Financial Intelligence Unit Uncovers Hidden Income of Rs 11,000 Crore in 2024: Government Report
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New Delhi, Dec 12 (NationPress) The Financial Intelligence Unit-India (FIU-IND) has uncovered hidden income amounting to approximately Rs 11,000 crore in 2024, as reported by the Finance Ministry on Thursday.
According to the intelligence provided by the FIU-IND to law enforcement agencies (LEAs), it identified Rs 10,998 crore of undisclosed income, recognized Rs 2,763 crore in criminal proceeds, and seized Rs 983.4 crore worth of assets this year.
The central agency also confiscated 461 kgs of narcotics and psychotropic substances, imposed a penalty of Rs 39.14 crore through 211 compliance orders as part of regulatory actions against reporting entities, and arrested 184 individuals involved in money laundering, terror financing, and related offenses, the ministry reported.
“The vigilant monitoring by the Financial Intelligence Unit-India regarding financial transactions related to money laundering, terrorism, and proliferation financing has led to the detection of undisclosed income of nearly Rs 11,000 crore,” the ministry stated on the X social media platform.
The FIU-IND serves as the central national agency tasked with receiving, processing, analyzing, and distributing information concerning suspect financial transactions to enforcement bodies and foreign FIUs.
This agency is also charged with coordinating and enhancing the efforts of both national and international intelligence, investigative, and enforcement agencies in the global fight against money laundering and terrorism financing.
The FIU-IND operates as an independent entity, reporting directly to the Economic Intelligence Council (EIC) led by Finance Minister Nirmala Sitharaman.
Recently, the FIUs of India and Qatar convened for a two-day meeting aimed at strengthening the relationship between the two organizations and enhancing their mutual commitment to combating the issues of money laundering and terrorism financing.
During the discussions, both parties explored various topics such as the IT systems utilized in their respective jurisdictions, the public-private partnership initiative of FIU-IND (FPAC), the private-private partnership for the Alliance of Reporting Entities in India for AML/CFT (ARIFAC), strategic analysis, and various tools employed by both FIUs, as well as FIU-IND’s expertise in managing virtual digital assets service providers.
