CURRENT AFFAIRS
CURRENT AFFAIRS
Description
The Enforcement Directorate (ED) has raised concerns over persistent delays in money laundering trials, despite the establishment of 100 special courts under the Prevention of Money Laundering Act (PMLA). These issues were detailed in the agency’s latest annual report, which outlines systemic and legal obstacles that continue to impede the swift resolution of such cases.
Ongoing Challenges In Trial Timelines
According to the ED, one of the primary challenges is the dependence of money laundering trials on the progress of predicate offences the underlying crimes that generate the illicit funds. Delays in these related investigations often stall PMLA cases. Moreover, the complex nature of financial crimes, especially those involving layered financial structures and cross-border transactions, requires lengthy forensic scrutiny, adding to the delay.
Strain On Judicial Resources
The report also points out a shortage of judicial resources. Most special PMLA courts are also tasked with handling cases under various other laws, which creates procedural bottlenecks. Frequent filing of interlocutory applications and writ petitions further disrupt trial proceedings, occasionally escalating to higher judiciary levels and causing significant delays.
Conviction Rate And Case Backlog
Despite these challenges, the ED claims a high conviction rate of 93.6%, with 44 convictions out of 47 adjudicated cases—only three resulting in acquittals. Since the enactment of PMLA in 2005, the agency has filed 7,771 Enforcement Case Information Reports (ECIRs) and initiated prosecution in 1,739 cases. The gap between registered cases and filed complaints reflects a significant backlog.
Asset Attachment Disputes And Legal Roadblocks
A significant portion of seized assets remains entangled in legal disputes. Of the Rupees 1.54 lakh crore worth of assets identified as proceeds of crime, nearly one-third is under judicial challenge. Two legal issues are particularly problematic. First, the question of whether a single adjudicating authority member can confirm attachment orders has led to court-ordered stays involving Rupees 3,803.91 crore. Second, ambiguity around the 180-day deadline for confirming provisional attachments has impacted the status of assets worth Rupees 49,620 crore.
Asset Management And Preservation
Once assets are attached, managing them becomes another hurdle. Many of these assets, such as real estate and machinery, depreciate over time. To preserve their value, the ED often converts them into fixed deposits, ensuring the assets retain worth for potential confiscation under court orders.
Performance In FY 2024-25
During the 2024-25 financial year, the ED issued 416 provisional attachment orders totaling Rupees 30,036 crore. This marks a 44% rise in the number of attachments and a 141% increase in asset value compared to the previous year. The significant uptick highlights the agency’s intensified efforts to recover illicit wealth and sends a strong message against financial crimes.
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