Money Laundering And Fema Cases Increased By 500 Percent In India – Modi Govt 2


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The Enforcement Directorate (ED) showed tremendous activism during the last financial year across the country. During this period, the central agency registered the highest number of cases of money laundering and foreign exchange violations in a decade. The government itself gave this information in Parliament on Monday. Responding to a question, Minister of State for Finance Pankaj Choudhary said, the ED registered 5,313 cases of violation of Foreign Exchange Management Act (FEMA) and 1,180 cases of Prevention of Money Laundering Act in the year 2021-22.

A total of 24,893 criminal complaints of money laundering and 3,985 criminal complaints were filed under FEMA from 2012-13 to the last financial year, he said. The number of money laundering cases crossed one thousand for the first time in ten years. The thing to note in the figures is that under both the laws, the Modi government, which came to power again in 2019, has seen more ED arrests.

According to the minister, till March 31, 2022, the Enforcement Directorate has registered around 5,422 cases for investigation under the PMLA, in which total criminal proceeds of Rs 1,04,702 crore have been seized. Chargesheets were filed in 992 cases under PMLA. This resulted in forfeiture of 869.31 crore and 23 convictions. At the same time, FEMA sent notices to 8,109 in 30,716 cases till March 31. 6,472 notices were adjudicated, leading to a total fine of Rs 8,130 crore. Also, assets worth Rs 7,080 crore were attached.

61.2% of GDP Gross Liabilities
The Union Minister said, the gross liabilities of the states and the central government were Rs 76.27 lakh crore in 2014-15 and that was 61.2 percent of the GDP. At the same time, in 2021-22, this amount increased to 195-49 lakh crore, which is 82.6 percent of GDP.

Interest paid to 3.1% of GDP
Minister of State for Finance Pankaj Chaudhary told in the Lok Sabha that the government has paid 7.31 lakh crore as interest in the financial year 2021-22. This is 3.1 percent of GDP. At the same time, the total liabilities have reached 138.88 lakh crore, which is 58.7 percent of the GDP. The Union Minister said, the government had paid Rs 3.27 lakh crore in 2014-15 on account of interest on public debt, which was 2.6 percent of GDP then.

The total liabilities of the government in that financial year were Rs 62.44 lakh crore, which was 50.1 per cent of the GDP. In response to another question, the Minister of State for Finance said that the total debt of the government is estimated to reach Rs 155.33 lakh crore in the current financial year, which will be 60.2 percent of the GDP.

On-going investigation of fraud against Sahara’s companies
Union Minister Inderjit Singh said in Lok Sabha on Monday that Serious Fraud Investigation Office (SFIO) officials are investigating against three Sahara Group companies. He said that the SFIO has not submitted any report to the government yet. Singh said in a written reply that the SFIO has issued a lookout circular against the accused of fraud in these companies.

Expansion

The Enforcement Directorate (ED) showed tremendous activism during the last financial year across the country. During this period, the central agency registered the highest number of cases of money laundering and foreign exchange violations in a decade. The government itself gave this information in Parliament on Monday. Responding to a question, Minister of State for Finance Pankaj Choudhary said, the ED registered 5,313 cases of violation of Foreign Exchange Management Act (FEMA) and 1,180 cases of Prevention of Money Laundering Act in the year 2021-22.

A total of 24,893 criminal complaints of money laundering and 3,985 criminal complaints were filed under FEMA from 2012-13 to the last financial year, he said. The number of money laundering cases crossed one thousand for the first time in ten years. The thing to note in the figures is that under both the laws, the Modi government, which came to power again in 2019, has seen more ED arrests.

According to the minister, till March 31, 2022, the Enforcement Directorate has registered around 5,422 cases for investigation under the PMLA, in which total criminal proceeds of Rs 1,04,702 crore have been seized. Chargesheets were filed in 992 cases under PMLA. This resulted in forfeiture of 869.31 crore and 23 convictions. At the same time, FEMA sent notices to 8,109 in 30,716 cases till March 31. 6,472 notices were adjudicated, leading to a total fine of Rs 8,130 crore. Also, assets worth Rs 7,080 crore were attached.

61.2% of GDP Gross Liabilities

The Union Minister said, the gross liabilities of the states and the central government were Rs 76.27 lakh crore in 2014-15 and that was 61.2 percent of the GDP. At the same time, in 2021-22, this amount increased to 195-49 lakh crore, which is 82.6 percent of GDP.

Interest paid to 3.1% of GDP

Minister of State for Finance Pankaj Chaudhary told in the Lok Sabha that the government has paid 7.31 lakh crore as interest in the financial year 2021-22. This is 3.1 percent of GDP. At the same time, the total liabilities have reached 138.88 lakh crore, which is 58.7 percent of the GDP. The Union Minister said, the government had paid Rs 3.27 lakh crore in 2014-15 on account of interest on public debt, which was 2.6 percent of GDP then.

The total liabilities of the government in that financial year were Rs 62.44 lakh crore, which was 50.1 per cent of the GDP. In response to another question, the Minister of State for Finance said that the total debt of the government is estimated to reach Rs 155.33 lakh crore in the current financial year, which will be 60.2 percent of the GDP.

On-going investigation of fraud against Sahara’s companies

Union Minister Inderjit Singh said in Lok Sabha on Monday that Serious Fraud Investigation Office (SFIO) officials are investigating against three Sahara Group companies. He said that the SFIO has not submitted any report to the government yet. Singh said in a written reply that the SFIO has issued a lookout circular against the accused of fraud in these companies.

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