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.
Ashish Mishra had moved the Lucknow bench of the High Court seeking insertion of sections 302 (murder) and 120 B (criminal conspiracy) of IPC that were 'inadvertently' not mentioned in the high court order as the jail authorities would not release him due to the omission.
An interstate ganja supplier was arrested and 305 kg of the contraband valued at Rs 2 crore in the international market was recovered from his possession in the national capital, an official said here on Tuesday. The accused was identified as Shyam Sundar, 29, a resident of Firozabad district in Uttar Pradesh.
The alliance promised Rs 10 lakh free annual health insurance for all Punjabis, Rs 2,000 per month to all women heads of 'blue card' families, 5 lakh houses and five marla plots each to homeless poor and hiking old-age pension to Rs 3,100 and shagun scheme of Rs 75,000.
In an interview to IANS, Ashwani Kumar, who was perceived as a loyalist of the Gandhi family and had supported against the 'G23' , said it was getting difficult to continue in the party. He also said he is open to join any other party.
Promising to work on the teachings of Sikh gurus with principles of non-discrimination and equality for all, Prime Minister Narendra Modi said on Monday that the NDA would form the government in Punjab and would free the state from drugs.
The government can't restrict fundamental rights in the garb of maintaining public order, the counsel for the girl students seeking permission to wear the hijab told the Karnataka High Court on Monday.
