India's directorate of enforcement (ED) said on Thursday it has attached multiple properties worth ₹1,452 crore, in an alleged money-laundering case involving Reliance Communications Ltd (RCom).Founded as part of Anil Dhirubhai Ambani’s Reliance Group, RCom is currently undergoing bankruptcy resolution in the National Company Law Tribunal.The ED said its special task force has provisionally frozen multiple buildings in Dhirubhai Ambani Knowledge City (DAKC) and Millenium Business Park, Navi Mumbai, as well ...

Ambani once led one of India’s most visible corporate empires, the Reliance ADA Group, spanning telecom, power, infrastructure and finance. For much of the early 2000s, his ventures symbolised post-liberalisation ambition. Over the past decade, and particularly in the past few years, the group has been under sustained financial and legal strain. What began as a crisis of debt and operational decline has spiralled into a complex tangle of fraud allegations, money-laundering probes and asset seizures.The Enf ...

Core Viewpoint - Singapore's High Court has ruled against foreign liquidators suing Standard Chartered Plc and BSI Bank Ltd. regarding transactions linked to the 1Malaysia Development Bhd (1MDB) scandal, leaving the claimants without easy recourse [1] Group 1: Legal Proceedings and Financial Impact - Liquidators initiated legal action against Standard Chartered, alleging the bank facilitated over 100 intrabank transfers from 2009 to 2013 that concealed stolen funds, resulting in losses exceeding $2.7 billion for the claimants and S$20 million ($15.5 million) in public funds [2] - The 1MDB scandal is noted as one of the largest financial frauds, with stolen funds estimated over $4 billion, leading to global investigations and the imprisonment of key figures, including former Goldman Sachs executives and a former Malaysian prime minister [3] Group 2: Regulatory Actions and Penalties - In 2016, Singapore authorities fined Standard Chartered S$5.2 million for anti-money laundering breaches related to the 1MDB case, with other banks also facing penalties [3] - BSI Bank's unit was closed in Singapore in 2016 due to money laundering rule violations, including failures in due diligence on high-risk accounts and monitoring suspicious transactions [4]

Group 1 - Standard Chartered is facing a lawsuit in Singapore filed by liquidators seeking to recover funds from Malaysia's sovereign wealth fund, 1Malaysia Development Berhad (1MDB) [1][2] - The lawsuit alleges that Standard Chartered enabled fraud against 1MDB over a decade ago, with the financial services firm Kroll aiming to recover $4.5 billion stolen from 1MDB between 2009 and 2014 [2][3] - Kroll claims that Standard Chartered allowed over 100 intrabank transfers that concealed the movement of stolen funds, ignoring significant warning signs [3] Group 2 - Standard Chartered has rejected the claims and stated that it will vigorously defend against the lawsuit, asserting that the claims are without merit [4] - The U.S. Department of Justice previously filed lawsuits related to a multibillion-dollar international money-laundering scandal involving 1MDB, alleging misappropriation of over $3.5 billion by high-level officials [5][6] - In December 2016, the Monetary Authority of Singapore fined Standard Chartered 5.2 million Singapore dollars (approximately $3.5 million) for lapses in anti-money laundering procedures [7]