Kevadiya (Gujarat), Dec 6 The Enforcement Directorate's 33rd Quarterly Conference of Zonal Officers underscored a renewed push for technology-driven investigations and swift case closures, with senior officials stressing the need to harness artificial intelligence, forensic tools, and global databases to tackle complex financial crimes.
The Directorate of Enforcement (ED) successfully concluded its two-day 33rd Quarterly Conference of Zonal Officers (QCZO) on December 5–6 at Kevadiya, Gujarat.
The two-day deliberations focused on identifying high-impact cases threatening national security, ranging from money laundering and trafficking networks to violations involving foreign investments, misuse of Global Depository Receipts, and cryptocurrency remittances.
The conference also highlighted strategies to track fugitives more effectively, including the use of Proclaimed Offender proceedings, Fugitive Economic Offender declarations, Red Notices, and extradition processes.
Enhancing international cooperation and ensuring seamless coordination among agencies were emphasized, with the Director of ED calling for a balance between strong enforcement and safeguarding individual rights.
Chaired by the Director of ED, the two-day meet brought together Special Directors, Additional Directors, Joint Directors, and Deputy/Assistant Legal Advisors to deliberate on strengthening India's financial crime enforcement framework.
In continuation of earlier deliberations, the conference examined misuse of the Insolvency and Bankruptcy Code (IBC), 2016.
Concerns over backdoor asset acquisition, manipulation of Committees of Creditors, and undisclosed profit transactions were raised, with calls for strict enforcement against undervalued asset sales and fraudulent practices.
A dedicated session was held on the BAANKNET platform, exploring its potential to ensure transparent auctions and disposal of seized assets, with discussions on formalising its use through a Memorandum of Understanding.
Other significant topics included fast-tracking old FERA adjudication cases, tackling undisclosed foreign assets under the Black Money Act, and administrative matters such as CISF deployment, vehicle allocation, and recruitment of Assistant Legal Advisors.
The conference concluded with a mandate to enhance intra-agency cooperation, adopt proactive strategies, and reaffirm ED’s commitment to strict enforcement against money laundering, foreign exchange violations, and economic crimes.
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