FinMin agencies attach immovable properties worth Rs 1.11 trn in 6 years

Enforcement agencies under the Finance Ministry have attached immovable properties worth about Rs 1.11 lakh crore in the last six years, the ministry informed Parliament.

Of this, in the current fiscal, immovable properties worth Rs 10,683 crore were attached by various central agencies viz ED, DRI (Directorate of Revenue Intelligence), Income Tax Department, etc. under the ministry in 204 cases from 2017-18 till January 31, 2023. In 2021-22, Rs 19,832 crore immovable properties were attached in 1,657 cases.

Of this, immovable properties disposed of by the Central Board of Direct Taxes (CBDT) and Central Board of Indirect Taxes and Customs (CBIC) between 2017-18 and 2021-22 was Rs 71 crore.

In many cases, where properties are attached by CBDT and CBIC are challenged before the court and unless the court decides the matter, these properties cannot be disposed of, Minister of State for Finance Pankaj Chaudhary said in a written reply to the Rajya Sabha on Tuesday.

In addition, during the last five years (i.e. from February 1, 2018, till January 31, 2023), confiscation of proceeds of crime amounting to Rs 15,619.56 crore has been secured by the Enforcement Directorate.

Assets amounting to Rs 15,113.91 crore have been restituted to the public sector banks. Out of this, a consortium of banks led by SBI has realised Rs 7,975.27 crore by the sale of assets handed over to them by the Directorate of Enforcement, as per the information shared with the Rajya Sabha.

In 2020-21, 2019-20 and 2018-19, the value of immovable property attached by agencies under the ministry was 16,949 crore, Rs 34,116 crore and Rs 26,368 crore, respectively.