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ED probe on 3,700 laundering, FEMA cases after note ban

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ED probe on 3,700 laundering, FEMA cases after note ban
The Enforcement Directorate (ED) is investigating over 3,700 cases of money laundering and hawala transactions, involving tainted assets worth Rs 9,935 crore, as part of its action against black money generated after demonetisation, said an official report.
The central probe agency also carried outa “risk assessment” of these cases, registered after the currency purge on November 8 last year, and found that a majority of (43 per cent) the financial crimes were carried out by perpetrating bank frauds and cheating financial institutions through amaze of shell firms.
The other category of post note ban financial crimes being probed by the ED include cases of corruption (31 per cent), drugs and narcotics trade (6.5 per cent), arms and explosives (4.5 per cent), and others (8.5 per cent).

The Business Standard, New Delhi, 10th November 2017

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