Reported cases of economic crimes just tip of iceberg: ED

Despite affecting the seizure of more that Rs 2,357 crore assets in 2012-13,a seven-fold increase from previous fiscal,the Enforcement Directorate

Written by Express News Service | New Delhi | Published:May 2, 2013 2:58 am

Despite affecting the seizure of more that Rs 2,357 crore assets in 2012-13,a seven-fold increase from previous fiscal,the Enforcement Directorate on Wednesday said that cases of money laundering,forex violations and other economic offences probed by it were just the “tip of the iceberg”.

According to the ED,the prosecution in money laundering cases has given good results and the agency is planning to take more steps by recruiting and filling 1,400 posts. The agency has completed investigations in 1,288 cases during 2012-13 as compared to 655 cases during 2011-12. It was able to seize assets worth Rs 2,357 crore during the last fiscal,a seven fold increase from Rs 333 crore during the 2011-12.

“Where do we go from here? The directorate cannot afford to rest on its laurels. We have still only addressed the proverbial tip of the iceberg of illegal activity that lies in our domains. There is lot more to be done,” ED chief Rajan Katoch said during an event here to mark the first-ever ‘Enforcement Day’.

He voiced confidence that even with constraints,ED will continue enforcing the law effectively and fairly and retain credibility.

The agency is at the forefront of a number of high-profile probes such as the 2G spectrum allocation case,the CWG foreign exchange transactions case and money laundering cases related to former Jharkhand Chief Minister Madhu Koda. “We plan to enhance our investigation capacity in coming years,” Katoch said.

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