The Center told the Supreme Court on Wednesday that the Enforcement Directorate (ED) has investigated 4,700 cases till date and arrested only 313 people for alleged offenses since the Prevention of Money Laundering Act (PMLA) came into force in 2002. Is. The total amount recovered from interim orders passed by courts in such cases is around Rs 67,000 crore.
The government-appointed Justice A.M. Khanwilkar that the ED has attached more than Rs 18,000 crore following the court order in money laundering cases involving Vijay Mallya, Mehul Choksi, and Nirav Modi. The apex court is hearing petitions related to the interpretation of certain provisions of the PMLA.
“Since the enactment of the law, till date 4,700 cases have been investigated by the ED,” Mehta told the bench. “Since the implementation of PMLA in 2002, till date, only 313 arrests have been made. From 2002 till now, just 313 arrests in 20 years. “This is because there are very stringent statutory safeguards,” he said. The members of the bench also include Justice Dinesh Maheshwari and Justice CT Ravikumar.
Mehta said it is clear that in countries such as the US, China, Hong Kong, Belgium, UK and Russia, fewer cases are being taken up for investigation under the PMLA as compared to the cases registered annually under the Money Laundering Act.
He said India is part of a global anti-money laundering network and there are several agreements that require all member countries to harmonize their respective money laundering laws. Mehta said that the global community has found that money laundering is a menace that cannot be tackled or treated at the private level by countries and there has to be a global response. The debate will continue on Thursday as well.