For instance, in the coal blocks allocation cases, CBI investigated favours shown by some public authorities to private parties and payoffs received in return. ED’s role is to track the money and its application by the perpetrators who launder proceeds of crime through different channels, including purchase of immovable properties. We go deeper into the money trail, beyond the payoffs, in establishing how much benefits these perpetrators have derived by camouflaging transactions, layering them through multiple shell companies. We also track dubious deals outside the country and take the case to its logical conclusion by arresting the accused involved and prosecuting them.
With changes made in PMLA on disclosing PAN in jewellery and bullion purchase above Rs 50,000 (the new limit revised to Rs 2 lakh), do you think the decision should be revisited to curb money laundering?
Investigation under PMLA is not restricted to the amount involved. The only restriction is that there should be a predicate offence registered by any other agency or the police. PMLA has schedules containing 157 Sections under 29 different Acts. These are called schedule or predicate offences. Only if the offence is investigated by another agency in schedule offences can ED then take action under PMLA.