The ED has also helped return over ₹34,000 crore to victims.
Significance of High Conviction and Recovery Rates
- Shows the effectiveness of the PMLA and the ED's investigative processes.
- Highlights the ED's crucial role in not just punishing criminals but also in compensating victims.
Challenges facing the ED
- The conviction rate is based on a small number of completed cases, raising questions about the efficiency of addressing the larger backlog.
- The agency faces legal and procedural conflicts with the Insolvency and Bankruptcy Code.
- Challenge of tackling technologically advanced crimes like cyber-fraud and online betting.
About ED (HQ: Delhi)
- Genesis: 1956.
- Parent Body: Department of Revenue, Ministry of Finance.
- Key Laws Enforced:
- The Prevention of Money Laundering Act, 2002 (PMLA): A criminal law to prevent money laundering and confiscate property derived from crime.
- The Foreign Exchange Management Act, 1999 (FEMA): A civil law dealing with violations of foreign exchange regulations.
- The Fugitive Economic Offenders Act, 2018 (FEOA): This law was enacted to deter economic offenders from evading the process of Indian law by remaining outside the jurisdiction of Indian courts.
- Powers: Searches and seizures, summon any person, arrest and prosecute, etc.
