ED Raids: ED Raids! Assets worth over 10,000 crores including assets of Anil Ambani group seized

• This action by ED in case of Yes Bank loan fraud and money laundering
• The crackdown on the racket of defrauding investors through Virtual Digital Assets (VDA).
• The process of selling the assets of this group, which lured millions of investors with agricultural land, is underway to return the investors’ money.

Anil Ambani Reliance: The Enforcement Directorate (ED) has seized assets worth Rs 32,500 crore in the first 9 months of this financial year. If you look at the record of 10 years of Modi government, there has been more than 8 times increase in confiscated land-jumla. The biggest crackdown this year has been on the Anil Ambani group, whose assets worth Rs 5600 crore have been seized. Besides, Rs 4190 crore in cryptocurrency fraud. Rs 3436 crore in Pearl Group Ponzi. and United Real Estate’s Rs.1000 crore. The properties of have also come under the ambit of action.

141% more assets have been seized this time compared to last year. The agency has so far seized assets worth a total of Rs 1.55 lakh crore, which is equivalent to one year’s Home Ministry budget. It includes bank accounts, FDs, shares,
Includes vehicles, commodities, corporate assets and investment portfolios.

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Whose property is confiscated?

5600 crore Anil Ambani Group
4190 Crore Crypto Fraud
3436 Crore Pearl Group Ponzi
1000 Crore United Real Estate

Order to return assets worth more than 15 thousand crores

After verifying the news of ED’s daily action and seizure of assets against financial criminals, it is found that the courts have deemed assets worth over Rs 1 lakh 6 thousand crores. So, in 30 cases, the courts have also ordered the return of assets worth more than Rs 15,000 crore.

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Time is a major challenge to the judicial process

After a preliminary investigation by the PNLA, the properties were seized and attachments were also upheld in court based on due process. But, the major problem is that the court process continues to drag on and assets remain frozen until the case is decided.

In the last 12 years, there has been a seven-and-a-half-fold increase in indie cases and a 12-fold increase in seized assets. In 2012-13, assets worth Rs 2347 crore were seized in 62 cases, of which Rs 325 crore were settled in court.