Recently the Enforcement Directorate (ED) has been making headlines for its continual probes of various money laundering cases throughout the country. The ED has refunded Rs 23,000 crore to public banks after selling properties of accused offenders under the Foreign Exchange Management Act (FEMA).
The ED enforces three Acts, namely, the Prevention of Money Laundering Act (2002), Foreign Exchange Management Act (1999), and Fugitive Economic Offenders Act( 2018).
Under FEMA, according to a report in The Times of India, there have been 8,000 show cause notices served. After selling the properties of the accused whose assets had been attached, ED has been able to refund Rs 23,000 crore to the public sector banks of India so far.
Under the PMLA, the ED reportedly has filed 992 charge sheets so far. The majority of these cases are allegedly still pending.
Along with the recovery made under FEMA, the ED has allegedly recovered Rs 15,000 crore under the Fugitive Economic Act by selling most of the attached properties of Vijay Mallya, Nirav Modi, and Mehul Choksi.
In May 2023, Financial Action Task Force (FATF), a Paris-based intergovernment body, is set to evaluate India’s performance in tackling money laundering since the year 2009.