ED to speed up PMLA, FEMA cases; focus on fugitive assets, says director
NEW DELHI: The
Enforcement Directorate
(ED) will prioritise the swift completion of Prevention of Money Laundering Act (
PMLA
) investigations, aiming for quicker filing of final prosecution complaints (chargesheets) to expedite trials, ED Director
Rahul Navin
announced Thursday during the agency's foundation day address. Key focus areas this year also include stringent action against violations under the Foreign Exchange Management Act (
FEMA
) and more effective enforcement of the Fugitive Economic Offenders Act (
FEOA
) in coordination with police.
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Navin highlighted that the total value of assets under provisional attachment stood at Rs 1,54,594 crore as of March 31. He emphasized the agency's commitment to completing investigations and seeking confiscation of criminal property before special courts.
Regarding FEMA, Navin stated the ED's responsibility is to ensure strict adherence to regulations issued by the Centre and the RBI. He also underscored the agency's intent to intensify the enforcement of FEOA provisions with the support of police and other predicate agencies.
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The ED is also set to leverage advanced technology and forensics in its investigations and will invest in training and capacity building for its officers to maintain cutting-edge investigative capabilities.
Sharing a comparative analysis, Navin noted a significant surge in enforcement activities post-2014. Until March 31, 2014, only Rs 5,171 crore of criminal property was attached, with the first prosecution complaint filed in 2012. In contrast, between 2014 and 2024, 5,113 new PMLA investigations were initiated, averaging over 500 cases annually. In the financial year 2024-25 alone, 775 new PMLA investigations were launched, 333 prosecution complaints were filed, and 34 individuals were convicted. During this period, the ED issued 461 provisional attachment orders valued at Rs 30,036 crore, marking a 44% increase in the number of attachments and a 141% rise in their total value compared to the previous year.
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On the restitution of proceeds of crime, Rs 15,261 crore was restituted in 30 cases during FY 2024-25 with court approval, a process expected to accelerate. The ED has 1,739 cases under trial as of March 31, following the filing of 333 prosecution complaints last year. Under FEOA, applications have been filed against 24 individuals, with 14 declared fugitive economic offenders, leading to the confiscation of over Rs 900 crore in assets.
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