Enforcement Directorate is inspecting and taking legal action involving economic crimes, money laundering, corruption and many others. There have many instances where the ED has raid the premises of many politicians and officials and recover cash and incriminating documents.
Now, the big question arises what happens to the cash recover by the ED?
As per reports, the probe agency is authorise to seize money, but it cannot retain the recover cash.
ED deposits the money in the bank accounts of the government in the Reserve Bank of India or the State Bank of India.
When an agency like ED conducts a raid at someone’s house, they prepare a panchnama of all the belongings kept there.
A panchnama is a document having legal bearing that records pieces of evidence and findings that an officer makes at the scene of an offence/crime.
These document includes both the movable assets like vehicles, jewellery and other and the immovable like house, office properties.
After the inclusion of all the assets, a detail list of all the items is made.
The signature of the person whose premises have raid is taken on the panchnama.
The vehicles attach during the raid are sent to warehouses own by the Central Warehousing Corporation.
Where, the ED has to make the payment for the vehicle’s parking.
This is done to ensure that the seize cash or the vehicles are not spoil or damage.
When a provisional attachment order is pass, the property shall remain attach to the ED for 180 days.
The time limit of this duration will be from the date of passing of such order and pending the confirmation of the attachment order by the Ld Adjudicating Authority.
During this time limit, if Enforcement Directorate arrests a person the agency gets 60 days to file the prosecution complaint.
The punishment under PMLA (Prevention of Money Laundering Act) doesn’t go beyond seven years.
Other important feature related to ED is that both the Foreign Exchange Management Act (FEMA) and the PMLA apply to the whole of India.
So, the ED can take action against any person to which this act applies.
