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.
Interacting with the mediapersons here, the Chief Minister, accompanied by his Delhi counterpart Arvind Kejriwal, said the state government is working on a multi-pronged strategy and has already roped in agriculture experts and the farmers unions for working out a viable solution for this problem.
Around 810 km of metro line are operational in 20 cities in the country while more than 980 km of metro network and RRTS is currently under construction in 27 cities, Union Minister for Housing and Urban Affairs Hardeep Puri said on Friday, adding India currently has the fifth-largest metro network in the world.
The ministers said according to the data till date many cities of Haryana are in the first 10 cities in the list of the most polluted cities in India, including Hisar, Faridabad, Sirsa, Rohtak, Sonepat and Bhiwani, etc., while from Punjab, no city is in the first 10.
Punjab Police chief Gaurav Yadav said local shopkeeper, Sandeep Singh Sunny, has been arrested for firing at and killing the Shiv Sena leader, while terming the incident as unfortunate.
Announcing the eye check-up camps here on Thursday, United Sikh Mission Chairman Rashpal Singh Dhindsa said this "mission for vision" is a selfless act of serving the community and this year, already seven camps have been organised in Ferozepur, Sangrur, Barnala, Kapurthala, Jalandhar and Mohali districts beginning October 15.
Those arrested have been identified as Gurwinder Singh, alias Mehak (27), Gursewak Singh, alias Sewak (25), and Manjit Singh, alias Soni (34). The trio, arrested from Gurdaspur, were actively involved in a high-level trans-border and inter-state drug smuggling.
