The Enforcement Directorate (ED) recorded 3,497 instances beneath the provisions of the Prevention of Cash Laundering Act, 2002 (PMLA) within the final 5 years, the federal government knowledgeable Parliament on Monday.
Union minister of state (MoS) for finance Pankaj Chaudhary was replying to a question raised by Congress chief Deepak Baij.
Baij had additional requested the finance ministry to specify the small print cash laundering instances registered in opposition to offshore shell firms throughout the identical interval until March 20, 2023.
“Throughout investigations beneath the provisions of PMLA and The International Alternate Administration Act, 1999 (FEMA), the function of a number of Indian Shell Corporations & international firms/ offshore Shell Corporations in cash laundering has been observed. Obligatory motion as per provisions of PMLA and Fugitive Financial Offenders Act, 2018 (FEOA) has been taken in these instances. Disclosure of additional data might not be within the bigger public curiosity as the identical might hamper ongoing investigations”, MoS Chaudhary mentioned in his written reply.