Enforcement Directorate (ED) has conducted over 1,758 raids and special investigations between 2011 and 2020 under the provisions of Prevention of Money Laundering Act, 2002 (PMLA) the Ministry of Finance told the Parliament. The government in its response said that between July 2005 and February 2022, ED has been able to secure only 23 convicts for the offense of money laundering and one was discharged on the basis of merit.
Member of Parliament, Manish Tiwari raised the unstarred question in the Lok Sabha, during the ongoing Budget Session.
Between April 2011 to March 2020, ED conducted 1,027 searches and raids under and Foreign Exchange Management Act 1999 (FEMA) and 1,758 searches under PMLA. During the same period, Enforcement Case Information Report (ECIR) were recorded for 1,999 cases under PMLA. On the other hand, 18,003 investigations were initiated under FEMA.
The Ministry of Finance further said that the prosecution complaints have been filed in 943 cases which are under different stages of trial.
The government also added that during 2004-14, 112 searches were carried out which resulted in proceeds of crime worth Rs 5346.16 crore and filing of 104 prosecution complaints. During 2014-22, 2,974 searches were conducted, which resulted in proceeds of crime worth Rs 95,432.08 crore and filing of 839 prosecution complaints.
From July 2005 to March 2022, ED under PMLA conducted searches in 3,086 cases, ECIRs recorded were 4,964, and only 943 prosecution complaints were filed.
Increase in number of searches show Government’s commitment to prevent money laundering and improved systems for gathering financial intelligence through use of technology, better inter-agency cooperation and exchange of information both domestically and internationally, concerted efforts to complete pending investigations in old cases and investigations in complex money laundering cases that have multiple accused requiring multiple searches are some of the reasons for increase in number of searches, ”the government said.