Union ministry of finance, State agency

The Union Ministry of Finance on Monday informed the House that as many as seven cases are being probed by the Enforcement Directorate (ED) in which "cryptocurrency has been used for money laundering", wherein the agency has also seized assets worth Rs 135 crore.It was also informed that in 2020, the ED had also arrested one person accused of facilitating companies to launder Proceeds of Crime (PoC) by converting it into cryptocurrency and thereafter transferring it to foreign countries.In a written reply, Minister of State in the Ministry of Finance, Pankaj Chaudhary said, "Reports have been received from Law Enforcement Agencies (LEAs) in connection with usage of cryptocurrency by cybercriminals. Directorate of Enforcement (ED) is investigating seven cases under Prevention of Money Laundering Act (PMLA), 2002 in which cryptocurrency has been used for Money Laundering."The MoS informed that the cases investigated by the ED under PMLA have revealed that the accused have laundered Proceeds of Crime (PoC) through cryptocurrency.Investigations conducted by Enforcement Directorate, so far, revealed that some foreign nationals and their Indian associates have laundered the PoC through cryptocurrency accounts at certain exchange platforms."In one such case, an accused has been arrested by the ED in the year 2020 for facilitating the foreign-related accused companies to launder the PoC by converting money generated out of crime into cryptocurrency and thereafter transferring to foreign countries," the MoS informed.A prosecution complaint has been filed in this case before the Special Court, PMLA."So far, ED has attached PoC amounting to Rs. 135 Crore (approximately) under PMLA in the above-mentioned cases," Chaudhary said.On the question of the government's policy to check misleading advertisements on cryptocurrency, Chaudhary said that the Centre and the Reserve Bank of India (RBI), to protect the interest of consumer/investors, have been cautioning users, holders and traders of cryptocurrency, from time to time, about the potential economic, financial, operational, legal, customer protection and security related risks associated in dealing with cryptocurrency.( With inputs from ANI )Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor

Union Ministry Of FinanceFOLLOW

Union ministry of finance, Latest News

Over 99 lakh Atal Pension Yojana accounts were opened in the financial year ended March 2022 taking the total enrolments under the scheme to 4.01 crore, the Union Ministry of Finance said on Thursday. ...

Under the 'Scheme of Financial Assistance to States for Capital Investment', the Union Ministry of Finance, on Monday, has released the remaining fund of Rs 162 crore for the development of Uttarakhand. ...

The Income Tax Department said on Thursday it has conducted raids on a popular chain of educational institutes, running several schools and colleges at multiple locations in India and abroad. The search operation covered more than 25 premises spread ...

London, March 23 Russian troops occupying the Chernobyl nuclear power plant have "looted and destroyed" a laboratory at ... ...

New Delhi, March 21: On March 19 Turkmenistan sworn in its new president. The country's vice Prime Minister Serdar ... ...

The Income Tax Department said on Thursday it has raided 26 premises spread over Mumbai, Pune, Sangli, and Ratnagiri related to a cable operator and a state government employee in Maharashtra. ...

Union Ministry of Finance on Wednesday informed that over 6.63 crore Income Tax Returns (ITRs) were filed for Assessment Year (AY) 2021-22 on the new e-filing portal of the Income Tax Department as on March 15, 2022, the due date for filing of ITRs. ...

The Union Ministry of Finance on Monday informed the House that as many as seven cases are being probed by the Enforcement Directorate (ED) in which "cryptocurrency has been used for money laundering", wherein the agency has also seized assets worth ...