Read the report on what the Directorate is doing to implement the money seized in raids

ED Operations: If the Enforcement Directorate (ED), the government agency that investigates and takes legal action in cases of economic crimes, money laundering and corruption, seizes money in raids, what does it do with the money? This question is on everyone's mind because for the past several years, the Enforcement Directorate has been raiding the premises of politicians and officials allegedly involved in corruption and recovering money worth crores of rupees. According to media reports, the investigating agency has the right to confiscate the money but cannot keep the recovered money with it. In such a situation, the Enforcement Directorate deposits the money seized in the raid into government bank accounts with the Reserve Bank of India (RBI) or the State Bank of India (SBI). How does the Enforcement Directorate work after money is seized? The Enforcement Directorate, a government investigative body, prepares a panchanama of all items recovered from one's premises when it conducts raids. A panchanama is a legal document that records the evidence and findings made by an officer at the scene of an incident. This document includes both movable property (such as car, money and jewelry) and immovable property (house, land, office). After all attributes are added, a detailed list of all items is generated. The signature of the person on whose premises the search is conducted is taken on the Panchanama. Where are impounded vehicles sent? Vehicles seized during inspection are sent to Central Warehouse Corporation warehouses. After impounding the vehicles here, the Enforcement Directorate pays to park the vehicles. This is done so that the seized money or vehicles do not spoil or get damaged. Once the temporary attachment order is passed, the property will be attached to the Enforcement Directorate for 180 days. The time limit for this period shall be from the date of passing such order till confirmation of merger order by LD Adjudicating Authority. During this period, if the Enforcement Directorate arrests someone, the agency gets 60 days to file a case. How many years of punishment? The punishment under the Prevention of Money Laundering Act (PMLA) is not more than seven years if the Enforcement Directorate conducts any raid or action against economic crimes, corruption and money laundering. Another important point regarding the Enforcement Directorate is that both the Foreign Exchange Management Act (FEMA) and PMLA are applicable across India. Therefore, the Enforcement Directorate can only take action against those to whom this Act applies. The stock market was confused in early trade, with the Sensex again opening with a big fall, making attempts to become a millionaire again, with gold at Rs. increased to 130. Read the post What the Directorate is doing to enforce money seized in raids. The report first appeared on Prabhat Kabar.