look news india
It is heard that crores of rupees are being seized by the Enforcement Directorate. Illegal cash is seized by ED during raids. ED had recovered Rs 35 crore during the operation in Jharkhand. Then what will ED do with so much money, let us know.
What does ED do with the money seized after prosecution?
The Enforcement Directorate i.e. ED takes action in most cases under the Prevention of Money Laundering Act (PMLA). In January this year, ED had taken action at 19 locations in Delhi-NCR, Punjab, Chandigarh, Haryana and Gujarat. All these cases were related to money laundering. During this period the agency seized cash worth Rs 1.3 crore. Now the question is
Where does all this money coming to ED go?
ED cannot retain the huge amount of cash received during the proceedings. The rule says that whenever ED receives cash, the agency will first interrogate the accused concerned. The accused will be asked from where he got so much money. For example, if ED has recovered Rs 50 lakh from a person, the agency will ask about the source of this amount. He will have to prove, will also have to provide evidence as to where this money came from. The agency confiscates the amount only when the person fails to prove it.
What to do with SBI officials during ED raid?
In such a case, SBI officials are informed by sending summons. So the bank officials reach there. Their main job is to count the notes from the counting machine. In which how many 500 notes are there and how many 100 notes are there, all the information will have to be given.
So should crores of rupees be deposited with ED?
After counting the money found in the raid, it was kept in a box and sealed. Meanwhile, some witnesses are present. This box is sent to the branch of the State Bank where the ED account is maintained. Now, if the accused is found guilty during the ED proceedings, all the money is transferred to the central government. Not a single rupee is returned to the accused. And if the accused is acquitted then the entire amount is returned to him. Therefore, if the accused fails to provide proof of all the cash, the entire amount is transferred to the central government treasury.
