Summary - The assets attached abroad include both bank accounts and immovable property.
Intensifying the battle against unaccounted wealth, India has got Switzerland and Australia to attach assets of those accused of money laundering in India, and is now working towards getting the proceeds repatriated.
The assets attached abroad include both bank accounts and immovable property.
Enforcement director Rajan Katoch said that bilateral cooperation in intelligence and investigations with several key jurisdictions have been growing, leading to tangible outcomes. he cited successful overseas attachments in Australia and Switzerland.
“We hope to record more such in coming years,” he said in his opening remarks on enforcement day celebrations, attended by President Pranab Mukherjee and revenue secretary Rajeev Takru.
Sources told FE that one of the assets attached abroad is a bank deposit of close to $3 million in Switzerland by City Limouzine and its promoter Sayed Masood Jamadar, who is facing charges of money laundering. The asset attached in Australia is an immovable property worth about $10 million. India is now trying to get the asset liquidated and get the proceeds repatriated, said the source.
ED got the two nations to attach the assets by convincing them that these assets were proceeds of crime in India, which should be repatriated to the country. India's money-laundering laws provide for depriving offenders of the proceeds of the crime as well as prosecuting hem for the offence.
ED has in the recent past stepped up efforts to book money-laundering and foreign exchange-related offences. In FY14, it attached 127 assets worth R1,759 crore compared to just 65 a year ago. Also, in FY14, ED investigated 1,836 cases against 1,288 a year ago. The agency has so far attached assets worth R5,300 crore.
"ED should continue to ensure that external trade is facilitated, and investment environment is stimulated by sifting the genuine foreign exchange transactions from those that are fraudulent and undesirable," Pranab Mukherjee said in his address at the event. Revenue secretary Rajeev Takru proposed strengthening of ED's IT infrastructure and and an incentive scheme for officials.
Intensifying the battle against unaccounted wealth, India has got Switzerland and Australia to attach assets of those accused of money laundering in India, and is now working towards getting the proceeds repatriated.
The assets attached abroad include both bank accounts and immovable property.
Enforcement director Rajan Katoch said that bilateral cooperation in intelligence and investigations with several key jurisdictions have been growing, leading to tangible outcomes. he cited successful overseas attachments in Australia and Switzerland.
“We hope to record more such in coming years,” he said in his opening remarks on enforcement day celebrations, attended by President Pranab Mukherjee and revenue secretary Rajeev Takru.
Sources told FE that one of the assets attached abroad is a bank deposit of close to $3 million in Switzerland by City Limouzine and its promoter Sayed Masood Jamadar, who is facing charges of money laundering. The asset attached in Australia is an immovable property worth about $10 million. India is now trying to get the asset liquidated and get the proceeds repatriated, said the source.
ED got the two nations to attach the assets by convincing them that these assets were proceeds of crime in India, which should be repatriated to the country. India's money-laundering laws provide for depriving offenders of the proceeds of the crime as well as prosecuting hem for the offence.
ED has in the recent past stepped up efforts to book money-laundering and foreign exchange-related offences. In FY14, it attached 127 assets worth R1,759 crore compared to just 65 a year ago. Also, in FY14, ED investigated 1,836 cases against 1,288 a year ago. The agency has so far attached assets worth R5,300 crore.
"ED should continue to ensure that external trade is facilitated, and investment environment is stimulated by sifting the genuine foreign exchange transactions from those that are fraudulent and undesirable," Pranab Mukherjee said in his address at the event. Revenue secretary Rajeev Takru proposed strengthening of ED's IT infrastructure and and an incentive scheme for officials.
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