Did the ED File Over 5,000 Cases to Combat Money Laundering in the Past Decade?
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Synopsis
In a significant address, Union Minister Pankaj Chaudhary outlined the Enforcement Directorate's vital role in combatting money laundering, revealing that over 5,000 cases have been filed in the last decade. This highlights a broader commitment to economic security as India moves towards its vision of a developed economy.
Key Takeaways
- ED filed 5,113 cases against money laundering in the last decade.
- Conviction rate stands at 93.6%.
- Significant increase in provisional attachments.
- Focus on cryptocurrency and hawala as tools for laundering.
- Plans for future escalation in enforcement activities.
New Delhi, May 1 (NationPress) Union Minister of State for Finance Pankaj Chaudhary underscored the essential role of the Enforcement Directorate (ED) in fostering an economically secure India as the nation progresses towards becoming a fully developed economy.
During his speech at the ED's 69th Foundation Day event, the Minister stated: "The vision for a developed India is intrinsically linked to the vision of a secure India. The Enforcement Directorate's contribution is vital for achieving an economically secure nation.”
“Our Prime Minister (Narendra Modi)'s vision is that no economic criminal should rob the common and impoverished citizens of their rights, necessitating preventive measures and appropriate punishment for offenders. The Enforcement Directorate plays a crucial role in both of these areas,” he continued.
On this occasion, ED Director Rahul Navin highlighted a significant uptick in enforcement activities from 2014 to 2024, with 5,113 new PMLA investigations initiated, averaging over 500 cases each year.
Building on this momentum, Navin reported that in the Fiscal Year 2024-25, 775 new PMLA investigations were launched, resulting in 333 prosecution complaints and 34 individual convictions.
During this timeframe, Navin revealed that the ED issued 461 provisional attachment orders worth Rs. 30,036 crore – a 44% increase in attachment numbers and an impressive 141% rise in total value compared to the prior year. As of March 31, 2025, the total value of assets under provisional attachment reached Rs 1,54,594 crore.
Navin also informed the attendees that with court approval, restitution of Rs 15,261 crore was accomplished in 30 cases during FY 2024-25, and this process is expected to accelerate in FY 2025-26.
“The ED has filed 333 prosecution complaints last year, bringing the total number of cases in various trial stages to 1,739 as of March 31, 2025; among the 47 cases resolved so far, there were only 3 acquittals, resulting in a remarkable conviction rate of 93.6%,” Navin added.
In his address, S.V. Raju pointed out the increasing use of cryptocurrency and hawala traders as mechanisms for money laundering (ML), urging ED officers to remain vigilant regarding the evolving ML landscape and elaborated on the tools available under the PMLA.
During the event, Chaudhary also launched the Annual Report for FY 2024-25.
The Minister highlighted that as India strides towards realizing the vision of Viksit Bharat 2047, the nature of the economy and economic activities will undoubtedly evolve, leading to increased complexities, which may change the nature of economic crimes. He emphasized the critical future role of the Enforcement Directorate.
Point of View
I believe that the Enforcement Directorate's proactive measures against economic crime are essential for safeguarding citizens' rights and enhancing national economic security. The statistics presented underline a commitment to transparency and accountability in financial dealings, reinforcing public trust in governmental institutions.
NationPress
02/05/2025
Frequently Asked Questions
What is the role of the Enforcement Directorate?
The Enforcement Directorate (ED) is responsible for enforcing economic laws and combating money laundering in India, playing a vital role in protecting citizen rights.
How many cases has the ED filed in the last decade?
The ED has filed a total of 5,113 cases to curb money laundering over the last ten years.
What is the conviction rate of the ED?
The ED has achieved a commendable conviction rate of 93.6% in the cases decided so far.
What significant trends did the ED Director mention?
ED Director Rahul Navin highlighted a notable increase in enforcement activities, with a significant rise in both the number and value of provisional attachments.
How does the use of cryptocurrency relate to money laundering?
The growing use of cryptocurrency and hawala traders has been identified as a notable trend in money laundering, necessitating vigilance from the ED.
