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.
Besides Capt Amarinder Singh, others who joined the BJP included former Deputy Speaker Ajaib Singh Bhatti, former MPs Amrik Singh Aliwal, and Kewal Singh, former MLAs Prem Mittal, Harchand Kaur, Harjinder Thekedar, Balbir Rani Sodhi, former Punjab Mahila Congress President, Raninder Singh, Beeba Jaya Inder Kaur, Nirvan Singh, Kamaljit Saino and Farzana Alam, who was represented by her daughter.
According to media reports, Mann, who was on a eigh-day trip to Germany till September 18, delayed his departure as he was reportedly in 'an inebriated state'. However, AAP has strongly denied the charge, saying Mann was not deplaned at the Frankfurt airport. The party termed it as false and frivolous propaganda by political rivals.
The official added that a case was registered against Shailendra Sharma, the Superintendent and Tax Clerk Raman Agarwal on a complaint alleging that they were demanding a bribe of Rs 50,000 which was reduced to Rs 25,000 from the complainant for getting his mutation file processed. The CBI laid a trap and caught the accused red-handed while demanding and accepting the bribe of Rs 25,000 from the complainant.
Both -- Mandeep, alias Manna Tuffan, and Manpreet, alias Mani Rayia -- were allegedly involved in the murder of gangster Ranbir Singh, alias Rana Kandowalia. Kandowalia, who was facing dozens of cases of murder and attempt to murder, was gunned down outside a private hospital in Amritsar in August last year. The Bhagwanpuria group had taken the responsibility for the murder.
Union Home Minister Amit Shah had ordered a CBI probe into the death of Phogat. The move came after Goa Chief Minister Pramod Sawant recommended a CBI probe into the case as per demand of Phogat's daughter and people of Haryana.
The two-time chief minister of Punjab had fought the assembly elections in the state earlier this year in alliance with the BJP as well as Akali Dal (Sanyukt). His party - Punjab Lok Congress - though had failed to get even a single seat during the assembly elections.
