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.
A spokesperson for the Chief Minister's Office said the Secretary, Food, Civil Supplies, briefed the Cabinet about the status of the ongoing procurement. It was informed that 14.9 lakh metric tons of wheat had arrived in the mandis out of which more than 12 lakh metric tons had already been purchased.
The deceased, Sarabjit Singh Brar, was a resident of Laburnum Apartments at DLF Phase 1 in Gurugram. At the time of the incident that occured on Wednesday morning, Brar was at his flat along with his wife.
Joining the issue, newly-appointed state Congress chief Amrinder Singh Raja Warring targeted Mann over the Centre's interfering in the state's law and order matters in the context of the Punjab Governor's visits to the border areas.
On examination of their check-in-baggage, 43 gold cut-bits of 24k purity, weighing 2.493 kg and valued at Rs 1.20 crore, were found wrapped around laptop chargers with adhesive tapes.
The incident took place at Kusupur village in the state's Cuttack district. Accused Shiba Prasad Sahoo (42) confessed to the crime through a video message and sent it to his village sarpanch and few others. He later surrendered before Balichandrapur police in Jajpur district.
According to a source, the meeting continued for two hours around and both CMs discussed how to give free 300 units of electricity in Punjab - as promised by the party in its election campaign.
