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If you look at the developments in the last few months, you will find that the ED has taken action against many well-known people and companies one after the other. ED has seized crores of rupees in these raids. Whether it is action taken against West Bengal government minister Partha Chatterjee or action taken in Jharkhand mining scam. Each time the ED seized so much money that machines had to be ordered to count the notes. On the other hand, the ED on Saturday raided the residence of a businessman in Kolkata and seized Rs 17 crore. Meanwhile, it has come to the fore that during the last three months, the ED has recovered more than Rs 100 crore in such raids. In such a situation, the big question is what does the ED do after seizing these money? In this news today we will discuss this issue only.

The Enforcement Directorate on Saturday seized around Rs 17 crore in cash after raiding the promoters of a Kolkata-based mobile gaming app company as part of a money laundering probe. The central probe agency also released a photograph of the seized money. It shows bundles of Rs 500 as well as Rs 2,000 and Rs 200 notes stacked together on a bed. Apart from installing five machines for counting notes, the agency had also engaged bank employees in this work. The Enforcement Directorate said in a statement that the gaming app ‘e-nuggets’ and its promoter have been identified as Aamir Khan and others. At the same time, now some political links of the gaming app operator are under investigation.

At the same time, the ED had arrested Partha Chatterjee and Arpita Mukherjee on 23 July. The ED claims to have recovered Rs 49.80 crore in cash, jewelery and gold bars from Mukherjee’s residences. Apart from this, the agency has also got documents related to properties and companies. Both were arrested under the Prevention of Money Laundering Act (PMLA). The ED had made the biggest seizure in history in this case. The counting of cash recovered from Parth’s aide Arpita Mukherjee’s apartment lasted nearly 24 hours. Bank officials were also tired of counting the mountain of cash that was confiscated.

At the same time, earlier the Enforcement Directorate team had taken action in the Jharkhand mining scam. The ED had seized Rs 20 crore in this case. Apart from these major raids, the ED has also recovered cash in raids conducted at several other places in the last three months.

Actually, the ED takes action for confiscation of cash under the Prevention of Money Laundering Act (PMLA). Let us tell here that even though the financial investigation agency has the permission to confiscate the money, but they cannot keep these money with them forever. As per the protocol, whenever the agency collects cash, the accused is given an opportunity to explain and explain the source of the money, if the agency agrees with the evidence of the accused, then it is okay, and if the agency does not agree, the cash will be returned. Considered as unaccounted cash and wrongly earned money.

Thereafter, the ED calls the officials of State Bank of India to count the amount recovered. During this, after the counting of notes is over with the help of a note counting machine, the ED officials prepare the seizure list in the presence of bank officials. This includes the full count of the amount recovered, the number of notes, details of how many notes of what denomination, etc. These notes are then sealed in boxes in the presence of witnesses and sent to the State Bank of India branch, where it is deposited under the Enforcement Directorate’s Personal Deposit (PD) account.

However, the seized money cannot be used by the Enforcement Directorate, the bank or the government. The agency prepares and issues a final attachment order. The matter goes before the court to confirm the attachment. After this, the money remains in the bank till the end of the case. Thereafter if the accused is convicted, the cash amount becomes the property of the Center and if the accused is acquitted by the court, the cash amount is returned.

Expansion

If you look at the developments in the last few months, you will find that the ED has taken action against many well-known people and companies one after the other. ED has seized crores of rupees in these raids. Whether it is action taken against West Bengal government minister Partha Chatterjee or action taken in Jharkhand mining scam. Each time the ED seized so much money that machines had to be procured to count the notes. On the other hand, the ED on Saturday raided the residence of a businessman in Kolkata and seized Rs 17 crore. Meanwhile, it has come to the fore that during the last three months, the ED has recovered more than Rs 100 crore in such raids. In such a situation, the big question is what does the ED do after seizing these money? In this news today we will discuss this issue only.

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