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 team of Punjab Police along with sleuths of the Uttarakhand STF had arrested Manpreet Singh from Dehradun on Monday. He was suspected to have provided "key logistical support" in the murder of the Punjabi singer.
It is learnt that the AK-47 assault rifle was used in the crime as its bullet shells were recovered from the crime scene. The Punjab police is not leaving any stone unturned in its probe in the matter.
The Chief Minister, while acceding to the request of Balkar Singh Sidhu, the father of slain singer, said the state government will be requesting the Chief Justice of the High Court to get the case enquired into by a sitting judge.
Bharatiya Kisan Union leader Tikait was attacked with black paint during a press conference at Bengaluru on 'Raita Chaluvali, Aatmavalokana haagu Spasteekarana Sabha (Farmer's Movement, Introspection and Clarification Meeting)' organised by Karnataka State Farmers Association, affiliated to the SKM, and Hasiru Sene.
Earlier, NCB official Ashish Ranjan Prasad was placed under suspension. Later his suspension was revoked and he was transferred to CISF. Another NCB official who faced the music was Intelligence Official V.V. Singh who filled the arrest memo of Aryan Khan, son of mega star Shahrukh Khan. Singh was placed under suspension which has not been revoked as of now.
The Chief Minister, who was here to participate in a function to mark 34th death anniversary of Sant Avtar Singh, expressed deep concern over the depleting groundwater table and polluting environment in the state.
