ED Cracks Down on Bank Fraud: Rs 64,920 Crore Seized
The Enforcement Directorate (ED) has conducted investigations into 1,105 bank fraud cases under the PMLA, seizing assets totaling Rs 64,920 crore. This effort is part of a broader crackdown on fugitive economic offenders under the FEOA. Confiscated assets amounting to Rs 15,186 crore have been restituted to public sector banks.
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The Enforcement Directorate has intensified its efforts against financial wrongdoings, probing 1,105 bank fraud cases as per the Prevention of Money Laundering Act, informed Finance Minister Nirmala Sitharaman. She disclosed this in the Lok Sabha, revealing that assets worth Rs 64,920 crore had been attached.
Additionally, under the Fugitive Economic Offenders Act of 2018, a legal framework was established to prevent offenders from evading prosecution by residing overseas. This Act encompasses measures such as property confiscation, issuance of lookout notices, and restrictions on capital raising.
Sitharaman also highlighted the arrest of 150 individuals with 277 prosecution complaints lodged, and eight individuals declared as fugitive offenders. The return of Rs 15,183 crore to state banks marks a significant recovery. The discussion coincided with the Lok Sabha's approval of amendments to the Insolvency and Bankruptcy Code.
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