27-fold rise in ED raids under NDA

New Delhi, July 26

Searches conducted by the Enforcement Directorate (ED) went up by almost 27 times during the eight years of the Modi government as compared to the first nine years of the enforcement of the Prevention of Money Laundering Act (PMLA), the Rajya Sabha was informed on Tuesday.

Searches also went up by nearly three times under the Foreign Exchange Management Act (FEMA). During the nine years of the UPA government, 571 searches were conducted and 8,586 cases were taken up for investigation. In the past eight years, 996 searches were conducted and 22,330 cases were taken up for investigation under FEMA.

Under the PMLA from 2004-05 to 2013-14, a small number of 112 searches were carried out and 104 prosecution complaints were filed. During the period, trial courts did not convict anyone for money laundering. Nor did they confiscate any property.

From 2014-15 to 2021-22, 3,010 searches were conducted and prosecution complaints were filed in 888 cases.

It resulted in the conviction of 23 persons and confiscation of proceeds of crime worth Rs 869.31 crore. Further, there has been an attachment of proceeds of crime of nearly Rs 1 lakh crore.

MoS Pankaj Chaudhary said there were broadly six reasons for higher number of searches, the foremost being government’s commitment in preventing money laundering and improved systems for gathering financial intelligence through technology.