Ministry of Finance Reveals Massive Crackdown on Financial Crimes: Over 3,000 PMLA and FEMA Cases Registered

LI Network

Published on: 1 August 2023 at 23:00 IST

In the last three financial years, the Enforcement Directorate (ED) has registered 3,110 cases under the Prevention of Money Laundering Act (PMLA) and 12,233 cases under the Foreign Exchange Management Act (FEMA), as revealed by the Ministry of Finance in response to a Lok Sabha question.

Additionally, over the past four financial years, including the current one, a total of 43,516 cases of Goods and Services Tax (GST) evasion were registered, involving an evasion amount of ₹2,68,537 crore. However, only ₹76,333 crore could be successfully recovered during the same period, and 1,020 individuals involved in GST evasion were arrested.

Furthermore, in the past five financial years, the Income Tax (IT) Department conducted 3,946 searches, resulting in assets worth ₹6,662.52 crore being seized.

During the same period, the Department conducted 30,828 surveys, filed 5,493 prosecutions, compounded 5,298 cases, and secured convictions against 250 individuals.

The Customs Department detected 42,754 cases of outright smuggling amounting to ₹45,965.64 crores, along with 11,565 cases of commercial fraud totaling ₹82,989.15 crores, and the duty involved in these cases was ₹21,225.46 crores.

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