case. The court decision brings relief to Chandel as legal proceedings continue over the ED’s claims and the circumstances surrounding the alleged offense.

Summarised by Beize from a story on Republic on 30 Apr 2026
ED freezes Anil Ambani group assets worth 3034 crore in RCOM money laundering probe

ED freezes Anil Ambani group assets worth 3034 crore in RCOM money laundering probe

The Enforcement Directorate has attached assets worth INR 3,034 crore linked to Anil Ambani and Reliance Communications in a money laundering case under the PMLA. The move targets a Mumbai flat in Usha Kiran Building, a jointly held Khandala farmhouse, other attached land, and RiseE Infinity shares—allegedly tied to loans and claims of diversion. RAAG denies wrongdoing and cites inheritance and governance by entities.

Summarised by Beize from a story on Startup Talky on 29 Apr 2026

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Delhi court denies interim bail to I PAC co founder Vinesh Chandel over mother’s health claim

Delhi court denies interim bail to I PAC co founder Vinesh Chandel over mother’s health claim

A Delhi court rejected Vinesh Chandel’s plea for interim bail in a money-laundering case tied to a coal scam. Chandel, co-founder of I-PAC, sought temporary release citing his mother’s deteriorating health. The judge ruled the grounds did not meet the bar for exceptional humanitarian relief, noting her dementia appears chronic rather than a sudden medical emergency.

Summarised by Beize from a story on The Economic Times on 29 Apr 2026
ED attaches Raheja Developers assets worth over 1110 crore in homebuyers fraud probe

ED attaches Raheja Developers assets worth over 1110 crore in homebuyers fraud probe

The Enforcement Directorate has attached assets worth more than Rs 1,100 crore linked to Raheja Developers, citing a money-laundering probe into alleged fraud against homebuyers. During recent searches, the agency seized bullion and foreign currency. It alleges that money collected from over 4,600 homebuyers was siphoned off and used for purposes unrelated to the projects.

Summarised by Beize from a story on The Economic Times on 28 Apr 2026
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