Enforcement Directorate Seizes Rs 1.45 Lakh Cr Under PMLA

The Enforcement Directorate (ED) has seized assets amounting to Rs 1.45 lakh crore over the last 20 years under the Prevention of Money Laundering Act (PMLA), according to recently released data. The agency, responsible for investigating money laundering cases in India, reported that Rs 21,370 crore in assets were confiscated within the first nine months of the 2024-25 financial year alone.

The PMLA, enacted on July 1, 2005, aims to curb financial crimes such as money laundering, tax evasion, and accumulation of illicit wealth. Since its implementation, the ED has intensified its scrutiny, leading to multiple arrests and asset seizures across various sectors.

The ED has arrested 911 individuals since the PMLA came into force. Out of these, 100 have been convicted in 44 cases, with 36 convictions occurring between April and December 2024. Over the past five to six years, enforcement actions have escalated, targeting high-profile figures, including political leaders, business tycoons, hawala operators, cybercriminals, and smugglers.

As per ED’s data, Rs 1.19 lakh crore of the total Rs 1.45 lakh crore assets were seized after Prime Minister Narendra Modi’s government took office. Opposition parties, including the Congress, have repeatedly claimed that the ED has been misused to target political rivals. However, the central government maintains that the ED operates independently and investigates cases based on legal merit.

A significant achievement of the ED in 2024 has been the transfer of seized assets to rightful beneficiaries, including banks and victims of financial fraud. The agency has returned Rs 22,737 crore so far, with Rs 7,404 crore refunded since April 2024. Cases involving Vijay Mallya, Nirav Modi, Mehul Choksi, the Rose Valley chit fund scam, and the National Spot Exchange Limited (NSEL) fraud are among those where recovered funds have been allocated to financial institutions and victims.