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.
Channi also said that 997 students from the state were in Ukraine, out of whom 420 have returned, and 200 students have reached Poland and are safe but some of the people are still stuck in Ukraine.
In 2017, the Aam Aadmi Party had got around 23 per cent votes but the projections for this election is 39 per cent, while Congress seems to have lost around 11 per cent votes, against in last election's over 38 per cent now, to around 26 per cent and may see its tally come down from 77 seats to 25 seats.
Harjot's brother Prabhjot Singh, who resides in Delhi's Chhattarpur, told IANS: "The last conversation I had with Harjot was on February 26 at 9 p.m. I haven't spoken to him since then. On March 2, at night, he contacted the family and informed them about his injuries.
While directing officials to ensure safe return of the remaining students and other persons stuck in Ukraine, he said the state government is sparing no effort to help the distressed families in this hour of crisis.
Over 700 Indian students are stuck in Sumy and they are running out of basic necessities like food and water and they have been urging the Indian government to get them evacuated from there.
Over 7,400 Indian nationals are expected to be evacuated under the 'Operation Ganga' in the next two days, the government said on Thursday. The Centre has initiated an airlift operation to evacuate Indians, who have found their way to the neighbouring countries of war-torn Ukraine.
