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Half of ED money laundering cases linked to bank fraud, Ponzi, misappropriation of government funds: Statistics

(Neelabh Srivastava)

New Delhi, May 5 (PTI) Half of the money laundering cases probed by the Enforcement Directorate (ED) are linked to bank fraud, Ponzi and misappropriation of government money.

Nearly half of the cases that the probe agency has investigated so far after the ED was empowered to investigate serious financial crimes 16 years ago are related to bank loan fraud, swindling of investors through Ponzi schemes and misappropriation of government funds. are related.

Corruption cases in the government and public sector come second with 20 per cent under the ED’s scrutiny. There is a provision for rigorous imprisonment of up to seven years (not less than three years) in these cases. The offense of money laundering in drug trafficking can lead to imprisonment of up to 10 years.

A total of 4,637 cases of money laundering were registered by the ED between July 2005 and November 2021, according to data accessed by PTI. Of these, the highest number of 1,024 cases or 22 per cent were for offenses related to fraud and forgery. After this, 927 cases of corruption were registered in government departments and public sector undertakings, which is about 20 percent of the total cases.

The agency registered 769 cases for the investigation of bank loan frauds, which is 16.58 per cent of the total cases. Similarly, 297 cases (6.40 per cent) were registered for investigation of Ponzi or schemes receiving deposits by defrauding investors. 193 (four per cent) cases were registered to check misappropriation of government funds.


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