Do you know what is ED, and how it works.
In this article you know what is ED? and how it works, although many people know about ED.
But there are so many people who do not know about ED very well and in this article we will tell that I.D. What is how someone works?
The ED comes under the Central Government, whose full form is Enforcement Directorate. In Hindi is called “प्रवर्तन निदेशालय या आर्थिक परिवर्तन महानिदेशालय“, all money related matters in India come under ED. The ED investigates the possession of disproportionate assets and the case of foreign property and illegally earned property.
ED was established on 1 May 1956 in New Delhi, as well as several offices in Chandigarh, Kolkata, Mumbai, Chennai. This investigative agency works under the Ministry of Finance, Department of Revenue.
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Between 2005 and March 2018, the agency attached assets worth Rs 27,000 crore, of which Rs 14,000 crore, slightly more than 50 percent, were related to bank fraud cases.
After the property is attached by the ED, the decision is confirmed by an authority. Once verified by the attachment authority (to say that it was appropriate), the agency files a prosecution complaint in court within 60 days.
How ED work?
There are at least 29 Laws and 160 sections under which ED can catch a person. If any person commits an offense under these sections, the money earned from it is treated as “proceeds of crime”. If that money is used to buy property or invest abroad, the case falls under the PMLA and black money can be seized.
However, while the ED can attach the assets of individuals or companies involved in cases under the PMLA, only the courts can seize them. The seizure occurs when the court seizes the assets attached by the investigating agencies until further orders.
Once an ECIR is filed with the agency, investigators work to establish a money trail to see where the money was invested, its source and where it was distributed.
In the last 10 years, the ED has attached assets worth Rs 58,333 crore. According to a source, the assets worth Rs 36,149 crore have been confirmed by the authority, but the rest are pending.
The most attached is the Sterling Bitcoin case amounting to Rs 14,000 crore.
The second largest share, around Rs 8,000 crore or 36 percent, which includes corruption cases.
Some high profile cases that have been investigated by the ED.
Sharda chit fund case
In West Bengal, the Saradha Group allegedly cheated more than one lakh investors with Ponzi schemes, a scam worth more than Rs 10,000 crore.
AgustaWestland VVIP chopper scam
Intermediaries on behalf of the helicopter manufacturer allegedly bribed officials and politicians to deal with the supply of helicopters for PM, top politicians.
Coal block allocation scam
In March 2012, a CAG draft report accused the UPA government of ‘inefficient’ allocation of coal blocks in 2004-2009, and was estimated to allocate Rs 10.7 lakh crore.
INX Media Case
In 2008 there were alleged irregularities in Foreign Investment Promotion Board (FIPB) approval to INX Media. At the time the Finance Ministry gave approval of FIPB at the time. The payment was allegedly made to a firm associated with Chidambaram’s son Karti Chinambaram.
ICICI Bank-Videocon Loan Scam
The ED is investigating whether Chanda Kochhar, former managing director of ICICI Bank. Made a personal profit in 2012 through alleged irregularities in issuing loans to Videocon Group.
Through this article you will now know what ID is and how it works. If you like this article, please share it and like it thank you.