Assets Worth Over Rs 16,000 Crore Restituted Under PMLA, Says Minister Of State Finance

Assets worth Rs 16,544 crore have been confiscated under the Prevention of Money Laundering Act, 2002 and the Fugitive Economic Offenders Act, 2018 to date, said Minister of State for Finance Pankaj Chaudhary on Monday.

Chaudhary was answering a question on the sale of assets attached by the Enforcement Directorate. The larger figure, a total amount of Rs 15,184 crore, was restituted to public sector banks under PMLA and Rs 1,220 crore has been restituted to victims of fraud, he said at the Lok Sabha.

The PMLA law provides the special court, dealing with the case, with the power to restore assets involved in money laundering to a third-party claimant with a legitimate interest and this can include banks too.

"...Assets valued at a total amount of Rs 16,333.02 crore have been restituted under PMLA," Chaudhary said.

Offering further explanation on the monitoring systems for the timely sale of attached assets, he said that the Central Board of Direct Taxes issues office memoranda and other administrative guidelines from time to time to the field formation for the realisation of tax dues through the timely sale of attached assets.

Similarly, the jurisdictional principal commissioner or commissioner of the Central Board of Indirect Taxes and Customs monitors the outcome of various court cases, wherein the cases of assets attached are pending, so that same can be timely disposed for recovery of government dues.

The total revenue generated by CBDT and CBIC from the sale of assets attached to them during FY23 reached Rs 149 crore and Rs 90 lakh, respectively