Money laundering: ED data shows only 2.98% of cases against MP/MLA

He Compliance Department (ED) has said that only 2.98 percent of its overall ECIRs or complaints have been filed against the service or former parliamentarians and MLA even though his conviction rate under the anti-money laundering the law is at a maximum of 96 percent.

The federal investigative agency has published updated data on its action under the three laws it implements: Prevention of Money laundering (PMLA), the Foreign Exchange Management Act (FEMA) and the Fugitive Economic Offenders Act (FEOA), until January 31, 2023.

The ED was tasked with enforcing the strict provisions of the PMLA, enacted in 2002, effective July 1, 2005. The law empowers the agency to cite, arrest, seize the assets of defendants at the stage of investigation and prosecute offenders in court. Of law.

The data says the ED filed a total of 176 Enforcement Case Information Reports (ECIRs), the equivalent of a police FIR, against existing and former deputies, MLA and MLC that represents 2.98 percent of the total of 5,906 complaints filed since the entry into force of the law.

It said that it has so far filed a total of 1,142 prosecution complaints or charge sheets under the PMLA and arrested a total of 513 people under these ECIRs and prosecution complaints.

The trial, according to the data, was completed in a total of 25 cases under the PMLA up to this period, and this resulted in a conviction in 24 cases. One case resulted in an acquittal.

The number of defendants sentenced under the anti-lawmoney laundering the law in these cases stands at 45.

The conviction rate reaches 96 percent, according to the data.

These convictions resulted in the forfeiture of assets worth Rs 36.23 crore, while the courts imposed a fine of Rs 4.62 crore on those convicted.

Opposition parties have often criticized the ED for choosing to target politicians from their ranks, saying the agency has a dismal conviction rate.

The data also said that in only 8.99 percent or 531 cases out of the total 5,906 ECIRs filed did agency bloodhounds conduct a search or raid. The number of search warrants issued in these 531 cases is 4,954.

According to the data, the agency issued a total of 1,919 temporary seizure orders under the anti-money-laundering act, under which assets totaling Rs 1,15,350 crore were seized.

The agency has been investigating some high-profile individuals, including senior sitting ministers, top politicians, bureaucrats, business groups, companies, foreign nationals and others, under the anti-money laundering law.

The PMLA procuring authority confirmed 1,632 seizure orders (with assets worth Rs 71,290 crore) while 260 (with assets under seizure worth Rs 40,904 crore) were pending confirmation.

Speaking of its FEMA action, the ED said it initiated a total of 33,988 cases under this civil law through the end of January of this year, and investigation was ordered in 16,148 cases. A total of 8,440 notices to show cause (after completing the investigation) were issued under FEMA, of which 6,847 were adjudicated, according to the data.

FEMA was enacted in 1999 after repealing the Foreign Exchange Regulation Act (FERA) of 1973.

The agency also said it initiated FEOA proceedings against 15 people, nine of whom have been declared fugitive economic offenders (FEOs) by the courts so far and the assets seized under this law, filed in 2018, are linked to 862.43 crores, according to the data. .

The FEOA was enacted by the Narendra Modi government to cripple those who are accused of high-value economic fraud and flee the country to evade the law.

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