“We acknowledge candidly that several PMLA investigations are pending for a very long time, and one of the focus areas this year would be to undertake efforts to complete the probe and file the final prosecution complaint and prayer for confiscation of criminal property before the special courts,” Navin said.”We understand that long-pending investigations may fail to create deterrence and instead attract criticism,” he said.Navin also said the process to restitute or restore assets to the victims of financial crimes will “accelerate.”Although these assets earned through criminal activities have been secured through provisional attachment and seizures, a substantial portion remain “unproductive” until their final confiscation by courts, which is a time-consuming process, he said.To unlock the “economic potential” of these assets and to “compensate” victims and legitimate owners, concerted efforts have been undertaken by the ED for the restitution of these properties under the non-conviction based confiscation and restitution provisions available under the PMLA and the Fugitive Economic Offenders Act (FEOA), Navin said.”I am happy to report that with the approval of the courts, restitution of Rs 15,261 crore was done in 30 cases during the 2024-25 financial year and this process is likely to accelerate,” he said.Speaking about the FEOA, he said this law of 2018 was a “significant” step in India’s efforts to combat economic offences, particularly those committed by individuals who believe that fleeing the country will “shield” them from justice.Navin said ED has filed applications to get declared 24 individuals as fugitive economic offenders till now, with 14 of them being declared as such.Liquor baron Vijay Mallya and diamond jeweller Nirav Modi are among those declared fugitive economic offenders.The ED has “confiscated” assets worth more than Rs 900 crore till now under the FEAO and we are planning to enforce these provisions “more effectively” in coordination with the police and other predicate agencies, he said.Speaking about the Foreign Exchange Management Act (FEMA), the Director said ED will encourage defaulters of this civil law, in appropriate cases, to file applications for “compounding” of the offence.”ED will carry out necessary investigations and adjudication and will impose penalties in cases of defaults related to export-import manipulations, violations of norms related to FDI (foreign direct investment) and external commercial borrowings, restrictions on land ownership by non-residents, transfer of money abroad through unauthorised channels, etc.,” he said.The director also said the ED plans to use advanced technology and forensics in its investigations.”We are committed to provide training and capacity building to our officers and staff so that they remain at the cutting edge of international best practices and investigative techniques,” Navin said.The ED on Thursday completed 69 years of its existence as it was established on this day in 1956.The agency functions under the Union finance ministry.Union Minister of state for finance, Pankaj Chaudhary, officiated as the chief guest at the event.
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