Rs 936 cr related to crypto currency attached or seized by ED: Govt
Darpan News Desk The Canadian Press, 06 Feb, 2023 11:50 AM
New Delhi, Feb 6 (IANS) Nearly Rs 936 crore related to crypto currency has been attached or seized by the Enforcement Directorate (ED) under PMLA, Union Minister of State for Finance, Pankaj Chaudhary said on Monday.
Besides, five persons have been arrested and six prosecution complaints (PCs) including one supplementary PC have been filed before the Special Court, PMLA in these cases, he stated.
Chaudhary in a written reply to a question in Lok Sabha on Monday said that crypto assets are by definition borderless and require international collaboration to prevent regulatory arbitrage.
Under Foreign Exchange Management Act, 1999 (FEMA), assets amounting to Rs 289.28 crore have been seized under section 37A of FEMA and one show-cause notice to crypto currency exchange Zanmai Labs Pvt Ltd, known as WazirX and its directors under FEMA for transactions involving cryptocurrencies work Rs 2,790 crore has also been issued.
Therefore, the Minister said, any legislation for regulation or for banning can be effective only with significant international collaboration on evaluation of the risks and benefits and evolution of common taxonomy and standards.
The Minister stated that the ED is investigating several cases related to crypto currency frauds wherein a few crypto exchanges have also been found involved in money laundering. Necessary action as per provisions of Prevention of Monyy Laundering Act, 2002 (PMLA) has been taken by the ED.
"As on January 31, 2023, proceeds of crime amounting to Rs 936 crore have been attached/seized/freezed, 5 persons have been arrested and 6 prosecution complaints (PCs) including 1 supplementary PC have been filed before the Special Court, PMLA in these cases," said the reply.
Giving more information, the Minister said that RBI has been cautioning users, holders and traders of Virtual Currencies (VCs) vide public notices on December 24, 2013, February 1, 2017 and December 5, 2017 that dealing in VCs is associated with potential economic, financial, operational, legal, customer protection and security related risks.
RBI, vide its circular dated May 31, 2021 has also advised its regulated entities to continue to carry out customer due diligence processes for transactions in VCs, in line with regulations governing standards for Know Your Customer (KYC), Anti-Money Laundering (AML), Combating of Financing of Terrorism (CFT), obligations under Prevention of Money Laundering Act (PMLA), 2002, etc in addition to ensuring compliance with relevant provisions under Foreign Exchange Management Act (FEMA) for overseas remittances, the Minister added.
Eight persons who were critically injured people have been admitted to the Orai Medical College in Jalaun district, said police. According to reports, a gas stove lit up by a cook triggered the blaze, which spread to a nearby wooden structure.
The state government, in a counter-affidavit, said the Excise Department has been regularly carrying out massive enforcement drives against manufacture and use of illicit homemade liquor/spurious liquor. The state government's response came after the Supreme Court expressed concern at increasing illicit liquor trade in the state.
As a precautionary measure to contain and control the spread of Covid-19 pandemic, the Kartarpur Corridor was temporarily suspended from March 16, 2020. With the improvement in the Covid-19 situation, the corridor was reopened to pilgrims on November 17, 2021.
The blood samples were also recovered, from bathroom and kitchen, by forensic officials in the Chattarpur house, where both Poonawalla and Walkar had shifted on May 15, three days before her murder.
The injured have been admitted to a nearby hospital. Chief minister Yogi Adityanath has expressed grief at the incident and directed officials to ensure proper treatment to the injured.
Police recovered 50,000 yaba tablets and 200 grams of heroin from an ambulance during the operation. Upon intercepting the vehicle, the consignment of contraband substances was recovered. "We estimate the market value of these drugs to be 14.10 crore," the police officer added.
