ED attaches assets worth Rs 1.45 lakh crore under PMLA till December 2024
New Delhi: The Enforcement Directorate (ED) has attached assets worth Rs 1.45 lakh crore under the Prevention of Money Laundering Act (PMLA) till December 31, 2024, according to agency data accessed by Hindustan Times. The financial crime agency has intensified its crackdown on economic offences, with significant recoveries in recent years.
Out of the total amount, proceeds of crime worth Rs 21,370 crore were attached in the first nine months of the 2024-25 financial year alone. Prior to 2024, the total attachments under PMLA stood at Rs 1.24 lakh crore, of which Rs 1.19 lakh crore was recorded between 2014 and 2024, coinciding with Prime Minister Narendra Modi’s tenure.
PMLA, enacted in 2002 and implemented from July 1, 2005, aims to curb tax evasion, black money generation, and money laundering. Over the last five to six years, the ED has ramped up its actions, arresting key figures involved in financial crimes, including politicians, businessmen, hawala operators, cybercriminals, and traffickers.
A senior ED officer stated, “Our total attachments under PMLA are now worth Rs 1,45,927 crore across 7,403 registered cases as of December 31, 2024.” Since its inception, the ED has arrested 911 individuals, including 94 in the first three quarters of 2024-25.
The agency has secured convictions in 44 cases under PMLA, with 100 individuals convicted so far. Of these, 36 convictions occurred between April and December 2024. The restitution of attached assets to legitimate claimants, including banks, has been another significant area of progress. Out of Rs 22,737 crore worth of restituted assets, Rs 7,404 crore were returned since April 2024. The ED has facilitated recoveries in high-profile cases involving Vijay Mallya, Nirav Modi, Mehul Choksi, the Rose Valley chit fund scam, and the National Spot Exchange Ltd (NSEL) fraud, among others.
Apart from PMLA, the ED investigates financial crimes under the Fugitive Economic Offenders Act (FEOA) and the Foreign Exchange Management Act (FEMA). Enacted in 2018, FEOA targets individuals accused of high-value economic offences who flee the country to evade prosecution. ED data shows that 23 FEOA applications have been filed, including four in 2024, with courts declaring 13 individuals as fugitive economic offenders.
In June 2023, the Financial Action Task Force (FATF), the global anti-money laundering watchdog, recognised India’s strong technical compliance with international standards for countering money laundering and terror financing.
