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.
According to the official, a tip-off was received following which an NCB team raided the specified locations and recovered 50 kg high quality heroin, 47 kg suspected narcotics, Rs 30 lakh cash, cash counting machines and other incriminating material.
The Special Cell of Delhi Police has arrested one person from West Bengal who is said to be a key accused in the April 16 communal clashes in Jahangirpuri, official sources said here on Thursday. The accused, identified as Farid alias Nilu, was arrested from his relative's place at Tamluk in East Midnapore district of West Bengal.
The community is awaiting the release of Sikh prisoners who have served more than their life sentence in jail and have not been released even after the same was approved by the Centre in 2019 on the occasion of the 550th birth anniversary of Guru Nanak Dev.
The accused have been identified as Mohammad Riyaz, Ankit Kumar, Kishan Yadav, Manorath, Pooja, Lovely Sharma, Neha Kashyap and Sangeet. Falling for the lucrative offer, the victim transferred Rs 8,500 online, only to receive a fake insurance certificate for his vehicle.
The official informed that a call was received at 9.30 pm regarding the incident after which one fire tender was pressed into service. At the time of filing this report, the fire tender was yet to return.
Musk on Twitter slammed the lawyer for suspending the account of the New York Post. During the run-up to the 2020 US presidential elections, the Post wrote an exclusive article about Hunter Biden's laptop. The article has since been verified by many outlets which had initially dismissed the report as misinformation.
