PMLA investigations reveal Rs. 1.85 lakh crore in proceeds of crime, confiscate Rs. 15,623.40 crores, highlighting anti-money laundering efforts
NEW DELHI (India CSR Exclusive): The Directorate of Enforcement (ED) efforts under PMLA are a significant step towards curbing financial crimes and promoting economic growth. The high conviction rate, attachment and confiscation of proceeds of crime and properties, and prosecution of offenders send a strong message to those who try to engage in illegal activities.
The ED has initiated investigations under the provisions of the Prevention of Money Laundering Act (PMLA) in 363 cases during the Financial Year (F.Y.) 2022-23. As of date, the Directorate has identified proceeds of crime amounting to Rs. 1,85,213 crores. The Directorate has attached proceeds of crime worth Rs. 9,092.84 crores through the issuance of 133 Provisional Attachment Orders during the current financial year.
Prosecution complaints filed in 120 PMLA cases in the current financial year
During the F.Y. 2022-23, Prosecution Complaints have been filed in 120 PMLA cases, bringing the total number of prosecution complaints filed under PMLA to 1,112 as on date. The Directorate of Enforcement has also secured six conviction orders in which 12 accused have been convicted by the Special Court PMLA during the current financial year.
PMLA cases lead to confiscation of Rs. 47.97 crore in the current financial year
The Special Court, PMLA, has ordered for the confiscation of Rs. 2.42 crore and imposed a cumulative fine of Rs. 07.40 lakhs on the accused during the current financial year. The total confiscation amount under PMLA during the F.Y. 2022-23 (up to 31.12.2022) is Rs. 47.97 crore. The total confiscation amount under PMLA, as on date, is Rs. 15,623.40 crore.
High conviction rate of 95.45% in PMLA cases
The agency has secured 21 conviction orders wherein 35 accused have been convicted as on date, with only one accused acquitted by the Special Court, PMLA, on merit. The total percentage of conviction in PMLA cases is very high, which is 95.45%. However, there are few cases wherein proceedings under PMLA could not proceed further due to quashing of the predicate offences investigated by Law Enforcement Agencies.
Adjudicating Authority confirms attachment of properties worth Rs. 8,787.20 crores
During the F.Y. 2022-23 (up to 30.11.2022), the Adjudicating Authority confirmed the attachment of 149 properties worth Rs. 8,787.20 crores. The total amount of confirmed attached properties by the Adjudicating Authority as on date is Rs. 67,379 crores.
Special Court, PMLA confiscates proceeds of crime amounting to Rs. 45.55 crore
The Special Court, PMLA, has confiscated proceeds of crime amounting to Rs. 45.55 crore under section 8(7) of PMLA during the F.Y. 2022-23 (up to 31.12.2022). This adds to the total confiscation amount under PMLA, which is Rs. 15,623.40 crore as on date.
PMLA investigations and convictions showcase the government’s commitment to tackle financial crimes
The above figures show the Directorate of Enforcement’s commitment to tackling financial crimes and bringing perpetrators to justice. The high conviction rate in PMLA cases and the attachment and confiscation of proceeds of crime and properties showcase the government’s commitment to fighting corruption and money laundering. These efforts are crucial in maintaining the integrity of the country’s financial system and ensuring that the proceeds of crime are not used to fuel illegal activities.
PMLA cases help in curbing black money and promoting economic growth
The ED’s investigations and actions under PMLA help in curbing black money and promoting economic growth. By identifying and confiscating proceeds of crime, the government can recover lost revenues and invest in the development of the country’s infrastructure and social welfare programs. This, in turn, can lead to job creation and improve the standard of living of citizens.
Efforts to strengthen the legal framework and enhance cooperation with international agencies
The government has been taking several steps to strengthen the legal framework and enhance cooperation with international agencies to tackle financial crimes. The PMLA was enacted in 2002 to combat money laundering and the generation of black money. In recent years, amendments have been made to the act to improve its effectiveness. The government has also been working on enhancing international cooperation through Mutual Legal Assistance Treaties (MLATs) and the Financial Action Task Force (FATF) to combat cross-border money laundering and terror financing.
