Over 93% conviction rate in money laundering cases in 9 years: Govt

MoS Finance added that "there are few cases wherein proceedings under the PMLA could not proceed further due to quashing of the predicate offences investigated by law enforcement agencies"

The Enforcement Directorate (ED) has reported a conviction rate of more than 93 per cent in money laundering cases over the last nine years, the government informed the Parliament on Monday.

The federal agency also has a vacancy of over 25 per cent as of July 13, Minister of State for Finance Pankaj Chaudhary said in a written reply in the Lok Sabha.

As per his statement, the ED has a sanctioned strength of 2,075 staffers and out of this it has 1,542 posts occupied at present.

"During the last nine years, the trial has been completed in 31 PMLA cases which resulted in conviction of 54 accused in 29 cases. Thus, as on date, rate of conviction under PMLA is 93.54 per cent," the minister said while replying to a question on ED's conviction rate in money laundering cases during the last nine years.

The ED was entrusted to enforce stringent provisions of the Prevention of Money Laundering Act (PMLA), enacted in 2002, from July 1, 2005. It also enforces the Foreign Exchange Management Act (FEMA) and Fugitive Economic Offenders Act (FEOA).

The minister added that "there are few cases wherein proceedings under the PMLA could not proceed further due to quashing of the predicate offences investigated by law enforcement agencies".

He said assets amounting to about Rs 16,507.86 crore have been confiscated by the special court constituted under the PMLA and the FEOA during the last nine years time.

Further, a cumulative fine of Rs 4.64 crore has been imposed on the accused under the PMLA during the same period, Chaudhary said.

The minister, in the same reply, said the ED registered a total of 3,867 cases under the anti-money laundering law over the last five years (2018-19 to 2022-23).

The highest number of money laundering cases, among these five years, was filed during 2021-22 at 1,180, he said.

The agency also registered a total of 18,252 cases under the Foreign Exchange Management Act (FEMA) during the same time period of five years with the highest complaints recorded during 2021-22 at 5,313.